Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
THEMATIC
BETA
ETFs
Semiannual
Report
September
30,
2022
(Unaudited)
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
Thematic
Beta
ETFs
|
Semiannual
Report
2022
TABLE
OF
CONTENTS
Columbia
EM
Core
ex-China
ETF
Fund
at
a
Glance
3
Columbia
Emerging
Markets
Consumer
ETF
Fund
at
a
Glance
5
Columbia
India
Consumer
ETF
Fund
at
a
Glance
7
Understanding
Your
Fund’s
Expenses
9
Portfolio
of
Investments
10
Statement
of
Assets
and
Liabilities
20
Statement
of
Operations
21
Statement
of
Changes
in
Net
Assets
22
Financial
Highlights
24
Notes
to
Financial
Statements
27
Approval
of
Investment
Management
Services
Agreement
38
Additional
Information
41
FUND
AT
A
GLANCE
Columbia
EM
Core
ex-China
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
October
2021
Investment
objective
Columbia
EM
Core
ex-China
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Beta
Thematic
Emerging
Markets
ex-China
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September
2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Thematic
Emerging
Markets
ex-China
Index
is
a
market
capitalization-weighted
index
designed
to
provide
broad,
core
emerging
markets
equity
exposure
by
measuring
the
stock
performance
of
up
to
700
companies,
excluding
those
listed
or
domiciled
in
China
or
Hong
Kong.
The
MSCI
Emerging
Markets
Index
(Net)
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
market
performance
of
emerging
markets.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
Emerging
Markets
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
September
30,
2022)
Inception
6
Months
cumulative
1
Year
5
Years
Life
Market
Price
09/02/15
-23.34
-25.62
-0.01
5.40
Net
Asset
Value
09/02/15
-23.20
-25.15
0.37
5.54
Beta
Thematic
Emerging
Markets
ex-China
Index
-24.20
-26.06
-0.21
4.99
MSCI
Emerging
Markets
Index
(Net)
-21.70
-28.11
-1.81
3.70
FUND
AT
A
GLANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(Unaudited)
4
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Country
breakdown
(%)
(at
September
30,
2022
)
Brazil
11
.1
Chile
0
.7
China
0
.2
Colombia
0
.3
Czech
Republic
0
.2
Hungary
0
.3
India
19
.1
Indonesia
4
.2
Kuwait
1
.1
Malaysia
3
.1
Mexico
4
.1
Philippines
1
.5
Poland
0
.6
Russia
0
.0
(a)
South
Africa
5
.8
South
Korea
16
.1
Taiwan
25
.2
Tanzania
0
.3
Thailand
4
.5
Turkey
0
.7
United
States
(b)
0
.9
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Rounds
to
zero.
(b)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
September
30,
2022)
Communication
Services
6.2
Consumer
Discretionary
6.3
Consumer
Staples
6.5
Energy
6.5
Financials
26.3
Health
Care
2.3
Industrials
6.4
Information
Technology
26.8
Materials
9.8
Real
Estate
0.3
Utilities
2.6
Total
100.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
FUND
AT
A
GLANCE
Columbia
Emerging
Markets
Consumer
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
5
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
October
2021
Investment
objective
Columbia
Emerging
Markets
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Dow
Jones
Emerging
Markets
Consumer
Titans™
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September
2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index
is
designed
to
measure
the
performance
of
60
leading
emerging
market
companies
classified
in
the
GICS
Consumer
Discretionary,
Consumer
Staples,
and
Communication
Services
sectors.
The
MSCI
Emerging
Markets
Index
(Net)
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
market
performance
of
emerging
markets.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
Emerging
Markets
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
September
30,
2022)
Inception
6
Months
cumulative
1
Year
5
Years
10
Years
Market
Price
09/14/10
-9.15
-22.17
-6.12
-1.49
Net
Asset
Value
09/14/10
-9.28
-21.90
-5.92
-1.42
Dow
Jones
Emerging
Markets
Consumer
Titans™
Index
-8.95
-21.57
-5.18
-0.48
MSCI
Emerging
Markets
Index
(Net)
-21.70
-28.11
-1.81
1.05
FUND
AT
A
GLANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
(Unaudited)
6
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Country
breakdown
(%)
(at
September
30,
2022
)
Brazil
4
.5
China
41
.0
Greece
0
.5
India
20
.6
Indonesia
2
.9
Kuwait
1
.1
Mexico
2
.8
Russia
0
.0
(a)
Saudi
Arabia
6
.0
South
Africa
3
.0
Taiwan
12
.4
Thailand
3
.0
United
Arab
Emirates
1
.9
United
States
(b)
0
.3
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Rounds
to
zero.
(b)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
September
30,
2022)
Communication
Services
32.6
Consumer
Discretionary
37.4
Consumer
Staples
30.0
Total
100.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
FUND
AT
A
GLANCE
Columbia
India
Consumer
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
October
2021
Investment
objective
Columbia
India
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Indxx
India
Consumer
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September
2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Indxx
India
Consumer
Index
is
a
maximum
30-stock
free-float
adjusted
market
capitalization
weighted
index
designed
to
measure
the
market
performance
of
companies
in
the
consumer
industry
in
India
as
defined
by
Indxx’s
proprietary
methodology.
The
MSCI
India
Index
(Net)
is
designed
to
measure
the
performance
of
the
large
and
mid
cap
segments
of
the
Indian
market.
With
80
constituents,
the
index
covers
approximately
85%
of
the
Indian
equity
universe.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
India
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
September
30,
2022)
Inception
6
Months
cumulative
1
Year
5
Years
10
Years
Market
Price
08/10/11
3.39
-4.36
5.33
9.67
Net
Asset
Value
08/10/11
3.53
-3.72
5.61
9.74
Indxx
India
Consumer
Index
5.04
-2.90
7.30
11.50
MSCI
India
Index
(Net)
-8.04
-9.94
7.98
7.27
FUND
AT
A
GLANCE
(continued)
Columbia
India
Consumer
ETF
(Unaudited)
8
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Equity
sector
breakdown
(%)
(at
September
30,
2022)
Consumer
Discretionary
55
.3
Consumer
Staples
44
.7
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
9
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
September
30,
2022.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Had
the
Investment
Manager
not
waived
fees
or
reimbursed
a
portion
of
expenses
for
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF,
account
values
at
the
end
of
the
period
would
have
been
reduced.
April
1,
2022
—
September
30,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
EM
Core
ex-China
ETF
1,000.00
1,000.00
768.00
1,024.27
0.71
0.81
0.16
Columbia
Emerging
Markets
Consumer
ETF
1,000.00
1,000.00
907.20
1,022.61
2.34
2.48
0.49
Columbia
India
Consumer
ETF
1,000.00
1,000.00
1035.30
1,021.31
3.83
3.80
0.75
PORTFOLIO
OF
INVESTMENTS
Columbia
EM
Core
ex-China
ETF
September
30,
2022
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Common
Stocks
-
94
.8
%
Issuer
Shares
Value
($)
Brazil
-
7.0%
3R
PETROLEUM
OLEO
E
GAS
SA
(a)
11,760‌
77,424‌
Ambev
SA
88,095‌
253,103‌
Americanas
SA
29,574‌
92,842‌
B3
SA
-
Brasil
Bolsa
Balcao
283,951‌
685,092‌
Banco
BTG
Pactual
SA
99,031‌
454,248‌
Banco
do
Brasil
SA
86,012‌
612,548‌
Banco
Santander
Brasil
SA
102,629‌
575,679‌
Caixa
Seguridade
Participacoes
S/A
54,796‌
86,213‌
Cia
Siderurgica
Nacional
SA
40,059‌
94,207‌
Embraer
SA
(a)
50,348‌
108,443‌
Hapvida
Participacoes
e
Investimentos
SA
(b)
191,813‌
268,453‌
Localiza
Rent
a
Car
SA
17,133‌
193,508‌
Lojas
Renner
SA
32,339‌
166,513‌
Magazine
Luiza
SA
(a)
237,999‌
197,128‌
Natura
&
Co.
Holding
SA
47,467‌
129,268‌
Pet
Center
Comercio
e
Participacoes
SA
49,412‌
92,907‌
Petro
Rio
SA
(a)
21,660‌
110,245‌
Sul
America
SA
18,113‌
73,874‌
Suzano
SA
25,794‌
212,214‌
TOTVS
SA
25,937‌
140,742‌
Vale
SA
120,921‌
1,610,536‌
WEG
SA
49,239‌
292,584‌
Total
6,527,771‌
Chile
-
0.3%
Empresas
Copec
SA
46,389‌
300,300‌
China
-
0.2%
Silergy
Corp.
11,900‌
157,797‌
Colombia
-
0.3%
Grupo
Argos
SA/Colombia
21,475‌
45,857‌
Grupo
de
Inversiones
Suramericana
SA
17,233‌
140,670‌
Interconexion
Electrica
SA
ESP
17,680‌
63,500‌
Total
250,027‌
Czech
Republic
-
0.2%
CEZ
AS
2,618‌
89,765‌
Komercni
Banka
AS
4,118‌
103,270‌
Total
193,035‌
Hungary
-
0.3%
MOL
Hungarian
Oil
&
Gas
PLC
8,681‌
48,364‌
OTP
Bank
Nyrt
8,920‌
163,337‌
Richter
Gedeon
Nyrt
5,852‌
100,274‌
Total
311,975‌
India
-
19.1%
Adani
Ports
&
Special
Economic
Zone
Ltd.
40,444‌
407,989‌
Adani
Power
Ltd.
(a)
23,286‌
106,911‌
Axis
Bank
Ltd.
85,889‌
774,098‌
Bandhan
Bank
Ltd.
(a),(b)
21,652‌
70,957‌
Bharat
Petroleum
Corp.
Ltd.
21,516‌
80,614‌
Bharti
Airtel
Ltd.
68,311‌
671,680‌
BSE
Ltd.
8,071‌
60,112‌
Cipla
Ltd.
19,733‌
270,448‌
Coal
India
Ltd.
62,374‌
162,737‌
HDFC
Bank
Ltd.
ADR
42,586‌
2,487,874‌
HDFC
Life
Insurance
Co.
Ltd.
(b)
21,902‌
142,812‌
Hindalco
Industries
Ltd.
36,141‌
173,505‌
ICICI
Bank
Ltd.
ADR
114,621‌
2,403,602‌
IDBI
Bank
Ltd.
(a)
225,609‌
114,397‌
Indian
Hotels
Co.
Ltd.
42,284‌
172,408‌
IndusInd
Bank
Ltd.
21,272‌
309,910‌
Infosys
Ltd.
ADR
118,480‌
2,010,606‌
ITC
Ltd.
208,649‌
852,024‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Jubilant
Foodworks
Ltd.
20,888‌
159,886‌
Kotak
Mahindra
Bank
Ltd.
41,931‌
937,673‌
NTPC
Ltd.
116,000‌
227,647‌
Oil
&
Natural
Gas
Corp.
Ltd.
96,265‌
150,046‌
Power
Grid
Corp
of
India
Ltd.
70,743‌
184,529‌
Reliance
Industries
Ltd.
GDR
(b)
41,071‌
2,402,654‌
State
Bank
of
India
GDR
11,848‌
771,305‌
Tata
Motors
Ltd.
ADR
(a)
19,041‌
461,935‌
Tata
Power
Co.
Ltd.
(The)
51,647‌
137,448‌
Tata
Steel
Ltd.
227,452‌
277,635‌
Vedanta
Ltd.
97,544‌
323,803‌
Vodafone
Idea
Ltd.
(a)
646,690‌
69,954‌
Wipro
Ltd.
47,550‌
230,440‌
Zee
Entertainment
Enterprises
Ltd.
40,428‌
128,289‌
Zomato
Ltd.
(a)
101,319‌
77,654‌
Total
17,813,582‌
Indonesia
-
4.2%
PT
Adaro
Energy
Indonesia
Tbk
503,307‌
130,888‌
PT
Astra
International
Tbk
1,004,018‌
436,816‌
PT
Bank
Central
Asia
Tbk
2,380,647‌
1,336,696‌
PT
Bank
Jago
Tbk
(a)
180,932‌
78,421‌
PT
Bank
Mandiri
Persero
Tbk
1,258,186‌
778,749‌
PT
Bank
Rakyat
Indonesia
Persero
Tbk
1,273,061‌
375,376‌
PT
Elang
Mahkota
Teknologi
Tbk
598,697‌
59,762‌
PT
Merdeka
Copper
Gold
Tbk
(a)
328,566‌
85,014‌
PT
Telkom
Indonesia
Persero
Tbk
2,197,825‌
643,723‌
Total
3,925,445‌
Kuwait
-
1.1%
Agility
Public
Warehousing
Co
KSC
72,610‌
156,488‌
Gulf
Bank
KSCP
127,965‌
123,857‌
Humansoft
Holding
Co
KSC
10,796‌
114,073‌
Kuwait
Finance
House
KSCP
117,217‌
318,050‌
Kuwait
Telecommunications
Co.
80,076‌
143,126‌
National
Bank
of
Kuwait
SAKP
68,517‌
215,753‌
Total
1,071,347‌
Malaysia
-
3.1%
CIMB
Group
Holdings
Bhd
69,540‌
76,933‌
Dialog
Group
Bhd
488,617‌
209,693‌
Genting
Malaysia
Bhd
162,775‌
97,939‌
IHH
Healthcare
Bhd
413,024‌
525,521‌
Inari
Amertron
Bhd
225,661‌
122,637‌
Malayan
Banking
Bhd
108,740‌
201,205‌
Malaysia
Airports
Holdings
Bhd
(a)
63,000‌
76,084‌
Petronas
Dagangan
Bhd
95,995‌
414,453‌
Public
Bank
Bhd
80,414‌
73,356‌
Sime
Darby
Plantation
Bhd
193,495‌
170,670‌
Tenaga
Nasional
Bhd
501,499‌
870,620‌
Top
Glove
Corp.
Bhd
557,300‌
75,116‌
Total
2,914,227‌
Mexico
-
4.1%
America
Movil
SAB
de
CV
Series
L
227,595‌
188,233‌
Arca
Continental
SAB
de
CV
20,704‌
149,322‌
Cemex
SAB
de
CV
Series
CPO
(a)
551,231‌
190,255‌
Controladora
Vuela
Cia
de
Aviacion
SAB
de
CV
Class
A
(a)
129,856‌
91,899‌
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
46,221‌
290,141‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
14,936‌
94,129‌
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
Class
B
12,668‌
160,370‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2022
11
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
Class
B
5,985‌
118,069‌
Grupo
Bimbo
SAB
de
CV
Series
A
118,597‌
418,591‌
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
80,949‌
520,618‌
Grupo
Mexico
SAB
de
CV
Series
B
139,287‌
471,875‌
Grupo
Televisa
SAB
Series
CPO
82,201‌
89,120‌
Prologis
Property
Mexico
SA
de
CV
47,086‌
119,872‌
Regional
SAB
de
CV
15,493‌
87,476‌
Sitios
Latinoamerica
SAB
de
CV
(a)
11,091‌
4,959‌
Wal-Mart
de
Mexico
SAB
de
CV
227,404‌
801,046‌
Total
3,795,975‌
Philippines
-
1.5%
ACEN
Corp.
735,314‌
70,239‌
Ayala
Corp.
21,905‌
230,166‌
Ayala
Land,
Inc.
223,643‌
87,168‌
International
Container
Terminal
Services,
Inc.
44,874‌
119,868‌
JG
Summit
Holdings,
Inc.
112,017‌
80,347‌
Manila
Electric
Co.
58,937‌
264,400‌
SM
Investments
Corp.
35,522‌
439,291‌
SM
Prime
Holdings,
Inc.
187,626‌
96,333‌
Total
1,387,812‌
Poland
-
0.6%
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
58,668‌
259,427‌
Powszechny
Zaklad
Ubezpieczen
SA
69,191‌
324,451‌
Total
583,878‌
Russia
-
0.0%
Gazprom
PJSC
(a),(c),(d)
251,024‌
0‌
LUKOIL
PJSC
(c),(d)
14,277‌
0‌
MMC
Norilsk
Nickel
PJSC
ADR
(c),(d)
19,108‌
0‌
Mobile
TeleSystems
PJSC
ADR
(c),(d)
49,482‌
0‌
Total
0‌
South
Africa
-
5.9%
Absa
Group
Ltd.
11,684‌
114,828‌
Anglo
American
Platinum
Ltd.
3,227‌
231,310‌
Bid
Corp.
Ltd.
28,007‌
434,492‌
Bidvest
Group
Ltd.
(The)
41,742‌
456,474‌
Capitec
Bank
Holdings
Ltd.
2,373‌
205,051‌
FirstRand
Ltd.
251,120‌
848,687‌
Gold
Fields
Ltd.
36,318‌
297,960‌
Harmony
Gold
Mining
Co.
Ltd.
25,512‌
60,641‌
Impala
Platinum
Holdings
Ltd.
26,458‌
249,778‌
Mr
Price
Group
Ltd.
9,328‌
89,681‌
MTN
Group
Ltd.
54,106‌
360,897‌
Naspers
Ltd.
Class
N
6,146‌
773,970‌
Sasol
Ltd.
16,260‌
258,513‌
Shoprite
Holdings
Ltd.
48,161‌
581,469‌
Sibanye
Stillwater
Ltd.
100,780‌
235,569‌
Standard
Bank
Group
Ltd.
19,851‌
159,051‌
Thungela
Resources
Ltd.
5,347‌
99,130‌
Total
5,457,501‌
South
Korea
-
16.1%
Celltrion
Healthcare
Co.
Ltd.
3,008‌
142,547‌
Celltrion,
Inc.
4,376‌
536,792‌
DB
HiTek
Co.
Ltd.
1,407‌
36,731‌
Doosan
Enerbility
Co.
Ltd.
(a)
12,182‌
121,335‌
Ecopro
BM
Co.
Ltd.
1,275‌
78,512‌
Hana
Financial
Group,
Inc.
16,675‌
413,174‌
HLB,
Inc.
(a)
3,381‌
101,262‌
HMM
Co.
Ltd.
11,405‌
147,475‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
HYBE
Co.
Ltd.
(a)
889‌
83,886‌
Hyundai
Mobis
Co.
Ltd.
2,452‌
327,345‌
Hyundai
Motor
Co.
5,661‌
698,376‌
Kakao
Corp.
11,452‌
457,055‌
KakaoBank
Corp.
(a)
7,048‌
98,772‌
KB
Financial
Group,
Inc.
18,786‌
573,809‌
Kia
Corp.
10,632‌
534,312‌
Krafton,
Inc.
(a)
816‌
119,774‌
L&F
Co.
Ltd.
(a)
579‌
71,915‌
LG
Chem
Ltd.
1,293‌
484,412‌
LG
Electronics,
Inc.
6,318‌
347,099‌
LG
Energy
Solution
Ltd.
(a)
824‌
245,639‌
LG
Innotek
Co.
Ltd.
310‌
59,261‌
NAVER
Corp.
5,057‌
683,952‌
POSCO
Holdings,
Inc.
3,284‌
484,325‌
Samsung
Electro-Mechanics
Co.
Ltd.
5,222‌
408,796‌
Samsung
Electronics
Co.
Ltd.
133,354‌
4,949,394‌
Samsung
Engineering
Co.
Ltd.
(a)
6,401‌
101,784‌
Samsung
SDI
Co.
Ltd.
2,059‌
785,779‌
Shinhan
Financial
Group
Co.
Ltd.
23,912‌
559,902‌
SK
Hynix,
Inc.
17,690‌
1,027,496‌
SK
Innovation
Co.
Ltd.
(a)
1,430‌
143,430‌
SK
Telecom
Co.
Ltd.
2,830‌
100,485‌
Woori
Financial
Group,
Inc.
10,006‌
74,833‌
Total
14,999,659‌
Taiwan
-
25.3%
Accton
Technology
Corp.
11,961‌
102,661‌
Acer,
Inc.
137,193‌
94,634‌
Advantech
Co.
Ltd.
11,408‌
105,460‌
Alchip
Technologies
Ltd.
2,864‌
78,210‌
ASE
Technology
Holding
Co.
Ltd.
66,580‌
167,976‌
Asia
Vital
Components
Co.
Ltd.
28,775‌
101,056‌
Asustek
Computer,
Inc.
13,044‌
96,138‌
AUO
Corp.
(c),(d)
347,736‌
161,004‌
Catcher
Technology
Co.
Ltd.
60,351‌
327,902‌
Cathay
Financial
Holding
Co.
Ltd.
78,028‌
98,183‌
Chailease
Holding
Co.
Ltd.
24,469‌
140,653‌
Chang
Hwa
Commercial
Bank
Ltd.
827,999‌
447,264‌
China
Airlines
Ltd.
80,537‌
49,846‌
China
Development
Financial
Holding
Corp.
200,830‌
75,907‌
China
Steel
Corp.
506,334‌
425,812‌
Chipbond
Technology
Corp.
265,938‌
423,001‌
Chunghwa
Telecom
Co.
Ltd.
216,309‌
776,693‌
CTBC
Financial
Holding
Co.
Ltd.
830,890‌
519,486‌
Delta
Electronics,
Inc.
44,912‌
357,893‌
E
Ink
Holdings,
Inc.
18,911‌
126,276‌
E.Sun
Financial
Holding
Co.
Ltd.
206,394‌
167,396‌
eMemory
Technology,
Inc.
3,001‌
108,228‌
Eva
Airways
Corp.
201,653‌
179,112‌
Far
Eastern
New
Century
Corp.
656,647‌
669,077‌
Far
EasTone
Telecommunications
Co.
Ltd.
210,569‌
480,179‌
Faraday
Technology
Corp.
10,862‌
45,844‌
Formosa
Chemicals
&
Fibre
Corp.
123,860‌
269,575‌
Formosa
Petrochemical
Corp.
121,255‌
316,610‌
Formosa
Plastics
Corp.
218,435‌
595,813‌
Fubon
Financial
Holding
Co.
Ltd.
96,798‌
152,138‌
Gigabyte
Technology
Co.
Ltd.
24,904‌
69,263‌
Hon
Hai
Precision
Industry
Co.
Ltd.
368,857‌
1,185,027‌
Innolux
Corp.
(c),(d)
383,930‌
126,368‌
Largan
Precision
Co.
Ltd.
4,340‌
228,968‌
Lite-On
Technology
Corp.
62,737‌
126,071‌
Makalot
Industrial
Co.
Ltd.
49,854‌
288,142‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Common
Stocks
(continued)
Issuer
Shares
Value
($)
MediaTek,
Inc.
42,503‌
737,634‌
Mega
Financial
Holding
Co.
Ltd.
129,087‌
126,651‌
Nan
Ya
Plastics
Corp.
351,720‌
741,128‌
Novatek
Microelectronics
Corp.
16,660‌
114,918‌
PharmaEssentia
Corp.
(a)
3,765‌
57,336‌
President
Chain
Store
Corp.
43,352‌
385,742‌
Taiwan
Business
Bank
1,432,764‌
568,611‌
Taiwan
Mobile
Co.
Ltd.
204,209‌
614,897‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
676,941‌
8,997,735‌
Unimicron
Technology
Corp.
36,561‌
135,309‌
Uni-President
Enterprises
Corp.
271,769‌
576,083‌
United
Microelectronics
Corp.
(a)
345,263‌
388,773‌
Walsin
Lihwa
Corp.
76,894‌
98,088‌
Wan
Hai
Lines
Ltd.
50,667‌
106,603‌
Wiwynn
Corp.
3,566‌
90,753‌
Yang
Ming
Marine
Transport
Corp.
64,395‌
124,738‌
Total
23,548,865‌
Tanzania
-
0.3%
AngloGold
Ashanti
Ltd.
22,625‌
314,302‌
Thailand
-
4.5%
Bangkok
Expressway
&
Metro
PCL
NVDR
472,857‌
115,331‌
Banpu
PCL
NVDR
221,991‌
72,388‌
BTS
Group
Holdings
PCL
NVDR
2,539,187‌
558,729‌
Bumrungrad
Hospital
PCL
NVDR
21,029‌
126,553‌
Central
Retail
Corp
PCL
NVDR
133,038‌
139,316‌
Charoen
Pokphand
Foods
PCL
NVDR
155,771‌
103,242‌
CP
ALL
PCL
NVDR
308,398‌
459,899‌
Delta
Electronics
Thailand
PCL
NVDR
17,000‌
294,751‌
Energy
Absolute
PCL
NVDR
40,435‌
94,602‌
Global
Power
Synergy
PCL
NVDR
44,436‌
75,101‌
Gulf
Energy
Development
PCL
NVDR
165,800‌
230,766‌
Home
Product
Center
PCL
NVDR
1,168,913‌
418,354‌
Kasikornbank
PCL
NVDR
23,084‌
88,125‌
Krung
Thai
Bank
PCL
NVDR
206,236‌
91,308‌
Minor
International
PCL
NVDR
(a)
108,691‌
76,360‌
SCB
X
PCL
138,289‌
381,285‌
Siam
Cement
PCL
(The)
32,001‌
276,573‌
Siam
Commercial
Bank
PCL
(The)
(c)
4,200‌
11,580‌
Thai
Oil
PCL
NVDR
46,308‌
62,918‌
Thai
Union
Group
PCL
NVDR
766,129‌
379,815‌
Tisco
Financial
Group
PCL
NVDR
30,230‌
74,333‌
True
Corp
PCL
NVDR
559,989‌
74,972‌
Total
4,206,301‌
Turkey
-
0.7%
Eregli
Demir
ve
Celik
Fabrikalari
TAS
74,158‌
115,926‌
Turk
Hava
Yollari
AO
(a)
42,210‌
160,748‌
Turkiye
Petrol
Rafinerileri
AS
(a)
21,493‌
335,754‌
Total
612,428‌
Total
Common
Stocks
(Cost:
$
109,241,930
)
88,372,227‌
Preferred
Stocks
-
4
.5
%
Issuer
Shares
Value
($)
Brazil
-
4.1%
Azul
SA
Preference
Shares
(a)
63,842‌
173,744‌
Banco
Bradesco
SA
Preference
Shares
237,730‌
872,008‌
Gerdau
SA
Preference
Shares
37,760‌
170,619‌
Itau
Unibanco
Holding
SA
Preference
Shares
207,337‌
1,075,622‌
Itausa
SA
Preference
Shares
347,606‌
625,310‌
Petroleo
Brasileiro
SA
Preference
Shares
165,626‌
912,515‌
Total
3,829,818‌
Preferred
Stocks
(continued)
Issuer
Shares
Value
($)
Chile
-
0.4%
Sociedad
Quimica
y
Minera
de
Chile
SA
Preference
Shares
Class
B
4,265‌
401,151‌
Total
Preferred
Stocks
(Cost:
$
4,179,535
)
4,230,969‌
Rights
-
0.0
%
Issuer
Shares
Value
($)
Brazil
-
0.0%
Localiza
Rent
a
Car
SA,
expiring
11/07/22
(a)
51‌
104‌
Taiwan
-
0.0%
PharmaEssentia
Corp.,
expiring
10/25/22
(a)
161‌
383‌
Total
Rights
(Cost:
$
0
)
487‌
Money
Market
Funds
-
0
.9
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
2.493%
(e)
829,778‌
829,778‌
Total
Money
Market
Funds
(Cost:
$829,778)
829,778‌
Total
Investments
in
Securities
(Cost:
$114,251,243)
93,433,461‌
Other
Assets
&
Liabilities,
Net
(
221,908‌
)
Net
Assets
93,211,553‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2022
13
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
September
30,
2022,
the
total
value
of
these
securities
amounted
to
$2,884,876,
which
represents
3.09%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
September
30,
2022,
the
value
of
these
securities
amounted
to
$298,952,
which
represents
less
than
0.32%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2022.
Abbreviation
Legend
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
NVDR
Non-Voting
Depository
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
investment
manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Fair
Value
Measurements
(continued)
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
6,527,771
–
–
6,527,771
Chile
300,300
–
–
300,300
China
157,797
–
–
157,797
Colombia
250,027
–
–
250,027
Czech
Republic
193,035
–
–
193,035
Hungary
311,975
–
–
311,975
India
17,813,582
–
–
17,813,582
Indonesia
3,925,445
–
–
3,925,445
Kuwait
1,071,347
–
–
1,071,347
Malaysia
2,914,227
–
–
2,914,227
Mexico
3,795,975
–
–
3,795,975
Philippines
1,387,812
–
–
1,387,812
Poland
583,878
–
–
583,878
Russia
–
–
0
(a)
0
(a)
South
Africa
5,457,501
–
–
5,457,501
South
Korea
14,999,659
–
–
14,999,659
Taiwan
23,261,493
–
287,372
23,548,865
Tanzania
314,302
–
–
314,302
Thailand
4,194,721
11,580
–
4,206,301
Turkey
612,428
–
–
612,428
Total
Common
Stocks
88,073,275
11,580
287,372
88,372,227
Preferred
Stocks
Brazil
3,829,818
–
–
3,829,818
Chile
401,151
–
–
401,151
Total
Preferred
Stocks
4,230,969
–
–
4,230,969
Rights
Brazil
104
–
–
104
Taiwan
–
383
–
383
Total
Rights
104
383
–
487
Money
Market
Funds
829,778
–
–
829,778
Total
Investments
in
Securities
93,134,126
11,963
287,372
93,433,461
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
The
Fund’s
assets
assigned
to
the
Level
3
category
are
valued
utilizing
the
valuation
technique
deemed
the
most
appropriate
in
the
circumstances.
Certain
rights
classified
as
Level
3
are
valued
using
a
market
approach.
To
determine
fair  value
for
these
securities,
management
considered
various
factors
which
may
have
included,
but
were
not
limited
to,
the
halt
price
of
the
security,
the
movement
in
observed
market
prices
for
other
securities
from
the
issuer
and
the
movement
in
certain
foreign
or
domestic
market
indices.
Significant
increases
(decreases)
to
any
of
these
inputs
would
result
in
a
significantly
lower
(higher)
fair
value
measurement.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
Columbia
Emerging
Markets
Consumer
ETF
September
30,
2022
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2022
15
Common
Stocks
-
99
.9
%
Issuer
Shares
Value
($)
Brazil
-
4.5%
Raia
Drogasil
SA
375,569‌
1,578,281‌
Telefonica
Brasil
SA
158,978‌
1,190,090‌
Vibra
Energia
SA
404,873‌
1,291,228‌
Total
4,059,599‌
China
-
41.1%
Alibaba
Group
Holding
Ltd.
ADR
(a)
47,702‌
3,815,683‌
ANTA
Sports
Products
Ltd.
94,839‌
1,005,185‌
Baidu,
Inc.
ADR
(a)
23,219‌
2,728,000‌
Bilibili,
Inc.
ADR
(a)
18,490‌
283,267‌
BYD
Co.
Ltd.
Class
H
87,573‌
2,168,714‌
China
Mengniu
Dairy
Co.
Ltd.
(a)
243,876‌
967,750‌
China
Resources
Beer
Holdings
Co.
Ltd.
152,968‌
1,064,944‌
China
Tower
Corp.
Ltd.
Class
H
(b)
3,933,625‌
420,928‌
Geely
Automobile
Holdings
Ltd.
542,499‌
747,760‌
Great
Wall
Motor
Co.
Ltd.
Class
H
257,367‌
295,730‌
Guangzhou
Automobile
Group
Co.
Ltd.
Class
H
248,324‌
177,151‌
Haier
Smart
Home
Co.
Ltd.
Class
H
191,049‌
585,323‌
Hengan
International
Group
Co.
Ltd.
60,623‌
271,069‌
JD.com,
Inc.
ADR
72,174‌
3,630,352‌
Kuaishou
Technology
(a),(b)
154,677‌
1,003,935‌
Li
Ning
Co.
Ltd.
210,187‌
1,609,223‌
Meituan
Class
B
(a),(b)
197,125‌
4,158,512‌
NetEase,
Inc.
ADR
31,531‌
2,383,744‌
Nongfu
Spring
Co.
Ltd.
Class
H
(b)
155,254‌
900,880‌
Pinduoduo,
Inc.
ADR
(a)
25,757‌
1,611,873‌
Tencent
Holdings
Ltd.
108,877‌
3,694,930‌
Tencent
Music
Entertainment
Group
ADR
(a)
49,266‌
200,020‌
Tingyi
Cayman
Islands
Holding
Corp.
146,932‌
253,438‌
Tsingtao
Brewery
Co.
Ltd.
Class
H
44,000‌
417,305‌
Vipshop
Holdings
Ltd.
ADR
(a)
29,231‌
245,833‌
Want
Want
China
Holdings
Ltd.
580,453‌
379,333‌
Yum
China
Holdings,
Inc.
35,380‌
1,674,535‌
Zhongsheng
Group
Holdings
Ltd.
59,915‌
239,281‌
Total
36,934,698‌
Greece
-
0.5%
Hellenic
Telecommunications
Organization
SA
30,886‌
449,325‌
India
-
20.6%
Avenue
Supermarts
Ltd.
(a),(b)
34,074‌
1,837,308‌
Hero
MotoCorp
Ltd.
29,884‌
936,437‌
Hindustan
Unilever
Ltd.
134,725‌
4,465,564‌
ITC
Ltd.
655,605‌
2,677,181‌
Mahindra
&
Mahindra
Ltd.
GDR
213,440‌
3,329,664‌
Maruti
Suzuki
India
Ltd.
30,751‌
3,337,065‌
Nestle
India
Ltd.
8,369‌
1,969,519‌
Total
18,552,738‌
Indonesia
-
3.0%
PT
Astra
International
Tbk
2,393,135‌
1,041,177‌
PT
Telkom
Indonesia
Persero
Tbk
5,491,060‌
1,608,283‌
Total
2,649,460‌
Kuwait
-
1.1%
Mobile
Telecommunications
Co.
KSCP
519,318‌
980,161‌
Mexico
-
2.8%
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
142,372‌
893,706‌
Grupo
Televisa
SAB
Series
CPO
220,645‌
239,217‌
Wal-Mart
de
Mexico
SAB
de
CV
393,944‌
1,387,694‌
Total
2,520,617‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Russia
-
0.0%
Magnit
PJSC
GDR
(c),(d)
2‌
0‌
Magnit
PJSC
(c),(d)
15,524‌
0‌
Mobile
TeleSystems
PJSC
ADR
(c),(d)
86,390‌
0‌
Yandex
NV
Class
A
(a),(c),(d)
66,463‌
0‌
Total
0‌
Saudi
Arabia
-
6.0%
Almarai
Co.
JSC
59,760‌
846,216‌
Etihad
Etisalat
Co.
88,352‌
837,192‌
Saudi
Telecom
Co.
355,048‌
3,718,695‌
Total
5,402,103‌
South
Africa
-
3.0%
Shoprite
Holdings
Ltd.
126,011‌
1,521,387‌
Vodacom
Group
Ltd.
174,266‌
1,183,719‌
Total
2,705,106‌
Taiwan
-
12.4%
Chunghwa
Telecom
Co.
Ltd.
970,515‌
3,484,794‌
Far
EasTone
Telecommunications
Co.
Ltd.
408,218‌
930,895‌
Hotai
Motor
Co.
Ltd.
93,001‌
1,675,535‌
President
Chain
Store
Corp.
142,387‌
1,266,948‌
Taiwan
Mobile
Co.
Ltd.
426,904‌
1,285,458‌
Uni-President
Enterprises
Corp.
1,194,996‌
2,533,095‌
Total
11,176,725‌
Thailand
-
3.0%
Advanced
Info
Service
PCL
182,803‌
945,031‌
CP
ALL
PCL
751,392‌
1,120,514‌
Thai
Beverage
PCL
1,472,728‌
615,818‌
Total
2,681,363‌
United
Arab
Emirates
-
1.9%
Emirates
Telecommunications
Group
Co.
PJSC
272,092‌
1,730,461‌
Total
Common
Stocks
(Cost:
$
104,360,375
)
89,842,356‌
Money
Market
Funds
-
0
.3
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
2.493%
(e)
308,721‌
308,721‌
Total
Money
Market
Funds
(Cost:
$308,721)
308,721‌
Total
Investments
in
Securities
(Cost:
$104,669,096)
90,151,077‌
Other
Assets
&
Liabilities,
Net
(
183,951‌
)
Net
Assets
89,967,126‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
September
30,
2022,
the
total
value
of
these
securities
amounted
to
$8,321,563,
which
represents
9.25%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
September
30,
2022,
the
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2022.
Abbreviation
Legend
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
investment
manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2022
17
Fair
Value
Measurements
(continued)
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
4,059,599
–
–
4,059,599
China
36,934,698
–
–
36,934,698
Greece
449,325
–
–
449,325
India
18,552,738
–
–
18,552,738
Indonesia
2,649,460
–
–
2,649,460
Kuwait
980,161
–
–
980,161
Mexico
2,520,617
–
–
2,520,617
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
5,402,103
–
–
5,402,103
South
Africa
2,705,106
–
–
2,705,106
Taiwan
11,176,725
–
–
11,176,725
Thailand
2,681,363
–
–
2,681,363
United
Arab
Emirates
1,730,461
–
–
1,730,461
Total
Common
Stocks
89,842,356
–
0
(a)
89,842,356
Money
Market
Funds
308,721
–
–
308,721
Total
Investments
in
Securities
90,151,077
–
0
(a)
90,151,077
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
Columbia
India
Consumer
ETF
September
30,
2022
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Thermatic
Beta
ETFs
|
Semiannual
Report
2022
Notes
to
Consolidated
Portfolio
of
Investments
Common
Stocks
-
103
.1
%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
57.0%
Bajaj
Auto
Ltd.
83,835‌
3,635,456‌
Balkrishna
Industries
Ltd.
62,959‌
1,457,786‌
Bharat
Forge
Ltd.
184,363‌
1,576,183‌
Bosch
Ltd.
6,798‌
1,321,545‌
Eicher
Motors
Ltd.
103,554‌
4,673,670‌
FSN
E-Commerce
Ventures
Ltd.
(a)
87,479‌
1,367,920‌
Hero
MotoCorp
Ltd.
101,829‌
3,190,885‌
Jubilant
Foodworks
Ltd.
301,020‌
2,304,146‌
Mahindra
&
Mahindra
Ltd.
390,538‌
6,088,171‌
Maruti
Suzuki
India
Ltd.
40,404‌
4,384,598‌
Page
Industries
Ltd.
3,962‌
2,467,563‌
Relaxo
Footwears
Ltd.
37,328‌
461,993‌
Samvardhana
Motherson
International
Ltd.
1,065,573‌
1,427,729‌
Sona
Blw
Precision
Forgings
Ltd.
(b)
128,860‌
734,578‌
Tata
Motors
Ltd.
(a)
686,278‌
3,413,200‌
Titan
Co.
Ltd.
115,082‌
3,687,872‌
TVS
Motor
Co.
Ltd.
157,951‌
2,004,209‌
Zomato
Ltd.
(a)
2,160,875‌
1,656,158‌
Total
45,853,662‌
Consumer
Staples
-
46.1%
Avenue
Supermarts
Ltd.
(a),(b)
68,342‌
3,685,077‌
Britannia
Industries
Ltd.
89,680‌
4,236,502‌
Colgate-Palmolive
India
Ltd.
104,639‌
2,095,835‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Dabur
India
Ltd.
447,660‌
3,152,831‌
Godrej
Consumer
Products
Ltd.
(a)
274,349‌
3,070,402‌
Hindustan
Unilever
Ltd.
137,016‌
4,541,502‌
ITC
Ltd.
1,214,161‌
4,958,059‌
Marico
Ltd.
411,372‌
2,719,767‌
Nestle
India
Ltd.
16,562‌
3,897,619‌
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
7,437‌
1,269,358‌
United
Breweries
Ltd.
50,546‌
1,060,548‌
United
Spirits
Ltd.
(a)
230,746‌
2,389,113‌
Total
37,076,613‌
Total
Common
Stocks
(Cost:
$
57,064,408
)
82,930,275‌
Money
Market
Funds
-
0
.5
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
2.493%
(c)
407,702‌
407,702‌
Total
Money
Market
Funds
(Cost:
$407,702)
407,702‌
Total
Investments
in
Securities
(Cost:
$57,472,110)
83,337,977‌
Other
Assets
&
Liabilities,
Net
(
2,896,955‌
)
Net
Assets
80,441,022‌
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
September
30,
2022,
the
total
value
of
these
securities
amounted
to
$4,419,655,
which
represents
5.49%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2022.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
(continued)
Columbia
India
Consumer
ETF
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thermatic
Beta
ETFs
|
Semiannual
Report
2022
19
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
investment
manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Consumer
Discretionary
45,853,662
–
–
45,853,662
Consumer
Staples
37,076,613
–
–
37,076,613
Total
Common
Stocks
82,930,275
–
–
82,930,275
Money
Market
Funds
407,702
–
–
407,702
Total
Investments
in
Securities
83,337,977
–
–
83,337,977
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$114,251,243,
$104,669,096
and
$57,472,110,
respectively)
$93,433,461
$90,151,077
$83,337,977
Cash
319,781
–
542
Foreign
currency
(cost
$786,107,
$2,175
and
$5,578,
respectively)
781,630
2,143
5,476
Receivable
for:
Capital
shares
sold
1,248
–
–
Dividends
197,210
148,481
693
Foreign
tax
reclaims
14,373
1,287
–
Reimbursement
due
from
Investment
Manager
–
–
4,078
Total
assets
94,747,703
90,302,988
83,348,766
Liabilities
Payable
for:
Investments
purchased
1,519,339
–
–
Investment
management
fees
12,689
39,463
51,017
Foreign
capital
gains
taxes
deferred
–
296,399
2,856,606
Accrued
expenses
and
other
liabilities
4,122
–
121
Total
liabilities
1,536,150
335,862
2,907,744
Net
assets
applicable
to
outstanding
capital
stock
$93,211,553
$89,967,126
$80,441,022
Represented
by:
Paid-in
capital
$116,361,956
$325,473,939
$52,973,824
Total
distributable
earnings
(loss)
(23,150,403)
(235,506,813)
27,467,198
Total
—
representing
net
assets
applicable
to
outstanding
capital
stock
$93,211,553
$89,967,126
$80,441,022
Shares
outstanding
3,950,000
4,650,000
1,550,000
Net
asset
value
per
share
$23.60
$19.35
$51.90
STATEMENT
OF
OPERATIONS
Six
Months
Ended
September
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2022
21
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Investment
Income:
Dividends
-
unaffiliated
issuers
$2,541,347
$1,724,021
$645,317
Foreign
taxes
withheld
(342,843)
(206,913)
(140,461)
Total
income
2,198,504
1,517,108
504,856
Expenses:
Investment
management
fees
76,281
263,963
296,728
Mauritius
taxes
paid
–
–
4,078
Overdraft
expense
1,423
507
4,359
Total
expenses
77,704
264,470
305,165
Fees
waived
by
the
Investment
Manager
and
its
affiliates
–
(722)
(8,437)
Total
net
expenses
77,704
263,748
296,728
Net
Investment
income
2,120,800
1,253,360
208,128
Realized
and
unrealized
gain
(loss)
—
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(3,440,332)
(1,545,686)
(18,205)
In-kind
transactions
–
779,520
–
Foreign
currency
translations
(115,364)
(53,994)
(5,409)
Net
realized
loss
(3,555,696)
(820,160)
(23,614)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(23,832,011)
(9,894,806)
3,331,876
Foreign
capital
gains
tax
66,697
(328,503)
(780,163)
Foreign
currency
translations
(10,550)
(16,104)
(3,616)
Net
change
in
unrealized
appreciation
(depreciation)
(23,775,864)
(10,239,413)
2,548,097
Net
realized
and
unrealized
gain
(loss)
(27,331,560)
(11,059,573)
2,524,483
Net
Increase
(Decrease)
in
net
assets
resulting
from
operations
$(25,210,760)
$(9,806,213)
$2,732,611
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Thematic
Beta
ETFs
|
Semiannual
Report
2022
,
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Six
Months
Ended
September
30,
2022
(Unaudited)
Year
Ended
March
31,
2022
Six
Months
Ended
September
30,
2022
(Unaudited)
Year
Ended
March
31,
2022
Operations
Net
investment
income
$2,120,800
$1,277,747
$1,253,360
$1,939,970
Net
realized
loss
(3,555,696)
(278,614)
(820,160)
(1,506,371)
Net
change
in
unrealized
depreciation
(23,775,864)
(4,318,432)
(10,239,413)
(36,469,352)
Net
decrease
in
net
assets
resulting
from
operations
(25,210,760)
(3,319,299)
(9,806,213)
(36,035,753)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(1,046,095)
–
(1,431,289)
Shareholder
transactions
Proceeds
from
shares
sold
23,158,569
69,559,516
–
1,972,850
Cost
of
shares
redeemed
–
–
(17,523,414)
(30,207,693)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
23,158,569
69,559,516
(17,523,414)
(28,234,843)
Increase
(decrease)
in
net
assets
(2,052,191)
65,194,122
(27,329,627)
(65,701,885)
Net
Assets:
Net
assets
at
beginning
of
period
95,263,744
30,069,622
117,296,753
182,998,638
Net
assets
at
end
of
period
$93,211,553
$95,263,744
$89,967,126
$117,296,753
Capital
stock
activity
Shares
outstanding,
beginning
of
period
3,100,000
950,000
5,500,000
6,600,000
Subscriptions
850,000
2,150,000
–
100,000
Redemptions
–
–
(850,000)
(1,200,000)
Shares
outstanding,
end
of
period
3,950,000
3,100,000
4,650,000
5,500,000
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2022
23
Columbia
India
Consumer
ETF
(Consolidated)
Six
Months
Ended
September
30,
2022
(Unaudited)
Year
Ended
March
31,
2022
Operations
Net
investment
income
$208,128
$663,309
Net
realized
gain
(loss)
(23,614)
12,171,682
Net
change
in
unrealized
appreciation
(depreciation)
2,548,097
(7,987,201)
Net
increase
in
net
assets
resulting
from
operations
2,732,611
4,847,790
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(6,069,618)
Shareholder
transactions
Proceeds
from
shares
sold
–
16,519,845
Cost
of
shares
redeemed
(356)
(29,121,438)
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(356)
(12,601,593)
Increase
(decrease)
in
net
assets
2,732,255
(13,823,421)
Net
Assets:
Net
assets
at
beginning
of
period
77,708,767
91,532,188
Net
assets
at
end
of
period
$80,441,022
$77,708,767
Capital
stock
activity
Shares
outstanding,
beginning
of
period
1,550,000
1,800,000
Subscriptions
–
300,000
Redemptions
–
(550,000)
Shares
outstanding,
end
of
period
1,550,000
1,550,000
FINANCIAL
HIGHLIGHTS
Columbia
EM
Core
ex-China
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Thematic
Beta
ETFs
|
Semiannual
Report,
2022
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Six
Months
Ended
September
30,
2022
(Unaudited)
Year
Ended
March
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
period
$
30
.73‌
$
31
.65‌
$
19
.09‌
$
25
.40‌
$
28
.03‌
$
24
.91‌
Income
(loss)
from
investment
operations:
Net
investment
income
0
.60‌
0
.80‌
0
.68‌
0
.69‌
0
.65‌
0
.66‌
Net
realized
and
unrealized
gain
(loss)
(
7
.73‌
)
(
1
.10‌
)
12
.37‌
(
6
.41‌
)
(
2
.51‌
)
4
.83‌
Total
from
investment
operations
(
7
.13‌
)
(
0
.30‌
)
13
.05‌
(
5
.72‌
)
(
1
.86‌
)
5
.49‌
Less
distributions
to
shareholders:
Net
investment
income
–‌
(
0
.58‌
)
(
0
.49‌
)
(
0
.59‌
)
(
0
.62‌
)
(
0
.61‌
)
Net
realized
gains
–‌
(
0
.04‌
)
–‌
–‌
(
0
.15‌
)
(
1
.76‌
)
Total
distribution
to
shareholders
–‌
(
0
.62‌
)
(
0
.49‌
)
(
0
.59‌
)
(
0
.77‌
)
(
2
.37‌
)
Net
asset
value,
end
of
period
$
23
.60‌
$
30
.73‌
$
31
.65‌
$
19
.09‌
$
25
.40‌
$
28
.03‌
Total
Return
at
NAV
(
23
.20‌
)
%
(
0
.96‌
)
%
68
.56‌
%
(
23
.25‌
)
%
(
6
.38‌
)
%
22
.76‌
%
Total
Return
at
Market
(
23
.34‌
)
%
(
1
.94‌
)
%
69
.09‌
%
(
23
.43‌
)
%
(
7
.37‌
)
%
20
.45‌
%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0
.16‌
%
(b)
(c)
0
.16‌
%
(d)
0
.16‌
%
0
.19‌
%
(e)
0
.47‌
%
(f)
0
.70‌
%
(g)
Total
net
expenses
(a)(h)
0
.16‌
%
(b)
(c)
0
.16‌
%
(d)
0
.16‌
%
0
.19‌
%
(e)
0
.35‌
%
(f)
0
.35‌
%
(g)
Net
Investment
income
4
.45‌
%
(b)
2
.53‌
%
2
.61‌
%
2
.70‌
%
2
.54‌
%
2
.40‌
%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$
93,212‌
$
95,264‌
$
30,070‌
$
14,321‌
$
11,431‌
$
9,811‌
Portfolio
turnover
17‌
%
13‌
%
19‌
%
14‌
%
24‌
%
37‌
%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
Annualized.
(c)
The
ratio
includes
less
than
0.01%
for
the
period
ended
September
30,
2022
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(f)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2018
attributed
to
line
of
credit
interest
expense,
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(h)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Emerging
Markets
Consumer
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2022
25
Six
Months
Ended
September
30,
2022
(Unaudited)
Year
Ended
March
31,
2022
2021
2020
2019
(a)(b)
2018
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$21.33‌
$27.73‌
$19.65‌
$22.67‌
$26.34‌
$24.75‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.25‌
0.33‌
0.29‌
0.27‌
0.25‌
0.10‌
Net
realized
and
unrealized
gain
(loss)
(2.23‌)
(6.47‌)
7.97‌
(2.90‌)
(3.72‌)
1.59‌
Total
from
investment
operations
(1.98‌)
(6.14‌)
8.26‌
(2.63‌)
(3.47‌)
1.69‌
Less
distributions
to
shareholders:
Net
investment
income
–‌
(0.26‌)
(0.18‌)
(0.39‌)
(0.20‌)
(0.10‌)
Net
asset
value,
end
of
period
$19.35‌
$21.33‌
$27.73‌
$19.65‌
$22.67‌
$26.34‌
Total
Return
at
NAV
(9.28‌)%
(22.22‌)%
42.02‌%
(11.87‌)%
(13.08‌)%
6.81‌%
Total
Return
at
Market
(9.15‌)%
(23.46‌)%
43.27‌%
(11.95‌)%
(13.90‌)%
7.16‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.49‌%
(d)(e)
0.53‌%
(f)
0.59‌%
(g)
0.60‌%
(h)
0.61‌%
(i)
0.81‌%
(j)
Total
net
expenses
(k)
0.49‌%
(d)(e)
0.53‌%
(c)
(
f)
0.59‌%
(c)
(
g)
0.60‌%
(c)
(
h)
0.61‌%
(c)
(
i)
0.81‌%
(c)
(
j)
Net
Investment
income
2.33‌%
(d)
1.28‌%
1.14‌%
1.20‌%
1.07‌%
0.37‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$89,967‌
$117,297‌
$182,999‌
$174,921‌
$290,119‌
$809,911‌
Portfolio
turnover
10‌%
31‌%
40‌%
37‌%
61‌%
27‌%
Notes
to
Financial
Highlights
(a)
Consolidated.
(b)
EG
Shares
Consumer
Mauritius,
the
Fund's
Subsidiary,
was
liquidated
on
November
30,
2018.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(d)
Annualized.
(e)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
period
ended
September
30,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
six
months
ended
September
30,
2022.
(f)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(g)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
define
d
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2021.
(h)
The
ratio
includes
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(i)
The
ratio
includes
0.02%
for
the
year
ended
March
31,
2019
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(j)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2018
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(k)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
India
Consumer
ETF
(Consolidated)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Six
Months
Ended
September
30,
2022
(Unaudited)
Year
Ended
March
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
period
$50.13‌
$50.85‌
$30.80‌
$42.08‌
$45.81‌
$38.31‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.13‌
0.38‌
0.09‌
0.29‌
0.12‌
0.01‌
Net
realized
and
unrealized
gain
(loss)
1.64‌
2.27‌
20.12‌
(11.45‌)
(3.80‌)
7.52‌
Total
from
investment
operations
1.77‌
2.65‌
20.21‌
(11.16‌)
(3.68‌)
7.53‌
Less
distributions
to
shareholders:
Net
investment
income
–‌
(0.08‌)
(0.16‌)
(0.12‌)
(0.05‌)
(0.03‌)
Net
realized
gains
–‌
(3.29‌)
–‌
–‌
–‌
–‌
Total
distribution
to
shareholders
–‌
(3.37‌)
(0.16‌)
(0.12‌)
(0.05‌)
(0.03‌)
Net
asset
value,
end
of
period
$51.90‌
$50.13‌
$50.85‌
$30.80‌
$42.08‌
$45.81‌
Total
Return
at
NAV
3.53‌%
5.22‌%
65.67‌%
(26.60‌)%
(8.03‌)%
19.64‌%
Total
Return
at
Market
3.39‌%
3.17‌%
69.58‌%
(28.00‌)%
(8.44‌)%
19.98‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.77‌%
(b)(c)
0.77‌%
(d)
0.80‌%
(e)
0.81‌%
(f)
0.77‌%
(g)
0.87‌%
(h)
Total
net
expenses
(a)(i)
0.75‌%
(b)(c)
0.75‌%
(d)
0.75‌%
(e)
0.81‌%
(f)
0.77‌%
(g)
0.87‌%
(h)
Net
Investment
income
0.53‌%
(b)
0.70‌%
0.22‌%
0.70‌%
0.26‌%
0.01‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$80,441‌
$77,709‌
$91,532‌
$67,764‌
$130,436‌
$144,289‌
Portfolio
turnover
0‌%
31‌%
16‌%
11‌%
15‌%
28‌%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
Annualized.
(c)
The
total
gross
expense
ratio
includes
0.02%
for
the
period
ended
September
30,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
six
months
ended
September
30,
2022.
(d)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(e)
The
total
gross
expense
ratio
includes
0.05%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
The
total
net
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense.
(f)
The
ratio
includes
0.06%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
The
ratio
includes
0.02%
for
the
year
ended
March
31,
2019
attributed
to
tax
expense,
which
is
outside
the
U
nitary
Fee
(as
defined
in
Note
3).
(h)
The
ratio
includes
0.01%
for
the
year
ended
March
31,
2018
attributed
to
line
of
credit
interest
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(i)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
September
30,
2022
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
27
Note
1.
Organization
Columbia
ETF
Trust
II
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Delaware
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF.
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
Columbia
Emerging
Markets
Consumer
ETF
may
operate
as
a
non-diversified
fund
while
the
Dow
Jones
Emerging
Markets
Consumer
Titans™
Index
is
non-diversified.
Basis
for
Consolidation
The
Consolidated
Portfolio
of
Investments;
Consolidated
Statements
of
Assets
and
Liabilities,
of
Operations
and
of
Changes
in
Net
Assets;
and
the
Consolidated
Financial
Highlights
of
Columbia
India
Consumer
ETF
include
the
accounts
of
Columbia
India
Consumer
ETF
and
EG
Shares
India
Consumer
Mauritius,
a
wholly
owned
subsidiary
of
Columbia
India
Consumer
ETF
(the
Subsidiary)
located
in
the
Republic
of
Mauritius
(Mauritius).
All
inter-company
transactions
and
balances
have
been
eliminated
in
the
consolidation
process.
As
of
the
date
of
this
report,
Columbia
India
Consumer
ETF
invests
in
Indian
securities
both
directly
(in
India),
and
through
its
corresponding
Subsidiary,
which
in
turn
invests
virtually
all
of
its
assets
in
Indian
securities.
Columbia
India
Consumer
ETF
and
its
Subsidiary
have
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
The
enactment
of
general
anti-avoidance
rules
in
India,
the
signing
of
a
protocol
amending
the
India-Mauritius
tax
treaty,
and
enactment
of
a
10%
tax
on
long-term
capital
gains
from
the
alienation
of
Indian
shares
after
March
31,
2018
(not
otherwise
exempt
under
a
tax
treaty)
have
resulted
in
the
imposition
of
additional
taxes
by
India
on
Columbia
India
Consumer
ETF
and
its
Subsidiary.
For
more
information,
see
India-Mauritius
Tax
Treaty
Risk.
A
summary
of
Columbia
India
Consumer
ETF’s
investment
in
the
Subsidiary
is
as
follows:
Fund
shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
Fund
%
of
consolidated
fund
net
assets
Net
assets
($)
Net
investment
income
(loss)
($)
Net
realized
gain
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Columbia
India
Consumer
ETF
29.9%
24,079,405
144,244
(4,401)
231,591
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
28
Thematic
Beta
ETFs
|
Semiannual
Report
2022
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
29
Interest
income
is
recorded
on
an
accrual
basis.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
The
Funds
declare
and
distribute
net
investment
income
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncement
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
final
rule
33-11125,
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
open-end
mutual
funds
and
exchange-traded
funds
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
30
Thematic
Beta
ETFs
|
Semiannual
Report
2022
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
60
days
after
publication
in
the
Federal
Register.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Funds
(including
but
not
limited
to
overdraft
fees),
if
any;
brokerage
expenses,
fees,
commissions
and
other
portfolio
transaction
expenses
(including
but
not
limited
to
service
fees
charged
by
custodians
of
depository
receipts
and
scrip
fees
related
to
registrations
on
foreign
exchanges);
interest
and
fee
expense
related
to
the
Funds’
participation
in
inverse
floater
structures;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses
(including
but
not
limited
to
arbitrations
and
indemnification
expenses);
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
and
is
paid
as
follows:
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Effective
investment
management
fee
rate
(%)
Fund
Columbia
EM
Core
ex-China
ETF
0.16
Columbia
Emerging
Markets
Consumer
ETF
0.49
Columbia
India
Consumer
ETF
0.75
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
31
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below)
for
the
period(s)
disclosed
below,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
following
annual
rate(s)
as
a
percentage
of
the
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
expenses
associated
with
investment
in
affiliated
and
non-affiliated
pooled
investment
vehicles
(including
mutual
funds
and
ETFs
(but
not
for
Columbia
Emerging
Markets
Consumer
ETF)),
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
September
30,
2022,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
March
31,
2022,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
six
months
ended
September
30,
2022,
were
as
follows:
Fund
Through
July
31,
2023
Columbia
Emerging
Markets
Consumer
ETF
0.49%
Columbia
India
Consumer
ETF
0.75%
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
114,251,243
2,914,538
(23,732,320)
(20,817,782)
Columbia
Emerging
Markets
Consumer
ETF
104,669,096
10,442,686
(24,960,705)
(14,518,019)
Columbia
India
Consumer
ETF
57,472,110
28,120,071
(2,254,204)
25,865,867
Fund
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Columbia
EM
Core
ex-China
ETF
-
-
-
Columbia
Emerging
Markets
Consumer
ETF
4,788,186
214,952,921
219,741,107
Columbia
India
Consumer
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
32
Thematic
Beta
ETFs
|
Semiannual
Report
2022
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
September
30,
2022,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
six
months
ended
September
30,
2022,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
27,
2022
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
During
the
six
months
ended
September
30,
2022,
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
had
no
borrowings.
Note
8.
Significant
risks
Communication
services
sector
risk
Columbia
Emerging
Markets
Consumer
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
communication
services
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
communication
services
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
EM
Core
ex-China
ETF
33,615,085
15,725,862
Columbia
Emerging
Markets
Consumer
ETF
10,704,181
16,974,585
Columbia
India
Consumer
ETF
-
-
Fund
Contributions
($)
Columbia
EM
Core
ex-China
ETF
7,218,639
Columbia
Emerging
Markets
Consumer
ETF
-
Columbia
India
Consumer
ETF
-
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
EM
Core
ex-China
ETF
-
-
-
Columbia
Emerging
Markets
Consumer
ETF
9,014,062
9,793,582
779,520
Columbia
India
Consumer
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
33
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
communication
services
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Concentration
risk
Each
Fund
concentrates
its
investments
in
a
particular
sector
or
a
group
of
sectors
to
approximately
the
same
extent
as
its
respective
tracking
index,
and
as
such,
may
be
adversely
affected
by
increased
price
volatility
of
securities
in
those
sectors,
and
is
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
those
sectors.
Consumer
concentration
risk
Because
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
concentrate
their
investments
in
the
discretionary/staples
sectors
(specifically
the
discretionary/staples
sectors
of
India
for
the
Columbia
India
Consumer
ETF),
these
Funds
may
be
adversely
affected
by
increased
price
volatility
of
securities
in
those
sectors,
and
may
be
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
those
sectors.
The
performance
of
companies
in
the
consumer
discretionary/staples
sectors
is
tied
closely
to
the
performance
of
the
domestic
and
international
economy,
consumer
spending
levels,
changing
demographics
and
consumer
tastes.
Correlation/tracking
error
risk
Each
Fund’s
value
will
generally
decline
when
the
performance
of
securities
within
its
tracking
index
declines.
A
number
of
factors
may
affect
the
Funds’
ability
to
achieve
a
high
degree
of
correlation
with
its
tracking
index,
and
there
is
no
guarantee
that
the
Funds
will
achieve
a
high
degree
of
correlation.
Failure
to
achieve
a
high
degree
of
correlation
may
prevent
the
Funds
from
achieving
their
investment
objective.
When
using
a
representative
sampling
approach,
the
Funds
may
not
track
the
tracking
index
as
closely
as
they
would
by
using
a
full
replication
approach.
The
Funds
also
bear
management
and
other
expenses
and
transaction
costs
in
trading
securities
or
other
instruments,
which
the
tracking
index
does
not
bear.
Accordingly,
the
Funds’
performance
will
likely
fail
to
match
the
performance
of
the
tracking
index,
after
taking
expenses
into
account.
It
is
not
possible
to
invest
directly
in
an
index.
Emerging
markets
risk
The
Funds
are
subject
to
emerging
markets
risk.
Investments
in
emerging
market
securities
are
likely
to
have
greater
exposure
to
risks
of
investing
in
foreign
investments
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic,
and
other
conditions
or
events
(including,
for
example,
military
confrontations,
war,
terrorism,
natural
disasters
and
disease
pandemics),
occurring
in
the
country
or
region.
In
addition,
emerging
market
countries
are
typically
less
developed
with
more
limited
trading
activity
than
more
developed
countries,
which
may
result
in
increased
liquidity
risk
and
other
risks.
Many
emerging
market
countries
are
heavily
dependent
on
international
trade
and
have
fewer
trading
partners,
which
may
make
them
more
sensitive
to
world
commodity
prices
and
economic
downturns
in
other
countries,
and
some
have
a
higher
risk
of
currency
devaluation.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Financial
sector
risk
Columbia
EM
Core
ex-China
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
financial
services
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
financial
services
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
one
or
more
industries
or
sectors,
which
makes
them
vulnerable
to
economic
conditions
that
affect
such
industries
or
sectors.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
34
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financial
services
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Geographic
focus
risk
The
Funds
may
be
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Funds
invests.
The
Funds’
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
Asia
Pacific
Region
.
Columbia
EM
Core
ex-China
ETF
and
Columbia
Emerging
Markets
Consumer
ETF
are
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
in
the
Asia
Pacific
region.
Many
of
the
countries
in
the
region
are
considered
underdeveloped
or
developing,
including
from
a
political,
economic
and/or
social
perspective,
and
may
have
relatively
unstable
governments
and
economies
based
on
limited
business,
industries
and/or
natural
resources
or
commodities.
Events
in
any
one
country
within
the
region
may
impact
other
countries
in
the
region
or
the
region
as
a
whole.
As
a
result,
events
in
the
region
will
generally
have
a
greater
effect
on
the
Funds
than
if
the
Funds
were
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Funds’
investments
and
losses
for
the
Funds.
Also,
securities
of
some
companies
in
the
region
can
be
less
liquid
than
U.S.
or
other
foreign
securities,
potentially
making
it
difficult
for
the
Funds
to
sell
such
securities
at
a
desirable
time
and
price.
Greater
China.
Columbia
Emerging
Markets
Consumer
ETF
is
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
the
Greater
China
region.
The
region
consists
of
Hong
Kong,
The
People’s
Republic
of
China
and
Taiwan,
among
other
countries,
and
the
Fund’s
investments
in
the
region
are
particularly
susceptible
to
risks
in
that
region.
The
Hong
Kong,
Taiwanese,
and
Chinese
economies
are
dependent
on
the
economies
of
other
countries
and
can
be
significantly
affected
by
currency
fluctuations
and
increasing
competition
from
other
emerging
economies
in
Asia
with
lower
costs.
Adverse
events
in
any
one
country
within
the
region
may
impact
the
other
countries
in
the
region
or
Asia
as
a
whole.
As
a
result,
adverse
events
in
the
region
will
generally
have
a
greater
effect
on
the
Fund
than
if
the
Fund
were
more
geographically
diversified,
which
could
result
in
greater
volatility
in
the
Fund’s
net
asset
value
and
losses.
Markets
in
the
Greater
China
region
can
experience
significant
volatility
due
to
social,
economic,
regulatory
and
political
uncertainties.
Changes
in
Chinese
government
policy
and
economic
growth
rates
could
significantly
affect
local
markets
and
the
entire
Greater
China
region.
China
has
yet
to
develop
comprehensive
securities,
corporate,
or
commercial
laws,
its
market
is
relatively
new
and
less
developed,
and
its
economy
is
experiencing
a
relative
slowdown.
Export
growth
continues
to
be
a
major
driver
of
China’s
economic
growth.
As
a
result,
a
reduction
in
spending
on
Chinese
products
and
services,
the
institution
of
additional
tariffs
or
other
trade
barriers,
including
as
a
result
of
heightened
trade
tensions
between
China
and
the
United
States,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy.
India.
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
are
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
India.
Because
the
Funds
invest
predominantly
in
Indian
securities,
their
net
asset
value
will
be
much
more
sensitive
to
changes
in
economic,
political
and
other
factors
within
India
than
would
a
fund
that
invested
in
a
variety
of
countries.
Special
risks
include,
among
others,
political
and
legal
uncertainty,
persistent
religious,
ethnic
and
border
disputes,
greater
government
control
over
the
economy,
currency
fluctuations
or
blockage
and
the
risk
of
nationalization
or
expropriation
of
assets.
Uncertainty
regarding
inflation
and
currency
exchange
rates,
fiscal
policy,
credit
ratings
and
the
possibility
that
future
harmful
political
actions
will
be
taken
by
the
Indian
government,
could
negatively
impact
the
Indian
economy
and
securities
markets,
and
thus
adversely
affect
the
Funds’
performance.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
35
India-Mauritius
tax
treaty
risk
Columbia
India
Consumer
ETF
and
its
Subsidiary
have
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
India
and
Mauritius
agreed
to
an
amended
protocol
with
respect
to
gains
resulting
from
the
alienation
of
shares
in
Indian
companies
if
the
shares
were
acquired
by
the
Subsidiary
on
or
after
April
1,
2017.
Gains
realized
in
the
Subsidiary
resulting
from
the
alienation
of
Indian
shares
acquired
prior
to
April
1,
2017
continue
to
be
exempt
from
Indian
tax
under
the
India-Mauritius
tax
treaty.
Additionally,
India
has
enacted
General
anti-avoidance
rules
(GAAR),
which
seek
to
curb
tax
evasion
via
investments
through
foreign
tax
havens
and
other
avenues.
Any
assertion
that
the
Subsidiary
is
in
violation
of
GAAR
or
any
change
in
the
requirements
established
by
Mauritius
to
qualify
as
a
Mauritius
resident
could
result
in
the
imposition
by
India
of
various
taxes
on
Indian
securities
invested
in
by
the
Subsidiary
(and
indirectly
the
Fund).
The
imposition
of
taxes
on
the
Subsidiary
by
India
for
any
of
the
reasons
described
herein
would
result
in
higher
taxes
and
lower
returns
for
the
Fund
and
its
shareholders.
Information
technology
sector
risk
Columbia
EM
Core
ex-China
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
36
Thematic
Beta
ETFs
|
Semiannual
Report
2022
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
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objective.
Any
such
event
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
Non-diversification
risk
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
Columbia
Emerging
Markets
Consumer
ETF
may
operate
as
a
non-diversified
fund
when
the
Index
is
non-diversified.
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
the
securities
of
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
index,
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Variable
interest
entity
risk
Many
Chinese
companies
to
which
Columbia
Emerging
Markets
Consumer
ETF
seeks
investment
exposure
use
a
structure
known
as
a
variable
interest
entity
(a
VIE)
to
address
Chinese
restrictions
on
direct
foreign
investment
in
Chinese
companies
operating
in
certain
sectors.
The
Fund’s
investment
exposure
to
VIEs
may
pose
additional
risks
because
the
Fund’s
investment
is
in
a
holding
company
domiciled
outside
of
China
(a
Holding
Company)
whose
interests
in
the
business
of
the
underlying
Chinese
operating
company
(the
VIE)
are
established
through
contracts
rather
than
equity
ownership.
The
VIE
structure
is
a
longstanding
practice
in
China
but,
until
recently,
was
not
acknowledged
by
the
Chinese
government,
creating
uncertainty
over
the
possibility
that
the
Chinese
government
might
cease
to
tolerate
VIE
structures
at
any
time
or
impose
new
restrictions
on
the
structure.
In
such
a
scenario,
the
Chinese
operating
company
could
be
subject
to
penalties,
including
revocation
of
its
business
and
operating
license,
or
the
Holding
Company
could
forfeit
its
interest
in
the
business
of
the
Chinese
operating
company.
Further,
in
case
of
a
dispute,
the
remedies
and
rights
of
the
Fund
may
be
limited,
and
legal
uncertainty
may
be
exploited
against
the
interests
of
the
Fund.
Control
over
a
VIE
may
also
be
jeopardized
if
a
natural
person
who
holds
the
equity
interest
in
the
VIE
breaches
the
terms
of
the
contractual
arrangements,
is
subject
to
legal
proceedings,
or
if
any
physical
instruments
or
property
of
the
VIE,
such
as
seals,
business
registration
certificates,
financial
data
and
licensing
arrangements
(sometimes
referred
to
as
“chops”),
are
used
without
authorization.
In
the
event
of
such
an
occurrence,
the
Fund,
as
a
foreign
investor,
may
have
little
or
no
legal
recourse.
In
addition
to
the
risk
of
government
intervention,
investments
through
a
VIE
structure
are
subject
to
the
risks
that
the
China-based
company
(or
its
officers,
directors,
or
Chinese
equity
owners)
may
breach
the
contractual
arrangements,
that
Chinese
law
changes
in
a
way
that
adversely
affects
the
enforceability
of
the
arrangements
and
that
the
contracts
are
otherwise
not
enforceable
under
Chinese
law,
in
which
case
a
Fund
may
suffer
significant
losses
on
its
investments
through
a
VIE
structure
with
little
or
no
recourse
available.
Further,
the
Fund
is
not
a
VIE
owner/shareholder
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2022
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
37
and
cannot
exert
influence
through
proxy
voting
or
other
means.
Foreign
companies
listed
on
stock
exchanges
in
the
United
States,
including
companies
using
the
VIE
structure,
could
also
face
delisting
or
other
ramifications
for
failure
to
meet
the
expectations
and/or
requirements
of
U.S.
regulators.
Recently,
however,
China
has
proposed
the
adoption
of
rules
which
would
affirm
that
VIEs
are
legally
permissible,
though
there
remains
significant
uncertainty
over
how
these
rules
will
operate.
Any
of
these
risks
could
reduce
the
liquidity
and
value
of
the
Fund’s
investments
in
Holding
Companies
or
render
them
valueless.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov
.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
38
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF,
and
Columbia
India
Consumer
ETF
(the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
23,
2022
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
each
Fund
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board's
consideration
of
advisory
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
mutual
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
The
Investment
Manager’s
agreement
to
contractually
limit
or
cap
total
operating
expenses
for
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
so
that
total
operating
expenses
(excluding
certain
fees
and
expenses,
such
as
interest,
infrequent
and/or
unusual
expenses,
and,
for
Columbia
India
Consumer
ETF
only,
acquired
fund
fees
and
expenses)
would
not
exceed
a
specified
annual
rate,
as
a
percentage
of
the
Funds’
net
assets;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2022
39
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund's
and
its
service
providers'
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity's
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
the
Fund's
other
service
agreements.
The
Board
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
the
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
are
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
In
this
connection,
the
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
each
of
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Funds,
(ii)
the
performance
of
a
benchmark
index,
(iii)
the
percentage
ranking
of
the
Funds
among
their
comparison
group,
(iv)
the
Funds’
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
Funds
and
(vi)
index
tracking
error
data
of
each
Fund.
The
Board
observed
each
Fund’s
tracking
error
versus
its
index
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
40
Thematic
Beta
ETFs
|
Semiannual
Report
2022
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
Columbia
India
Consumer
ETF’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
was
slightly
below
the
peer
universe's
median
expense
ratio
shown
in
the
reports
and
Columbia
EM
Core
ex-China
ETF’s
and
Columbia
Emerging
Markets
Consumer
ETF's
total
expense
ratios
(after
considering
proposed
expense
caps/waivers)
both
approximated
the
peer
universe's
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
in
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management's
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
for
each
Fund
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement
for
each
Fund.
ADDITIONAL
INFORMATION
Thematic
Beta
ETFs
|
Semiannual
Report
2022
41
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
II
290
Congress
Street
Boston,
MA,
02210
SAR279_03_M01_(11/22)
CET001671
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs