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

  

FORM N-CSR 

  

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

  

Investment Company Act file number 811-22255 

  

Columbia ETF Trust II  

  

(Exact name of registrant as specified in charter) 

  

290 Congress Street 

Boston, MA 02210 


(Address of principal executive offices) (Zip code) 

  

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 


(Name and address of agent for service) 

  

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

  

Date of fiscal year end:  Last Day of March 

  

Date of reporting period:  September 30, 2024 

  

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

  

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100  F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 


0001450501falseN-CSRSColumbia ETF Trust 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Columbia EM Core ex-China ETF 

XCEM | NYSE Arca, Inc.

Image

Semi-Annual Shareholder Report | September 30, 2024

This semi-annual shareholder report contains important information about Columbia EM Core ex-China ETF (the Fund) for the period of April 1, 2024 to September 30, 2024.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia EM Core ex-China ETF
$9
0.17%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund Statistics

Fund net assets
$1,254,208,486
Total number of portfolio holdings
331
Portfolio turnover for the reporting period
13%

Columbia EM Core ex-China ETF | SSR274_00_(11/24) | 1

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Top Holdings

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
12.0%
Samsung Electronics Co. Ltd. (South Korea)
4.2%
Reliance Industries, Ltd. (India)
2.2%
ICICI Bank Ltd. (India)
1.9%
HDFC Bank Ltd. (India)
1.9%
Infosys Ltd. (India)
1.7%
International Holding Co. PJSC (United Arab Emirates)
1.3%
Hon Hai Precision Industry Co. Ltd. (Taiwan)
1.3%
SK Hynix, Inc. (South Korea)
1.2%
Al Rajhi Bank (Saudi Arabia)
1.1%

Sector Allocation

Group By Sector Chart
Value
Value
Real Estate
1.2%
Health Care
2.0%
Utilities
3.4%
Consumer Discretionary
4.4%
Consumer Staples
5.1%
Communication Services
5.8%
Energy
6.2%
Materials
7.1%
Industrials
8.9%
Financials
26.2%
Information Technology
28.9%

Geographic Allocation

Group By Industry Chart
Value
Value
Other
9.9%
Malaysia
2.2%
Indonesia
3.0%
Mexico
3.8%
United Arab Emirates
4.2%
South Africa
4.3%
Saudi Arabia
6.4%
Brazil
6.8%
South Korea
13.3%
India
18.8%
Taiwan
27.5%

 

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

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.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2024 Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.columbiathreadneedleus.com/resources/literature

CET002254

Columbia EM Core ex-China ETF | SSR274_00_(11/24) | 2

Columbia India Consumer ETF 

INCO | NYSE Arca, Inc.

Image

Semi-Annual Shareholder Report | September 30, 2024

This semi-annual shareholder report contains important information about Columbia India Consumer ETF (the Fund) for the period of April 1, 2024 to September 30, 2024.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia India Consumer ETF
$41
0.75%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund Statistics

Fund net assets
$483,881,821
Total number of portfolio holdings
31
Portfolio turnover for the reporting period
4%

Columbia India Consumer ETF | SSR279_00_(11/24) | 1

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Top Holdings

Trent Ltd. (India)
7.4%
Zomato Ltd. (India)
6.9%
Mahindra & Mahindra Ltd. (India)
6.6%
Bajaj Auto Ltd. (India)
5.6%
ITC Ltd. (India)
5.1%
Hindustan Unilever Ltd. (India)
4.9%
Maruti Suzuki India Ltd. (India)
4.7%
Nestle India Ltd. (India)
4.3%
Titan Co. Ltd. (India)
4.1%
Tata Consumer Products Ltd. (India)
4.0%

Sector Allocation

Group By Sector Chart
Value
Value
Consumer Staples
42.7%
Consumer Discretionary
62.7%

Geographic Allocation

Group By Industry Chart
Value
Value
United States
1.1%
India
105.4%

 

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

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.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2024 Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.columbiathreadneedleus.com/resources/literature

CET002254

Columbia India Consumer ETF | SSR279_00_(11/24) | 2

Columbia Research Enhanced Emerging Economies ETF 

ECON | NYSE Arca, Inc.

Image

Semi-Annual Shareholder Report | September 30, 2024

This semi-annual shareholder report contains important information about Columbia Research Enhanced Emerging Economies ETF (the Fund) for the period of April 1, 2024 to September 30, 2024.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia Research Enhanced Emerging Economies ETF
$26
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund Statistics

Fund net assets
$54,692,332
Total number of portfolio holdings
203
Portfolio turnover for the reporting period
89%

Columbia Research Enhanced Emerging Economies ETF | SSR277_00_(11/24) | 1

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Top Holdings

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
4.9%
Alibaba Group Holding Ltd. (China)
4.6%
Kweichow Moutai Co. Ltd. (China)
3.4%
Samsung Electronics Co. Ltd. (South Korea)
3.0%
Reliance Industries, Ltd. (India)
2.4%
HDFC Bank Ltd. (India)
2.3%
Meituan Class B (China)
2.1%
SK Hynix, Inc. (South Korea)
1.5%
ICICI Bank Ltd. (India)
1.5%
China Construction Bank Corp. Class H (China)
1.4%

Sector Allocation

Group By Sector Chart
Value
Value
Real Estate
1.7%
Health Care
2.3%
Utilities
3.1%
Consumer Staples
5.2%
Energy
5.6%
Materials
5.8%
Industrials
6.2%
Communication Services
6.4%
Consumer Discretionary
15.8%
Information Technology
19.6%
Financials
27.8%

Geographic Allocation

Group By Industry Chart
Value
Value
Other
7.6%
Indonesia
1.7%
Mexico
2.1%
United Arab Emirates
2.4%
South Africa
2.8%
Saudi Arabia
3.8%
Brazil
4.5%
South Korea
11.2%
Taiwan
16.5%
India
22.2%
China
25.4%

 

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

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.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2024 Columbia Management Investment Advisers, LLC.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.columbiathreadneedleus.com/resources/literature

CET002254

Columbia Research Enhanced Emerging Economies ETF | SSR277_00_(11/24) | 2


Item 2. Code of Ethics. 

Not applicable. 

Item 3. Audit Committee Financial Expert. 

Not applicable. 

Item 4. Principal Accountant Fees and Services. 

Not applicable. 

Item 5. Audit Committee of Listed Registrants. 

Not applicable. 

Item 6. Investments. 

(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR. 

(b) Not applicable. 

  

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 


Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
INDEXED
ETFs
Semiannual
Financial
Statements
and
Additional
Information
September
30,
2024
(Unaudited)
Columbia
EM
Core
ex-China
ETF
Columbia
India
Consumer
ETF
Columbia
Research
Enhanced
Emerging
Economies
ETF
Indexed
ETFs
|
2024
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statement
of
Changes
in
Net
Assets
19
Financial
Highlights
21
Notes
to
Financial
Statements
24
Approval
of
Investment
Management
Services
Agreement
35
PORTFOLIO
OF
INVESTMENTS
Columbia
EM
Core
ex-China
ETF
September
30,
2024
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
3
Common
Stocks
-
96.8%
Issuer
Shares
Value
($)
Brazil
-
4.4%
Ambev
SA
1,110,101‌
2,666,297‌
B3
SA
-
Brasil
Bolsa
Balcao
1,577,761‌
3,102,909‌
Banco
BTG
Pactual
SA
864,983‌
5,284,436‌
Banco
do
Brasil
SA
805,263‌
4,019,069‌
Banco
Santander
Brasil
SA
999,526‌
5,210,721‌
BRF
SA
(a)
201,599‌
875,503‌
Caixa
Seguridade
Participacoes
S/A
563,682‌
1,506,036‌
Cia
Siderurgica
Nacional
SA
389,959‌
923,018‌
Embraer
SA
(a)
421,191‌
3,710,113‌
Hapvida
Participacoes
e
Investimentos
SA
(a),(b)
1,542,474‌
1,132,964‌
Localiza
Rent
a
Car
SA
187,043‌
1,408,198‌
Lojas
Renner
SA
314,947‌
1,044,464‌
PRIO
SA
210,744‌
1,676,804‌
Rede
D'Or
Sao
Luiz
SA
(b)
228,664‌
1,298,721‌
Suzano
SA
250,602‌
2,505,192‌
TOTVS
SA
252,351‌
1,323,432‌
Vale
SA
965,192‌
11,256,261‌
Vibra
Energia
SA
307,248‌
1,320,211‌
WEG
SA
479,403‌
4,788,044‌
Total
55,052,393‌
Chile
-
0.4%
Empresas
Copec
SA
451,330‌
3,025,957‌
Latam
Airlines
Group
SA
112,891,327‌
1,454,675‌
Total
4,480,632‌
China
-
0.1%
Airtac
International
Group
33,991‌
980,639‌
Colombia
-
0.1%
Interconexion
Electrica
SA
ESP
179,776‌
735,637‌
Egypt
-
0.1%
Commercial
International
Bank
-
Egypt
(CIB)
500,617‌
875,821‌
Greece
-
0.3%
Eurobank
Ergasias
Services
and
Holdings
SA
727,317‌
1,670,519‌
National
Bank
of
Greece
SA
169,467‌
1,451,785‌
Total
3,122,304‌
Hungary
-
0.5%
MOL
Hungarian
Oil
&
Gas
PLC
90,437‌
678,049‌
OTP
Bank
Nyrt
76,077‌
3,989,276‌
Richter
Gedeon
Nyrt
49,206‌
1,519,654‌
Total
6,186,979‌
India
-
18.8%
Adani
Ports
&
Special
Economic
Zone
Ltd.
299,468‌
5,175,216‌
Adani
Power
Ltd.
(a)
256,219‌
2,006,153‌
Adani
Total
Gas
Ltd.
70,918‌
665,587‌
Axis
Bank
Ltd.
469,228‌
6,899,452‌
Bharat
Electronics
Ltd.
905,372‌
3,080,163‌
Bharat
Heavy
Electricals,
Ltd.
434,821‌
1,451,284‌
Bharat
Petroleum
Corp.
Ltd.
239,282‌
1,056,337‌
Bharti
Airtel
Ltd.
493,769‌
10,072,914‌
CG
Power
&
Industrial
Solutions
Ltd.
158,918‌
1,439,438‌
Coal
India
Ltd.
607,363‌
3,697,394‌
GAIL
India,
Ltd.
585,742‌
1,679,545‌
HDFC
Bank
Ltd.
ADR
375,754‌
23,507,170‌
Hindalco
Industries
Ltd.
354,299‌
3,197,099‌
Hindustan
Petroleum
Corp.
Ltd.
178,870‌
940,334‌
ICICI
Bank
Ltd.
ADR
786,186‌
23,467,652‌
IDBI
Bank
Ltd.
2,196,472‌
2,285,293‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Indian
Oil
Corp.,
Ltd.
887,959‌
1,908,871‌
Indian
Railway
Finance
Corp.
Ltd.
(b)
562,201‌
1,064,812‌
Indus
Towers
Ltd.
(a)
238,946‌
1,119,294‌
Infosys
Ltd.
ADR
968,476‌
21,567,960‌
InterGlobe
Aviation
Ltd.
(a),(b)
20,488‌
1,170,451‌
ITC
Ltd.
1,504,551‌
9,302,762‌
Jio
Financial
Services
Ltd.
(a)
798,224‌
3,339,536‌
Kotak
Mahindra
Bank
Ltd.
205,838‌
4,553,791‌
NHPC,
Ltd.
917,129‌
1,039,142‌
NMDC,
Ltd.
366,874‌
1,072,193‌
NTPC
Ltd.
1,129,471‌
5,973,438‌
Oil
&
Natural
Gas
Corp.
Ltd.
937,262‌
3,328,461‌
Oil
India,
Ltd.
168,114‌
1,164,844‌
PB
Fintech
Ltd.
(a)
62,725‌
1,212,528‌
Power
Finance
Corp.
Ltd.
401,383‌
2,337,614‌
Power
Grid
Corp
of
India
Ltd.
1,009,860‌
4,252,074‌
Punjab
National
Bank
604,227‌
773,010‌
Rail
Vikas
Nigam
Ltd.
178,983‌
1,135,073‌
REC
Ltd.
369,208‌
2,442,993‌
Reliance
Industries,
Ltd.
793,205‌
27,952,487‌
State
Bank
of
India
GDR
76,949‌
7,163,952‌
Suzlon
Energy,
Ltd.
(a)
2,744,870‌
2,622,000‌
Tata
Consultancy
Services,
Ltd.
191,781‌
9,768,556‌
Tata
Motors
Ltd.
697,331‌
8,110,304‌
Tata
Power
Co.
Ltd.
(The)
502,845‌
2,895,816‌
Tata
Steel
Ltd.
2,214,272‌
4,453,580‌
Vedanta
Ltd.
708,230‌
4,332,562‌
Wipro
Ltd.
462,842‌
2,990,478‌
Yes
Bank
Ltd.
(a)
3,105,420‌
833,041‌
Zee
Entertainment
Enterprises
Ltd.
(a)
393,657‌
646,847‌
Zomato
Ltd.
(a)
1,383,979‌
4,513,554‌
Total
235,663,055‌
Indonesia
-
3.0%
Amman
Mineral
Internasional
PT
(a)
3,031,177‌
1,856,946‌
Barito
Renewables
Energy
Tbk
PT
3,894,633‌
1,697,792‌
Chandra
Asri
Pacific
Tbk
PT
1,844,703‌
1,032,619‌
PT
Adaro
Energy
Indonesia
Tbk
4,899,914‌
1,233,070‌
PT
Astra
International
Tbk
9,773,896‌
3,260,117‌
PT
Bank
Central
Asia
Tbk
18,755,208‌
12,790,457‌
PT
Bank
Mandiri
Persero
Tbk
15,049,306‌
6,883,517‌
PT
Bank
Rakyat
Indonesia
Persero
Tbk
10,824,848‌
3,539,168‌
PT
GoTo
Gojek
Tokopedia
Tbk
(a)
309,449,868‌
1,348,989‌
PT
Telkom
Indonesia
Persero
Tbk
21,395,375‌
4,225,375‌
Total
37,868,050‌
Kuwait
-
1.0%
Al
Ahli
Bank
of
Kuwait
KSCP
909,609‌
810,528‌
Boubyan
Bank
KSCP
920,801‌
1,719,432‌
Gulf
Bank
KSCP
1,773,822‌
1,760,747‌
Kuwait
Finance
House
KSCP
1,399,837‌
3,283,483‌
Mabanee
Co
KPSC
666,678‌
1,828,041‌
National
Bank
of
Kuwait
SAKP
752,555‌
2,176,924‌
National
Industries
Group
Holding
SAK
1,247,265‌
911,188‌
Total
12,490,343‌
Malaysia
-
2.2%
CIMB
Group
Holdings
Bhd
710,940‌
1,387,915‌
Dialog
Group
Bhd
4,439,217‌
2,314,615‌
Genting
Malaysia
Bhd
1,742,375‌
1,022,565‌
IHH
Healthcare
Bhd
4,046,524‌
7,026,340‌
Inari
Amertron
Bhd
2,223,861‌
1,564,011‌
Malayan
Banking
Bhd
1,167,940‌
2,968,355‌
Public
Bank
Bhd
956,114‌
1,057,325‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Indexed
ETFs
|
2024
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Tenaga
Nasional
Bhd
2,889,999‌
10,120,428‌
YTL
Corp.
Bhd
1,222,700‌
744,265‌
Total
28,205,819‌
Mexico
-
3.8%
America
Movil
SAB
de
CV
Series
B
7,756,237‌
6,390,329‌
Arca
Continental
SAB
de
CV
201,480‌
1,892,280‌
Coca-Cola
Femsa
SAB
de
CV
175,349‌
1,559,195‌
Fibra
Uno
Administracion
SA
de
CV
1,068,777‌
1,249,687‌
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
544,293‌
5,396,837‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
145,324‌
1,233,423‌
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
Class
B
123,061‌
2,146,442‌
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
Class
B
58,443‌
1,661,788‌
Grupo
Bimbo
SAB
de
CV
Series
A
990,267‌
3,423,145‌
Grupo
Carso
SAB
de
CV
Series
A1
150,783‌
937,682‌
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
827,887‌
5,891,758‌
Grupo
Financiero
Inbursa
SAB
de
CV
Class
O
(a)
565,545‌
1,286,772‌
Grupo
Mexico
SAB
de
CV
Series
B
1,034,234‌
5,791,647‌
Grupo
Televisa
SAB
Series
CPO
1,485,356‌
755,484‌
Industrias
Penoles
SAB
de
CV
(a)
70,495‌
939,861‌
Prologis
Property
Mexico
SA
de
CV
465,785‌
1,530,518‌
Qualitas
Controladora
SAB
de
CV
96,054‌
754,486‌
Wal-Mart
de
Mexico
SAB
de
CV
1,749,818‌
5,281,947‌
Total
48,123,281‌
Philippines
-
1.1%
Ayala
Corp.
215,005‌
2,576,415‌
Ayala
Land,
Inc.
2,155,843‌
1,408,055‌
Manila
Electric
Co.
468,077‌
3,660,251‌
SM
Investments
Corp.
328,802‌
5,609,364‌
SM
Prime
Holdings,
Inc.
1,842,826‌
1,062,204‌
Total
14,316,289‌
Poland
-
1.1%
Bank
Polska
Kasa
Opieki
SA
28,479‌
1,090,521‌
ORLEN
SA
80,705‌
1,175,348‌
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
479,282‌
6,993,772‌
Powszechny
Zaklad
Ubezpieczen
SA
457,786‌
5,021,410‌
Total
14,281,051‌
Qatar
-
1.3%
Barwa
Real
Estate
Co.
1,270,727‌
995,711‌
Commercial
Bank
PSQC
(The)
1,192,839‌
1,441,497‌
Masraf
Al
Rayan
QSC
2,372,470‌
1,609,448‌
Qatar
Fuel
QSC
598,254‌
2,505,733‌
Qatar
Gas
Transport
Co.,
Ltd.
1,298,640‌
1,551,520‌
Qatar
Insurance
Co.
SAQ
1,512,438‌
913,860‌
Qatar
Islamic
Bank
QPSC
421,006‌
2,468,684‌
Qatar
National
Bank
QPSC
918,424‌
4,275,552‌
Qatar
Navigation
QSC
313,327‌
970,703‌
Total
16,732,708‌
Russia
-
0.0%
Gazprom
PJSC
(a),(c),(d),(e),(f)
251,024‌
0‌
GMK
Norilskiy
Nickel
PAO
ADR
(a),(c),(d),(e)
19,108‌
0‌
LUKOIL
PJSC
(c),(d),(e),(f)
14,277‌
0‌
Mobile
TeleSystems
PJSC
ADR
(a),(c),(d),(e)
49,482‌
0‌
Total
0‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Saudi
Arabia
-
6.4%
ACWA
Power
Co.
36,410‌
4,800,444‌
Advanced
Petrochemical
Co.
(a)
71,094‌
735,311‌
Al
Rajhi
Bank
587,963‌
13,666,997‌
Alinma
Bank
575,126‌
4,369,326‌
Almarai
Co.
JSC
157,724‌
2,320,831‌
Arab
National
Bank
248,325‌
1,264,330‌
Bank
AlBilad
197,518‌
2,074,481‌
Bank
Al-Jazira
(a)
301,851‌
1,380,755‌
Banque
Saudi
Fransi
274,162‌
2,353,259‌
Catrion
Catering
Holding
Co.
28,477‌
842,605‌
Co.
for
Cooperative
Insurance
(The)
36,920‌
1,452,629‌
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
369,590‌
1,536,921‌
Etihad
Etisalat
Co.
140,592‌
1,926,328‌
Mobile
Telecommunications
Co.
Saudi
Arabia
389,480‌
1,137,895‌
Riyad
Bank
335,000‌
2,225,356‌
SABIC
Agri-Nutrients
Co.
41,574‌
1,316,573‌
Sahara
International
Petrochemical
Co.
162,241‌
1,269,332‌
Saudi
Arabian
Mining
Co.
(a)
269,165‌
3,501,427‌
Saudi
Arabian
Oil
Co.
(b)
1,274,512‌
9,207,036‌
Saudi
Awwal
Bank
314,409‌
2,904,055‌
Saudi
Basic
Industries
Corp.
162,152‌
3,237,507‌
Saudi
Industrial
Investment
Group
185,413‌
967,742‌
Saudi
Investment
Bank
(The)
321,821‌
1,118,661‌
Saudi
Kayan
Petrochemical
Co.
(a)
277,452‌
621,261‌
Saudi
National
Bank
(The)
841,013‌
7,689,595‌
Saudi
Telecom
Co.
498,465‌
5,806,611‌
Savola
Group
(The)
(a)
83,774‌
602,948‌
Total
80,330,216‌
South
Africa
-
4.3%
Absa
Group
Ltd.
113,796‌
1,158,530‌
Anglo
American
Platinum
Ltd.
28,428‌
1,023,408‌
Bid
Corp.
Ltd.
173,669‌
4,462,031‌
Bidvest
Group
Ltd.
(The)
249,017‌
4,230,941‌
FirstRand
Ltd.
1,862,089‌
8,975,199‌
Gold
Fields
Ltd.
263,687‌
4,113,563‌
Harmony
Gold
Mining
Co.
Ltd.
237,861‌
2,458,875‌
Impala
Platinum
Holdings
Ltd.
(a)
257,579‌
1,446,299‌
Mr
Price
Group
Ltd.
90,750‌
1,423,036‌
MTN
Group
Ltd.
526,705‌
2,806,750‌
Naspers
Ltd.
Class
N
47,683‌
11,607,452‌
Sasol
Ltd.
158,373‌
1,066,542‌
Shoprite
Holdings
Ltd.
284,491‌
4,883,026‌
Sibanye
Stillwater
Ltd.
(a)
981,155‌
1,016,313‌
Standard
Bank
Group
Ltd.
193,038‌
2,714,798‌
Total
53,386,763‌
South
Korea
-
13.3%
Alteogen,
Inc.
(a)
6,973‌
1,743,650‌
Amorepacific
Corp.
7,506‌
847,776‌
Celltrion,
Inc.
48,240‌
7,208,149‌
Doosan
Enerbility
Co.
Ltd.
(a)
122,273‌
1,674,627‌
Ecopro
BM
Co.
Ltd.
(a)
11,441‌
1,614,181‌
Ecopro
Co.
Ltd.
(a)
24,775‌
1,678,569‌
Hana
Financial
Group,
Inc.
110,750‌
4,979,812‌
Hanmi
Semiconductor
Co.
Ltd.
9,840‌
814,921‌
Hanwha
Aerospace
Co.
Ltd.
6,039‌
1,371,555‌
Hanwha
Industrial
Solutions
Co.
Ltd.
(a)
6,690‌
170,358‌
HD
Hyundai
Electric
Co.
Ltd.
6,180‌
1,557,169‌
HLB,
Inc.
(a)
36,155‌
2,369,415‌
HMM
Co.
Ltd.
132,327‌
1,875,063‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
5
Common
Stocks
(continued)
Issuer
Shares
Value
($)
HYBE
Co.
Ltd.
7,684‌
991,863‌
Hyundai
Mobis
Co.
Ltd.
9,223‌
1,533,993‌
Hyundai
Motor
Co.
36,934‌
6,891,409‌
Kakao
Corp.
111,516‌
3,082,743‌
KakaoBank
Corp.
76,917‌
1,244,012‌
KB
Financial
Group,
Inc.
114,700‌
7,095,840‌
Kia
Corp.
70,549‌
5,389,497‌
L&F
Co.
Ltd.
(a)
7,994‌
693,828‌
LG
Chem
Ltd.
12,330‌
3,361,356‌
LG
Electronics,
Inc.
42,234‌
3,368,514‌
Meritz
Financial
Group,
Inc.
21,495‌
1,596,058‌
NAVER
Corp.
48,414‌
6,271,570‌
POSCO
Future
M
Co.
Ltd.
6,857‌
1,310,889‌
POSCO
Holdings,
Inc.
20,025‌
5,895,561‌
Samsung
C&T
Corp.
14,606‌
1,539,120‌
Samsung
E&A
Co.
Ltd.
(a)
62,316‌
1,048,369‌
Samsung
Electro-Mechanics
Co.
Ltd.
33,095‌
3,353,282‌
Samsung
Electronics
Co.
Ltd.
1,113,397‌
52,362,098‌
Samsung
SDI
Co.
Ltd.
15,299‌
4,428,134‌
Shinhan
Financial
Group
Co.
Ltd.
167,788‌
7,121,078‌
SK
Hynix,
Inc.
115,956‌
15,482,081‌
SK
Innovation
Co.
Ltd.
(a)
16,813‌
1,505,546‌
SK
Square
Co.
Ltd.
(a)
18,431‌
1,138,812‌
SK
Telecom
Co.
Ltd.
27,669‌
1,182,761‌
Woori
Financial
Group,
Inc.
97,654‌
1,157,480‌
Total
166,951,139‌
Taiwan
-
27.5%
Accton
Technology
Corp.
117,275‌
1,971,476‌
Acer,
Inc.
1,336,054‌
1,722,497‌
Advantech
Co.
Ltd.
122,729‌
1,246,816‌
Alchip
Technologies
Ltd.
23,876‌
1,490,057‌
ASE
Technology
Holding
Co.
Ltd.
648,110‌
3,092,431‌
Asia
Vital
Components
Co.
Ltd.
121,021‌
2,256,249‌
Asustek
Computer,
Inc.
150,325‌
2,626,822‌
AUO
Corp.
(a)
2,517,938‌
1,356,575‌
Catcher
Technology
Co.
Ltd.
569,057‌
4,252,666‌
Cathay
Financial
Holding
Co.
Ltd.
1,931,740‌
4,059,239‌
Chailease
Holding
Co.
Ltd.
268,915‌
1,389,335‌
Chang
Hwa
Commercial
Bank
Ltd.
8,528,808‌
4,824,093‌
China
Airlines
Ltd.
784,639‌
533,068‌
China
Steel
Corp.
4,930,422‌
3,606,695‌
Chipbond
Technology
Corp.
1,382,026‌
2,904,104‌
Chunghwa
Telecom
Co.
Ltd.
2,106,363‌
8,353,169‌
CTBC
Financial
Holding
Co.
Ltd.
7,150,660‌
7,772,825‌
Delta
Electronics,
Inc.
437,380‌
5,258,815‌
E
Ink
Holdings,
Inc.
186,760‌
1,729,123‌
E.Sun
Financial
Holding
Co.
Ltd.
2,127,943‌
1,886,111‌
Elite
Material
Co.
Ltd.
77,834‌
1,099,388‌
eMemory
Technology,
Inc.
21,182‌
1,760,342‌
Eva
Airways
Corp.
1,463,762‌
1,734,507‌
Evergreen
Marine
Corp.
Taiwan
Ltd.
257,130‌
1,633,139‌
Far
Eastern
New
Century
Corp.
6,070,874‌
7,366,425‌
Far
EasTone
Telecommunications
Co.
Ltd.
1,994,794‌
5,717,151‌
Faraday
Technology
Corp.
105,527‌
886,992‌
Formosa
Chemicals
&
Fibre
Corp.
1,206,263‌
1,656,175‌
Formosa
Petrochemical
Corp.
1,180,778‌
1,966,315‌
Formosa
Plastics
Corp.
2,127,031‌
3,595,853‌
Fortune
Electric
Co.
Ltd.
43,419‌
862,988‌
Fubon
Financial
Holding
Co.
Ltd.
1,207,769‌
3,450,060‌
Gigabyte
Technology
Co.
Ltd.
235,445‌
1,923,199‌
Global
Unichip
Corp.
15,922‌
553,432‌
Hon
Hai
Precision
Industry
Co.
Ltd.
2,787,647‌
16,516,323‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Innolux
Corp.
(a)
2,364,454‌
1,206,640‌
Inventec
Corp.
600,356‌
817,637‌
KGI
Financial
Holding
Co.
Ltd.
2,152,713‌
1,122,392‌
Largan
Precision
Co.
Ltd.
42,073‌
3,376,848‌
Lite-On
Technology
Corp.
611,137‌
1,921,480‌
Lotes
Co.
Ltd.
21,943‌
960,329‌
Makalot
Industrial
Co.
Ltd.
254,116‌
2,802,410‌
MediaTek,
Inc.
341,358‌
12,674,250‌
Mega
Financial
Holding
Co.
Ltd.
1,305,168‌
1,620,814‌
Nan
Ya
Plastics
Corp.
3,425,208‌
4,978,736‌
Novatek
Microelectronics
Corp.
162,494‌
2,659,754‌
PharmaEssentia
Corp.
(a)
50,532‌
1,015,542‌
President
Chain
Store
Corp.
422,107‌
3,934,766‌
Quanta
Computer,
Inc.
502,192‌
4,189,363‌
Realtek
Semiconductor
Corp.
76,706‌
1,141,628‌
Taiwan
Business
Bank
12,484,794‌
6,292,401‌
Taiwan
Mobile
Co.
Ltd.
1,988,227‌
7,225,004‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
4,959,785‌
149,985,441‌
Tatung
Co.
Ltd.
(a)
530,426‌
823,802‌
Unimicron
Technology
Corp.
356,317‌
1,621,337‌
Uni-President
Enterprises
Corp.
2,645,971‌
7,290,812‌
United
Microelectronics
Corp.
3,362,255‌
5,715,934‌
Walsin
Lihwa
Corp.
748,857‌
828,211‌
Wan
Hai
Lines
Ltd.
294,223‌
911,123‌
Wistron
Corp.
611,342‌
1,951,102‌
Wiwynn
Corp.
27,311‌
1,480,049‌
Yageo
Corp.
85,107‌
1,675,435‌
Yang
Ming
Marine
Transport
Corp.
627,161‌
1,367,422‌
Total
344,645,117‌
Thailand
-
1.9%
Bangkok
Expressway
&
Metro
PCL
NVDR
4,612,657‌
1,168,306‌
Bumrungrad
Hospital
PCL
NVDR
246,929‌
2,064,296‌
Central
Retail
Corp
PCL
NVDR
1,143,438‌
1,101,595‌
Charoen
Pokphand
Foods
PCL
NVDR
1,890,571‌
1,410,107‌
CP
ALL
PCL
NVDR
2,997,998‌
6,102,676‌
Delta
Electronics
Thailand
PCL
NVDR
1,304,900‌
4,339,190‌
Gulf
Energy
Development
PCL
NVDR
1,614,100‌
2,859,256‌
Kasikornbank
PCL
NVDR
308,884‌
1,439,907‌
Krung
Thai
Bank
PCL
NVDR
2,233,736‌
1,430,035‌
Minor
International
PCL
NVDR
1,074,091‌
942,990‌
Thai
Oil
PCL
NVDR
590,508‌
940,519‌
Total
23,798,877‌
Turkey
-
1.0%
Akbank
TAS
706,464‌
1,272,936‌
BIM
Birlesik
Magazalar
AS
154,419‌
2,241,491‌
Eregli
Demir
ve
Celik
Fabrikalari
TAS
905,183‌
1,416,531‌
KOC
Holding
AS
140,833‌
775,282‌
Sasa
Polyester
Sanayi
AS
(a)
5,406,830‌
680,060‌
Turk
Hava
Yollari
AO
(a)
364,492‌
3,038,566‌
Turkiye
Is
Bankasi
AS
Class
C
1,730,035‌
711,502‌
Turkiye
Petrol
Rafinerileri
AS
519,540‌
2,358,558‌
Yapi
ve
Kredi
Bankasi
AS
714,056‌
645,814‌
Total
13,140,740‌
United
Arab
Emirates
-
4.2%
Abu
Dhabi
Commercial
Bank
PJSC
747,367‌
1,713,267‌
Abu
Dhabi
Islamic
Bank
PJSC
645,985‌
2,237,117‌
Abu
Dhabi
Ports
Co.
PJSC
(a)
1,273,943‌
1,772,352‌
ADNOC
Drilling
Co.
PJSC
808,251‌
1,040,846‌
Adnoc
Gas
PLC
2,299,666‌
1,990,999‌
Aldar
Properties
PJSC
1,002,106‌
2,051,684‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Indexed
ETFs
|
2024
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Alpha
Dhabi
Holding
PJSC
(a)
411,354‌
1,287,931‌
Commercial
Bank
of
Dubai
PSC
678,644‌
1,230,539‌
Dubai
Investments
PJSC
1,067,973‌
607,695‌
Dubai
Islamic
Bank
PJSC
1,442,430‌
2,474,084‌
Emaar
Properties
PJSC
1,375,564‌
3,265,701‌
Emirates
Integrated
Telecommunications
Co.
PJSC
505,764‌
961,131‌
Emirates
NBD
Bank
PJSC
543,732‌
3,005,107‌
Emirates
Telecommunications
Group
Co.
PJSC
857,120‌
4,317,103‌
First
Abu
Dhabi
Bank
PJSC
1,544,653‌
5,778,255‌
International
Holding
Co.
PJSC
(a)
146,453‌
16,228,252‌
Modon
Holding
PSC
(a)
1,145,489‌
1,181,977‌
Multiply
Group
PJSC
(a)
1,236,953‌
794,775‌
NMDC
Group
PJSC
77,507‌
542,739‌
Total
52,481,554‌
Total
Common
Stocks
(Cost:
$1,081,684,044)
1,213,849,407‌
Preferred
Stocks
-
2.5%
Issuer
Shares
Value
($)
Brazil
-
2.4%
Banco
Bradesco
SA
Preference
Shares
1,637,681‌
4,420,638‌
Gerdau
SA
Preference
Shares
463,334‌
1,625,047‌
Itau
Unibanco
Holding
SA
Preference
Shares
1,370,361‌
9,086,587‌
Itausa
SA
Preference
Shares
3,303,548‌
6,715,317‌
Petroleo
Brasileiro
SA
Preference
Shares
1,212,951‌
8,020,560‌
Total
29,868,149‌
Chile
-
0.1%
Sociedad
Quimica
y
Minera
de
Chile
SA
Preference
Shares
Class
B
42,614‌
1,770,481‌
Total
Preferred
Stocks
(Cost:
$31,282,772)
31,638,630‌
Money
Market
Funds
-
0.9%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
4.891%
(g)
10,706,636‌
10,706,636‌
Total
Money
Market
Funds
(Cost:
$10,706,636)
10,706,636‌
Total
Investments
in
Securities
(Cost:
$1,123,673,452)
1,256,194,673‌
Other
Assets
&
Liabilities,
Net
(1,986,187‌)
Net
Assets
1,254,208,486‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
7
Security
Acquisition
Date
Shares
Cost
($)
Value
($)
Gazprom
PJSC
04/19/2016-02/16/2022
251,024
961,853
—
GMK
Norilskiy
Nickel
PAO
ADR
06/19/2020-02/16/2022
19,108
569,160
—
LUKOIL
PJSC
04/19/2016-02/16/2022
14,277
1,117,736
—
Mobile
TeleSystems
PJSC
ADR
06/19/2020-02/16/2022
49,482
421,211
—
3,069,960
—
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,
2024,
the
total
value
of
these
securities
amounted
to
$13,873,984,
which
represents
1.11%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
September
30,
2024,
the
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
September
30,
2024,
the
total
market
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(f)
As
a
result
of
sanctions
and
restricted
cross-border
payments,
certain
income
and/or
principal
has
not
been
recognized
by
the
Fund.
The
Fund
will
continue
to
monitor
the
net
realizable
value
and
record
the
income
when
it
is
considered
collectible.
(g)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2024.
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.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Indexed
ETFs
|
2024
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2024:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
55,052,393
–
–
55,052,393
Chile
4,480,632
–
–
4,480,632
China
980,639
–
–
980,639
Colombia
735,637
–
–
735,637
Egypt
875,821
–
–
875,821
Greece
3,122,304
–
–
3,122,304
Hungary
6,186,979
–
–
6,186,979
India
235,663,055
–
–
235,663,055
Indonesia
37,868,050
–
–
37,868,050
Kuwait
12,490,343
–
–
12,490,343
Malaysia
28,205,819
–
–
28,205,819
Mexico
48,123,281
–
–
48,123,281
Philippines
14,316,289
–
–
14,316,289
Poland
14,281,051
–
–
14,281,051
Qatar
16,732,708
–
–
16,732,708
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
80,330,216
–
–
80,330,216
South
Africa
53,386,763
–
–
53,386,763
South
Korea
166,951,139
–
–
166,951,139
Taiwan
344,645,117
–
–
344,645,117
Thailand
23,798,877
–
–
23,798,877
Turkey
13,140,740
–
–
13,140,740
United
Arab
Emirates
52,481,554
–
–
52,481,554
Total
Common
Stocks
1,213,849,407
–
0
(a)
1,213,849,407
Preferred
Stocks
Brazil
29,868,149
–
–
29,868,149
Chile
1,770,481
–
–
1,770,481
Total
Preferred
Stocks
31,638,630
–
–
31,638,630
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
9
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Money
Market
Funds
10,706,636
–
–
10,706,636
Total
Investments
in
Securities
1,256,194,673
–
0
(a)
1,256,194,673
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
Columbia
India
Consumer
ETF
September
30,
2024
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Indexed
ETFs
|
2024
Notes
to
Consolidated
Portfolio
of
Investments
Common
Stocks
-
105.4%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
62.7%
Apparel
Retail
-
7.4%
Trent
Ltd.
397,762‌
35,953,019‌
Apparel,
Accessories
&
Luxury
Goods
-
4.1%
Titan
Co.
Ltd.
434,201‌
19,813,104‌
Automobile
Manufacturers
-
15.1%
Mahindra
&
Mahindra
Ltd.
866,514‌
32,001,601‌
Maruti
Suzuki
India
Ltd.
142,856‌
22,566,820‌
Tata
Motors
Ltd.
1,582,063‌
18,400,176‌
Total
72,968,597‌
Automotive
Parts
&
Equipment
-
8.4%
Bharat
Forge
Ltd.
478,149‌
8,653,341‌
Bosch
Ltd.
17,929‌
8,061,276‌
Samvardhana
Motherson
International
Ltd.
4,926,598‌
12,427,423‌
Tube
Investments
of
India
Ltd.
227,346‌
11,763,352‌
Total
40,905,392‌
Hotels,
Resorts
&
Cruise
Lines
-
3.0%
Indian
Hotels
Co.
Ltd.
1,755,579‌
14,343,998‌
Motorcycle
Manufacturers
-
16.2%
Bajaj
Auto
Ltd.
185,186‌
27,282,375‌
Eicher
Motors
Ltd.
273,100‌
16,380,052‌
Hero
MotoCorp
Ltd.
267,508‌
18,234,963‌
TVS
Motor
Co.
Ltd.
484,360‌
16,413,953‌
Total
78,311,343‌
Restaurants
-
6.9%
Zomato
Ltd.
(a)
10,276,406‌
33,514,318‌
Tires
&
Rubber
-
1.6%
MRF
Ltd.
4,632‌
7,656,153‌
Total
Consumer
Discretionary
303,465,924‌
Consumer
Staples
-
42.7%
Distillers
&
Vintners
-
2.5%
United
Spirits
Ltd.
644,154‌
12,221,064‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Food
Retail
-
3.9%
Avenue
Supermarts
Ltd.
(a),(b)
314,020‌
19,096,853‌
Packaged
Foods
&
Meats
-
14.7%
Britannia
Industries
Ltd.
243,596‌
18,423,925‌
Marico
Ltd.
1,087,769‌
9,026,531‌
Nestle
India
Ltd.
642,054‌
20,609,396‌
Patanjali
Foods
Ltd.
195,533‌
3,927,985‌
Tata
Consumer
Products
Ltd.
1,345,912‌
19,223,930‌
Total
71,211,767‌
Personal
Care
Products
-
12.9%
Colgate-Palmolive
India
Ltd.
272,720‌
12,381,238‌
Dabur
India
Ltd.
1,227,534‌
9,158,029‌
Godrej
Consumer
Products
Ltd.
772,101‌
12,838,061‌
Hindustan
Unilever
Ltd.
679,580‌
23,990,114‌
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
19,459‌
3,871,923‌
Total
62,239,365‌
Soft
Drinks
&
Non-alcoholic
Beverages
-
3.6%
Varun
Beverages
Ltd.
2,392,437‌
17,309,223‌
Tobacco
-
5.1%
ITC
Ltd.
3,975,883‌
24,583,210‌
Total
Consumer
Staples
206,661,482‌
Total
Common
Stocks
(Cost:
$364,927,488)
510,127,406‌
Money
Market
Funds
-
0.2%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
4.891%
(c)
914,899‌
914,899‌
Total
Money
Market
Funds
(Cost:
$914,899)
914,899‌
Total
Investments
in
Securities
(Cost:
$365,842,387)
511,042,305‌
Other
Assets
&
Liabilities,
Net
(27,160,484‌)
Net
Assets
483,881,821‌
(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,
2024,
the
total
value
of
these
securities
amounted
to
$19,096,853,
which
represents
3.95%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2024.
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.).
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
(continued)
Columbia
India
Consumer
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
11
Fair
Value
Measurements
(continued)
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2024:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Consumer
Discretionary
303,465,924
–
–
303,465,924
Consumer
Staples
206,661,482
–
–
206,661,482
Total
Common
Stocks
510,127,406
–
–
510,127,406
Money
Market
Funds
914,899
–
–
914,899
Total
Investments
in
Securities
511,042,305
–
–
511,042,305
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2024
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Indexed
ETFs
|
2024
Common
Stocks
-
96.7%
Issuer
Shares
Value
($)
Brazil
-
2.0%
B3
SA
-
Brasil
Bolsa
Balcao
94,712‌
186,266‌
Banco
BTG
Pactual
SA
24,638‌
150,521‌
Banco
do
Brasil
SA
27,791‌
138,705‌
Localiza
Rent
a
Car
SA
25,524‌
192,163‌
Suzano
SA
14,586‌
145,812‌
WEG
SA
28,678‌
286,422‌
Total
1,099,889‌
China
-
25.4%
Agricultural
Bank
of
China,
Ltd.
Class
H
321,306‌
151,397‌
Alibaba
Group
Holding
Ltd.
179,353‌
2,539,920‌
Bank
of
China,
Ltd.
Class
H
916,898‌
433,217‌
BYD
Co.
Ltd.
Class
H
12,729‌
465,078‌
China
CITIC
Bank
Corp.
Ltd.
Class
H
136,163‌
86,948‌
China
Construction
Bank
Corp.
Class
H
1,027,592‌
777,887‌
China
Life
Insurance
Co.,
Ltd.
Class
H
120,490‌
242,298‌
China
Merchants
Bank
Co.,
Ltd.
Class
H
49,959‌
247,946‌
China
Overseas
Land
&
Investment,
Ltd.
75,918‌
155,599‌
China
Pacific
Insurance
Group
Co.,
Ltd.
Class
H
41,339‌
149,017‌
China
Petroleum
&
Chemical
Corp.
Class
H
376,163‌
234,391‌
China
Resources
Land,
Ltd.
51,918‌
191,497‌
China
Resources
Power
Holdings
Co.,
Ltd.
37,224‌
101,117‌
ENN
Energy
Holdings
Ltd.
14,204‌
109,810‌
H
World
Group
Ltd.
ADR
3,217‌
119,672‌
Haier
Smart
Home
Co.
Ltd.
Class
H
43,494‌
174,704‌
Industrial
&
Commercial
Bank
of
China,
Ltd.
Class
H
749,388‌
447,655‌
Innovent
Biologics,
Inc.
(a)(b)
21,061‌
127,708‌
JD.com,
Inc.
Class
A
30,780‌
662,161‌
Kuaishou
Technology
(a)(b)
30,742‌
217,084‌
Kweichow
Moutai
Co.
Ltd.
(b)
7,445‌
1,854,857‌
Lenovo
Group,
Ltd.
111,673‌
152,396‌
Li
Auto,
Inc.
Class
A
(b)
14,888‌
207,196‌
Meituan
Class
B
(a)(b)
52,197‌
1,155,827‌
NetEase
,
Inc.
21,576‌
418,048‌
NIO,
Inc.
ADR
(b)
22,004‌
146,987‌
Nongfu
Spring
Co.
Ltd.
Class
H
(a)
27,872‌
122,719‌
PetroChina
Co.,
Ltd.
Class
H
274,286‌
223,878‌
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
H
77,388‌
499,647‌
Postal
Savings
Bank
of
China
Co.
Ltd.
Class
H
(a)
168,490‌
100,866‌
Shenzhou
International
Group
Holdings,
Ltd.
14,106‌
128,121‌
Tencent
Music
Entertainment
Group
ADR
8,993‌
108,366‌
Trip.com
Group
Ltd.
ADR
(b)
6,829‌
405,847‌
Xiaomi
Corp.
Class
B
(a)(b)
203,167‌
588,511‌
ZTO
Express
Cayman,
Inc.
ADR
6,667‌
165,142‌
Total
13,913,514‌
Czech
Republic
-
0.3%
CEZ
AS
4,145‌
161,533‌
Egypt
-
0.1%
Commercial
International
Bank
-
Egypt
(CIB)
29,153‌
51,003‌
Greece
-
0.3%
Eurobank
Ergasias
Services
and
Holdings
SA
58,629‌
134,660‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Hungary
-
0.2%
OTP
Bank
Nyrt
2,487‌
130,412‌
India
-
22.2%
Adani
Green
Energy
Ltd.
(b)
3,918‌
88,958‌
Apollo
Hospitals
Enterprise,
Ltd.
1,784‌
153,259‌
Asian
Paints
Ltd.
6,793‌
269,860‌
Axis
Bank
Ltd.
24,850‌
365,390‌
Bajaj
Auto
Ltd.
1,005‌
148,061‌
Bajaj
Finance
Ltd.
2,712‌
249,287‌
Bharat
Electronics
Ltd.
51,346‌
174,684‌
Bharat
Petroleum
Corp.
Ltd.
32,055‌
141,510‌
Bharti
Airtel
Ltd.
27,348‌
557,901‌
Cholamandalam
Investment
and
Finance
Co.
Ltd.
5,326‌
102,197‌
Cipla
Ltd.
8,656‌
170,855‌
Cummins
India,
Ltd.
2,653‌
120,493‌
Divi's
Laboratories,
Ltd.
2,010‌
130,560‌
DLF,
Ltd.
12,536‌
133,907‌
GAIL
India,
Ltd.
43,551‌
124,877‌
Grasim
Industries
Ltd.
6,989‌
233,148‌
HCL
Technologies
Ltd.
10,729‌
229,953‌
HDFC
Bank
Ltd.
59,868‌
1,237,384‌
HDFC
Life
Insurance
Co.
Ltd.
(a)
11,838‌
101,427‌
Hero
MotoCorp
Ltd.
1,952‌
133,060‌
Hindalco
Industries
Ltd.
27,531‌
248,432‌
ICICI
Bank
Ltd.
54,889‌
833,803‌
Indian
Hotels
Co.
Ltd.
14,951‌
122,157‌
Indian
Oil
Corp.,
Ltd.
60,890‌
130,897‌
Infosys,
Ltd.
31,412‌
703,048‌
ITC
Ltd.
29,101‌
179,934‌
Jio
Financial
Services
Ltd.
(b)
39,812‌
166,562‌
Kotak
Mahindra
Bank
Ltd.
11,890‌
263,045‌
Larsen
&
Toubro
Ltd.
8,186‌
359,041‌
Mahindra
&
Mahindra
Ltd.
10,582‌
390,808‌
Nestle
India
Ltd.
3,447‌
110,646‌
Pidilite
Industries
Ltd.
3,431‌
137,541‌
Power
Grid
Corp
of
India
Ltd.
58,326‌
245,585‌
Reliance
Industries,
Ltd.
37,731‌
1,329,638‌
Shriram
Finance
Ltd.
2,976‌
127,027‌
Siemens,
Ltd.
1,447‌
125,186‌
State
Bank
of
India
19,388‌
182,286‌
Suzlon
Energy,
Ltd.
(b)
140,105‌
133,833‌
Tata
Consultancy
Services,
Ltd.
8,909‌
453,789‌
Tata
Power
Co.
Ltd.
(The)
27,479‌
158,248‌
Tech
Mahindra
Ltd.
8,120‌
152,824‌
Titan
Co.
Ltd.
4,951‌
225,920‌
TVS
Motor
Co.
Ltd.
3,894‌
131,960‌
Wipro
Ltd.
21,025‌
135,845‌
Zomato
Ltd.
(b)
74,245‌
242,134‌
Total
12,156,960‌
Indonesia
-
1.7%
Amman
Mineral
Internasional
PT
(b)
226,577‌
138,805‌
PT
Astra
International
Tbk
478,922‌
159,746‌
PT
Bank
Central
Asia
Tbk
684,735‌
466,968‌
PT
Telkom
Indonesia
Persero
Tbk
859,590‌
169,760‌
Total
935,279‌
Kuwait
-
0.6%
Agility
Global
PLC
419,043‌
139,187‌
Agility
Public
Warehousing
Co
KSC
263,672‌
189,170‌
Total
328,357‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
13
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Malaysia
-
1.5%
CIMB
Group
Holdings
Bhd
109,100‌
212,988‌
Malayan
Banking
Bhd
47,400‌
120,468‌
Public
Bank
Bhd
205,500‌
227,254‌
Tenaga
Nasional
Bhd
65,900‌
230,774‌
Total
791,484‌
Mexico
-
2.1%
America
Movil
SAB
de
CV
Series
B
439,795‌
362,345‌
Cemex
SAB
de
CV
Series
CPO
319,389‌
196,502‌
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
19,590‌
194,241‌
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
34,352‌
244,470‌
Wal-Mart
de
Mexico
SAB
de
CV
49,727‌
150,105‌
Total
1,147,663‌
Philippines
-
0.4%
SM
Investments
Corp.
12,830‌
218,880‌
Qatar
-
0.8%
Qatar
Gas
Transport
Co.,
Ltd.
96,918‌
115,790‌
Qatar
National
Bank
QPSC
67,476‌
314,122‌
Total
429,912‌
Russia
-
0.0%
Magnit
PJSC
(c),(d),(e),(f)
15,524‌
0‌
Mobile
TeleSystems
PJSC
ADR
(b),(c),(d),(e)
86,390‌
0‌
Total
0‌
Saudi
Arabia
-
3.8%
ACWA
Power
Co.
1,677‌
221,103‌
Al
Rajhi
Bank
22,403‌
520,750‌
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
1,768‌
139,785‌
SABIC
Agri
-Nutrients
Co.
5,845‌
185,100‌
Saudi
Arabian
Oil
Co.
(a)
47,392‌
342,358‌
Saudi
Basic
Industries
Corp.
16,584‌
331,114‌
Saudi
Telecom
Co.
29,101‌
338,997‌
Total
2,079,207‌
South
Africa
-
2.8%
Capitec
Bank
Holdings
Ltd.
1,366‌
241,335‌
FirstRand
Ltd.
71,784‌
345,996‌
Gold
Fields
Ltd.
12,269‌
191,399‌
Naspers
Ltd.
Class
N
1,849‌
450,101‌
Standard
Bank
Group
Ltd.
21,923‌
308,315‌
Total
1,537,146‌
South
Korea
-
11.2%
Celltrion
,
Inc.
1,991‌
297,501‌
Doosan
Enerbility
Co.
Ltd.
(b)
10,414‌
142,628‌
Hana
Financial
Group,
Inc.
3,715‌
167,043‌
Hyundai
Mobis
Co.
Ltd.
978‌
162,663‌
Hyundai
Motor
Co.
1,640‌
306,003‌
Kakao
Corp.
5,586‌
154,419‌
KB
Financial
Group,
Inc.
4,363‌
269,914‌
LG
Electronics,
Inc.
1,736‌
138,461‌
LG
Energy
Solution
Ltd.
(b)
674‌
213,637‌
NAVER
Corp.
1,986‌
257,267‌
POSCO
Holdings,
Inc.
1,142‌
336,216‌
Samsung
Biologics
Co.
Ltd.
(a)(b)
283‌
211,433‌
Samsung
C&T
Corp.
1,467‌
154,586‌
Samsung
Electro-Mechanics
Co.
Ltd.
1,176‌
119,156‌
Samsung
Electronics
Co.
Ltd.
34,730‌
1,633,322‌
Samsung
Fire
&
Marine
Insurance
Co.,
Ltd.
394‌
103,795‌
Samsung
SDI
Co.
Ltd.
724‌
209,554‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Shinhan
Financial
Group
Co.
Ltd.
5,628‌
238,858‌
SK
Hynix,
Inc.
6,013‌
802,837‌
SK
Square
Co.
Ltd.
(b)
1,608‌
99,355‌
Woori
Financial
Group,
Inc.
9,632‌
114,167‌
Total
6,132,815‌
Taiwan
-
16.5%
Accton
Technology
Corp.
6,857‌
115,271‌
ASE
Technology
Holding
Co.
Ltd.
50,939‌
243,053‌
Asustek
Computer,
Inc.
10,775‌
188,285‌
Cathay
Financial
Holding
Co.
Ltd.
124,408‌
261,423‌
Chailease
Holding
Co.
Ltd.
18,984‌
98,080‌
China
Steel
Corp.
295,837‌
216,410‌
Chunghwa
Telecom
Co.
Ltd.
51,988‌
206,168‌
CTBC
Financial
Holding
Co.
Ltd.
212,571‌
231,066‌
Delta
Electronics,
Inc.
26,449‌
318,008‌
E
Ink
Holdings,
Inc.
13,714‌
126,972‌
E.Sun
Financial
Holding
Co.
Ltd.
183,836‌
162,944‌
Evergreen
Marine
Corp.
Taiwan
Ltd.
19,592‌
124,437‌
First
Financial
Holding
Co.
Ltd.
116,060‌
100,486‌
Fubon
Financial
Holding
Co.
Ltd.
90,514‌
258,558‌
Hotai
Motor
Co.
Ltd.
7,837‌
175,578‌
Hua
Nan
Financial
Holdings
Co.
Ltd.
131,579‌
106,855‌
KGI
Financial
Holding
Co.
Ltd.
220,408‌
114,917‌
Lite-On
Technology
Corp.
37,224‌
117,036‌
MediaTek
,
Inc.
16,653‌
618,308‌
Mega
Financial
Holding
Co.
Ltd.
124,075‌
154,082‌
Nan
Ya
Plastics
Corp.
154,852‌
225,086‌
Novatek
Microelectronics
Corp.
9,796‌
160,344‌
Quanta
Computer,
Inc.
28,408‌
236,984‌
Realtek
Semiconductor
Corp.
7,837‌
116,639‌
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
67,592‌
82,444‌
SinoPac
Financial
Holdings
Co.
Ltd.
157,718‌
120,856‌
Taishin
Financial
Holding
Co.
Ltd.
180,393‌
104,885‌
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
107,437‌
87,928‌
Taiwan
Mobile
Co.
Ltd.
49,497‌
179,867‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
89,143‌
2,695,712‌
TCC
Group
Holdings
160,653‌
171,585‌
Uni
-President
Enterprises
Corp.
55,032‌
151,637‌
United
Microelectronics
Corp.
166,531‌
283,108‌
Wistron
Corp.
39,184‌
125,056‌
Wiwynn
Corp.
980‌
53,109‌
Yageo
Corp.
8,192‌
161,270‌
Yuanta
Financial
Holding
Co.
Ltd.
141,864‌
142,104‌
Total
9,036,551‌
Thailand
-
1.6%
Advanced
Info
Service
PCL
NVDR
24,100‌
194,732‌
Airports
of
Thailand
PCL
NVDR
92,400‌
183,781‌
Gulf
Energy
Development
PCL
NVDR
156,300‌
276,874‌
PTT
PCL
NVDR
NVDR
189,700‌
200,444‌
Total
855,831‌
Turkey
-
0.8%
Akbank
TAS
51,111‌
92,094‌
BIM
Birlesik
Magazalar
AS
5,806‌
84,278‌
KOC
Holding
AS
15,636‌
86,076‌
Turk
Hava
Yollari
AO
(b)
16,302‌
135,900‌
Turkiye
Is
Bankasi
AS
Class
C
149,030‌
61,291‌
Total
459,639‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Indexed
ETFs
|
2024
Common
Stocks
(continued)
Issuer
Shares
Value
($)
United
Arab
Emirates
-
2.4%
Abu
Dhabi
Commercial
Bank
PJSC
48,808‌
111,887‌
Abu
Dhabi
Islamic
Bank
PJSC
29,023‌
100,510‌
Aldar
Properties
PJSC
83,586‌
171,132‌
Dubai
Islamic
Bank
PJSC
36,059‌
61,849‌
Emaar
Properties
PJSC
108,887‌
258,506‌
Emirates
Telecommunications
Group
Co.
PJSC
69,078‌
347,929‌
First
Abu
Dhabi
Bank
PJSC
65,841‌
246,299‌
Total
1,298,112‌
Total
Common
Stocks
(Cost:
$53,735,001)
52,898,847‌
Preferred
Stocks
-
2.9%
Issuer
Shares
Value
($)
Brazil
-
2.4%
Banco
Bradesco
SA
Preference
Shares
83,576‌
225,599‌
Itau
Unibanco
Holding
SA
Preference
Shares
67,409‌
446,976‌
Itausa
SA
Preference
Shares
142,214‌
289,087‌
Petroleo
Brasileiro
SA
Preference
Shares
55,879‌
369,496‌
Total
1,331,158‌
Chile
-
0.3%
Sociedad
Quimica
y
Minera
de
Chile
SA
Preference
Shares
Class
B
3,135‌
130,250‌
Colombia
-
0.2%
Bancolombia
SA
Class
Preference
13,067‌
103,871‌
Total
Preferred
Stocks
(Cost:
$1,448,167)
1,565,279‌
Money
Market
Funds
-
0.6%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
4.891%
(g)
329,072‌
329,072‌
Total
Money
Market
Funds
(Cost:
$329,072)
329,072‌
Total
Investments
in
Securities
(Cost:
$55,512,240)
54,793,198‌
Other
Assets
&
Liabilities,
Net
(100,866‌)
Net
Assets
54,692,332‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
15
Security
Acquisition
Date
Shares
Cost
($)
Value
($)
Magnit
PJSC
12/27/2012-12/17/2021
15,524
3,017,072
—
Mobile
TeleSystems
PJSC
ADR
09/18/2020-12/17/2021
86,390
774,283
—
3,791,355
—
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,
2024,
the
total
value
of
these
securities
amounted
to
$2,967,933,
which
represents
5.43%
of
total
net
assets.
(b)
Non-income
producing
investment.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
September
30,
2024,
the
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
September
30,
2024,
the
total
market
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(f)
As
a
result
of
sanctions
and
restricted
cross-border
payments,
certain
income
and/or
principal
has
not
been
recognized
by
the
Fund.
The
Fund
will
continue
to
monitor
the
net
realizable
value
and
record
the
income
when
it
is
considered
collectible.
(g)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2024.
Abbreviation
Legend
ADR
American
Depositary
Receipts
NVDR
Non-Voting
Depository
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
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.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Indexed
ETFs
|
2024
Fair
Value
Measurements
(continued)
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2024:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
1,099,889
–
–
1,099,889
China
13,913,514
–
–
13,913,514
Czech
Republic
161,533
–
–
161,533
Egypt
51,003
–
–
51,003
Greece
134,660
–
–
134,660
Hungary
130,412
–
–
130,412
India
12,156,960
–
–
12,156,960
Indonesia
935,279
–
–
935,279
Kuwait
328,357
–
–
328,357
Malaysia
791,484
–
–
791,484
Mexico
1,147,663
–
–
1,147,663
Philippines
218,880
–
–
218,880
Qatar
429,912
–
–
429,912
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
2,079,207
–
–
2,079,207
South
Africa
1,537,146
–
–
1,537,146
South
Korea
6,132,815
–
–
6,132,815
Taiwan
9,036,551
–
–
9,036,551
Thailand
855,831
–
–
855,831
Turkey
459,639
–
–
459,639
United
Arab
Emirates
1,298,112
–
–
1,298,112
Total
Common
Stocks
52,898,847
–
0
(a)
52,898,847
Preferred
Stocks
Brazil
1,331,158
–
–
1,331,158
Chile
130,250
–
–
130,250
Colombia
103,871
–
–
103,871
Total
Preferred
Stocks
1,565,279
–
–
1,565,279
Money
Market
Funds
329,072
–
–
329,072
Total
Investments
in
Securities
54,793,198
–
0
(a)
54,793,198
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero
.
STATEMENT
OF
ASSETS
AND
LIABILITIES
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
17
Columbia
EM
Core
ex-
China
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Columbia
Research
Enhanced
Emerging
Economies
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$1,123,673,452,
$365,842,387
and
$55,512,240,
respectively)
$1,256,194,673
$511,042,305
$54,793,198
Cash
320,943
1
–
Foreign
currency
(cost
$233,973,
$12,885
and
$39,921,
respectively)
233,925
10,238
39,985
Receivable
for:
Dividends
2,758,854
8,128
179,717
Foreign
tax
reclaims
67,842
–
6,953
Reimbursement
due
from
Investment
Manager
–
1,061
11,857
Total
assets
1,259,576,237
511,061,733
55,031,710
Liabilities
Payable
for:
Investment
management
fees
159,616
282,503
20,771
Foreign
capital
gains
taxes
deferred
4,993,927
26,897,021
249,797
Accrued
expenses
and
other
liabilities
214,208
388
68,810
Total
liabilities
5,367,751
27,179,912
339,378
Net
assets
applicable
to
outstanding
capital
stock
$1,254,208,486
$483,881,821
$54,692,332
Represented
by:
Paid-in
capital
$1,118,020,829
$361,198,855
$280,858,194
Total
distributable
earnings
(loss)
136,187,657
122,682,966
(226,165,862)
Total
—
representing
net
assets
applicable
to
outstanding
capital
stock
$1,254,208,486
$483,881,821
$54,692,332
Shares
outstanding
38,250,000
6,350,000
2,400,000
Net
asset
value
per
share
$32.79
$76.20
$22.79
STATEMENT
OF
OPERATIONS
Six
Months
Ended
September
30,
2024
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Indexed
ETFs
|
2024
Columbia
EM
Core
ex-
China
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Columbia
Research
Enhanced
Emerging
Economies
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$20,917,302
$2,094,649
$1,170,748
Foreign
taxes
withheld
(2,830,245)
(474,435)
(118,149)
Total
income
18,087,057
1,620,214
1,052,599
Expenses:
Investment
management
fees
884,735
1,313,752
135,967
Mauritius
taxes
paid
–
1,061
–
Overdraft
expense
29,739
12,045
12,188
Total
expenses
914,474
1,326,858
148,155
Fees
waived
by
the
Investment
Manager
and
its
affiliates
–
(13,106)
(12,485)
Total
net
expenses
914,474
1,313,752
135,670
Net
Investment
income
17,172,583
306,462
916,929
Realized
and
unrealized
gain
(loss)
—
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(3,259,508)
9,243,329
3,433,341
In-kind
transactions
–
–
211,498
Foreign
currency
translations
(816,907)
(322,586)
(96,359)
Net
realized
gain
(loss)
(4,076,415)
8,920,743
3,548,480
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
55,640,872
73,826,446
780,014
Foreign
capital
gains
tax
(3,400,290)
(18,707,695)
179,981
Foreign
currency
translations
18,308
(2,096)
301
Net
change
in
unrealized
appreciation
52,258,890
55,116,655
960,296
Net
realized
and
unrealized
gain
48,182,475
64,037,398
4,508,776
Net
Increase
in
net
assets
resulting
from
operations
$65,355,058
$64,343,860
$5,425,705
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
19
,
Columbia
EM
Core
ex-China
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Six
Months
Ended
September
30,
2024
(Unaudited)
Year
Ended
March
31,
2024
Six
Months
Ended
September
30,
2024
(Unaudited)
Year
Ended
March
31,
2024
Operations
Net
investment
income
$17,172,583
$13,035,817
$306,462
$73,207
Net
realized
gain
(loss)
(4,076,415)
(2,999,184)
8,920,743
(1,690,900)
Net
change
in
unrealized
appreciation
52,258,890
75,730,642
55,116,655
49,460,734
Net
increase
in
net
assets
resulting
from
operations
65,355,058
85,767,275
64,343,860
47,843,041
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(7,788,221)
–
(5,489,494)
Shareholder
transactions
Proceeds
from
shares
sold
244,286,603
692,688,015
171,831,580
134,345,758
Cost
of
shares
redeemed
–
–
–
–
Net
increase
in
net
assets
resulting
from
shareholder
transactions
244,286,603
692,688,015
171,831,580
134,345,758
Increase
in
net
assets
309,641,661
770,667,069
236,175,440
176,699,305
Net
Assets:
Net
assets
at
beginning
of
period
944,566,825
173,899,756
247,706,381
71,007,076
Net
assets
at
end
of
period
$1,254,208,486
$944,566,825
$483,881,821
$247,706,381
Capital
stock
activity
Shares
outstanding,
beginning
of
period
30,500,000
6,450,000
3,900,000
1,600,000
Shares
sold
7,750,000
24,050,000
2,450,000
2,300,000
Shares
redeemed
–
–
–
–
Shares
outstanding,
end
of
period
38,250,000
30,500,000
6,350,000
3,900,000
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Indexed
ETFs
|
2024
Columbia
Research
Enhanced
Emerging
Economies
ETF
Six
Months
Ended
September
30,
2024
(Unaudited)
Year
Ended
March
31,
2024
Operations
Net
investment
income
$916,929
$1,062,431
Net
realized
gain
(loss)
3,548,480
(4,790,908)
Net
change
in
unrealized
appreciation
960,296
4,814,847
Net
increase
in
net
assets
resulting
from
operations
5,425,705
1,086,370
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(1,015,250)
Shareholder
transactions
Proceeds
from
shares
sold
–
–
Cost
of
shares
redeemed
(9,560,768)
(26,323,127)
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(9,560,768)
(26,323,127)
Decrease
in
net
assets
(4,135,063)
(26,252,007)
Net
Assets:
Net
assets
at
beginning
of
period
58,827,395
85,079,402
Net
assets
at
end
of
period
$54,692,332
$58,827,395
Capital
stock
activity
Shares
outstanding,
beginning
of
period
2,850,000
4,150,000
Shares
sold
–
–
Shares
redeemed
(450,000)
(1,300,000)
Shares
outstanding,
end
of
period
2,400,000
2,850,000
FINANCIAL
HIGHLIGHTS
Columbia
EM
Core
ex-China
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
21
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
Price
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
ratios
of
expenses
and
net
investment
income
are
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Six
Months
Ended
September
30,
2024
(Unaudited)
Year
Ended
March
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$30.97‌
$26.96‌
$30.73‌
$31.65‌
$19.09‌
$25.40‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.49‌
0.80‌
0.86‌
0.80‌
0.68‌
0.69‌
Net
realized
and
unrealized
gain
(loss)
1.33‌
3.58‌
(4.01‌)
(1.10‌)
12.37‌
(6.41‌)
Total
from
investment
operations
1.82‌
4.38‌
(3.15‌)
(0.30‌)
13.05‌
(5.72‌)
Less
distributions
to
shareholders:
Net
investment
income
–‌
(0.37‌)
(0.62‌)
(0.58‌)
(0.49‌)
(0.59‌)
Net
realized
gains
–‌
–‌
–‌
(0.04‌)
–‌
–‌
Total
distribution
to
shareholders
–‌
(0.37‌)
(0.62‌)
(0.62‌)
(0.49‌)
(0.59‌)
Net
asset
value,
end
of
period
$32.79‌
$30.97‌
$26.96‌
$30.73‌
$31.65‌
$19.09‌
Total
Return
at
NAV
5.88‌%
16.32‌%
(10.15‌)%
(0.96‌)%
68.56‌%
(23.25‌)%
Total
Return
at
Market
Price
5.05‌%
16.41‌%
(9.43‌)%
(1.94‌)%
69.09‌%
(23.43‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.17‌%
(b)
0.16‌%
(c)
0.16‌%
(d)
0.16‌%
(e)
0.16‌%
0.19‌%
(f)
Total
net
expenses
(a)(g)
0.17‌%
(b)
0.16‌%
(c)
0.16‌%
(d)
0.16‌%
(e)
0.16‌%
0.19‌%
(f)
Net
Investment
income
3.11‌%
2.79‌%
3.28‌%
2.53‌%
2.61‌%
2.70‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$1,254,208‌
$944,567‌
$173,900‌
$95,264‌
$30,070‌
$14,321‌
Portfolio
turnover
13‌%
14‌%
19‌%
13‌%
19‌%
14‌%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
ratio
includes
0.01%
for
the
period
ended
September
30,
2024
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2024
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2023
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,
2022
attributed
to
overdraft
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,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
India
Consumer
ETF
(Consolidated)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Indexed
ETFs
|
2024
s
Six
Months
Ended
September
30,
2024
(Unaudited)
Year
Ended
March
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$63.51‌
$44.38‌
$50.13‌
$50.85‌
$30.80‌
$42.08‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.06‌
0.03‌
0.12‌
0.38‌
0.09‌
0.29‌
Net
realized
and
unrealized
gain
(loss)
12.63‌
21.34‌
(1.07‌)
2.27‌
20.12‌
(11.45‌)
Total
from
investment
operations
12.69‌
21.37‌
(0.95‌)
2.65‌
20.21‌
(11.16‌)
Less
distributions
to
shareholders:
Net
investment
income
–‌
–‌
(0.11‌)
(0.08‌)
(0.16‌)
(0.12‌)
Net
realized
gains
–‌
(2.24‌)
(4.69‌)
(3.29‌)
–‌
–‌
Total
distribution
to
shareholders
–‌
(2.24‌)
(4.80‌)
(3.37‌)
(0.16‌)
(0.12‌)
Net
asset
value,
end
of
period
$76.20‌
$63.51‌
$44.38‌
$50.13‌
$50.85‌
$30.80‌
Total
Return
at
NAV
19.98‌%
48.74‌%
(2.38‌)%
5.22‌%
65.67‌%
(26.60‌)%
Total
Return
at
Market
Price
20.22‌%
49.80‌%
(1.14‌)%
3.17‌%
69.58‌%
(28.00‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0
.76‌%
(b)
0.77‌%
(c)
0.77‌%
(d)
0.77‌%
(e)
0.80‌%
(f)
0.81‌%
(g)
Total
net
expenses
(a)(h)
0.75‌%
(b)
0.75‌%
(c)
0.75‌%
(d)
0.75‌%
(e)
0.75‌%
(f)
0.81‌%
(g)
Net
Investment
income
0.17‌%
0.06‌%
0.24‌%
0.70‌%
0.22‌%
0.70‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$483,882‌
$247,706‌
$71,007‌
$77,709‌
$91,532‌
$67,764‌
Portfolio
turnover
4‌%
24‌%
22‌%
31‌%
16‌%
11‌%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
total
gross
expense
ratio
includes
0.01%
for
the
period
ended
September
30,
2024
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
was
waived
for
the
period
ended
September
30,
2024.
(c)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2024
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,
2024.
(d)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2023
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,
2023.
(e)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(f)
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.
(g)
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).
(h)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Emerging
Economies
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2024
23
Six
Months
Ended
September
30,
2024
(Unaudited)
Year
Ended
March
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$20.64‌
$20.50‌
$21.33‌
$27.73‌
$19.65‌
$22.67‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.35‌
0.32‌
0.35‌
0.33‌
0.29‌
0.27‌
Net
realized
and
unrealized
gain
(loss)
1.80‌
0.15‌
(0.77‌)
(6.47‌)
7.97‌
(2.90‌)
Total
from
investment
operations
2.15‌
0.47‌
(0.42‌)
(6.14‌)
8.26‌
(2.63‌)
Less
distributions
to
shareholders:
Net
investment
income
–‌
(0.33‌)
(0.41‌)
(0.26‌)
(0.18‌)
(0.39‌)
Net
asset
value,
end
of
period
$22.79‌
$20.64‌
$20.50‌
$21.33‌
$27.73‌
$19.65‌
Total
Return
at
NAV
10.42‌%
2.29‌%
(1.93‌)%
(22.22‌)%
42.02‌%
(11.87‌)%
Total
Return
at
Market
Price
9.63‌%
2.10‌%
(0.95‌)%
(23.46‌)%
43.27‌%
(11.95‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.53‌%
(b)
0.49‌%
(c)
0.49‌%
(d)
0.53‌%
(e)
0.59‌%
(f)
0.60‌%
(g)
Total
net
expenses
(h)
0.49‌%
(b)
0.49‌%
(c)
0.49‌%
(a)(d)
0.53‌%
(a)(e)
0.59‌%
(a)(f)
0.60‌%
(a)(g)
Net
Investment
income
3.30‌%
1.58‌%
1.71‌%
1.28‌%
1.14‌%
1.20‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$54,692‌
$58,827‌
$85,079‌
$117,297‌
$182,999‌
$174,921‌
Portfolio
turnover
89‌%
34‌%
25‌%
31‌%
40‌%
37‌%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
total
gross
expense
ratio
includes
0.04%
for
the
period
ended
September
30,
2024
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,
2024.
(c)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2024
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
year
ended
March
31,
2024.
(d)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2023
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
year
ended
March
31,
2023.
(e)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(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)
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,
2024
(Unaudited)
24
Indexed
ETFs
|
2024
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
India
Consumer
ETF
and
Columbia
Research
Enhanced
Emerging
Economies
ETF
(formerly
known
as
Columbia
Emerging
Markets
Consumer
ETF).
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
At
period
end,
Columbia
Research
Enhanced
Emerging
Economies
ETF
was
operating
as
a
diversified
fund.
Effective
June
28,
2024,
Columbia
Emerging
Markets
Consumer
ETF
was
renamed
Columbia
Research
Enhanced
Emerging
Economies
ETF.
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
completed
the
transition
of
its
investments
in
Indian
securities
out
of
its
Subsidiary
in
November
2024
and
holds
investments
in
Indian
securities
directly
in
the
Fund.
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.
Therefore,
Columbia
India
Consumer
ETF
no
longer
has
any
material
advantages
to
invest
in
Indian
securities
via
the
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.
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
0.9%
4,187,056
90,621
10,634,907
(6,914,373)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
Indexed
ETFs
|
2024
25
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
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
26
Indexed
ETFs
|
2024
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
Interest
income
is
recorded
on
an
accrual
basis.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
Indexed
ETFs
|
2024
27
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.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Funds
(including
but
not
limited
to
overdraft
fees),
if
any;
brokerage
expenses,
fees,
commissions
and
other
portfolio
transaction
expenses
(including
but
not
limited
to
service
fees
charged
by
custodians
of
depository
receipts
and
scrip
fees
related
to
registrations
on
foreign
exchanges);
interest
and
fee
expense
related
to
the
Funds’
participation
in
inverse
floater
structures;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses
(including
but
not
limited
to
arbitrations
and
indemnification
expenses);
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
and
is
paid
as
follows:
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Effective
investment
management
fee
rate
(%)
Fund
Columbia
EM
Core
ex-China
ETF
0.16
Columbia
India
Consumer
ETF
0.75
Columbia
Research
Enhanced
Emerging
Economies
ETF
0.49
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
28
Indexed
ETFs
|
2024
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below)
for
the
period(s)
disclosed
below,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
following
annual
rate(s)
as
a
percentage
of
the
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
expenses
associated
with
investment
in
affiliated
and
non-affiliated
pooled
investment
vehicles
(including
mutual
funds
and
ETFs
(but
not
for
Columbia
Research
Enhanced
Emerging
Economies
ETF)),
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
September
30,
2024,
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,
2024,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Under
current
tax
rules,
regulated
investment
companies
can
elect
to
treat
certain
late-year
ordinary
losses
incurred
and
post-October
capital
losses
(capital
losses
realized
after
October
31)
as
arising
on
the
first
day
of
the
following
taxable
year.
The
Funds
will
elect
to
treat
the
following
late-year
ordinary
losses
and
post-October
capital
losses
at
March
31,
2024
as
arising
on
April
1,
2024.
Fund
Through
July
31,
2025
Columbia
India
Consumer
ETF
0.75%
Columbia
Research
Enhanced
Emerging
Economies
ETF
0.49%
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
1,123,673,452
187,195,860
(54,674,639)
132,521,221
Columbia
India
Consumer
ETF
365,842,387
145,199,918
-
145,199,918
Columbia
Research
Enhanced
Emerging
Economies
ETF
55,512,240
5,466,428
(6,185,470)
(719,042)
Fund
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Columbia
EM
Core
ex-China
ETF
(2,020,515)
(1,099,204)
(3,119,719)
Columbia
India
Consumer
ETF
-
-
-
Columbia
Research
Enhanced
Emerging
Economies
ETF
(5,127,837)
(222,990,389)
(228,118,226)
Fund
Late
year
ordinary
losses
($)
Post-October
capital
losses
($)
Columbia
EM
Core
ex-China
ETF
-
-
Columbia
India
Consumer
ETF
2,011,911
-
Columbia
Research
Enhanced
Emerging
Economies
ETF
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
Indexed
ETFs
|
2024
29
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,
2024,
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.
For
the
six
months
ended
September
30,
2024,
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
Funds.
For
the
six
months
ended
September
30,
2024,
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
24,
2024
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
24,
2024
amendment
and
restatement,
each
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
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
EM
Core
ex-China
ETF
341,233,421
138,369,360
Columbia
India
Consumer
ETF
186,069,597
14,899,819
Columbia
Research
Enhanced
Emerging
Economies
ETF
48,880,535
56,507,967
Fund
Contributions
($)
Columbia
EM
Core
ex-China
ETF
56,034,234
Columbia
India
Consumer
ETF
-
Columbia
Research
Enhanced
Emerging
Economies
ETF
-
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
EM
Core
ex-China
ETF
-
-
-
Columbia
India
Consumer
ETF
-
-
-
Columbia
Research
Enhanced
Emerging
Economies
ETF
1,499,831
1,711,329
211,498
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
30
Indexed
ETFs
|
2024
During
the
six
months
ended
September
30,
2024,
Columbia
EM
Core
ex-China
ETF,
Columbia
India
Consumer
ETF
and
Columbia
Research
Enhanced
Emerging
Economies
ETF
had
no
borrowings.
Note
8.
Significant
risks
Consumer
concentration
risk
Because
Columbia
India
Consumer
ETF
concentrates
its
investments
in
the
consumer
discretionary/staples
sectors
(specifically
the
discretionary/staples
sectors
of
India),
this
Fund
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.
Financials
sector
risk
Columbia
EM
Core
ex-China
ETF
and
Columbia
Research
Enhanced
Emerging
Economies
ETF
are
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
financials
sector
than
if
they
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
financials
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
real
estate
developers,
which
makes
them
vulnerable
to
economic
conditions
that
affect
that
industry.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financials
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Foreign
securities
and
emerging
market
countries
risk
Investing
in
foreign
securities
may
involve
heightened
risks
relative
to
investments
in
U.S.
securities.
Investing
in
foreign
securities
subjects
the
Funds
to
the
risks
associated
with
the
issuer’s
country
of
organization
and
places
of
business
operations,
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic
and
other
conditions
or
events
occurring
in
the
country
or
region,
which
may
result
in
significant
market
volatility.
In
addition,
certain
foreign
securities
may
be
more
volatile
and
less
liquid
than
U.S.
securities.
Investing
in
emerging
markets
may
increase
these
risks
and
expose
the
Funds
to
elevated
risks
associated
with
increased
inflation,
deflation
or
currency
devaluation.
To
the
extent
that
Funds
concentrate
their
investment
exposure
to
any
one
or
a
few
specific
countries,
the
Funds
will
be
particularly
susceptible
to
the
risks
associated
with
the
conditions,
events
or
other
factors
impacting
those
countries
or
regions
and
may,
therefore,
have
a
greater
risk
than
that
of
a
fund
that
is
more
geographically
diversified.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
Indexed
ETFs
|
2024
31
Geographic
focus
risk
Funds
may
be
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Funds
invest.
The
Funds’
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
Asia
Pacific
Region
.
Funds
may
be
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
EM
Core
ex-China
ETF
and
Columbia
Research
Enhanced
Emerging
Economies
ETF
may
be
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
the
Greater
China
region.
The
region
consists
of
Hong
Kong,
The
People’s
Republic
of
China
and
Taiwan,
among
other
countries,
and
the
Funds’
investments
in
the
region
are
particularly
susceptible
to
risks
in
that
region.
The
Hong
Kong,
Taiwanese,
and
Chinese
economies
are
dependent
on
the
economies
of
other
countries
and
can
be
significantly
affected
by
currency
fluctuations
and
increasing
competition
from
other
emerging
economies
in
Asia
with
lower
costs.
Adverse
events
in
any
one
country
within
the
region
may
impact
the
other
countries
in
the
region
or
Asia
as
a
whole.
As
a
result,
adverse
events
in
the
region
will
generally
have
a
greater
effect
on
the
Funds
than
if
the
Funds
were
more
geographically
diversified,
which
could
result
in
greater
volatility
in
the
Funds’
net
asset
value
and
losses.
Markets
in
the
Greater
China
region
can
experience
significant
volatility
due
to
social,
economic,
regulatory
and
political
uncertainties.
The
public
health
crises
caused
by
the
COVID-19
outbreak
have
exacerbated
political
and
diplomatic
tensions
between
the
United
States
and
China,
which
could
adversely
affect
international
trade
and
the
value
of
the
Funds’
portfolio
securities.
Changes
in
Chinese
government
policy
and
economic
growth
rates
could
significantly
affect
local
markets
and
the
entire
Greater
China
region.
China
has
yet
to
develop
comprehensive
securities,
corporate,
or
commercial
laws,
its
market
is
relatively
new
and
less
developed,
and
its
economy
is
experiencing
a
relative
slowdown.
Export
growth
continues
to
be
a
major
driver
of
China’s
economic
growth.
As
a
result,
a
reduction
in
spending
on
Chinese
products
and
services,
the
institution
of
additional
tariffs
or
other
trade
barriers,
including
as
a
result
of
heightened
trade
tensions
between
China
and
the
United
States,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy.
India.
Columbia
India
Consumer
ETF
and
Columbia
Research
Enhanced
Emerging
Economies
ETF
are
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
India.
Because
the
Funds
have
significant
investments
in
Indian
securities,
their
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
Funds’
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
32
Indexed
ETFs
|
2024
as
a
Mauritius
resident
could
result
in
the
imposition
by
India
of
various
taxes
on
Indian
securities
invested
in
by
the
Subsidiary
(and
indirectly
the
Fund).
The
imposition
of
taxes
on
the
Subsidiary
by
India
for
any
of
the
reasons
described
herein
would
result
in
higher
taxes
and
lower
returns
for
the
Fund
and
its
shareholders.
Information
technology
sector
risk
Columbia
EM
Core
ex-China
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
countermeasures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
Non-diversification
risk
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
the
securities
of
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
Indexed
ETFs
|
2024
33
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
Index’s
investment
exposure.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
Index
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
Sector
risk
At
times,
the
Funds
may
have
a
significant
portion
of
their
assets
invested
in
securities
of
companies
conducting
business
in
a
related
group
of
industries
within
one
or
more
economic
sectors.
Companies
in
the
same
sector
may
be
similarly
affected
by
economic,
regulatory,
political
or
market
events
or
conditions,
which
may
make
the
Funds
more
vulnerable
to
unfavorable
developments
in
that
group
of
industries
or
economic
sector.
Variable
interest
entity
risk
Many
Chinese
companies
to
which
Columbia
Research
Enhanced
Emerging
Economies
ETF
seeks
investment
exposure
use
a
structure
known
as
a
variable
interest
entity
(a
VIE)
to
address
Chinese
restrictions
on
direct
foreign
investment
in
Chinese
companies
operating
in
certain
sectors.
The
Fund’s
investment
exposure
to
VIEs
may
pose
additional
risks
because
the
Fund’s
investment
is
in
a
holding
company
domiciled
outside
of
China
(a
Holding
Company)
whose
interests
in
the
business
of
the
underlying
Chinese
operating
company
(the
VIE)
are
established
through
contracts
rather
than
equity
ownership.
The
VIE
structure
is
a
longstanding
practice
in
China
that,
until
recently,
was
not
acknowledged
by
the
Chinese
government,
creating
uncertainty
over
the
possibility
that
the
Chinese
government
might
cease
to
tolerate
VIE
structures
at
any
time
or
impose
new
restrictions
on
the
structure.
In
such
a
scenario,
the
Chinese
operating
company
could
be
subject
to
penalties,
including
revocation
of
its
business
and
operating
license,
or
the
Holding
Company
could
forfeit
its
interest
in
the
business
of
the
Chinese
operating
company.
Further,
in
case
of
a
dispute,
the
remedies
and
rights
of
the
Fund
may
be
limited,
and
such
legal
uncertainty
may
be
exploited
against
the
interests
of
the
Fund.
Control
over
a
VIE
may
also
be
jeopardized
if
a
natural
person
who
holds
the
equity
interest
in
the
VIE
breaches
the
terms
of
the
contractual
arrangements,
is
subject
to
legal
proceedings,
or
if
any
physical
instruments
or
property
of
the
VIE,
such
as
seals,
business
registration
certificates,
financial
data
and
licensing
arrangements
(sometimes
referred
to
as
“chops”),
are
used
without
authorization.
In
the
event
of
such
an
occurrence,
the
Fund,
as
a
foreign
investor,
may
have
little
or
no
legal
recourse.
In
addition
to
the
risk
of
government
intervention,
investments
through
a
VIE
structure
are
subject
to
the
risks
that
the
China-based
company
(or
its
officers,
directors,
or
Chinese
equity
owners)
may
breach
the
contractual
arrangements,
that
Chinese
law
changes
in
a
way
that
adversely
affects
the
enforceability
of
the
arrangements
and
that
the
contracts
are
otherwise
not
enforceable
under
Chinese
law,
in
which
case
a
Fund
may
suffer
significant
losses
on
its
investments
through
a
VIE
structure
with
little
or
no
recourse
available.
Further,
the
Fund
is
not
a
VIE
owner/shareholder
and
cannot
exert
influence
through
proxy
voting
or
other
means.
Foreign
companies
listed
on
stock
exchanges
in
the
United
States,
including
companies
using
the
VIE
structure,
could
also
face
delisting
or
other
ramifications
for
failure
to
meet
the
expectations
and/or
requirements
of
U.S.
regulators.
Recently,
however,
China
has
proposed
the
adoption
of
rules
which
would
affirm
that
VIEs
are
legally
permissible,
though
there
remains
significant
uncertainty
over
how
these
rules
will
operate.
Any
of
these
risks
could
reduce
the
liquidity
and
value
of
the
Fund’s
investments
in
Holding
Companies
or
render
them
valueless.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
in
Note
1
above,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2024
(Unaudited)
34
Indexed
ETFs
|
2024
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
provide
services
to
the
Funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Indexed
ETFs
|
2024
35
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
Research
Enhanced
Emerging
Economies
ETF
(which,
prior
to
June
28,
2024
was
known
as
Columbia
Emerging
Markets
Consumer
ETF),
and
Columbia
India
Consumer
ETF
(the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April,
May
and
June
2024,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
27,
2024
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
each
Fund
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
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
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
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
Research
Enhanced
Emerging
Markets
Economies
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;
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
36
Indexed
ETFs
|
2024
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.
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.
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
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
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
and
the
Funds’
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
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
Funds’
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Funds
and
(iv)
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.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Indexed
ETFs
|
2024
37
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
Columbia
EM
Core
ex-China
ETF’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
was
below
the
peer
universe’s
median
expense
ratio
shown
in
the
reports
and
that
the
total
expense
ratio
for
each
of
Columbia
Research
Enhanced
Emerging
Economies
ETF
and
Columbia
India
Consumer
ETF
(after
considering
proposed
expense
caps/waivers)
approximated
its
respective
peer
universe’s
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2023
had
declined
from
2022
levels,
due
to
a
variety
of
factors,
including
the
decreased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
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
for
each
Fund
provides
for
a
unitary
fee
level
that
does
not
include
pre-
established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement
for
each
Fund.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
27,
2024,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
for
each
Fund
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement
for
each
Fund.
Columbia
ETF
Trust
II
290
Congress
Street
Boston,
MA,
02210
SAR279_03_P01_(11/24)
CET002254
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.
©
2024
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N- CSR.

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

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

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


SIGNATURES 

  

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

  

(registrant) 

Columbia ETF Trust II 

  

  

By (Signature and Title)   

/s/ Daniel J. Beckman 

  

Daniel J. Beckman, President and Principal Executive Officer 

  

  

Date 

November 21, 2024   

  

  

  

  

  

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

  

By (Signature and Title)   

/s/ Daniel J. Beckman 

  

Daniel J. Beckman, President and Principal Executive Officer 

  

  

Date 

November 21, 2024   

  

By (Signature and Title) 

  /s/ Michael G. Clarke 

  

Michael G. Clarke, Chief Financial Officer,  

  

Principal Financial Officer and Senior Vice President 

  

  

Date  

November 21, 2024   

  

By (Signature and Title) 

/s/ Marybeth Pilat 

  

Marybeth Pilat, Treasurer, Chief Accounting  

  

Officer and Principal Financial Officer 

  

  

Date  

November 21, 2024