Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
THEMATIC
BETA
ETFs
SEMIANNUAL
REPORT
September
30,
2021
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
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
19
Statement
of
Operations
20
Statement
of
Changes
in
Net
Assets
21
Financial
Highlights
23
Notes
to
Financial
Statements
26
Approval
of
Investment
Management
Services
Agreement
36
Additional
Information
39
FUND
AT
A
GLANCE
Columbia
EM
Core
ex-China
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2021
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
September
30,
2021)
Inception
6
Months
cumulative
1
Year
5
Years
Life
Market
Price
09/02/15
1.07
35.71
9.97
11.62
Net
Asset
Value
09/02/15
1.61
36.41
10.25
11.67
Beta
Thematic
Emerging
Markets
ex-China
Index
3.24
37.25
9.76
11.21
MSCI
Emerging
Markets
Index
(Net)
-3.45
18.20
9.23
10.14
FUND
AT
A
GLANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(Unaudited)
4
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Country
breakdown
(%)
(at
September
30,
2021
)
Brazil
8
.0
Chile
1
.0
China
0
.3
Colombia
0
.3
Denmark
0
.5
India
18
.0
Indonesia
2
.6
Malaysia
2
.8
Mexico
3
.3
Philippines
0
.9
Poland
1
.3
Russia
6
.2
South
Africa
5
.8
South
Korea
19
.0
Taiwan
25
.6
Tanzania
0
.3
Thailand
3
.4
Turkey
0
.3
United
States
(a)
0
.4
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
September
30,
2021)
Communication
Services
6
.6
Consumer
Discretionary
6
.6
Consumer
Staples
6
.1
Energy
8
.1
Financials
22
.5
Health
Care
3
.1
Industrials
5
.4
Information
Technology
28
.6
Materials
10
.9
Utilities
2
.1
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
2021
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
September
30,
2021)
Inception
6
Months
cumulative
1
Year
5
Years
10
Years
Market
Price
09/14/10
-10.66
-0.04
0.94
3.13
Net
Asset
Value
09/14/10
-9.66
0.80
1.20
3.00
Dow
Jones
Emerging
Markets
Consumer
Titans™
Index
-9.30
1.68
2.07
4.04
MSCI
Emerging
Markets
Index
(Net)
-3.45
18.20
9.23
6.09
FUND
AT
A
GLANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
(Unaudited)
6
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Country
breakdown
(%)
(at
September
30,
2021
)
Brazil
4
.3
China
45
.6
Greece
0
.5
India
15
.2
Indonesia
2
.2
Kuwait
0
.9
Mexico
2
.5
Russia
5
.2
Saudi
Arabia
4
.1
South
Africa
2
.7
Taiwan
13
.0
Thailand
2
.7
United
Arab
Emirates
1
.0
United
States
(a)
0
.1
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
September
30,
2021)
Communication
Services
36
.1
Consumer
Discretionary
36
.2
Consumer
Staples
27
.7
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
2021
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
September
30,
2021)
Inception
6
Months
cumulative
1
Year
5
Years
10
Years
Market
Price
08/10/11
11.53
36.35
9.76
12.48
Net
Asset
Value
08/10/11
13.14
37.22
10.01
12.28
Indxx
India
Consumer
Index
15.48
42.67
11.90
14.10
MSCI
India
Index
(Net)
20.35
53.12
13.23
9.19
FUND
AT
A
GLANCE
(continued)
Columbia
India
Consumer
ETF
(Unaudited)
8
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Equity
sector
breakdown
(%)
(at
September
30,
2021)
Consumer
Discretionary
55
.2
Consumer
Staples
44
.8
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
2021
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,
2021.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Had
the
Investment
Manager
not
waived
fees
or
reimbursed
a
portion
of
expenses
for
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF,
account
values
at
the
end
of
the
period
would
have
been
reduced.
Effective
August
1,
2021,
the
management
services
fee
for
Columbia
Emerging
Markets
Consumer
ETF
is
an
annual
fee
that
is
equal
to
0.49%
of
the
Fund’s
average
daily
net
assets.
If
this
change
had
been
in
place
for
the
entire
six
month
period
ended
September
30,
2021
the
annualized
effective
management
fee
rate
would
have
been
0.49%.
The
actual
expenses
paid
would
have
been
$2.34
and
the
hypothetical
expenses
paid
would
have
been
$2.48.
April
1,
2021
—
September
30,
2021
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
EM
Core
ex-China
ETF
1,000.00
1,000.00
1,016.10
1,024.27
0.81
0.81
0.16
Columbia
Emerging
Markets
Consumer
ETF
1,000.00
1,000.00
903.40
1,022.26
2.67
2.84
0.56
Columbia
India
Consumer
ETF
1,000.00
1,000.00
1,131.40
1,021.31
4.01
3.80
0.75
PORTFOLIO
OF
INVESTMENTS
Columbia
EM
Core
ex-China
ETF
September
30,
2021
(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
2021
Common
Stocks
-
95.5%
Issuer
Shares
Value
($)
Brazil
-
4.6%
B3
SA
-
Brasil
Bolsa
Balcao
118,598‌
277,292‌
Banco
BTG
Pactual
SA
40,962‌
189,140‌
Banco
do
Brasil
SA
35,917‌
190,497‌
Banco
Santander
Brasil
SA
29,083‌
188,784‌
Cia
Siderurgica
Nacional
SA
14,192‌
74,829‌
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
39,831‌
131,579‌
Locaweb
Servicos
de
Internet
SA
(a)
17,681‌
74,243‌
Magazine
Luiza
SA
80,695‌
212,367‌
Natura
&
Co.
Holding
SA
(b)
10,599‌
88,641‌
Notre
Dame
Intermedica
Participacoes
SA
6,260‌
85,716‌
Suzano
SA
(b)
9,730‌
97,355‌
Vale
SA
58,317‌
815,961‌
Total
2,426,404‌
Chile
-
0.6%
Cia
Cervecerias
Unidas
SA
14,945‌
132,851‌
Empresas
COPEC
SA
23,256‌
192,702‌
Total
325,553‌
China
-
0.3%
Silergy
Corp.
1,022‌
150,583‌
Colombia
-
0.3%
Grupo
de
Inversiones
Suramericana
SA
28,329‌
159,038‌
Denmark
-
0.5%
Ascendis
Pharma
A/S
ADR
(b)
1,647‌
262,515‌
India
-
17.9%
Adani
Enterprises
Ltd.
5,704‌
112,816‌
Adani
Green
Energy
Ltd.
(b)
4,979‌
76,911‌
Adani
Ports
&
Special
Economic
Zone
Ltd.
16,892‌
167,924‌
Axis
Bank
Ltd.
(b)
35,870‌
370,431‌
Bharti
Airtel
Ltd.
(b)
25,407‌
235,595‌
Cipla
Ltd.
8,177‌
108,349‌
HCL
Technologies
Ltd.
12,443‌
214,495‌
HDFC
Bank
Ltd.
ADR
17,790‌
1,300,271‌
Housing
Development
Finance
Corp.
Ltd.
20,488‌
760,232‌
ICICI
Bank
Ltd.
ADR
53,238‌
1,004,601‌
IndusInd
Bank
Ltd.
7,949‌
119,073‌
Infosys
Ltd.
ADR
57,082‌
1,270,074‌
ITC
Ltd.
87,145‌
277,246‌
JSW
Steel
Ltd.
9,959‌
89,665‌
Kotak
Mahindra
Bank
Ltd.
14,461‌
390,711‌
Larsen
&
Toubro
Ltd.
12,218‌
280,309‌
Laurus
Labs
Ltd.
(a)
11,123‌
92,375‌
Mahindra
&
Mahindra
Ltd.
13,860‌
149,948‌
Reliance
Industries
Ltd.
GDR
(a)
15,546‌
1,058,683‌
SBI
Cards
&
Payment
Services
Ltd.
(b)
7,019‌
97,360‌
State
Bank
of
India
GDR
4,614‌
283,761‌
Sun
Pharmaceutical
Industries
Ltd.
13,403‌
147,749‌
Tata
Motors
Ltd.
ADR
(b)
12,377‌
277,369‌
Tata
Steel
Ltd.
9,446‌
164,022‌
UPL
Ltd.
7,535‌
71,840‌
Vedanta
Ltd.
ADR
14,078‌
215,112‌
Wipro
Ltd.
19,858‌
169,640‌
Total
9,506,562‌
Indonesia
-
2.5%
PT
Astra
International
Tbk
419,353‌
161,149‌
PT
Bank
Central
Asia
Tbk
276,021‌
674,986‌
PT
Bank
Mandiri
Persero
Tbk
642,081‌
275,898‌
PT
Telkom
Indonesia
Persero
Tbk
917,982‌
236,671‌
Total
1,348,704‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Malaysia
-
2.8%
Dialog
Group
Bhd
303,424‌
173,219‌
IHH
Healthcare
Bhd
223,714‌
358,028‌
Petronas
Dagangan
Bhd
63,348‌
289,314‌
Tenaga
Nasional
Bhd
259,376‌
599,728‌
Top
Glove
Corp.
Bhd
102,400‌
70,444‌
Total
1,490,733‌
Mexico
-
3.3%
Cemex
SAB
de
CV
Series
CPO
(b)
222,999‌
161,623‌
Controladora
Vuela
Cia
de
Aviacion
SAB
de
CV
Class
A
(b)
54,231‌
119,446‌
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
17,827‌
155,522‌
Grupo
Bimbo
SAB
de
CV
Series
A
133,058‌
375,900‌
Grupo
Mexico
SAB
de
CV
Series
B
80,596‌
323,216‌
Grupo
Televisa
SAB
Series
CPO
34,326‌
76,055‌
Wal-Mart
de
Mexico
SAB
de
CV
154,212‌
526,413‌
Total
1,738,175‌
Philippines
-
0.9%
Manila
Electric
Co.
29,320‌
171,287‌
SM
Investments
Corp.
14,822‌
287,665‌
Total
458,952‌
Poland
-
1.3%
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(b)
34,991‌
372,180‌
Powszechny
Zaklad
Ubezpieczen
SA
36,875‌
338,920‌
Total
711,100‌
Russia
-
6.2%
Gazprom
PJSC
ADR
78,093‌
779,837‌
LUKOIL
PJSC
ADR
8,888‌
851,648‌
MMC
Norilsk
Nickel
PJSC
ADR
11,888‌
354,500‌
Mobile
TeleSystems
PJSC
ADR
30,787‌
296,787‌
Sberbank
of
Russia
PJSC
ADR
54,226‌
1,020,533‌
Total
3,303,305‌
South
Africa
-
5.8%
Anglo
American
Platinum
Ltd.
1,657‌
143,663‌
Bid
Corp.
Ltd.
(b)
14,395‌
308,672‌
Bidvest
Group
Ltd.
(The)
24,554‌
319,879‌
Capitec
Bank
Holdings
Ltd.
953‌
115,228‌
FirstRand
Ltd.
109,421‌
469,176‌
Gold
Fields
Ltd.
10,728‌
87,906‌
Impala
Platinum
Holdings
Ltd.
9,289‌
105,991‌
MTN
Group
Ltd.
(b)
20,549‌
193,075‌
Naspers
Ltd.
Class
N
5,037‌
834,512‌
Sasol
Ltd.
(b)
6,784‌
128,704‌
Shoprite
Holdings
Ltd.
21,847‌
259,565‌
Sibanye
Stillwater
Ltd.
38,275‌
118,348‌
Total
3,084,719‌
South
Korea
-
19.0%
Celltrion
Healthcare
Co.
Ltd.
(b)
1,236‌
114,205‌
Celltrion
,
Inc.
(b)
1,820‌
398,894‌
Hana
Financial
Group,
Inc.
6,969‌
273,110‌
HMM
Co.
Ltd.
(b)
4,250‌
120,967‌
Hyundai
Mobis
Co.
Ltd.
1,026‌
219,238‌
Hyundai
Motor
Co.
2,572‌
434,460‌
Kakao
Corp.
4,782‌
476,585‌
KB
Financial
Group,
Inc.
8,822‌
412,041‌
Kia
Corp.
5,040‌
345,649‌
KT&G
Corp.
2,872‌
196,965‌
LG
Chem
Ltd.
491‌
321,804‌
LG
Electronics,
Inc.
2,860‌
307,981‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
11
Common
Stocks
(continued)
Issuer
Shares
Value
($)
NAVER
Corp.
2,113‌
692,436‌
POSCO
1,453‌
404,975‌
Samsung
Electro-Mechanics
Co.
Ltd.
2,186‌
327,715‌
Samsung
Electronics
Co.
Ltd.
51,296‌
3,210,332‌
Samsung
SDI
Co.
Ltd.
889‌
539,106‌
Shinhan
Financial
Group
Co.
Ltd.
12,714‌
433,822‌
SK
Hynix,
Inc.
7,953‌
691,857‌
SK
Innovation
Co.
Ltd.
(b)
596‌
133,395‌
Total
10,055,537‌
Taiwan
-
25.5%
ASE
Technology
Holding
Co.
Ltd.
27,800‌
108,763‌
AU
Optronics
Corp.
149,015‌
94,403‌
Catcher
Technology
Co.
Ltd.
25,203‌
151,523‌
Chang
Hwa
Commercial
Bank
Ltd.
342,408‌
202,172‌
China
Steel
Corp.
237,727‌
309,739‌
Chipbond
Technology
Corp.
111,073‌
269,106‌
Chunghwa
Telecom
Co.
Ltd.
115,297‌
457,290‌
CTBC
Financial
Holding
Co.
Ltd.
347,039‌
285,249‌
Delta
Electronics,
Inc.
13,899‌
125,717‌
Eva
Airways
Corp.
(b)
222,026‌
150,618‌
Evergreen
Marine
Corp.
Taiwan
Ltd.
35,085‌
158,673‌
Far
Eastern
New
Century
Corp.
319,504‌
342,320‌
Far
EasTone
Telecommunications
Co.
Ltd.
171,150‌
377,801‌
Formosa
Chemicals
&
Fibre
Corp.
51,727‌
155,772‌
Formosa
Petrochemical
Corp.
50,912‌
181,277‌
Formosa
Plastics
Corp.
122,693‌
499,835‌
Hon
Hai
Precision
Industry
Co.
Ltd.
189,380‌
713,731‌
Innolux
Corp.
164,522‌
100,389‌
Largan
Precision
Co.
Ltd.
1,810‌
142,277‌
Makalot
Industrial
Co.
Ltd.
20,823‌
184,235‌
MediaTek
,
Inc.
19,438‌
631,410‌
Nan
Ya
Plastics
Corp.
174,075‌
571,701‌
Novatek
Microelectronics
Corp.
6,954‌
102,336‌
President
Chain
Store
Corp.
18,099‌
181,896‌
Taiwan
Business
Bank
640,647‌
219,830‌
Taiwan
Mobile
Co.
Ltd.
119,622‌
424,638‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
268,311‌
5,585,699‌
Uni
-President
Enterprises
Corp.
113,509‌
278,267‌
United
Microelectronics
Corp.
144,205‌
331,262‌
Wan
Hai
Lines
Ltd.
15,279‌
111,602‌
Yang
Ming
Marine
Transport
Corp.
(b)
22,923‌
98,322‌
Total
13,547,853‌
Tanzania
-
0.3%
AngloGold
Ashanti
Ltd.
9,989‌
157,832‌
Thailand
-
3.4%
BTS
Group
Holdings
PCL
NVDR
1,443,594‌
401,057‌
CP
ALL
PCL
NVDR
128,998‌
242,098‌
Delta
Electronics
Thailand
PCL
NVDR
6,300‌
87,513‌
Gulf
Energy
Development
PCL
NVDR
69,200‌
84,877‌
Home
Product
Center
PCL
NVDR
488,113‌
196,197‌
Ratch
Group
PCL
115,792‌
154,857‌
Siam
Cement
PCL
(The)
13,601‌
161,596‌
Siam
Commercial
Bank
PCL
(The)
69,613‌
251,006‌
Thai
Union
Group
PCL
NVDR
319,929‌
205,186‌
Total
1,784,387‌
Turkey
-
0.3%
Turkiye
Petrol
Rafinerileri
AS
(b)
12,968‌
167,277‌
Common
Stocks
(continued)
Total
Common
Stocks
(Cost:
$44,611,397)
50,679,229‌
Preferred
Stocks
-
3.8%
Issuer
Shares
Value
($)
Brazil
-
3.4%
Azul
SA
Preference
Shares
(b)
26,665‌
178,178‌
Banco
Bradesco
SA
Preference
Shares
95,814‌
366,277‌
Banco
Inter
SA
Banco
Bradesco
SA
Preference
Shares
(a)
18,484‌
53,190‌
Itau
Unibanco
Holding
SA
Preference
Shares
90,082‌
478,275‌
Itausa
SA
Preference
Shares
138,270‌
282,686‌
Petroleo
Brasileiro
SA
Preference
Shares
93,148‌
465,492‌
Total
1,824,098‌
Chile
-
0.4%
Sociedad
Quimica
y
Minera
de
Chile
SA
Preference
Shares
Class
B
3,927‌
211,581‌
Total
Preferred
Stocks
(Cost:
$2,130,971)
2,035,679‌
Warrants
-
0.0%
Issuer
Shares
Value
($)
Thailand
-
0.0%
BTS
Group
Holdings
PCL,
expiring
11/20/26
(b)
161,278‌
5,291‌
BTS
Group
Holdings
PCL,
expiring
11/07/24
(b)
80,639‌
2,836‌
Total
8,127‌
Total
Warrants
(Cost:
$0)
8,127‌
Rights
-
0.0%
Issuer
Shares
Value
($)
India
-
0.0%
Bharti
Airtel
Ltd.,
expiring
10/26/21
(b)
1,704‌
3,519‌
Taiwan
-
0.0%
Eva
Airways
Corp.,
expiring
10/08/21
(b)
2,748‌
0‌
Total
Rights
(Cost:
$0)
3,519‌
Money
Market
Funds
-
0.4%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(c)
197,380‌
197,380‌
Total
Money
Market
Funds
(Cost:
$197,380)
197,380‌
Total
Investments
in
Securities
(Cost:
$46,939,748)
52,923,934‌
Other
Assets
&
Liabilities,
Net
141,715‌
Net
Assets
53,065,649‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Notes
to
Portfolio
of
Investments
(a)
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,
2021,
the
total
value
of
these
securities
amounted
to
$1,278,491,
which
represents
2.41%
of
total
net
assets.
(b)
Non-income
producing
investment.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2021.
Abbreviation
Legend
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
NVDR
Non-Voting
Depository
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
13
Fair
Value
Measurements
(continued)
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
2,426,404
–
–
2,426,404
Chile
325,553
–
–
325,553
China
150,583
–
–
150,583
Colombia
159,038
–
–
159,038
Denmark
262,515
–
–
262,515
India
9,506,562
–
–
9,506,562
Indonesia
1,348,704
–
–
1,348,704
Malaysia
1,490,733
–
–
1,490,733
Mexico
1,738,175
–
–
1,738,175
Philippines
458,952
–
–
458,952
Poland
711,100
–
–
711,100
Russia
3,303,305
–
–
3,303,305
South
Africa
3,084,719
–
–
3,084,719
South
Korea
10,055,537
–
–
10,055,537
Taiwan
13,547,853
–
–
13,547,853
Tanzania
157,832
–
–
157,832
Thailand
1,784,387
–
–
1,784,387
Turkey
167,277
–
–
167,277
Total
Common
Stocks
50,679,229
–
–
50,679,229
Preferred
Stocks
Brazil
1,824,098
–
–
1,824,098
Chile
211,581
–
–
211,581
Total
Preferred
Stocks
2,035,679
–
–
2,035,679
Warrants
Thailand
–
8,127
–
8,127
Total
Warrants
–
8,127
–
8,127
Rights
India
–
3,519
–
3,519
Taiwan
–
0
(a)
–
0
(a)
Total
Rights
–
3,519
–
3,519
Money
Market
Funds
197,380
–
–
197,380
Total
Investments
in
Securities
52,912,288
11,646
–
52,923,934
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
Columbia
Emerging
Markets
Consumer
ETF
September
30,
2021
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Common
Stocks
-
99.8%
Issuer
Shares
Value
($)
Brazil
-
4.3%
Petrobras
Distribuidora
SA
542,746‌
2,339,757‌
Raia
Drogasil
SA
500,241‌
2,145,503‌
Telefonica
Brasil
SA
204,827‌
1,611,506‌
Total
6,096,766‌
China
-
45.5%
Alibaba
Group
Holding
Ltd.
ADR
(a)
39,229‌
5,807,853‌
ANTA
Sports
Products
Ltd.
150,722‌
2,842,259‌
Baidu,
Inc.
ADR
(a)
36,229‌
5,570,209‌
Bilibili,
Inc.
ADR
(a)
28,868‌
1,910,196‌
BYD
Co.
Ltd.
Class
H
98,641‌
3,079,106‌
China
Feihe
Ltd.
(b)
391,202‌
660,324‌
China
Mengniu
Dairy
Co.
Ltd.
(a)
361,551‌
2,329,171‌
China
Resources
Beer
Holdings
Co.
Ltd.
207,604‌
1,533,432‌
China
Tower
Corp.
Ltd.
Class
H
(b)
5,767,519‌
755,701‌
Dongfeng
Motor
Group
Co.
Ltd.
Class
H
325,620‌
290,708‌
Geely
Automobile
Holdings
Ltd.
665,916‌
1,911,868‌
Great
Wall
Motor
Co.
Ltd.
Class
H
411,775‌
1,518,108‌
Guangzhou
Automobile
Group
Co.
Ltd.
Class
H
375,164‌
331,566‌
Haier
Smart
Home
Co.
Ltd.
Class
H
302,910‌
1,068,112‌
Hengan
International
Group
Co.
Ltd.
89,215‌
477,898‌
JD.com,
Inc.
ADR
(a)
81,936‌
5,919,057‌
Kuaishou
Technology
(a),(b)
193,915‌
2,060,050‌
Li
Ning
Co.
Ltd.
288,245‌
3,338,016‌
Meituan
Class
B
(a),(b)
199,548‌
6,321,227‌
NetEase,
Inc.
ADR
48,148‌
4,111,839‌
Nongfu
Spring
Co.
Ltd.
Class
H
(b)
227,530‌
1,158,891‌
Tencent
Holdings
Ltd.
99,274‌
5,884,018‌
Tencent
Music
Entertainment
Group
ADR
(a)
79,890‌
579,203‌
Vipshop
Holdings
Ltd.
ADR
(a)
49,428‌
550,628‌
Want
Want
China
Holdings
Ltd.
780,630‌
590,638‌
Yum
China
Holdings,
Inc.
55,928‌
3,249,976‌
Zhongsheng
Group
Holdings
Ltd.
75,260‌
606,168‌
Total
64,456,222‌
Greece
-
0.5%
Hellenic
Telecommunications
Organization
SA
34,352‌
645,755‌
India
-
15.2%
Avenue
Supermarts
Ltd.
(a),(b)
40,232‌
2,303,648‌
Hero
MotoCorp
Ltd.
35,064‌
1,338,032‌
Hindustan
Unilever
Ltd.
176,120‌
6,410,576‌
ITC
Ltd.
797,768‌
2,538,047‌
Mahindra
&
Mahindra
Ltd.
GDR
258,491‌
2,791,703‌
Maruti
Suzuki
India
Ltd.
35,890‌
3,548,047‌
Nestle
India
Ltd.
9,634‌
2,523,841‌
Total
21,453,894‌
Indonesia
-
2.2%
PT
Astra
International
Tbk
3,183,549‌
1,223,373‌
PT
Telkom
Indonesia
Persero
Tbk
7,478,465‌
1,928,072‌
Total
3,151,445‌
Kuwait
-
0.9%
Mobile
Telecommunications
Co.
KSCP
664,900‌
1,320,541‌
Mexico
-
2.5%
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
165,304‌
1,442,111‌
Grupo
Televisa
SAB
Series
CPO
227,674‌
504,452‌
Wal-Mart
de
Mexico
SAB
de
CV
455,669‌
1,555,456‌
Total
3,502,019‌
Russia
-
5.2%
Magnit
PJSC
GDR
76,620‌
1,291,047‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Mobile
TeleSystems
PJSC
ADR
85,275‌
822,051‌
Yandex
NV
Class
A
(a)
65,258‌
5,200,410‌
Total
7,313,508‌
Saudi
Arabia
-
4.1%
Almarai
Co.
JSC
60,038‌
928,414‌
Saudi
Telecom
Co.
144,095‌
4,879,107‌
Total
5,807,521‌
South
Africa
-
2.7%
Shoprite
Holdings
Ltd.
151,511‌
1,800,106‌
Vodacom
Group
Ltd.
210,861‌
2,018,771‌
Total
3,818,877‌
Taiwan
-
13.0%
Chunghwa
Telecom
Co.
Ltd.
1,529,339‌
6,065,647‌
Hotai
Motor
Co.
Ltd.
142,319‌
2,988,339‌
President
Chain
Store
Corp.
225,862‌
2,269,929‌
Taiwan
Mobile
Co.
Ltd.
663,931‌
2,356,842‌
Uni-President
Enterprises
Corp.
1,919,697‌
4,706,136‌
Total
18,386,893‌
Thailand
-
2.7%
Advanced
Info
Service
PCL
218,400‌
1,265,151‌
CP
ALL
PCL
897,305‌
1,684,022‌
Thai
Beverage
PCL
1,740,644‌
839,807‌
Total
3,788,980‌
United
Arab
Emirates
-
1.0%
Emirates
Telecommunications
Group
Co.
PJSC
226,291‌
1,479,795‌
Total
Common
Stocks
(Cost:
$126,759,187)
141,222,216‌
Money
Market
Funds
-
0.1%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(c)
76,207‌
76,207‌
Total
Money
Market
Funds
(Cost:
$76,207)
76,207‌
Total
Investments
in
Securities
(Cost:
$126,835,394)
141,298,423‌
Other
Assets
&
Liabilities,
Net
210,499‌
Net
Assets
141,508,922‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
15
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,
2021,
the
total
value
of
these
securities
amounted
to
$13,259,841,
which
represents
9.37%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2021.
Abbreviation
Legend
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Fair
Value
Measurements
(continued)
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
6,096,766
–
–
6,096,766
China
64,456,222
–
–
64,456,222
Greece
645,755
–
–
645,755
India
21,453,894
–
–
21,453,894
Indonesia
3,151,445
–
–
3,151,445
Kuwait
1,320,541
–
–
1,320,541
Mexico
3,502,019
–
–
3,502,019
Russia
7,313,508
–
–
7,313,508
Saudi
Arabia
5,807,521
–
–
5,807,521
South
Africa
3,818,877
–
–
3,818,877
Taiwan
18,386,893
–
–
18,386,893
Thailand
3,788,980
–
–
3,788,980
United
Arab
Emirates
1,479,795
–
–
1,479,795
Total
Common
Stocks
141,222,216
–
–
141,222,216
Money
Market
Funds
76,207
–
–
76,207
Total
Investments
in
Securities
141,298,423
–
–
141,298,423
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
Columbia
India
Consumer
ETF
September
30,
2021
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
17
Notes
to
Consolidated
Portfolio
of
Investments
Common
Stocks
-
103.1%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
56.9%
Bajaj
Auto
Ltd.
87,332‌
4,509,285‌
Balkrishna
Industries
Ltd.
67,989‌
2,320,708‌
Bharat
Forge
Ltd.
210,921‌
2,095,500‌
Bosch
Ltd.
21,968‌
4,579,756‌
Crompton
Greaves
Consumer
Electricals
Ltd.
449,372‌
2,899,252‌
Eicher
Motors
Ltd.
113,528‌
4,267,500‌
Hero
MotoCorp
Ltd.
97,651‌
3,726,333‌
Jubilant
Foodworks
Ltd.
64,263‌
3,498,439‌
Mahindra
&
Mahindra
Ltd.
382,314‌
4,136,166‌
Maruti
Suzuki
India
Ltd.
46,106‌
4,557,989‌
Motherson
Sumi
Systems
Ltd.
1,004,685‌
3,058,281‌
MRF
Ltd.
1,911‌
2,043,537‌
Page
Industries
Ltd.
4,098‌
1,750,385‌
Relaxo
Footwears
Ltd.
53,728‌
825,925‌
Tata
Motors
Ltd.
(a)
1,030,340‌
4,627,178‌
Titan
Co.
Ltd.
220,698‌
6,427,752‌
TVS
Motor
Co.
Ltd.
143,713‌
1,063,799‌
Whirlpool
of
India
Ltd.
27,265‌
839,300‌
Total
57,227,085‌
Consumer
Staples
-
46.2%
Avenue
Supermarts
Ltd.
(a),(b)
104,553‌
5,986,611‌
Britannia
Industries
Ltd.
95,270‌
5,068,424‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Colgate-Palmolive
India
Ltd.
114,368‌
2,572,327‌
Dabur
India
Ltd.
480,897‌
3,997,676‌
Godrej
Consumer
Products
Ltd.
(a)
323,244‌
4,484,982‌
Hindustan
Unilever
Ltd.
148,400‌
5,401,598‌
ITC
Ltd.
1,594,466‌
5,072,691‌
Marico
Ltd.
452,726‌
3,339,294‌
Nestle
India
Ltd.
19,566‌
5,125,751‌
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
8,156‌
1,546,407‌
United
Breweries
Ltd.
52,824‌
1,118,358‌
United
Spirits
Ltd.
(a)
244,890‌
2,814,531‌
Total
46,528,650‌
Total
Common
Stocks
(Cost:
$63,446,204)
103,755,735‌
Money
Market
Funds
-
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(c)
327,993‌
327,993‌
Total
Money
Market
Funds
(Cost:
$327,993)
327,993‌
Total
Investments
in
Securities
(Cost:
$63,774,197)
104,083,728‌
Other
Assets
&
Liabilities,
Net
(3,400,322‌)
Net
Assets
100,683,406‌
(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,
2021,
the
total
value
of
these
securities
amounted
to
$5,986,611,
which
represents
5.95%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2021.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
(continued)
Columbia
India
Consumer
ETF
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Consumer
Discretionary
57,227,085
–
–
57,227,085
Consumer
Staples
46,528,650
–
–
46,528,650
Total
Common
Stocks
103,755,735
–
–
103,755,735
Money
Market
Funds
327,993
–
–
327,993
Total
Investments
in
Securities
104,083,728
–
–
104,083,728
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
19
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
$46,939,748,
$126,835,394
and
$63,774,197,
respectively)
$52,923,934
$141,298,423
$104,083,728
Cash
–
6,430
80
Foreign
currency
(cost
$70,140,
$25,122
and
$30,294,
respectively)
67,843
25,052
30,307
Receivable
for:
Capital
shares
sold
2,108,327
–
–
Dividends
104,257
399,365
1
Foreign
tax
reclaims
1,805
1,777
–
Total
assets
55,206,166
141,731,047
104,114,116
Liabilities
Payable
for:
Investments
purchased
2,083,519
–
–
Investment
management
fees
5,647
61,700
63,096
Foreign
capital
gains
taxes
deferred
48,360
160,425
3,367,487
Accrued
expenses
and
other
liabilities
2,991
–
127
Total
liabilities
2,140,517
222,125
3,430,710
Net
assets
applicable
to
outstanding
capital
stock
$53,065,649
$141,508,922
$100,683,406
Represented
by:
Paid-in
capital
$46,667,643
$342,517,019
$62,863,094
Total
distributable
earnings
(loss)
6,398,006
(201,008,097)
37,820,312
Total
—
representing
net
assets
applicable
to
outstanding
capital
stock
$53,065,649
$141,508,922
$100,683,406
Shares
outstanding
1,650,000
5,650,000
1,750,000
Net
asset
value
per
share
$32.16
$25.05
$57.53
STATEMENT
OF
OPERATIONS
September
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Investment
Income:
Dividends
-
unaffiliated
issuers
$592,898
$2,290,906
$777,482
Foreign
taxes
withheld
(84,769)
(294,707)
(164,798)
Total
income
508,129
1,996,199
612,684
Expenses:
Investment
management
fees
27,605
472,968
357,288
Overdraft
expense
132
365
1,307
Total
expenses
27,737
473,333
358,595
Fees
waived
by
the
Investment
Manager
and
its
affiliates
–
(365)
(1,307)
Total
net
expenses
27,737
472,968
357,288
Net
Investment
income
480,392
1,523,231
255,396
Realized
and
unrealized
gain
(loss)
—
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
862,515
(4,692,790)
3,105,504
In-kind
transactions
–
3,900,742
–
Foreign
currency
translations
(30,374)
(92,184)
9,203
Net
realized
gain
(loss)
832,141
(884,232)
3,114,707
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(1,291,267)
(17,542,148)
10,239,737
Foreign
capital
gains
tax
(48,187)
(60,977)
(1,745,701)
Foreign
currency
translations
(824)
10,748
(242)
Net
change
in
unrealized
appreciation
(depreciation)
(1,340,278)
(17,592,377)
8,493,794
Net
realized
and
unrealized
gain
(loss)
(508,137)
(18,476,609)
11,608,501
Net
Increase
(Decrease)
in
net
assets
resulting
from
operations
$(27,745)
$(16,953,378)
$11,863,897
STATEMENT
OF
CHANGES
IN
NET
ASSETS
September
30,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
21
,
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
Operations
Net
investment
income
$480,392
$574,042
$1,523,231
$1,998,093
Net
realized
gain
(loss)
832,141
(555,181)
(884,232)
(3,655,741)
Net
change
in
unrealized
appreciation
(depreciation)
(1,340,278)
10,760,247
(17,592,377)
60,865,248
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(27,745)
10,779,108
(16,953,378)
59,207,600
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(440,955)
–
(1,161,030)
Shareholder
transactions
Proceeds
from
shares
sold
23,023,772
5,410,220
–
4,208,501
Cost
of
shares
redeemed
–
–
(24,536,338)
(54,177,623)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
23,023,772
5,410,220
(24,536,338)
(49,969,122)
Increase
(decrease)
in
net
assets
22,996,027
15,748,373
(41,489,716)
8,077,448
Net
Assets:
Net
assets
at
beginning
of
period
30,069,622
14,321,249
182,998,638
174,921,190
Net
assets
at
end
of
period
$53,065,649
$30,069,622
$141,508,922
$182,998,638
Capital
stock
activity
Shares
outstanding,
beginning
of
period
950,000
750,000
6,600,000
8,900,000
Subscriptions
700,000
200,000
–
150,000
Redemptions
–
–
(950,000)
(2,450,000)
Shares
outstanding,
end
of
period
1,650,000
950,000
5,650,000
6,600,000
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
September
30,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Columbia
India
Consumer
ETF
(Consolidated)
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
Operations
Net
investment
income
$255,396
$178,073
Net
realized
gain
3,114,707
2,328,562
Net
change
in
unrealized
appreciation
8,493,794
36,003,784
Net
increase
in
net
assets
resulting
from
operations
11,863,897
38,510,419
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(296,280)
Shareholder
transactions
Proceeds
from
shares
sold
8,160,902
–
Cost
of
shares
redeemed
(10,873,581)
(14,446,012)
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(2,712,679)
(14,446,012)
Increase
in
net
assets
9,151,218
23,768,127
Net
Assets:
Net
assets
at
beginning
of
period
91,532,188
67,764,061
Net
assets
at
end
of
period
$100,683,406
$91,532,188
Capital
stock
activity
Shares
outstanding,
beginning
of
period
1,800,000
2,200,000
Subscriptions
150,000
–
Redemptions
(200,000)
(400,000)
Shares
outstanding,
end
of
period
1,750,000
1,800,000
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
23
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Columbia
EM
Core
ex-China
ETF
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
2020
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
period
$31.65‌
$19.09‌
$25.40‌
$28.03‌
$24.91‌
$21.23‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.45‌
0.68‌
0.69‌
0.65‌
0.66‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
0.06‌
(a)
12.37‌
(6.41‌)
(2.51‌)
4.83‌
3.55‌
Total
from
investment
operations
0.51‌
13.05‌
(5.72‌)
(1.86‌)
5.49‌
3.96‌
Less
distributions
to
shareholders:
Net
investment
income
–‌
(0.49‌)
(0.59‌)
(0.62‌)
(0.61‌)
(0.28‌)
Net
realized
gains
–‌
–‌
–‌
(0.15‌)
(1.76‌)
–‌
Total
distribution
to
shareholders
–‌
(0.49‌)
(0.59‌)
(0.77‌)
(2.37‌)
(0.28‌)
Net
asset
value,
end
of
period
$32.16‌
$31.65‌
$19.09‌
$25.40‌
$28.03‌
$24.91‌
Total
Return
at
NAV
1.61‌%
68.56‌%
(23.25‌)%
(6.38‌)%
22.76‌%
18.83‌%
Total
Return
at
Market
1.07‌%
69.09‌%
(23.43‌)%
(7.37‌)%
20.45‌%
23.20‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.16‌%
(c)(d)
0.16‌%
0.19‌%
(e)
0.47‌%
(f)
0.70‌%
(g)
0.70‌%
Total
net
expenses
(b)(h)
0.16‌%
(c)(d)
0.16‌%
0.19‌%
(e)
0.35‌%
(f)
0.35‌%
(g)
0.35‌%
Net
Investment
income
2.78‌%
(c)
2.61‌%
2.70‌%
2.54‌%
2.40‌%
1.80‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$53,066‌
$30,070‌
$14,321‌
$11,431‌
$9,811‌
$11,209‌
Portfolio
turnover
14‌%
19‌%
14‌%
24‌%
37‌%
30‌%
Notes
to
Financial
Highlights
(a)
Calculation
of
the
net
gain
(loss)
per
share
(both
realized
and
unrealized)
does
not
correlate
to
the
aggregate
realized
and
unrealized
gain
(loss)
presented
in
the
Statement
of
Operations
due
to
the
timing
of
subscriptions
and
redemptions
of
Fund
shares
in
relation
to
fluctuations
in
the
market
value
of
the
portfolio.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(c)
Annualized.
(d)
The
ratio
includes
less
than
0.01%
for
the
period
ended
September
30,
2021
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
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Columbia
Emerging
Markets
Consumer
ETF
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
2020
2019
(a)(b)
2018
(a)
2017
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$27.73‌
$19.65‌
$22.67‌
$26.34‌
$24.75‌
$22.60‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.24‌
0.29‌
0.27‌
0.25‌
0.10‌
0.18‌
Net
realized
and
unrealized
gain
(loss)
(2.92‌)
7.97‌
(2.90‌)
(3.72‌)
1.59‌
2.13‌
Total
from
investment
operations
(2.68‌)
8.26‌
(2.63‌)
(3.47‌)
1.69‌
2.31‌
Less
distributions
to
shareholders:
Net
investment
income
–‌
(0.18‌)
(0.39‌)
(0.20‌)
(0.10‌)
(0.16‌)
Net
asset
value,
end
of
period
$25.05‌
$27.73‌
$19.65‌
$22.67‌
$26.34‌
$24.75‌
Total
Return
at
NAV
(9.66‌)%
42.02‌%
(11.87‌)%
(13.08‌)%
6.81‌%
10.35‌%
Total
Return
at
Market
(10.66‌)%
43.27‌%
(11.95‌)%
(13.90‌)%
7.16‌%
10.75‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.56‌%
(d)(e)
0.59‌%
(f)
0.60‌%
(g)
0.61‌%
(h)
0.81‌%
(i)
0.85‌%
(j)
Total
net
expenses
(c)(k)
0.56‌%
(d)(e)
0.59‌%
(f)
0.60‌%
(g)
0.61‌%
(h)
0.81‌%
(i)
0.85‌%
(j)
Net
Investment
income
1.80‌%
(d)
1.14‌%
1.20‌%
1.07‌%
0.37‌%
0.77‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$141,509‌
$182,999‌
$174,921‌
$290,119‌
$809,911‌
$741,171‌
Portfolio
turnover
19‌%
40‌%
37‌%
61‌%
27‌%
17‌%
Notes
to
Financial
Highlights
(a)
Consolidated.
(b)
EG
Shares
Consumer
Mauritius,
the
Fund's
Subsidiary,
was
liquidated
on
November
30,
2018.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(d)
Annualized.
(e)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
period
ended
September
30,
2021
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
as
the
entire
overdraft
expense
was
waived
for
the
period
ended
September
30,
2021.
(f)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2021.
(g)
The
ratio
includes
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(h)
The
ratio
includes
0.02%
for
the
year
ended
March
31,
2019
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(i)
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).
(j)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2017
attributed
to
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(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
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Semiannual
Report
2021
25
Columbia
India
Consumer
ETF
(Consolidated)
Six
Months
Ended
September
30,
2021
(Unaudited)
Year
Ended
March
31,
2021
2020
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
period
$50.85‌
$30.80‌
$42.08‌
$45.81‌
$38.31‌
$31.16‌
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
0.14‌
0.09‌
0.29‌
0.12‌
0.01‌
(0.03‌)
Net
realized
and
unrealized
gain
(loss)
6.54‌
20.12‌
(11.45‌)
(3.80‌)
7.52‌
7.21‌
Total
from
investment
operations
6.68‌
20.21‌
(11.16‌)
(3.68‌)
7.53‌
7.18‌
Less
distributions
to
shareholders:
Net
investment
income
–‌
(0.16‌)
(0.12‌)
(0.05‌)
(0.03‌)
(0.03‌)
Net
asset
value,
end
of
period
$57.53‌
$50.85‌
$30.80‌
$42.08‌
$45.81‌
$38.31‌
Total
Return
at
NAV
13.14‌%
65.67‌%
(26.60‌)%
(8.03‌)%
19.64‌%
23.06‌%
Total
Return
at
Market
11.53‌%
69.58‌%
(28.00‌)%
(8.44‌)%
19.98‌%
23.67‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.75‌%
(b)(c)
0.80‌%
(d)
0.81‌%
(e)
0.77‌%
(f)
0.87‌%
(g)
0.89‌%
(h)
Total
net
expenses
(a)(i)
0.75‌%
(b)(c)
0.75‌%
(d)
0.81‌%
(e)
0.77‌%
(f)
0.87‌%
(g)
0.89‌%
(h)
Net
Investment
income
(loss)
0.54‌%
(b)
0.22‌%
0.70‌%
0.26‌%
0.01‌%
(0.09‌)%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$100,683‌
$91,532‌
$67,764‌
$130,436‌
$144,289‌
$88,102‌
Portfolio
turnover
9‌%
16‌%
11‌%
15‌%
28‌%
31‌%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
Annualized.
(c)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
period
ended
September
30,
2021
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
as
the
entire
overdraft
expense
was
waived
for
the
period
ended
September
30,
2021.
(d)
The
total
gross
expense
ratio
includes
0.05%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
The
total
net
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense.
(e)
The
ratio
includes
0.06%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(f)
The
ratio
includes
0.02%
for
the
year
ended
March
31,
2019
attributed
to
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
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).
(h)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2017
attributed
to
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(i)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
September
30,
2021
(Unaudited)
26
Thematic
Beta
ETFs
|
Semiannual
Report
2021
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
43.90%
44,200,992
292,655
3,119,316
3,535,662
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2021
27
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
asked
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
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translation
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
28
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
Interest
income
is
recorded
on
an
accrual
basis.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
NAV
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
The
Funds
declare
and
distribute
net
investment
income
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2021
29
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.
Effective
August
1,
2021,
the
fee
is
equal
to
0.49%
of
the
Fund's
average
daily
net
assets
for
Columbia
Emerging
Markets
Consumer
ETF.
The
effective
annualized
management
fee
rate
for
the
semi
annual
reporting
period
was
0.56%
of
the
Fund's
average
daily
net
assets.
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds
as
disclosed
in
the
Statement
of
Operations.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
liability
for
the
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Effective
investment
management
fee
rate
(%)
Fund
August
1,
2021
through
July
31,
2022
Prior
to
August
1,
2021
Columbia
EM
Core
ex-China
ETF
0.16
0.16
Columbia
Emerging
Markets
Consumer
ETF
0.49
0.59
Columbia
India
Consumer
ETF
0.75
0.75
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
30
Thematic
Beta
ETFs
|
Semiannual
Report
2021
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below)
for
the
period(s)
disclosed
below,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
following
annual
rate(s)
as
a
percentage
of
the
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
Columbia
Emerging
Markets
Consumer
ETF’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
the
Investment
Manager
and
the
Fund.
Any
fees
waived
and/or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
Columbia
India
Consumer
ETF’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
expenses
associated
with
investment
in
affiliated
and
non-affiliated
pooled
investment
vehicles
(including
mutual
funds
and
other
exchange-traded
funds),
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/
or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
the
Investment
Manager
and
the
Fund.
Any
fees
waived
and/or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
September
30,
2021,
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,
2021,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Fund
August
1,
2021
through
July
31,
2022
Prior
to
August
1,
2021
Columbia
Emerging
Markets
Consumer
ETF
0.49%
0.59%
Columbia
India
Consumer
ETF
0.75%
0.75%
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
46,939,748
7,425,615
(1,441,429)
5,984,186
Columbia
Emerging
Markets
Consumer
ETF
126,835,394
25,882,379
(11,419,350)
14,463,029
Columbia
India
Consumer
ETF
63,774,197
40,563,684
(254,153)
40,309,531
Fund
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Columbia
EM
Core
ex-China
ETF
440,538
400,416
840,954
Columbia
Emerging
Markets
Consumer
ETF
1,416,943
212,784,090
214,201,033
Columbia
India
Consumer
ETF
57,905
-
57,905
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2021
31
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,
2021,
were
as
follows:
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.
During
the
six
months
ended
September
30,
2021,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
six
months
ended
September
30,
2021,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
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
28,
2021
amendment
and
restatement,
the
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$950
million.
Interest
is
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
0.11448%
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.
The
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
28,
2021
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
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-
month
London
Interbank
Offered
Rate
(LIBOR)
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
EM
Core
ex-China
ETF
20,407,810
4,873,170
Columbia
Emerging
Markets
Consumer
ETF
32,546,987
40,598,367
Columbia
India
Consumer
ETF
8,648,995
11,381,919
Fund
Contributions
($)
Columbia
EM
Core
ex-China
ETF
7,743,495
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
11,435,548
15,336,290
3,900,742
Columbia
India
Consumer
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
32
Thematic
Beta
ETFs
|
Semiannual
Report
2021
During
the
six
months
ended
September
30,
2021,
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
had
no
borrowings.
Note
8.
Significant
risks
Communication
services
sector
risk
Columbia
Emerging
Markets
Consumer
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
communication
services
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
communication
services
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
communication
services
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Concentration
risk
Each
Fund
concentrates
its
investments
in
a
particular
sector
or
a
group
of
sectors
to
approximately
the
same
extent
as
its
respective
underlying
index,
and
as
such,
may
be
adversely
affected
by
increased
price
volatility
of
securities
in
those
sectors,
and
may
be
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
those
sectors.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2021
33
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Financial
concentration
risk
Columbia
EM
Core
ex-China
ETF
has
concentrated
investments
in
the
financials
sector.
Because
companies
in
the
financials
sector
are
subject
to
extensive
governmental
regulation,
which
may
adversely
affect
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain,
these
factors
may
adversely
affect
Fund
performance.
Geographic
focus
risk
The
Funds
may
be
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Funds
invest.
Each
Fund’s
NAV
may
be
more
volatile
than
the
NAV
of
a
more
geographically
diversified
fund.
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
NAV
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.
Many
Chinese
companies
to
which
Columbia
Emerging
Markets
Consumer
ETF
seeks
investment
exposure
use
a
structure
known
as
a
variable
interest
entity
(a
VIE).
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
are
established
through
contracts
rather
than
equity
ownership.
The
VIE
structure
is
a
longstanding
practice
in
China
but
is
not
formally
recognized
under
Chinese
law
and
the
Chinese
government
may
cease
to
tolerate
VIE
structures
at
any
time
or
impose
new
restrictions
on
the
structure.
Further,
in
case
of
dispute,
the
remedies
and
rights
of
the
Fund
may
be
limited
and
legal
uncertainty
may
be
exploited
against
the
interests
of
the
Fund.
Further,
the
Fund
is
not
a
VIE
owner/shareholder
and
cannot
exert
influence
through
proxy
voting
or
other
means.
Foreign
companies
listed
on
stock
exchanges
in
the
United
States,
including
companies
using
the
VIE
structure,
could
also
face
delisting
or
other
ramifications
for
failure
to
meet
the
expectations
and/or
requirements
of
U.S.
regulators.
Any
of
these
risks
could
reduce
the
value
of
the
Fund's
investments
in
Holding
Companies
or
render
them
valueless.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
34
Thematic
Beta
ETFs
|
Semiannual
Report
2021
India.
Columbia
India
Consumer
ETF
is
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
India.
Because
the
Fund
invests
predominantly
in
Indian
securities,
its
NAV
will
be
much
more
sensitive
to
changes
in
economic,
political
and
other
factors
within
India
than
would
a
fund
that
invested
in
a
variety
of
countries.
Special
risks
include,
among
others,
political
and
legal
uncertainty,
persistent
religious,
ethnic
and
border
disputes,
greater
government
control
over
the
economy,
currency
fluctuations
or
blockage
and
the
risk
of
nationalization
or
expropriation
of
assets.
Uncertainty
regarding
inflation
and
currency
exchange
rates,
fiscal
policy,
credit
ratings
and
the
possibility
that
future
harmful
political
actions
will
be
taken
by
the
Indian
government,
could
negatively
impact
the
Indian
economy
and
securities
markets,
and
thus
adversely
affect
the
Fund’s
performance.
India-Mauritius
tax
treaty
risk
Columbia
India
Consumer
ETF
and
its
Subsidiary
have
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
India
and
Mauritius
agreed
to
an
amended
protocol
with
respect
to
gains
resulting
from
the
alienation
of
shares
in
Indian
companies
if
the
shares
were
acquired
by
the
Subsidiary
on
or
after
April
1,
2017.
Gains
realized
in
the
Subsidiary
resulting
from
the
alienation
of
Indian
shares
acquired
prior
to
April
1,
2017
continue
to
be
exempt
from
Indian
tax
under
the
India-Mauritius
tax
treaty.
Additionally,
India
has
enacted
general
anti-avoidance
rules
(GAAR),
which
seek
to
curb
tax
evasion
via
investments
through
foreign
tax
havens
and
other
avenues.
Any
assertion
that
the
Subsidiary
is
in
violation
of
GAAR
or
any
change
in
the
requirements
established
by
Mauritius
to
qualify
as
a
Mauritius
resident
could
result
in
the
imposition
by
India
of
various
taxes
on
Indian
securities
invested
in
by
the
Subsidiary
(and
indirectly
the
Fund).
The
imposition
of
taxes
on
the
Subsidiary
by
India
for
any
of
the
reasons
described
herein
would
result
in
higher
taxes
and
lower
returns
for
the
Fund
and
its
shareholders.
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
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
and
environment
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
Funds’
performance
may
also
be
significantly
negatively
impacted
by
the
economic
impact
of
the
coronavirus
disease
2019
(COVID-19)
pandemic.
The
COVID-19
pandemic
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2021
(Unaudited)
Thematic
Beta
ETFs
|
Semiannual
Report
2021
35
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-
existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
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.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov
.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
36
Thematic
Beta
ETFs
|
Semiannual
Report
2021
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
in
November
and
December
2020
and
March,
April
and
June
2021,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
a
comprehensive
response
to
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
in
a
letter
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees)
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
Oversight
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
15,
2021
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
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
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Thematic
Beta
ETFs
|
Semiannual
Report
2021
37
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
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2021
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided.
In
connection
with
the
Board's
evaluation
of
the
overall
package
of
services
provided
by
the
Investment
Manager,
the
Board
also
considered
the
nature,
quality
and
range
of
administrative
services
provided
to
the
Funds
by
the
Investment
Manager,
as
well
as
the
achievements
in
2020
in
the
performance
of
administrative
services,
and
noted
the
various
enhancements
anticipated
for
2021.
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
Columbia
Funds
under
the
Fund
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
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
performance
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,
and
the
Investment
Manager’s
willingness
to
take
steps
intended
to
improve
Columbia
India
Consumer
ETF’s
performance.
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)
38
Thematic
Beta
ETFs
|
Semiannual
Report
2021
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
unified/all-inclusive
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unified/all-inclusive
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
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
each
Fund’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
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
Funds.
The
Board
considered
that
in
2020
the
Board
had
considered
2019
profitability
and
that
the
2021
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2020
increased
slightly
from
2019
levels.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
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
unified
fee
level
that
does
not
include
pre-established
breakpoints,
and
management's
observation
that
the
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
15,
2021,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
ADDITIONAL
INFORMATION
Thematic
Beta
ETFs
|
Semiannual
Report
2021
39
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
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_L01_(11/21)
CET001418
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs