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cetfti:S000066077Member 2022-03-01 2022-03-01 0001551950 cetfti:S000066077Member cetfti:BetaAdvantageResearchEnhancedUsValueIndexMember 2022-03-01 2022-03-01 0001551950 cetfti:S000066077Member cetfti:C000213612Member 2022-03-01 2022-03-01 0001551950 cetfti:S000066077Member rr:AfterTaxesOnDistributionsAndSalesMember cetfti:C000213612Member 2022-03-01 2022-03-01 0001551950 cetfti:S000066077Member rr:AfterTaxesOnDistributionsMember cetfti:C000213612Member 2022-03-01 2022-03-01 0001551950 cetfti:S000066077Member cetfti:Russell1000ValueIndexMember 2022-03-01 2022-03-01 0001551950 cetfti:S000073515Member 2022-03-01 2022-03-01 0001551950 cetfti:S000073515Member cetfti:C000230513Member 2022-03-01 2022-03-01 pure iso4217:USD false 2021-10-31 485BPOS 0001551950 -0.0153 0.1354 0.0881 -0.0097 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 6.77% Worst 1st Quarter 2020 -3.95% 0.0846 0.0596 0.0246 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 1st Quarter 2019 3.35% Worst 1st Quarter 2020 -0.92% 0.1522 0.3312 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 2nd Quarter 2020 20.64% Worst 1st Quarter 2020 -20.42% 0.0148 0.2836 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 15.13% Worst 1st Quarter 2020 -26.26% 0.2469 -0.1542 0.1552 -0.0122 0.1022 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 16.79% Worst 1st Quarter 2020 -26.82% 0.1967 -0.1141 0.3052 0.0067 0.3091 Best and Worst Quarterly Returns During the Period Shown in the Bar Chart Best 4th Quarter 2020 19.27% Worst 1st Quarter 2020 -31.73% 2022-02-25 N-1A COLUMBIA ETF TRUST I 2022-03-01 2022-03-01 Summary of the Fund Investment Objective <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Columbia Diversified Fixed Income Allocation ETF (the Fund) seeks investment results that, before fees and expenses, closely correspond to the performance of the <span style="font-style:italic">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup></span> Multi-Sector Bond Index (the Index).</div> Fees and Expenses of the Fund <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions,</span><span style="font-weight:bold"> to financial intermediaries, which are not reflected in the table and example below.</span> If such expenses were reflected, the expenses set forth below would be higher.</div> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0028 0.0000 0.0000 0.0028  Example <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:6pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated (whether or not shares are redeemed), and assumes that:</div> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:1.16%;margin-top:2pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">you invest $10,000 in the Fund for the periods indicated, </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">your investment has a 5% return each year, and </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.84%;">the Fund’s total annual operating expenses remain the same as shown in the <span style="font-style:italic">Annual Fund Operating Expenses</span> table above. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</div> 29 29 90 90 157 157 356 356 Portfolio Turnover <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 171% of the average value of its portfolio.</div> </div> 1.71 Principal Investment Strategies <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is an exchange-traded fund (ETF) that seeks to track the performance of the Index. The Fund invests at least 80% of its assets in securities within the Index or in securities, such as depositary receipts and “to-be-announced” (TBA) securities, that the Fund’s investment adviser, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), determines have economic characteristics that are substantially the same as the economic characteristics of the securities within the Index. For purposes of this policy, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in fixed income (or debt) securities. In addition, the Fund may invest in cash, cash equivalents and money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Investment Manager)), that the Investment Manager believes will help the Fund track the performance of the Index. </div> </div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is owned and calculated by Bloomberg Index Services Limited (Bloomberg or the Index Provider), which is not affiliated with the Fund or Columbia Management. The Index was developed by Columbia Management working with the Index Provider. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup><span style="font-style:normal">Multi-Sector Approach to Debt Market Investing.</span><span style="font-style:normal;font-weight:normal"> The Index reflects a rules-based multi-sector strategic beta approach to measuring the performance of the debt market through representation of six segments of the debt market in the Index, each focused on yield, quality, and liquidity of the particular segment. The Index, and therefore the Fund, will have exposure to the following six segments of the debt market (% amount noted is the Index’s allocation to the particular segment at index rebalancing and reconstitution as described below): U.S. Treasury securities (10%); global ex-U.S. treasury securities (10%); U.S. agency mortgage-backed securities (15%); U.S. corporate investment grade bonds (15%); U.S. corporate high yield bonds (30%); and emerging markets sovereign and quasi-sovereign debt (20%). The Index’s allocation to each of the six segments of the debt market, represented by six sub-index models, is fixed as of each Index rebalancing and reconstitution, but may vary due to the performance of each segment between these events. The number of securities in each of the six sub-index models and the Index as a whole noted below are as of January 31, 2022 and are subject to change. The six sub-index models, each as discussed below, will generate all of the component securities of the Index. Each sub-index model is market value-weighted except for the Global Ex-U.S. Treasury Securities Sector sub-index model, which is equal-weighted.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup><span style="font-style:normal">Strategy to Investing in the U.S. Treasury Securities Segment</span><span style="font-style:normal;font-weight:normal">. As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those U.S. Treasury securities included in the Bloomberg Barclays US Treasury Total Return Index that meet the following criteria: have a remaining maturity of greater than 7 years, are rated investment grade, are U.S. dollar denominated, have a fixed-rate coupon, are non-convertible, and have $250 million or more of outstanding face value. At January 31, 2022, this sub-index model held 80 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup><span style="font-style:normal">Strategy to Investing in the Global Ex-U.S. Treasury Securities Segment</span><span style="font-style:normal;font-weight:normal">. As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays Global Treasury Ex-US Total Return Index (which is comprised of fixed rate, local currency, investment grade sovereign debt of countries outside the U.S.) that meet the following criteria: have a remaining maturity of between and including 7 to 12 years and a yield greater than 0.00% that are issued by the following countries: Australia, Canada, France, Germany, Italy, Japan, New Zealand, Norway, Sweden, Switzerland, and the United Kingdom. From these securities, the single largest debt instrument is selected (by amount outstanding) from each country, equally weighted per country. At January 31, 2022, this sub-index model held 11 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup><span style="font-style:normal">Strategy to Investing in the U.S. Agency Mortgage-Backed Securities Segment</span><span style="font-style:normal;font-weight:normal">. As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays US MBS Total Return Index (which is comprised of U.S. agency mortgage pass-through securities backed by pools of mortgages and issued by the following U.S. government-sponsored enterprises: Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC)) that meet the following criteria: have a 30-year fixed-rate program, an issuance date less than 1,000 days, and that are denominated in U.S. dollars. At January 31, 2022, this sub-index model held 37 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup><span style="font-style:normal">Strategy to Investing in the U.S. Corporate Investment Grade Debt Segment.</span><span style="font-style:normal;font-weight:normal"> As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays US Corporate Total Return Index (which is comprised of investment grade, fixed-rate, taxable, U.S. dollar denominated debt with $250 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial companies, utilities, and financial institutions) that meet the following criteria: have a remaining maturity of between and including 5 to 15 years, a credit rating between and including BAA1 and BAA3 using the Bloomberg Barclays index rating methodology, and an issuance date not greater than 1,000 days. The two largest issues from each issuer are selected based on amount outstanding. At January 31, 2022, this sub-index model held 633 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Strategy to Investing in the U.S. Corporate High Yield Debt Segment</span><span style="font-style:normal;font-weight:normal">. As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays US Corporate High Yield Total Return Index (which is comprised of publicly issued U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds) that meet the following criteria: have a (non-investment grade) credit rating above B3 using the Bloomberg index rating methodology, an outstanding face amount greater than $800 million, remaining maturity of less than 14 years, and issued within the past 5 years. Pay-in-kind (PIK) and partial PIK instruments are excluded from this sub-index model. The two largest issues from each issuer are selected based on amount outstanding, subject to a 2% issuer cap based on market value. At January 31, 2022, this sub-index model held 276 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Strategy to Investing in the Emerging Markets Sovereign and Quasi-Sovereign Debt Segment</span><span style="font-style:normal;font-weight:normal">. As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays Emerging Markets USD Aggregate Total Return Index (which is comprised of fixed-rate sovereign and quasi-sovereign debt of emerging market countries rated investment grade and non-investment grade) that meet the following criteria, with corporate issuers being excluded: have a credit rating between and including BAA1 and BA3 using the Bloomberg Barclays index rating methodology, remaining maturity of between and including 5 to 15 years, and a minimum amount outstanding of at least $2 billion. The two largest issues from each issuer are selected based on amount outstanding, subject to a maximum 10% country weighting (based on market value). At January 31, 2022, this sub-index model held 65 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index (as well as the sub-index models) are reconstituted and rebalanced monthly typically on the last business day of each month. The Fund will typically experience portfolio turnover in connection with Index reconstitution and rebalancing. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">As noted above, the six sub-index models will generate all of the component securities of the Index. Columbia Management expects to utilize a “representative sampling” strategy whereby the Fund invests in only some of the component securities of the Index that, collectively, are believed by the Investment Manager to generally reflect the same risk and return characteristics of the Index. As such, the Fund may not track the Index with the same degree of accuracy as would a fund replicating (or investing in) the entire Index. Through its representative sampling investment technique, the Fund expects to typically hold 500 to 800 holdings, which is a subset of the total number of holdings in the Index, which, as of January 31, 2022, had 1,102 holdings. There may be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to track the performance of the Index. The Fund may hold less than or more than the typical number of holdings in the range stated above, with the Fund portfolio management team applying investment experience and insight with the goal of seeking investment results that closely correspond to the performance of the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Investment Manager does not invest the Fund’s assets based on its view of the investment merits of a particular security or company, neither does it conduct fundamental investment research or analysis, nor seek to forecast or otherwise consider market movements, conditions or trends in managing the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">To the extent the Index is concentrated in a particular segment, sector or industry, the Fund will be concentrated in that segment, sector or industry. </div> Principal Risks <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">An investment in the Fund involves risks, including <span style="font-weight:bold">Interest Rate Risk</span>,<span style="font-weight:bold"> Credit Risk</span>,<span style="font-weight:bold"> Passive Investment Risk</span>, <span style="font-weight:bold">Market Risk, </span>and <span style="font-weight:bold">Correlation/Tracking Error Risk</span>, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. <span style="font-style:italic">There is no assurance that the Fund will achieve its investment objective and you may lose money</span>. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-weight:normal"> Only an Authorized Participant (as defined below) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span></div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Changing Distribution Level Risk.<span style="font-weight:normal"> The Fund normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.</span></div> <div style="margin-top:4pt;"> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk. <span style="font-weight:normal">The Fund will concentrate its investments in issuers conducting business in a related group of industries within a sector(s) to approximately the same extent as the Index. Issuers in the same industry or group of industries or sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Correlation/Tracking Error Risk. <span style="font-weight:normal">The Fund’s value will generally decline when the performance of the securities within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. By using a representative sampling approach, the Fund may not track the Index as closely as it would by using a full replication approach. In addition, the Fund bears management and other expenses and transaction costs in trading securities or other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in an index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Counterparty Risk.<span style="font-weight:normal"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Credit Risk.<span style="font-weight:normal"> Credit risk is the risk that the value of debt instruments may decline if the borrower or the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s Investors Service, Inc. (Moody’s), Fitch Ratings, Inc. (Fitch), DBRS Morningstar (DBRS) and Kroll Bond Rating Agency, LLC</span><span style="font-weight:normal"> (KBRA),</span><span style="font-weight:normal"> (as applicable), assign</span><span style="font-weight:normal"> credit ratings</span><span style="font-weight:normal"> to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual. If the issuer of a loan declares bankruptcy or is declared bankrupt, there may be a delay before the Fund can act on the collateral securing the loan, which may adversely affect the Fund. Further, there is a risk that a court could take action with respect to a loan that is adverse to the holders of the loan. Such actions may include invalidating the loan, the lien on the collateral, the priority status of the loan, or ordering the refund of interest previously paid by the borrower. Any such actions by a court could adversely affect the Fund’s performance. A default or expected default of a loan could also make it difficult for the Fund to sell the loan at a price approximating the value previously placed on it. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel. This may increase the Fund’s operating expenses and adversely affect its NAV. Loans that have a lower priority for repayment in an issuer’s capital structure may involve a higher degree of overall risk than more senior loans of the same borrower.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Depositary Receipts Risk.<span style="font-weight:normal"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks associated with investments in foreign securities, including those associated with an issuer’s</span><span style="font-weight:normal"> (and any of its related companies’) country of organization and places of business operations and exposures, which may be related to the particular political, regulatory, economic, social and other conditions or events</span><span style="font-weight:normal"> (including, for example, military confrontations, war, terrorism and disease/virus outbreaks and epidemics) occurring in the country and fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund. To the extent that the exchange price of a depositary receipt differs from the local price of the underlying security used by the Index, the Fund may be prevented from fully achieving its investment objective of tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Early Close/Late Close/Trading Halt Risk.<span style="font-weight:normal">  An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented from sufficiently tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Emerging Market Securities Risk.<span style="font-weight:normal"> Securities issued by foreign governments or companies in emerging market countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political, economic or other conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile,</span><span style="font-weight:normal"> and may be more susceptible to market manipulation, than securities in more developed markets.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of issuers of emerging market securities, including auditing and financial reporting standards, financial information and disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about other foreign securities. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Foreign Currency Risk.<span style="font-weight:normal"> The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Foreign Securities Risk.<span style="font-weight:normal"> Investments in or exposure to securities of foreign companies involve certain risks not associated with investments in or exposure to securities of U.S. companies. Investing in foreign companies subjects the Fund to the risks associated with an issuer’s</span><span style="font-weight:normal"> (and any of its related companies’) country of organization and places of business operations and exposures, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war, terrorism and disease/virus outbreaks and epidemics), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Additionally, the Fund’s foreign investments may trade in markets that may not be open on the same day or at the same time as the Fund, or foreign markets may close after the Fund has calculated its NAV for a given business day, which may cause a difference in the market price of such foreign securities and the value attributed to such securities by the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Forward Commitments on Mortgage-Backed Securities (including Dollar Rolls) Risk.<span style="font-weight:normal"> When purchasing mortgage-backed securities in the “to be announced” (TBA) market (MBS TBAs), the seller agrees to deliver mortgage-backed securities for an agreed upon price on an agreed upon date, but may make no guarantee as to the specific securities to be delivered. In lieu of taking delivery of mortgage-backed securities, the Fund could enter into dollar rolls, which are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk). MBS TBAs and dollar rolls are subject to the risk that the counterparty to the transaction may not perform or be unable to perform in accordance with the terms of the instrument.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Frequent Trading Risk.<span style="font-weight:normal"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's return. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Fund Shares Liquidity Risk.<span style="font-weight:normal"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no</span><span style="font-weight:normal"> guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">units. Accordingly, if such parties determine not to perform their respective functions, this could, in turn, lead to variances between the market price of the Fund’s shares and the underlying value of those shares. Trading in Fund shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met or will remain unchanged. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">High-Yield Investments Risk. <span style="font-weight:normal">Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Index Methodology Risk. <span style="font-weight:normal">The Fund seeks performance that corresponds to the performance of the Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market performance increase in value or performance. In addition, the Fund may be subject to the risk that the Index Provider may not follow its stated methodology for construction of the Index or may make errors in Index computation, construction and rebalancing,</span><span style="font-weight:normal"> despite any Index Provider procedures designed to prevent such occurrences and despite due diligence conducted by the Investment Manager on the Index Provider. Errors may result in a negative performance impact to the Fund and its shareholders.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Interest Rate Risk.<span style="font-weight:normal"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Debt instruments with floating coupon rates are typically less sensitive to interest rate changes, but these debt instruments may decline in value if their coupon rates do not rise as much as, or keep pace with, yields on such types of debt instruments. Because rates on certain floating rate loans and other debt instruments reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause fluctuations in the Fund’s NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuer Risk.<span style="font-weight:normal"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund’s net asset value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Liquidity Risk.<span style="font-weight:normal"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. The debt market has experienced considerable growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions of creation units, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. In certain circumstances, the Fund might not be able to dispose of certain holdings quickly or at fair prices, preventing the Fund from tracking the Index. Foreign securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other practices of foreign markets. In addition, in stressed market conditions, the market for Fund shares may become less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's underlying portfolio securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the Fund's underlying portfolio securities could in turn lead to differences between the market price of Fund shares and the underlying value of those shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Market Price Relative to NAV Risk. <span style="font-weight:normal">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that may differ, in some cases significantly, from their NAV. The NAV 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 response to changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. The Investment Manager cannot predict whether Fund shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” or other market disruptions may not work as intended and may produce significant losses to investors. Investors should consult their financial intermediary prior to using any such investment strategies or techniques, or before investing in the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<span style="font-weight:normal"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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 Fund, 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 Fund’s net asset value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Mortgage-Backed Securities Risk. <span style="font-weight:normal">The value of any mortgage-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage--backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage--backed securities, making their prices more volatile and more sensitive to changes in interest rates.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk. <span style="font-weight:normal">The Fund is not actively managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests 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 Fund does</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">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. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Turnover Risk.<span style="font-weight:normal"> The Fund may pay transaction costs, such as commissions and/or spreads, when it buys and sells securities or other holdings (or “turns over” its portfolio), including in connection with index rebalancing or index reconstitutions. High levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Prepayment and Extension Risk.<span style="font-weight:normal"> Prepayment and extension risk is the risk that a loan, bond or other security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. In the case of mortgage- or other asset-backed securities, as interest rates decrease or spreads narrow, the likelihood of prepayment increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of a mortgage- or other asset-backed security beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer period of time, the portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Reinvestment Risk.<span style="font-weight:normal"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or at least the same return it is currently earning.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Rule 144A and Other Exempted Securities Risk.<span style="font-weight:normal"> The Fund may invest in privately placed and other securities or instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Secondary Market Trading Risk.<span style="font-weight:normal"> Investors buying or selling Fund shares will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Sector Risk.<span style="font-weight:normal"> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Sovereign Debt Risk.<span style="font-weight:normal"> The willingness or ability of a sovereign or quasi-sovereign debtor to repay principal and pay interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign or quasi-sovereign debtor’s policy toward international lenders, and the political constraints to which such debtor may be subject.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">U.S. Government Obligations Risk.<span style="font-weight:normal"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Valuation Risk.<span style="font-weight:normal"> The sales price the Fund could receive, or actually receives, for any particular investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, debt securities sold in amounts less than institutional-sized lots (typically referred to as odd lots) or securities that are valued using a fair value methodology that produces an estimate of the fair value of the security/instrument.</span> </div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The after-tax returns shown in the <span style="font-style:italic">Average Annual Total Returns</span> table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.<span style="font-weight:normal"> Updated performance information can be obtained by calling toll-free 888.800.4347 or visiting columbiathreadneedleus.com/etfs.</span></div> <div style="color:#003c78;font-family:arial;font-size:1pt;font-style:normal;font-weight:normal;line-height:4pt;text-align:left;text-decoration:none;text-transform:none;">    <br/> </div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 888.800.4347 columbiathreadneedleus.com/etfs Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.0677 Worst 2020-03-31 -0.0395  Average Annual Total Returns (for periods ended December 31, 2021) 2017-10-12 2017-10-12 2017-10-12 -0.0097 0.0453 -0.0196 0.0325 -0.0058 0.0292 -0.0062 0.0478 -0.0154 0.0347 Summary of the Fund Investment Objective <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Columbia Multi-Sector Municipal Income ETF (the Fund) seeks investment results that, before fees and expenses, closely correspond to the performance of the <span style="font-style:italic">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup></span> Multi-Sector Municipal Bond Index (the Index).</div> Fees and Expenses of the Fund <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions,</span><span style="font-weight:bold"> to financial intermediaries, which are not reflected in the table and example below.</span> If such expenses were reflected, the expenses set forth below would be higher.</div> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0023 0.0000 0.0000 0.0023  Example <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:6pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated (whether or not shares are redeemed), and assumes that:</div> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:1.16%;margin-top:2pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">you invest $10,000 in the Fund for the periods indicated, </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">your investment has a 5% return each year, and </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.84%;">the Fund’s total annual operating expenses remain the same as shown in the <span style="font-style:italic">Annual Fund Operating Expenses</span> table above. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</div> 24 24 74 74 130 130 293 293 Portfolio Turnover <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 6% of the average value of its portfolio.</div> </div> 0.06 Principal Investment Strategies <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is an exchange-traded fund (ETF) that seeks to track the performance of the Index. The Fund invests at least 80% of its assets in securities within the Index. For purposes of this policy, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in bonds and other debt instruments issued by or on behalf of state or local governmental units whose interest is exempt from U.S. federal income tax. In addition, the Fund may invest in cash, cash equivalents and money market instruments, such as money market funds (including money market funds advised by Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager)), that the Investment Manager believes will help the Fund track the performance of the Index. </div> </div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is owned and calculated by Bloomberg Index Services Limited (Bloomberg or the Index Provider), which is not affiliated with the Fund or Columbia Management. The Index was developed by Columbia Management working with the Index Provider. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Multi-Sector Approach to U.S. Municipal Debt Market Investing.</span><span style="font-style:normal;font-weight:normal"> The Index reflects a rules-based, multi-sector strategic beta approach to measuring the performance of the U.S tax-exempt bond market, which is composed of bonds issued by or on behalf of state or local governments whose interest is exempt from regular federal income tax (but may be subject to the alternative minimum tax), through representation of five segments of the municipal debt market in the Index, with a focus on yield, quality, maturity, liquidity, and interest rate sensitivity of the particular segment. The Index includes publicly issued U.S. dollar denominated, fixed rate municipal bonds. California bonds, Guam bonds, Puerto Rico bonds, U.S. Virgin Island bonds, other U.S. territories, commonwealths and possessions, pre-refunded bonds, insured bonds, floaters, callable bonds with less than 1 year to call, tobacco bonds, and derivatives are all excluded from the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index, and therefore the Fund, will have exposure to the following five segments of the municipal debt market (% amount noted is the Index’s allocation to the particular segment at Index rebalancing and reconstitution, as described below): the Municipal Core Revenue Segment, as described below (45%); health care-related debt – the Municipal Health Care Segment (20%); high quality revenue bonds – the Municipal High Quality Revenue Segment (15%); general obligation (GO) bonds – the Municipal Core GO Segment (10%); and high yield debt (also known as “junk bonds”) – the Municipal High Yield Segment (10%). Each of the five Segment’s component bonds, other than the Municipal High Yield Segment, is derived from a sub-set index or indices of the Bloomberg Barclays Municipal Bond Index (the Parent Index), which serves as each segment’s starting universe of securities eligible for inclusion in the Index. The Parent Index is a broad-based, market value-weighted index designed to measure the performance of the U.S. municipal bond market. The Index is designed to achieve higher yields and stronger risk-adjusted returns relative to that of the Parent Index. The Index’s allocation to each of the five segments of the municipal debt market, represented by five sub-index models is fixed as of each Index rebalancing and reconstitution, but may vary due to the performance of each segment between these events. The number of securities in each of the five sub-index models and the Index as a whole noted below are as of January 31, 2022 and may change over time. The five sub-index models, each as discussed below, will generate all of the component securities of the Index. Each sub-index model, as well as the Index itself, is market-value weighted. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Strategy to Investing in the Municipal Core Revenue Segment.</span><span style="font-style:normal;font-weight:normal"> As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in: the Bloomberg Barclays Municipal Bond: Electric Index, the Bloomberg Barclays Municipal Bond: Transportation Index, the Bloomberg Barclays Municipal Bond: Education Index, and the Bloomberg Barclays Municipal Bond: Leasing Index that meet the following criteria: are rated Aa3 or lower; have a remaining maturity of between and including 5 and 15 years; have an outstanding par value of at least $10 million for the Bloomberg Barclays Municipal Bond: Leasing Index, $15 million for the Bloomberg Barclays Municipal Bond: Electric Index and the Bloomberg Barclays Municipal Bond: Education Index, and $30 million for the Bloomberg Barclays Municipal Bond: Transportation Index; and were issued as part of a transaction of at least $100 million. At January 31, 2022, this sub-index model held 1,612 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Strategy to Investing in the Municipal Health Care Segment.</span><span style="font-style:normal;font-weight:normal"> As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays Municipal Bond: Hospital Index that meet the following criteria: are rated Aa2 or lower; have a remaining maturity of between and including 10 and 25 years; have an outstanding par value of at least $10 million; and were issued as part of a transaction of at least $100 million. At January 31, 2022, this sub-index model held 1,483 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Strategy to Investing in the Municipal High Quality Revenue Segment. </span><span style="font-style:normal;font-weight:normal">As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the: (i) Bloomberg Barclays Municipal Bond: Housing Index that meet the following criteria: are rated Aa2 or higher; have a remaining maturity of between and including 2 and 15 years; have an outstanding par value of at least $10 million; and were issued as part of a transaction of at least $100 million; and (ii) the Bloomberg Barclays Municipal Bond: Water &amp; Sewer Index that meet the following criteria: are rated A2 or higher; have a remaining maturity of between and including 2 and 10 years; have an outstanding par value of at least $15 million; and were issued as part of a transaction of at least $100 million. At January 31, 2022, this sub-index model held 792 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Strategy to Investing in the Municipal Core GO Segment.</span><span style="font-style:normal;font-weight:normal"> As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays Municipal Bond: GO Index that meet the following criteria: are rated Aa3 or higher; have a remaining maturity of between and including 2 and 10 years; have an outstanding par value of at least $15 million for local GO bonds and $25 million for state GO bonds; and were issued as part of a transaction of at least $100 million. At January 31, 2022, this sub-index model held 1,746 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup><span style="font-style:normal"> Strategy to Investing in the Municipal High Yield Segment.</span><span style="font-style:normal;font-weight:normal"> As part of its multi-sector approach, the Index holds, and therefore the Fund invests in, those securities included in the Bloomberg Barclays Municipal High Yield Bond Index that meet the following criteria: are rated B3 or higher; have a remaining maturity of between and including 10 and 25 years; have an outstanding par value of at least $5 million; and were issued as part of a transaction of at least $25 million. Tobacco bonds are excluded from this sector. At January 31, 2022, this sub-index model held 525 securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">All credit rating designations noted above are according to Bloomberg Barclays’ index rating methodology. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory restrictions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index (as well as the sub-index models) are reconstituted and rebalanced monthly typically on the last business day of each month. The Fund will typically experience portfolio turnover in connection with Index reconstitution and rebalancing. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">As noted above, the five sub-index models will generate all of the component securities of the Index. Columbia Management expects to utilize a “representative sampling” strategy whereby the Fund invests in only some of the component securities of the Index that, collectively, are believed by the Investment Manager to generally reflect the same risk and return characteristics of the Index. As such, the Fund may not track the Index with the same degree of accuracy as would a fund replicating (or investing in) the entire Index. Through its representative sampling investment technique, the Fund expects to typically hold 600-700 holdings, which is a subset of the total number of holdings in the Index, which, as of January 31, 2022, had 6,158 holdings. There may be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to track the performance of the Index. The Fund may hold less than or more than the typical number of holdings in the range stated above, with the Fund portfolio management team applying investment experience and insight with the goal of seeking investment results that closely correspond to the performance of the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Investment Manager does not invest the Fund’s assets based on its view of the investment merits of a particular security or company, neither does it conduct fundamental investment research or analysis, nor seek to forecast or otherwise consider market movements, conditions or trends in managing the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">To the extent the Index is concentrated in a particular segment, sector or industry, the Fund will be concentrated in that segment, sector or industry. </div> Principal Risks <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">An investment in the Fund involves risks, including <span style="font-weight:bold">Municipal Securities Risk</span>, <span style="font-weight:bold">Interest Rate Risk</span>, <span style="font-weight:bold">Credit Risk</span>, <span style="font-weight:bold">Market Risk</span>, <span style="font-weight:bold">Changing Distribution Level Risk</span>,<span style="font-weight:bold"> Passive Investment Risk</span>,<span style="font-weight:bold"> </span>and<span style="font-weight:bold"> Correlation/Tracking Error Risk</span>, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. <span style="font-style:italic">There is no assurance that the Fund will achieve its investment objective and you may lose money</span>. The value of the Fund’s </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-weight:normal"> Only an Authorized Participant (as defined below) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Changing Distribution Level Risk.<span style="font-weight:normal"> The Fund normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk. <span style="font-weight:normal">The Fund will concentrate its investments in issuers conducting business in a related group of industries within a sector(s) to approximately the same extent as the Index. Issuers in the same industry or group of industries or sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Correlation/Tracking Error Risk. <span style="font-weight:normal">The Fund’s value will generally decline when the performance of the securities within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. By using a representative sampling approach, the Fund may not track the Index as closely as it would by using a full replication approach. In addition, the Fund bears management and other expenses and transaction costs in trading securities or other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in an index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Counterparty Risk.<span style="font-weight:normal"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Credit Risk.<span style="font-weight:normal"> Credit risk is the risk that the value of debt instruments may decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Debt instruments backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt instruments are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s Investors Service, Inc. (Moody’s), Fitch Ratings, Inc. (Fitch), DBRS Morningstar (DBRS) and Kroll Bond Rating Agency, LLC</span><span style="font-weight:normal"> (KBRA),</span><span style="font-weight:normal"> (as applicable), assign</span><span style="font-weight:normal"> credit ratings</span><span style="font-weight:normal"> to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to increased credit risk.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Early Close/Late Close/Trading Halt Risk.<span style="font-weight:normal">  An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented from sufficiently tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Fund Shares Liquidity Risk.<span style="font-weight:normal"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no</span><span style="font-weight:normal"> guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation units. Accordingly, if such parties determine not to perform their respective functions, this could, in turn, lead to variances between the market price of the Fund’s shares and the underlying value of those shares. Trading in Fund shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met or will remain unchanged.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">High-Yield Investments Risk. <span style="font-weight:normal">Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Index Methodology Risk. <span style="font-weight:normal">The Fund seeks performance that corresponds to the performance of the Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market performance increase in value or performance. In addition, the Fund may be subject to the risk that the Index Provider may not follow its stated methodology for construction of the Index or may make errors in Index computation, construction and rebalancing,</span><span style="font-weight:normal"> despite any Index Provider procedures designed to prevent such occurrences and despite due diligence conducted by the Investment Manager on the Index Provider. Errors may result in a negative performance impact to the Fund and its shareholders.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Interest Rate Risk.<span style="font-weight:normal"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Liquidity Risk.<span style="font-weight:normal"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. The debt market has experienced considerable growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions of creation units, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. In certain circumstances, the Fund might not be able to dispose of certain holdings quickly or at fair prices, preventing the Fund from tracking the Index. The municipal securities market is an over-the-counter market, which means that the Fund purchases and sells investments through municipal bond dealers. The Fund’s ability to sell investments held in its portfolio is dependent on the willingness and ability of market participants to provide bids that, in the view of portfolio management, reflect current market prices. Adverse market conditions could result in a lack of liquidity by reducing the number of ready buyers. In addition, in stressed market conditions, the market for Fund shares may become less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's underlying portfolio securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the Fund's underlying portfolio securities could in turn lead to differences between the market price of Fund shares and the underlying value of those shares. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Market Price Relative to NAV Risk. <span style="font-weight:normal">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that may differ, in some cases significantly, from their NAV. The NAV 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 response to changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. The Investment Manager cannot predict whether Fund shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” or other market disruptions may not work as intended and may produce significant losses to investors. Investors should consult their financial intermediary prior to using any such investment strategies or techniques, or before investing in the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<span style="font-weight:normal"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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 Fund, 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 Fund’s net asset value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in less developed 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 Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Money Market Fund Investment Risk. <span style="font-weight:normal">An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their NAV while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in derivatives. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Municipal Securities Risk.<span style="font-weight:normal"> Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes in a particular state's (state and its instrumentalities) financial, economic or other condition and prospects. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s investments in municipal securities may include securities of issuers in the electric, transportation, education, and leasing sectors (collectively, these sectors compose the Municipal Core Revenue Sector), which subjects the Fund’s investments to the risks associated with those sectors, including the risk of regulatory action or policy changes by numerous governmental agencies and bodies, including federal, state, and local governmental agencies, as well as requirements imposed by private entities. Issuers in the Municipal Core Revenue Sector are subject to certain risks, including competitive pricing pressures, the rising cost of products and services (especially for companies dependent upon a relatively limited number of products or services) among others, government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation, labor disputes, lease supply and demand, and technology obsolescence, amongst other factors and conditions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s investments in municipal securities may include securities of issuers in the health care sector, which subjects the Fund’s investments to the risks associated with that sector, including the risk of regulatory action or policy changes by numerous governmental agencies and bodies, including federal, state, and local governmental agencies, as well as requirements imposed by private entities, such as insurance companies. A major source of revenue for the health care industry is payments from the Medicare and Medicaid programs. As a result, the industry is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may affect the industry, such as general and local economic conditions, demand for services, expenses (including, among others, malpractice insurance premiums) and competition among health care providers. Additional factors also may adversely affect health care facility operations, such as adoption of legislation proposing a national health insurance program, other state or local health care reform measures, medical and technological advances that alter the need for or cost of health services or the way in which such services are delivered, changes in medical coverage that alter the traditional fee-for-service revenue stream, and efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk. <span style="font-weight:normal">The Fund is not actively managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests 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 Fund does 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.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Prepayment and Extension Risk.<span style="font-weight:normal"> Prepayment and extension risk is the risk that a bond or other security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. In the case of mortgage- or other asset-backed securities, as interest rates decrease or spreads narrow, the likelihood of prepayment increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of a mortgage- or other asset-backed security beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer period of time, the portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Reinvestment Risk.<span style="font-weight:normal"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or at least the same return it is currently earning.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Rule 144A and Other Exempted Securities Risk.<span style="font-weight:normal"> The Fund may invest in privately placed and other securities or instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Secondary Market Trading Risk.<span style="font-weight:normal"> Investors buying or selling Fund shares will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Tax Risk.<span style="font-weight:normal"> Municipal securities generally pay interest that, in the opinion of bond counsel, is free from U.S. federal income tax (and in most cases, the U.S. federal alternative minimum tax). A portion of the Fund’s income from such bonds may be taxable to shareholders subject to the U.S. federal alternative minimum tax. Income from tax-exempt municipal obligations could be declared taxable, possibly retroactively, because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service, the non-compliant conduct of a bond issuer or under other circumstances. In such event, then the value of the security would likely fall and, as a shareholder of the Fund, you may be required to file an amended tax return and pay additional taxes.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Valuation Risk.<span style="font-weight:normal"> The sales price the Fund could receive, or actually receives, for any particular investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, debt securities sold in amounts less than institutional-sized lots (typically referred to as odd lots) or securities that are valued using a fair value methodology that produces an estimate of the fair value of the security/instrument.</span> </div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  Performance Information <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The after-tax returns shown in the <span style="font-style:italic">Average Annual Total Returns</span> table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.<span style="font-weight:normal"> Updated performance information can be obtained by calling toll-free 888.800.4347 or visiting columbiathreadneedleus.com/etfs.</span> </div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.  The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).  The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 888.800.4347 columbiathreadneedleus.com/etfs Year by Year Total Return (%) as of December 31 Each Year Best 2019-03-31 0.0335 Worst 2020-03-31 -0.0092  Average Annual Total Returns (for periods ended December 31, 2021) 2018-10-10 2018-10-10 2018-10-10 0.0246 0.0601 0.0179 0.0504 0.0146 0.0422 0.0227 0.0576 0.0152 0.0515 Summary of Columbia Research Enhanced Core ETF Investment Objective <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Columbia Research Enhanced Core ETF (the Fund) seeks investment results that, before fees and expenses, closely correspond to the performance of the <span style="font-style:italic">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup></span>Research Enhanced U.S. Equity Index (the Index).</div> Fees and Expenses of the Fund <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions,</span><span style="font-weight:bold"> to financial intermediaries, which are not reflected in the table and example below.</span> If such expenses were reflected, the expenses set forth below would be higher.</div> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0000 0.0000 0.0015  Example <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:6pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated (whether or not shares are redeemed), and assumes that:</div> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:1.16%;margin-top:2pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">you invest $10,000 in the Fund for the periods indicated, </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">your investment has a 5% return each year, and </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.84%;">the Fund’s total annual operating expenses remain the same as shown in the <span style="font-style:italic">Annual Fund Operating Expenses</span> table above. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</div> 15 15 48 48 85 85 192 192 Portfolio Turnover <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio.</div> </div> 0.49 Principal Investment Strategies <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is an exchange-traded fund (ETF) that seeks to replicate the performance of the Index. The Fund invests at least 80% of its assets in the securities of the Index. The Index reflects a rules-based strategic beta approach to investing in the companies that comprise the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index, designed to achieve stronger total return when compared to the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index, which is a broad measure of the performance of U.S. large- and mid-cap growth and value companies. The Index, like the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index, and therefore the Fund, typically holds only common stocks. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index was developed and is sponsored and administered by the Fund’s investment adviser, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager). The Index is calculated and maintained by FTSE Russell. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is comprised of a subset of the companies within the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index. With a starting point of the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index, the Index was designed to reflect the performance of U.S. large- and mid-cap growth and value companies through the application of a rules-based methodology, which typically results in approximately 325-400 Index holdings, but this range can fluctuate because the Index has no constraints on number of holdings. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index methodology applies the results of the Investment Manager’s proprietary quantitative investment models to rate each company within the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index on a 1- through 5- basis, where “1” is the strongest rating and “5” is the weakest rating, based on three main company factor composites: quality (such as earnings quality), value (such as cash flow yield), and catalyst (such as price momentum). A company’s rating is based on the relative ranking of its overall score from a multifactor model within its modeling sector. The distribution of the ratings within a given sector generally breaks down as follows: 1 – top 15% of companies; 2 – next 20% of companies; 3 – next 30% of companies; 4 – next 20% of companies; and 5 – bottom 15% of companies. The Index is then systematically constructed to: exclude all companies rated a “4” or “5”; include all companies rated a “1” or a “2” in each sector as classified by the Global Industry Classification System (GICS); and include all GICS-classified Biotechnology companies, which are not rated. If, however unlikely, all companies in a GICS sector receive the same overall score from the multifactor model (and thus no ranking is possible), then all companies in such GICS sector are assigned a rating of “3” (neutral) and all such companies are included in the Index. The resulting companies are then weighted in the Index based on each company’s market capitalization in the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index, with such weightings further adjusted pro rata to align the total weight of each sector in the Index, as well as the total weight of the Biotechnology companies in the Index, to the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Index’s sector weights and Biotechnology industry weight, respectively, as classified by GICS. The number of securities in each sector and the Index as a whole may change over time. The Index is reconstituted and rebalanced semi-annually in June and December. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund uses a replication strategy to track the performance of the Index, whereby the Fund invests in or has investment exposure to substantially all the component securities of the Index in approximately the same proportions as in the Index. However, under various circumstances, including circumstances under which it may not be possible or practicable to purchase all of the securities in the Index, or in the same weightings, the Fund may purchase or have investment exposure to a sample (large or small quantity) of the securities in the Index in proportions expected to replicate generally the performance of the Index as a whole. There may also be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to replicate the performance of the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Investment Manager does not provide day-to-day management of the Fund’s assets based on its view of the investment merits of a security or company, nor does it conduct fundamental investment research or analysis, or seek to forecast or otherwise consider market movements, conditions or trends in the day-to-day management of the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The methodology applied to select Index holdings and weightings does not set limits on sector or industry exposures. To the extent the Index is concentrated in a sector or industry, the Fund will necessarily be concentrated in that sector or industry. As of October 31, 2021, the Index (and therefore the Fund) was concentrated in the information technology sector. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest up to 20% of its assets in other securities or instruments not included within the Index that the Investment Manager believes will help the Fund track the Index. </div> Principal Risks <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">An investment in the Fund involves risks, including <span style="font-weight:bold">Passive Investment Risk</span>, <span style="font-weight:bold">Market Risk</span>, and <span style="font-weight:bold">Correlation/Tracking Error Risk</span>, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. <span style="font-style:italic">There is no assurance that the Fund will achieve its investment objective and you may lose money</span>. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-weight:normal"> Only an Authorized Participant (as defined below) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span></div> <div style="margin-top:4pt;"> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk. <span style="font-weight:normal">The Fund will concentrate its investments in issuers conducting business in a related group of industries within a sector(s) to approximately the same extent as the Index. Issuers in the same industry or group of industries or sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Correlation/Tracking Error Risk. <span style="font-weight:normal">The Fund’s value will generally decline when the performance of the securities within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears management and other expenses and transaction costs in trading securities or other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in an index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Early Close/Late Close/Trading Halt Risk.<span style="font-weight:normal">  An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented from sufficiently tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Fund Shares Liquidity Risk.<span style="font-weight:normal"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no</span><span style="font-weight:normal"> guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation units. Accordingly, if such parties determine not to perform their respective functions, this could, in turn, lead to variances between the market price of the Fund’s shares and the underlying value of those shares. Trading in Fund shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met or will remain unchanged.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Growth Securities Risk.<span style="font-weight:normal"> Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may never reach their expected market value and may decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Index Methodology Risk. <span style="font-weight:normal">The Fund seeks performance that corresponds to the performance of the Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market performance increase in value or performance. In addition, the Fund may be subject to the risk that the Index Provider may not follow its stated methodology for construction of the Index or may make errors in Index computation, construction and rebalancing,</span><span style="font-weight:normal"> despite any Index Provider procedures designed to prevent such occurrences and despite due diligence conducted by the Investment Manager on the Index Provider. Errors may result in a negative performance impact to the Fund and its shareholders.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuer Risk.<span style="font-weight:normal"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund’s net asset value.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Mid-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger companies.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Large-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in larger companies may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.</span> </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Price Relative to NAV Risk. <span style="font-weight:normal">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that may differ, in some cases significantly, from their NAV. The NAV 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 response to changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. The Investment Manager cannot predict whether Fund shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” or other market disruptions may not work as intended and may produce significant losses to investors. Investors should consult their financial intermediary prior to using any such investment strategies or techniques, or before investing in the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<span style="font-weight:normal"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">affect many issuers, which could adversely affect the Fund, 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 Fund’s net asset value. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in less developed 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 Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk. <span style="font-weight:normal">The Fund is not actively managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests 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 Fund does not seek temporary defensive positions when markets decline or appear overvalued.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Quantitative Model Risk.<span style="font-weight:normal"> Quantitative models used by the Index may not be effective in selecting the most favorable securities for inclusion in the Index and may cause the Fund to underperform other investment strategies. Flaws or errors in the quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund performance. Quantitative models may not perform as expected and may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models will enable the Fund to achieve its objective.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Secondary Market Trading Risk.<span style="font-weight:normal"> Investors buying or selling Fund shares will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Sector Risk.<span style="font-weight:normal"> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the information technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Information Technology Sector.<span style="font-style:normal;font-weight:normal"> The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:2.13%;">  </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">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. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Value Securities Risk.<span style="font-weight:normal"> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet portfolio management’s perceived value assessment of that security, or may decline in price, even though portfolio management believes the securities are already undervalued. There is also a risk that it may take longer than expected for the value of these investments to rise to portfolio management’s perceived value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</span> </div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The after-tax returns shown in the <span style="font-style:italic">Average Annual Total Returns</span> table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.<span style="font-weight:normal"> Updated performance information can be obtained by calling toll-free 888.800.4347 or visiting columbiathreadneedleus.com/etfs.</span></div> <div style="color:#003c78;font-family:arial;font-size:1pt;font-style:normal;font-weight:normal;line-height:4pt;text-align:left;text-decoration:none;text-transform:none;">    <br/> </div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 888.800.4347 columbiathreadneedleus.com/etfs Year by Year Total Return (%) as of December 31 Each Year Best 2020-06-30 0.2064 Worst 2020-03-31 -0.2042  Average Annual Total Returns (for periods ended December 31, 2021) 2019-09-25 2019-09-25 2019-09-25 0.3312 0.2559 0.2413 0.2157 0.2000 0.1847 0.3349 0.2587 0.2645 0.2544 Summary of Columbia Research Enhanced Value ETF Investment Objective <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Columbia Research Enhanced Value ETF (the Fund) seeks investment results that, before fees and expenses, closely correspond to the performance of the <span style="font-style:italic">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup></span>Research Enhanced U.S. Value Index (the Index).</div> Fees and Expenses of the Fund <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions,</span><span style="font-weight:bold"> to financial intermediaries, which are not reflected in the table and example below.</span> If such expenses were reflected, the expenses set forth below would be higher.</div> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0019 0.0000 0.0000 0.0019  Example <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:6pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated (whether or not shares are redeemed), and assumes that:</div> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:1.16%;margin-top:2pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">you invest $10,000 in the Fund for the periods indicated, </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">your investment has a 5% return each year, and </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.84%;">the Fund’s total annual operating expenses remain the same as shown in the <span style="font-style:italic">Annual Fund Operating Expenses</span> table above. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</div> 19 19 61 61 107 107 243 243 Portfolio Turnover <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 84% of the average value of its portfolio.</div> </div> 0.84 Principal Investment Strategies <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is an exchange-traded fund (ETF) that seeks to replicate the performance of the Index. The Fund invests at least 80% of its assets in the securities of the Index. The Index reflects a rules-based strategic beta approach to investing in the companies that comprise the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index, designed to achieve stronger total return when compared to the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index, which is a broad measure of the performance of U.S. large- and mid-cap value companies. The Index, like the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index, and therefore the Fund, typically holds only common stocks. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index was developed and is sponsored and administered by the Fund’s investment adviser, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager). The Index is calculated and maintained by FTSE Russell. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is comprised of a subset of the companies within the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index. With a starting point of the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index, the Index was designed to reflect the performance of U.S. large- and mid-cap value companies through the application of a rules-based methodology, which typically results in approximately 250-290 Index holdings, but this range can fluctuate because the Index has no constraints on number of holdings. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index methodology applies the results of the Investment Manager’s proprietary quantitative investment models to rate each company within the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index on a 1- through 5- basis, where “1” is the strongest rating and “5” is the weakest rating, based on three main company factor composites: quality (such as earnings quality), value (such as cash flow yield), and catalyst (such as price momentum). A company’s rating is based on the relative ranking of its overall score from a multifactor model within its modeling sector. The distribution of the ratings within a given sector generally breaks down as follows: 1 – top 15% of companies; 2 – next 20% of companies; 3 – next 30% of companies; 4 – next 20% of companies; and 5 – bottom 15% of companies. The Index is then systematically constructed to: exclude all companies rated a “4” or “5”; include all companies rated a “1” or a “2” in each sector as classified by the Global Industry Classification System (GICS); and include all GICS-classified Biotechnology companies, which are not rated. If, however unlikely, all companies in a GICS sector receive the same overall score from the multifactor model (and thus no ranking is possible), then all companies in such GICS sector are assigned a rating of “3” (neutral) and all such companies are included in the Index. The resulting companies are then weighted in the Index based on each company’s market capitalization in the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index, with such weightings further adjusted pro rata to align the total weight of each sector in the Index, as well as the total weight of the Biotechnology companies in the Index, to the Russell 1000<sup style="font-size:85%;font-style:normal;text-transform:none">®</sup> Value Index’s sector weights and Biotechnology industry weight, respectively, as classified by GICS. The number of securities in each sector and the Index as a whole may change over time. The Index is reconstituted and rebalanced semi-annually in June and December. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund uses a replication strategy to track the performance of the Index, whereby the Fund invests in or has investment exposure to substantially all the component securities of the Index in approximately the same proportions as in the Index. However, under various circumstances, including circumstances under which it may not be possible or practicable to purchase all of the securities in the Index, or in the same weightings, the Fund may purchase or have investment exposure to a sample (large or small quantity) of the securities in the Index in proportions expected to replicate generally the performance of the Index as a whole. There may also be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to replicate the performance of the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Investment Manager does not provide day-to-day management of the Fund’s assets based on its view of the investment merits of a security or company, nor does it conduct fundamental investment research or analysis, or seek to forecast or otherwise consider market movements, conditions or trends in the day-to-day management of the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The methodology applied to select Index holdings and weightings does not set limits on sector or industry exposures. To the extent the Index is concentrated in a sector or industry, the Fund will necessarily be concentrated in that sector or industry. As of October 31, 2021, the Index (and therefore the Fund) was concentrated in the financial services sector. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest up to 20% of its assets in other securities or instruments not included within the Index that the Investment Manager believes will help the Fund track the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may also invest in exchange-traded funds (ETFs). </div> Principal Risks <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">An investment in the Fund involves risks, including <span style="font-weight:bold">Value Securities Risk</span>, <span style="font-weight:bold">Passive Investment Risk</span>,<span style="font-weight:bold"> Market Risk</span>,<span style="font-weight:bold"> </span> and <span style="font-weight:bold">Correlation/Tracking Error Risk</span>, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. <span style="font-style:italic">There is no assurance that the Fund will achieve its investment objective and you may lose money</span>. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-weight:normal"> Only an Authorized Participant (as defined below) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span></div> <div style="margin-top:4pt;"> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk. <span style="font-weight:normal">The Fund will concentrate its investments in issuers conducting business in a related group of industries within a sector(s) to approximately the same extent as the Index. Issuers in the same industry or group of industries or sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Correlation/Tracking Error Risk. <span style="font-weight:normal">The Fund’s value will generally decline when the performance of the securities within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears management and other expenses and transaction costs in trading securities or other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in an index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Early Close/Late Close/Trading Halt Risk.<span style="font-weight:normal">  An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented from sufficiently tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Exchange-Traded Fund (ETF) Risk.<span style="font-weight:normal"> Investments in ETFs have unique characteristics, including, but not limited to, the expense structure and additional expenses associated with investing in ETFs. ETFs are subject to, among other risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their proportionate share of the Fund’s expenses, and indirectly the ETF’s expenses, incurred through the Fund’s ownership of the ETF. Because the expenses and costs of an underlying ETF are shared by its investors, redemptions by other investors in the ETF could result in decreased economies of scale and increased operating expenses for such ETF. The ETFs may not achieve their investment objective. The Fund, through its investment in ETFs, may not achieve its investment objective.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Fund Shares Liquidity Risk.<span style="font-weight:normal"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no</span><span style="font-weight:normal"> guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation units. Accordingly, if such parties determine not to perform their respective functions, this could, in turn, lead to</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">variances between the market price of the Fund’s shares and the underlying value of those shares. Trading in Fund shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met or will remain unchanged. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Index Methodology Risk. <span style="font-weight:normal">The Fund seeks performance that corresponds to the performance of the Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market performance increase in value or performance. In addition, the Fund may be subject to the risk that the Index Provider may not follow its stated methodology for construction of the Index or may make errors in Index computation, construction and rebalancing,</span><span style="font-weight:normal"> despite any Index Provider procedures designed to prevent such occurrences and despite due diligence conducted by the Investment Manager on the Index Provider. Errors may result in a negative performance impact to the Fund and its shareholders.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuer Risk.<span style="font-weight:normal"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund’s net asset value.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Mid-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger companies.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Large-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in larger companies may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.</span> </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Price Relative to NAV Risk. <span style="font-weight:normal">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that may differ, in some cases significantly, from their NAV. The NAV 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 response to changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. The Investment Manager cannot predict whether Fund shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” or other market disruptions may not work as intended and may produce significant losses to investors. Investors should consult their financial intermediary prior to using any such investment strategies or techniques, or before investing in the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<span style="font-weight:normal"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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,</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">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 Fund, 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 Fund’s net asset value. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in less developed 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 Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk. <span style="font-weight:normal">The Fund is not actively managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests 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 Fund does not seek temporary defensive positions when markets decline or appear overvalued.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Quantitative Model Risk.<span style="font-weight:normal"> Quantitative models used by the Index may not be effective in selecting the most favorable securities for inclusion in the Index and may cause the Fund to underperform other investment strategies. Flaws or errors in the quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund performance. Quantitative models may not perform as expected and may underperform in certain market environments including in stressed or volatile market conditions. There can be no assurance that the use of quantitative models will enable the Fund to achieve its objective.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Secondary Market Trading Risk.<span style="font-weight:normal"> Investors buying or selling Fund shares will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Sector Risk.<span style="font-weight:normal"> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the financial services sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Financial Services Sector.<span style="font-style:normal;font-weight:normal"> The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="line-height:0pt;padding-left:0pt;padding-right:2pt;text-align:left;vertical-align:top;width:2.13%;">  </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Value Securities Risk.<span style="font-weight:normal"> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet portfolio management’s perceived value assessment of that security, or may decline in price, even though portfolio management believes the securities are already undervalued. There is also a risk that it may take longer than expected for the value of these investments to rise to portfolio management’s perceived value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</span> </div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The after-tax returns shown in the <span style="font-style:italic">Average Annual Total Returns</span> table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</div> <div style="margin-top:4pt;"> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.<span style="font-weight:normal"> Updated performance information can be obtained by calling toll-free 888.800.4347 or visiting columbiathreadneedleus.com/etfs.</span> </div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 888.800.4347 columbiathreadneedleus.com/etfs Year by Year Total Return (%) as of December 31 Each Year Best 2020-12-31 0.1513 Worst 2020-03-31 -0.2626  Average Annual Total Returns (for periods ended December 31, 2021) 2019-09-25 2019-09-25 2019-09-25 0.2836 0.1617 0.2784 0.1299 0.1689 0.1185 0.2881 0.1626 0.2516 0.1547 Summary of the Fund Investment Objective <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Columbia Short Duration Bond ETF (the Fund) seeks investment results that, before fees and expenses, closely correspond to the performance of the <span style="font-style:italic">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup></span> Short Term Bond Index (the Index).</div> Fees and Expenses of the Fund <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions,</span><span style="font-weight:bold"> to financial intermediaries, which are not reflected in the table and example below.</span> If such expenses were reflected, the expenses set forth below would be higher.</div> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0000 0.0000 0.0025  Example <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:6pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated (whether or not shares are redeemed), and assumes that:</div> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:1.16%;margin-top:2pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">you invest $10,000 in the Fund for the periods indicated, </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">your investment has a 5% return each year, and </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.84%;">the Fund’s total annual operating expenses remain the same as shown in the <span style="font-style:italic">Annual Fund Operating Expenses</span> table above. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs (based on estimated Fund expenses) would be:</div> 26 26 80 80 141 141 318 318 Portfolio Turnover <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal period from September 21, 2021 (commencement of operations) to October 31, 2021, the Fund’s portfolio turnover rate was 11% of the average value of its portfolio.</div> </div> 0.11 Principal Investment Strategies <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is an exchange-traded fund (ETF) that seeks to track the performance of the Index. The Fund invests substantially all its assets in securities within the Index, which are fixed income/debt instruments, or in securities, such as “to-be-announced” (TBA) securities, including mortgage dollar rolls, that the Fund’s investment adviser, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), determines have economic characteristics that are substantially the same as the economic characteristics of the securities within the Index.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is owned and calculated by Bloomberg Index Services Limited (Bloomberg or the Index Provider), which is not affiliated with the Fund or Columbia Management. The Index was developed by Columbia Management working with the Index Provider.</div> <div style="margin-top:4pt;"> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup>Short Duration Bond Approach to Debt Market Investing.<span style="font-style:normal;font-weight:normal"> As part of its short duration bond focus, the Index reflects a rules-based strategic beta approach to measuring the performance of the debt market through representation of segments of the debt market in the Index, each focused on yield, quality, and liquidity of the particular segment. The Index, and therefore the Fund, will have exposure to the following four segments of the debt market (% amount noted is the Index’s allocation to the particular segment at Index rebalancing and reconstitution, as described below): U.S. securitized debt (30%); U.S. corporate investment grade bonds (30%); U.S. corporate high yield bonds (20%); and emerging markets sovereign and quasi-sovereign debt (20%). The Index’s allocation to each of the four segments of the debt market, represented by six sub-index models, is fixed as of the date of each Index rebalancing and reconstitution, but may vary due to the performance of each segment between these events. The number of securities in each of the six sub-index models and the Index as a whole noted below are as of January 31, 2022 and are subject to change. The six sub-index models, each as discussed below, will generate all of the component securities of the Index. The constituents of each sub-index model are market value-weighted, meaning each constituent’s weight is proportionate to its market value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup> Strategy to Investing in the U.S. Securitized Debt Segment<span style="font-style:normal;font-weight:normal">. The Index holds, and therefore the Fund invests in, securities included in the following three sub-index models (10% each, for a total of 30% in the U.S. securitized debt segment), all of which are investment grade (have a credit rating above and including BAA3 using the Index Provider’s index rating methodology):</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Securities in the Bloomberg US MBS Total Return Index (which is comprised of U.S. agency mortgage pass-through securities backed by pools of mortgages and issued by the following U.S. government-sponsored enterprises: Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC)) that meet the following selection criteria: have a 15-year fixed-rate program, and were issued 32 months ago or less. At January 31, 2022, this sub-index model held 22 selected securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Securities in the Bloomberg US Aggregate ABS Total Return Index (which is comprised of fixed-rate, publicly issued, U.S. dollar denominated automobile, credit card, device payment plan, equipment and stranded-cost utility asset-backed securities (ABS) with a minimum original deal size of at least $500 million, a tranche size of at least $25 million and a remaining weighted average life of at least one year) that meet the following selection criteria: this index model will only hold automobile bonds (which include auto loans, auto leases and floorplan loans to purchase automobile inventory) with a remaining weighted average life of less than five years. At January 31, 2022, this sub-index model held 322 selected securities. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Securities in the Bloomberg Non-Agency CMBS Aggregate Eligible Index (which is comprised of fixed-rate, publicly issued, U.S. dollar denominated, non-agency collateralized mortgage-backed securities (CMBS) with a minimum original deal size of at least $500 million, a tranche size of at least $25 million and a remaining weighted average life of at least one year) that meet the following selection criteria: have a remaining weighted average life of less than five years. At January 31, 2022, this sub-index model held 1,352 selected securities. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup> Strategy to Investing in the U.S. Corporate Investment Grade Debt Segment.<span style="font-style:normal;font-weight:normal"> The Index holds, and therefore the Fund invests in, securities included in the Bloomberg US Corporate Total Return Index (which is comprised of investment grade, fixed-rate, taxable, U.S. dollar denominated debt with $250 million or more of par amount outstanding, with a remaining maturity of at least one year, issued by U.S. and non-U.S. industrial</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">companies, utilities, and financial institutions) that meet the following selection criteria: have a remaining maturity of less than 7 years, and a credit rating between and including BAA1 and BAA3 using the Index Provider’s index rating methodology, with the four largest issues from each issuer selected based on amount outstanding. At January 31, 2022, this sub-index model held 1,249 selected securities. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup> Strategy to Investing in the U.S. Corporate High Yield Debt Segment<span style="font-style:normal;font-weight:normal">. The Index holds, and therefore the Fund invests in, securities included in the Bloomberg US Corporate High Yield Total Return Index (which is comprised of publicly issued, U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds) that meet the following selection criteria: have a (non-investment grade) credit rating between and including BA1 and BA3 using the Index Provider’s index rating methodology, an outstanding face amount greater than $500 million, and a remaining maturity of less than 5 years. Pay-in-kind (PIK) and partial PIK instruments are excluded from this sub-index model. At January 31, 2022, this sub-index model held 245 selected securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup> Strategy to Investing in the Emerging Markets Sovereign and Quasi-Sovereign Debt Segment<span style="font-style:normal;font-weight:normal">. The Index holds, and therefore the Fund invests in, securities included in the Bloomberg Emerging Markets USD Aggregate Total Return Index (which is comprised of investment grade and non-investment grade fixed-rate sovereign and quasi-sovereign debt, with a remaining maturity of at least one year, of emerging market countries) that meet the following selection criteria: corporate issuers are excluded, debt must have a credit rating between and including BAA1 and BA3 using the Index Provider’s index rating methodology, remaining maturity of less than 6 years, and a minimum amount outstanding of at least $1 billion. Issuers are subject to a maximum 10% country weighting (based on market value). At January 31, 2022, this sub-index model held 121 selected securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund expects to have a portfolio duration similar to that of the Index. While the duration of the Index, and therefore the Fund’s portfolio, may vary, the Index’s duration is not expected to exceed 3.5 years. As of January 31, 2022, the duration of the Index was 3 years. Duration measures the sensitivity of bond prices to changes in interest rates. The longer the duration of a bond, the more sensitive it will be to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended (the 1933 Act), subject to liquidity determinations and certain regulatory restrictions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index (as well as the six sub-index models) are reconstituted and rebalanced monthly typically on the last business day of each month. The Fund will typically experience portfolio turnover in connection with Index reconstitution and rebalancing. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">As noted above, the six sub-index models will generate all of the component securities of the Index. Columbia Management expects to utilize a “representative sampling” strategy whereby the Fund invests in only some of the component securities of the Index that, collectively, are believed by the Investment Manager to generally reflect the same risk and return characteristics of the Index. As such, the Fund may not track the Index with the same degree of accuracy as would a fund replicating (or investing in) the entire Index. Through its representative sampling investment technique, the Fund expects to typically hold 150-175 holdings, which is a subset of the total number of holdings in the Index, which, as of January 31, 2022, had 3,311 holdings. There may be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to track the performance of the Index. The Fund may hold less than or more than the typical number of holdings in the range stated above, with the Fund portfolio management team applying investment experience and insight with the goal of seeking investment results that closely correspond to the performance of the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Investment Manager does not invest the Fund’s assets based on its view of the investment merits of a particular security or company, neither does it conduct fundamental investment research or analysis, nor seek to forecast or otherwise consider market movements, conditions or trends in managing the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">To the extent the Index is concentrated in a particular segment, sector or industry, the Fund will be concentrated in that segment, sector or industry. </div> Principal Risks <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">An investment in the Fund involves risks, including <span style="font-weight:bold">Interest Rate Risk</span>,<span style="font-weight:bold"> Credit Risk</span>,<span style="font-weight:bold"> Passive Investment Risk</span>, <span style="font-weight:bold">Market Risk, New Fund Risk</span>, and <span style="font-weight:bold">Correlation/Tracking Error Risk</span>, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. <span style="font-style:italic">There is no assurance that the Fund will achieve its investment objective and you may lose money</span>. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-weight:normal"> Only an Authorized Participant (as defined in the Prospectus) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span></div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Changing Distribution Level Risk.<span style="font-weight:normal"> The Fund normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.</span></div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk. <span style="font-weight:normal">The Fund will concentrate its investments in issuers conducting business in a related group of industries within a sector(s) to approximately the same extent as the Index. Issuers in the same industry or group of industries or sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.</span></div> <div style="margin-top:4pt;"> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Correlation/Tracking Error Risk. <span style="font-weight:normal">The Fund’s value will generally decline when the performance of the securities within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. By using a representative sampling approach, the Fund may not track the Index as closely as it would by using a full replication approach. In addition, the Fund bears management and other expenses and transaction costs in trading securities or other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in an index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Counterparty Risk.<span style="font-weight:normal"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Credit Risk.<span style="font-weight:normal"> Credit risk is the risk that the value of debt instruments may decline if the borrower or the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global Ratings, Moody’s Investors Service, Inc. (Moody’s), Fitch Ratings, Inc. (Fitch), DBRS Morningstar (DBRS) and Kroll Bond Rating Agency, LLC (KBRA), (as applicable), assign credit ratings to certain debt instruments to indicate their credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or unrated instruments held by the Fund may present increased credit risk as compared to higher-rated instruments. Non-investment grade debt instruments may be subject to greater price fluctuations and are more likely to experience a default than investment grade debt instruments and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated instruments, or if the ratings of instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual. If the issuer of a loan declares bankruptcy or is declared bankrupt, there may be a delay before the Fund can act on the collateral securing the loan, which may adversely affect the Fund. Further, there is a risk that a court could take action with respect to a loan that is adverse to the holders of the loan. Such actions may include invalidating the loan, the lien on the collateral, the priority status of the loan, or ordering the refund of interest previously paid by the borrower. Any such actions by a court could adversely affect the Fund’s performance. A default or expected default of a loan could also make it difficult for the Fund to sell the loan at a price approximating the value previously placed on it. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel. This may increase the Fund’s operating expenses and adversely affect its NAV. Loans that have a lower priority for repayment in an issuer’s capital structure may involve a higher degree of overall risk than more senior loans of the same borrower.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Early Close/Late Close/Trading Halt Risk.<span style="font-weight:normal">  An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented from sufficiently tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Emerging Market Securities Risk.<span style="font-weight:normal"> Securities issued by foreign governments or companies in emerging market countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political, economic or other conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of issuers of emerging market securities, including auditing and financial reporting standards, financial information and disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about other foreign securities.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Foreign Currency Risk.<span style="font-weight:normal"> The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Foreign Securities Risk.<span style="font-weight:normal"> Investments in or exposure to securities of foreign companies involve certain risks not associated with investments in or exposure to securities of U.S. companies. Investing in foreign companies subjects the Fund to the risks associated with an issuer’s</span><span style="font-weight:normal"> (and any of its related companies’) country of organization and places of business operations and exposures, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war, terrorism and disease/virus outbreaks and epidemics), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Additionally, the Fund’s foreign investments may trade in markets that may not be open on the same day or at the same time as the Fund, or foreign markets may close after the Fund has calculated its NAV for a given business day, which may cause a difference in the market price of such foreign securities and the value attributed to such securities by the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Forward Commitments on Mortgage-Backed Securities (including Dollar Rolls) Risk.<span style="font-weight:normal"> When purchasing mortgage-backed securities in the “to be announced” (TBA) market (MBS TBAs), the seller agrees to deliver mortgage-backed securities for an agreed upon price on an agreed upon date, but may make no guarantee as to the specific securities to be delivered. In lieu of taking delivery of mortgage-backed securities, the Fund could enter into dollar rolls, which are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk). MBS TBAs and dollar rolls are subject to the risk that the counterparty to the transaction may not perform or be unable to perform in accordance with the terms of the instrument.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Frequent Trading Risk.<span style="font-weight:normal"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's return. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Fund Shares Liquidity Risk.<span style="font-weight:normal"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation units. Accordingly, if such parties determine not to perform their respective functions, this could, in turn, lead to variances between the market price of the Fund’s shares and the underlying value of those shares. Trading in Fund shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met or will remain unchanged.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">High-Yield Investments Risk. <span style="font-weight:normal">Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Index Methodology Risk. <span style="font-weight:normal">The Fund seeks performance that corresponds to the performance of the Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market performance increase in value or performance. In addition, the Fund may be subject to the risk that the Index Provider may not</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">follow its stated methodology for construction of the Index or may make errors in Index computation, construction and rebalancing, despite any Index Provider procedures designed to prevent such occurrences and despite due diligence conducted by the Investment Manager on the Index Provider. Errors may result in a negative performance impact to the Fund and its shareholders. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Interest Rate Risk.<span style="font-weight:normal"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund's performance and NAV. Debt instruments with floating coupon rates are typically less sensitive to interest rate changes, but these debt instruments may decline in value if their coupon rates do not rise as much as, or keep pace with, yields on such types of debt instruments. Because rates on certain floating rate loans and other debt instruments reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause fluctuations in the Fund’s NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuer Risk.<span style="font-weight:normal"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund’s net asset value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Liquidity Risk.<span style="font-weight:normal"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. The debt market has experienced considerable growth, and financial institutions making markets in instruments purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a market” in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those that are purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or other assets in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and therefore may be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s performance. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions of creation units, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. In certain circumstances, the Fund might not be able to dispose of certain holdings quickly or at fair prices, preventing the Fund from tracking the Index. Foreign securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other practices of foreign markets. In addition, in stressed market conditions, the market for Fund shares may become less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's underlying portfolio securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the Fund's underlying portfolio securities could in turn lead to differences between the market price of Fund shares and the underlying value of those shares. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Market Price Relative to NAV Risk. <span style="font-weight:normal">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that may differ, in some cases significantly, from their NAV. The NAV 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 response to changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. The Investment Manager cannot predict whether Fund shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” or other market disruptions may not work as intended and may produce significant losses to investors. Investors should consult their financial intermediary prior to using any such investment strategies or techniques, or before investing in the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<span style="font-weight:normal"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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 Fund, 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 Fund’s net asset value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">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 Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Mortgage-Backed Securities Risk. <span style="font-weight:normal">The value of any mortgage-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage--backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage--backed securities, making their prices more volatile and more sensitive to changes in interest rates.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">New Fund Risk.<span style="font-weight:normal"> The Fund is a newly formed ETF . Accordingly, investors in the Fund bear the risk that the Fund may not be successful, which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable to shareholders. Such a liquidation could have negative tax consequences for shareholders.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Non-Diversified Fund Risk.<span style="font-weight:normal"> The Fund is non-diversified, which generally means that it may 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.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk. <span style="font-weight:normal">The Fund is not actively managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests 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 Fund does 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.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Turnover Risk.<span style="font-weight:normal"> The Fund may pay transaction costs, such as commissions and/or spreads, when it buys and sells securities or other holdings (or “turns over” its portfolio), including in connection with index rebalancing or index reconstitutions. High levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Prepayment and Extension Risk.<span style="font-weight:normal"> Prepayment and extension risk is the risk that a loan, bond or other security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. In the case of mortgage- or other asset-backed securities, as interest rates decrease or spreads narrow, the likelihood of prepayment increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of a mortgage- or other asset-backed security beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer period of time, the portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Reinvestment Risk.<span style="font-weight:normal"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or at least the same return it is currently earning.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Rule 144A and Other Exempted Securities Risk.<span style="font-weight:normal"> The Fund may invest in privately placed and other securities or instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Secondary Market Trading Risk.<span style="font-weight:normal"> Investors buying or selling Fund shares will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Sector Risk.<span style="font-weight:normal"> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Sovereign Debt Risk.<span style="font-weight:normal"> The willingness or ability of a sovereign or quasi-sovereign debtor to repay principal and pay interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign or quasi-sovereign debtor’s policy toward international lenders, and the political constraints to which such debtor may be subject.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">U.S. Government Obligations Risk.<span style="font-weight:normal"> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Valuation Risk.<span style="font-weight:normal"> The sales price the Fund could receive, or actually receives, for any particular investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, debt securities sold in amounts less than institutional-sized lots (typically referred to as odd lots) or securities that are valued using a fair value methodology that produces an estimate of the fair value of the security/instrument.</span> </div> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Non-Diversified Fund Risk. The Fund is non-diversified, which generally means that it may 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. Performance Information <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund has not had a full calendar year of operations as of the date of this prospectus and therefore performance information is not available.</div> </div><div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">When available, the Fund intends to compare its performance to the performance of the<span style="font-style:italic"> Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">®</sup></span> Short Term Bond Index and the Bloomberg U.S. 1-5 Year Credit Index. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">When available, updated performance information can be obtained by calling toll-free 888.800.4347 or visiting columbiathreadneedleus.com/etfs. </div> The Fund has not had a full calendar year of operations as of the date of this prospectus and therefore performance information is not available. 888.800.4347 columbiathreadneedleus.com/etfs Summary of Columbia Sustainable International Equity Income ETF Investment Objective <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Columbia Sustainable<sup style="font-size:85%;font-style:normal;text-transform:none"> </sup>International Equity Income ETF (the Fund) seeks investment results that, before fees and expenses, closely correspond to the performance of the <span style="font-style:italic">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup></span>Sustainable International Equity Income 100 Index (the Index).</div> Fees and Expenses of the Fund <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions,</span><span style="font-weight:bold"> to financial intermediaries, which are not reflected in the table and example below.</span> If such expenses were reflected, the expenses set forth below would be higher.</div> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0000 0.0000 0.0045  Example <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:6pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated (whether or not shares are redeemed), and assumes that:</div> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:1.16%;margin-top:2pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">you invest $10,000 in the Fund for the periods indicated, </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">your investment has a 5% return each year, and </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.84%;">the Fund’s total annual operating expenses remain the same as shown in the <span style="font-style:italic">Annual Fund Operating Expenses</span> table above. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</div> 46 46 144 144 252 252 567 567 Portfolio Turnover <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 90% of the average value of its portfolio.</div> </div> 0.90 Principal Investment Strategies <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund uses an indexing investment approach that seeks to replicate the performance of the Index.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund invests at least 80% of its assets in the component securities of the Index and depositary receipts representing such securities (or if depositary receipts are component securities of the Index, then underlying stocks of such depositary receipts).</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is owned and calculated by MSCI Inc. (MSCI or the Index Provider). The Index was developed by MSCI with input from Columbia Management Investment Advisers, LLC (the Investment Manager). The Index, which typically holds common stocks and depositary receipts, was constructed to provide exposure to foreign large- and mid-cap </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">companies (located in developed markets) that are believed to offer sustainable levels of income, as well as total return opportunity. The Index holds and the Fund typically invests in foreign companies in at least three countries, other than the U.S. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is comprised of a subset of 100 companies within the MSCI World ex USA Index. Starting with the MSCI World ex USA Index, the Index was designed to reflect the performance of the top 100 (developed markets) foreign large- and mid-cap companies (excluding real estate investment trusts) ranked and weighted according to a composite factor score determined through the application of a systematic, rules-based methodology applied by MSCI. This methodology focuses on security dividend yield, dividend growth, and cash-based dividend coverage ratio factors. MSCI also screens companies for "sustainability" through the application of its Environmental, Social and Governance (ESG) rating methodology that is designed to exclude companies with unfavorable corporate ESG practices. The Index component securities are weighted based on the overall composite model scores and dividend yield. The Index is rebalanced on a quarterly basis in February, May, August and November. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund uses a replication strategy to track the performance of the Index, whereby the Fund invests in or has investment exposure to substantially all of the component securities of the Index in approximately the same proportions as in the Index. However, under various circumstances, including circumstances under which it may not be possible or practicable to purchase all of the securities in the Index, or in the same weightings, the Fund may purchase or have investment exposure to a sample of the securities in the Index in proportions expected to replicate generally the performance of the Index as a whole. There may also be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to replicate the performance of the Index. The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index by MSCI. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Investment Manager does not invest the Fund’s assets based on its view of the investment merits of a particular security or company, nor does it conduct fundamental investment research or analysis, or seek to forecast or otherwise consider market movements, conditions or trends in managing the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The methodology applied by MSCI to select Index holdings and weightings does not set limits on sector or industry exposures. To the extent the Index is concentrated in a particular sector or industry, the Fund will necessarily be concentrated in that sector or industry. As of October 31, 2021, the Index (and therefore the Fund) was concentrated in the financial services and industrials sectors. </div> Principal Risks <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">An investment in the Fund involves risks, including <span style="font-weight:bold">Foreign Securities Risk</span>,<span style="font-weight:bold"> Geographic Focus</span>, <span style="font-weight:bold">Passive Investment Risk</span>,<span style="font-weight:bold"> </span>and<span style="font-weight:bold"> Correlation/Tracking Error Risk</span>, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. <span style="font-style:italic">There is no assurance that the Fund will achieve its investment objective and you may lose money</span>. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-weight:normal"> Only an Authorized Participant (as defined below) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Changing Distribution Level Risk.<span style="font-weight:normal"> The Fund normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk. <span style="font-weight:normal">The Fund will concentrate its investments in issuers conducting business in a related group of industries within a sector(s) to approximately the same extent as the Index. Issuers in the same industry or group of industries or sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Correlation/Tracking Error Risk. <span style="font-weight:normal">The Fund’s value will generally decline when the performance of the securities within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears management and other expenses and transaction costs in trading securities or other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in an index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Depositary Receipts Risk.<span style="font-weight:normal"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks associated with investments in foreign securities, including those associated with an issuer’s</span><span style="font-weight:normal"> (and any of its related companies’) country of organization and places of business operations and exposures, which may be related to the particular political, regulatory, economic, social and other conditions or events</span><span style="font-weight:normal"> (including, for example, military confrontations, war, terrorism and disease/virus outbreaks and epidemics) occurring in the country and fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, and may experience difficulty in receiving company stockholder communications. There is no guarantee that a financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the value of your investment in the Fund. To the extent that the exchange price of a depositary receipt differs from the local price of the underlying security used by the Index, the Fund may be prevented from fully achieving its investment objective of tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Early Close/Late Close/Trading Halt Risk.<span style="font-weight:normal">  An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented from sufficiently tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Environmental, Social and Governance Investing Risk.<span style="font-weight:normal"> The Index’s use of issuer environmental, social and corporate governance screening in constructing the Index may cause the Fund to invest in, forego investing in, or sell securities of issuers that</span><span style="font-weight:normal"> could negatively impact Fund performance. While the Index is designed to lessen negative outcomes from environmental, social and corporate governance screening, such design may not necessarily enhance, or may even detract from, Fund investment returns.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Foreign Securities Risk.<span style="font-weight:normal"> Investments in or exposure to securities of foreign companies involve certain risks not associated with investments in or exposure to securities of U.S. companies. Investing in foreign companies subjects the Fund to the risks associated with an issuer’s</span><span style="font-weight:normal"> (and any of its related companies’) country of organization and places of business operations and exposures, including political, regulatory, economic, social, diplomatic and other conditions or events (including, for example, military confrontations, war, terrorism and disease/virus outbreaks and epidemics), occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the disposition of foreign securities, which could reduce the Fund’s return on such securities. The performance of the Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Additionally, the Fund’s foreign investments may trade in markets that may not be open on the same day or at the same time as the Fund, or foreign markets may close after the Fund has calculated its NAV for a given business day, which may cause a difference in the market price of such foreign securities and the value attributed to such securities by the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Fund Shares Liquidity Risk.<span style="font-weight:normal"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no</span><span style="font-weight:normal"> guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation units. Accordingly, if such parties determine not to perform their respective functions, this could, in turn, lead to variances between the market price of the Fund’s shares and the underlying value of those shares. Trading in Fund shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met or will remain unchanged.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Geographic Focus Risk.<span style="font-weight:normal"> The Fund 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 Fund invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Japan.<span style="font-style:normal;font-weight:normal"> The Fund is particularly susceptible to the social, political, economic, regulatory and other conditions or events that may affect Japan’s economy. The Japanese economy is heavily dependent upon international trade, including, among other things, the export of finished goods and the import of oil and other commodities and raw materials. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations or factors. Strained relationships between Japan and its neighboring countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also cause uncertainty in Japanese markets. As a result, additional tariffs, other trade barriers, or boycotts may have an adverse impact on the Japanese economy. Japanese government policy has been characterized by economic regulation, intervention, protectionism and large government deficits. The Japanese economy is also challenged by an unstable financial services sector, highly leveraged corporate balance sheets and extensive cross-ownership among major corporations. Structural social and labor market changes, including an aging workforce, population decline and traditional aversion to labor mobility may adversely affect Japan’s economic competitiveness and growth potential. The potential for natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could also have significant negative effects on Japan’s economy. As a result of the Fund’s investment in Japanese securities, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Japan fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in Japan.</span> </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Index Methodology Risk. <span style="font-weight:normal">The Fund seeks performance that corresponds to the performance of the Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market performance increase in value or performance. In addition, the Fund may be subject to the risk that the Index Provider may not follow its stated methodology for construction of the Index or may make errors in Index computation, construction and rebalancing,</span><span style="font-weight:normal"> despite any Index Provider procedures designed to prevent such occurrences and despite due diligence conducted by the Investment Manager on the Index Provider. Errors may result in a negative performance impact to the Fund and its shareholders.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuer Risk.<span style="font-weight:normal"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund’s net asset value.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Mid-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger companies.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Large-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in larger companies may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.</span> </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Liquidity Risk.<span style="font-weight:normal"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions of creation units, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. In certain circumstances, the Fund might not be able to dispose of certain holdings quickly or at fair prices, preventing the Fund from tracking the Index. Foreign securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other practices of foreign markets. In addition, in stressed market conditions, the market for Fund shares may become less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's underlying portfolio</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the Fund's underlying portfolio securities could in turn lead to differences between the market price of Fund shares and the underlying value of those shares. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Market Price Relative to NAV Risk. <span style="font-weight:normal">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that may differ, in some cases significantly, from their NAV. The NAV 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 response to changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. The Investment Manager cannot predict whether Fund shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” or other market disruptions may not work as intended and may produce significant losses to investors. Investors should consult their financial intermediary prior to using any such investment strategies or techniques, or before investing in the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<span style="font-weight:normal"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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 Fund, 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 Fund’s net asset value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in less developed 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 Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk. <span style="font-weight:normal">The Fund is not actively managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests 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 Fund does</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">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. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Secondary Market Trading Risk.<span style="font-weight:normal"> Investors buying or selling Fund shares will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Sector Risk.<span style="font-weight:normal"> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the financial services and industrials sectors. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Financial Services Sector.<span style="font-style:normal;font-weight:normal"> The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Industrials Sector.<span style="font-style:normal;font-weight:normal"> The Fund is more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.</span> </td> </tr> </table> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The after-tax returns shown in the <span style="font-style:italic">Average Annual Total Returns</span> table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</div> <div style="margin-top:4pt;"> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.<span style="font-weight:normal"> Updated performance information can be obtained by calling toll-free 888.800.4347 or visiting columbiathreadneedleus.com/etfs.</span> </div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 888.800.4347 columbiathreadneedleus.com/etfs Year by Year Total Return (%) as of December 31 Each Year Best 2020-12-31 0.1679 Worst 2020-03-31 -0.2682  Average Annual Total Returns (for periods ended December 31, 2021) 2016-06-13 2016-06-13 2016-06-13 0.1022 0.0654 0.0945 0.0539 0.0679 0.0503 0.1096 0.0719 0.1326 0.0682 Summary of Columbia Sustainable U.S. Equity Income ETF Investment Objective <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Columbia Sustainable U.S. Equity Income ETF (the Fund) seeks investment results that, before fees and expenses, closely correspond to the performance of the <span style="font-style:italic">Beta Advantage<sup style="font-size:85%;font-style:italic;text-transform:none">® </sup></span>Sustainable U.S. Equity Income 100  Index (the Index).</div> Fees and Expenses of the Fund <div style="-sec-ix-redline:true;"> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions,</span><span style="font-weight:bold"> to financial intermediaries, which are not reflected in the table and example below.</span> If such expenses were reflected, the expenses set forth below would be higher.</div> </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0000 0.0000 0.0035  Example <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:6pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated (whether or not shares are redeemed), and assumes that:</div> <table cellpadding="4" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-left:1.16%;margin-top:2pt;width:98.84%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">you invest $10,000 in the Fund for the periods indicated, </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.84%;">your investment has a 5% return each year, and </td> </tr> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:2.16%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.84%;">the Fund’s total annual operating expenses remain the same as shown in the <span style="font-style:italic">Annual Fund Operating Expenses</span> table above. </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;padding-left:1.16%;text-align:left;text-decoration:none;text-transform:none;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</div> 36 36 113 113 197 197 443 443 Portfolio Turnover <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 77% of the average value of its portfolio.</div> 0.77 Principal Investment Strategies <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund uses an indexing investment approach that seeks to replicate the performance of the Index.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund invests at least 80% of its assets in the component securities of the Index.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is owned and calculated by MSCI Inc. (MSCI or the Index Provider). The Index was developed by MSCI with input from Columbia Management Investment Advisers, LLC (the Investment Manager). The Index, which typically holds common stocks, was constructed to provide exposure to U.S. large- and mid-cap companies that are believed to offer sustainable levels of income, as well as total return opportunity. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Index is comprised of a subset of 100 companies within the MSCI USA Index. With a starting point of the MSCI USA Index, the Index was designed to reflect the performance of the top 100 U.S. large- and mid-cap companies (excluding real estate investment trusts) ranked and weighted according to a composite factor score determined through the application of a systematic, rules-based methodology applied by MSCI. This methodology focuses on security dividend yield, dividend growth, and cash-based dividend coverage ratio factors. MSCI also screens companies for "sustainability" through the application of its Environmental, Social and Governance (ESG) rating methodology that is designed to exclude companies with unfavorable corporate ESG practices. The Index component securities are weighted based on the overall composite model scores and dividend yield. The Index is rebalanced on a quarterly basis in February, May, August and November. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund uses a replication strategy to track the performance of the Index, whereby the Fund invests in or has investment exposure to substantially all of the component securities of the Index in approximately the same proportions as in the Index. However, under various circumstances, including circumstances under which it may not be possible or practicable to purchase all of the securities in the Index, or in the same weightings, the Fund may purchase or have investment exposure to a sample of the securities in the Index in proportions expected to replicate generally the performance of the Index as a whole. There may also be instances in which the Fund may overweight (or underweight) an Index holding, purchase (or sell) instruments not in the Index as a substitute for one or more securities in the Index or utilize various combinations of other available investment techniques in seeking to replicate the performance of the Index. The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index by MSCI. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Investment Manager does not invest the Fund’s assets based on its view of the investment merits of a particular security or company, nor does it conduct fundamental investment research or analysis, or seek to forecast or otherwise consider market movements, conditions or trends in managing the Fund’s assets. The Fund pursues its investment objective of correlating performance with the Index regardless of market conditions and does not take defensive positions. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The methodology applied by MSCI to select Index holdings and weightings does not set limits on sector or industry exposures. To the extent the Index is concentrated in a particular sector or industry, the Fund will necessarily be concentrated in that sector or industry. As of October 31, 2021, the Index (and therefore the Fund) was concentrated in the financial services sector. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may buy shares of Ameriprise Financial, Inc. (the Investment Manager’s parent company), if included in the Index, subject to certain restrictions. </div> Principal Risks <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">An investment in the Fund involves risks, including <span style="font-weight:bold">Passive Investment Risk </span>and<span style="font-weight:bold"> Correlation/Tracking Error Risk</span>, among others. Descriptions of these and other principal risks of investing in the Fund are provided below. <span style="font-style:italic">There is no assurance that the Fund will achieve its investment objective and you may lose money</span>. The value of the Fund’s holdings may decline, and the Fund’s net asset value (NAV) and share price may go down. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-weight:normal"> Only an Authorized Participant (as defined below) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Changing Distribution Level Risk.<span style="font-weight:normal"> The Fund normally expects to receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk. <span style="font-weight:normal">The Fund will concentrate its investments in issuers conducting business in a related group of industries within a sector(s) to approximately the same extent as the Index. Issuers in the same industry or group of industries or sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Correlation/Tracking Error Risk. <span style="font-weight:normal">The Fund’s value will generally decline when the performance of the securities within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears management and other expenses and transaction costs in trading securities or other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in an index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Early Close/Late Close/Trading Halt Risk.<span style="font-weight:normal">  An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented from sufficiently tracking the performance of the Index.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Environmental, Social and Governance Investing Risk.<span style="font-weight:normal"> The Index’s use of issuer environmental, social and corporate governance screening in constructing the Index may cause the Fund to invest in, forego investing in, or sell securities of issuers that</span><span style="font-weight:normal"> could negatively impact Fund performance. While the Index is designed to lessen negative outcomes from environmental, social and corporate governance screening, such design may not necessarily enhance, or may even detract from, Fund investment returns.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Fund Shares Liquidity Risk.<span style="font-weight:normal"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or Authorized Participants, particularly in times of stressed market conditions. There is no</span><span style="font-weight:normal"> guarantee that the Fund will be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation units. Accordingly, if such parties determine not to perform their respective functions, this could, in turn, lead to variances between the market price of the Fund’s shares and the underlying value of those shares. Trading in Fund shares on the Exchange also may be disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met or will remain unchanged.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Index Methodology Risk. <span style="font-weight:normal">The Fund seeks performance that corresponds to the performance of the Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market performance increase in value or performance. In addition, the Fund may be subject to the risk that the Index Provider may not follow its stated methodology for construction of the Index or may make errors in Index computation, construction</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">and rebalancing, despite any Index Provider procedures designed to prevent such occurrences and despite due diligence conducted by the Investment Manager on the Index Provider. Errors may result in a negative performance impact to the Fund and its shareholders. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuer Risk.<span style="font-weight:normal"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, disease/virus outbreaks, epidemics or other events, conditions and factors which may impair the value of an investment in the Fund and could result in increased premiums or discounts to the Fund’s net asset value.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Mid-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger companies.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Large-Cap Stock Risk.<span style="font-style:normal;font-weight:normal"> Investments in larger companies may involve certain risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially during extended periods of economic expansion.</span> </td> </tr> </table> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Price Relative to NAV Risk. <span style="font-weight:normal">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that may differ, in some cases significantly, from their NAV. The NAV 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 response to changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. The Investment Manager cannot predict whether Fund shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” or other market disruptions may not work as intended and may produce significant losses to investors. Investors should consult their financial intermediary prior to using any such investment strategies or techniques, or before investing in the Fund.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk.<span style="font-weight:normal"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. 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 Fund, 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 Fund’s net asset value.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-bottom:2pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in less developed 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 Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund. </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk. <span style="font-weight:normal">The Fund is not actively managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests 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 Fund does 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.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Secondary Market Trading Risk.<span style="font-weight:normal"> Investors buying or selling Fund shares will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span> </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Sector Risk.<span style="font-weight:normal"> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors, including the financial services sector. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;empty-cells:show;margin-top:4pt;width:100%"> <tr style="page-break-inside:avoid"> <td style="color:#003C78;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:10pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:2.13%;">■ </td> <td style="color:#003C78;font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.87%;">Financial Services Sector.<span style="font-style:normal;font-weight:normal"> The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.</span> </td> </tr> </table> There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest.</div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The after-tax returns shown in the <span style="font-style:italic">Average Annual Total Returns</span> table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). </div> <div style="color:#003c78;font-family:arial;font-size:10pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.<span style="font-weight:normal"> Updated performance information can be obtained by calling toll-free 888.800.4347 or visiting columbiathreadneedleus.com/etfs.</span> </div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with the index the Fund seeks to track, which provides a broad measure of market performance, as well as another measure of performance for markets in which the Fund may invest. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 888.800.4347 columbiathreadneedleus.com/etfs Year by Year Total Return (%) as of December 31 Each Year Best 2020-12-31 0.1927 Worst 2020-03-31 -0.3173  Average Annual Total Returns (for periods ended December 31, 2021) 2016-06-13 2016-06-13 2016-06-13 0.3091 0.1408 0.2977 0.1219 0.1853 0.1051 0.3161 0.1451 0.2717 0.1242 Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses.