# EDGAR Filing Document

**Accession Number:** 0001450501
**File Stem:** 0001683863-25-004993
**Filing Date:** 2025-6
**Character Count:** 236301
**Document Hash:** 17b71af50bf6bfb8631a07115423be85
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-25-004993.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001683863-25-004993

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia ETF Trust II
- **CENTRAL INDEX KEY:** 0001450501

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22255
- **FILM NUMBER:** 251018625

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 888-800-4347

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EGA Emerging Global Shares Trust
- **DATE OF NAME CHANGE:** 20081120

## Series and Classes Contracts Data

### Columbia Research Enhanced Emerging Economies ETF (Series ID: S000028760)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000088095 | Columbia Research Enhanced Emerging Economies ETF | ECON            |

### Columbia India Consumer ETF (Series ID: S000032847)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000101379 | Columbia India Consumer ETF | INCO            |

### Columbia EM Core ex-China ETF (Series ID: S000050481)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000159357 | Columbia EM Core ex-China ETF | XCEM            |

?xml version='1.0' encoding='ASCII'? Columbia ETF Trust II

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 <u>811-22255</u>

<u>Columbia ETF Trust II</u> 

(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: <u>(800) 345-6611</u>

Date of fiscal year end: <u>Last Day of March</u>

Date of reporting period: <u>March 31, 2025</u>

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.

------

# Columbia EM Core ex-China ETF
XCEM \| NYSE Arca, Inc.

![Image](i3902d25ed8594870db459758.jpg)

## Annual Shareholder Report \| March 31, 2025
This annual shareholder report contains important information about Columbia EM Core ex-China ETF (the Fund) for the period of April 1, 2024 to March 31, 2025. 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 | $16 | 0.16% |

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the semiconductors, banks and aerospace & defense sub-sectors, and from a country perspective South Africa and Taiwan, boosted the Fund's results most during the annual period.

**Allocations** \| Larger allocations to banks, electric utilities and aerospace and defense and smaller allocations to broadline retail buoyed Fund results during the annual period.

**Individual holdings** \| Positions in Taiwan-based semiconductor company Taiwan Semiconductor Manufacturing Co., Ltd.; India-based bank and financial services companies ICICI Bank Ltd. and HDFC Bank Ltd.; multinational internet, technology and multimedia holding company Naspers Ltd.; and Saudi Arabian Al Rahji Bank, were among the top contributors to Fund performance.

### Top Performance Detractors
**Stock selection** \| Selections in the information technology, communication services and chemicals, and from a country perspective South Korea, Mexico and Indonesia, hurt the Fund's results during the annual period.

**Allocations** \| Large weightings in technology hardware storage & peripherals and oil, gas and consumable fuels and small allocations to electrical equipment and automobiles detracted.

**Individual holdings** \| Fund positions in Samsung Electronics Co. Ltd., a South Korea-based consumer electronics company; Reliance Industries, Ltd., an India-based multinational conglomerate; South Korea-based plasma display manufacturer Samsung SDI Co. Ltd.; Taiwan-based plastic products and chemical fiber manufacturer Nan Ya Plastics Corp.; and Indonesia-based Bank PT Bank Mandiri Persero Tbk, were top detractors during the period.

Columbia EM Core ex-China ETF \| ASR274_00_(05/25) \| 1

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia EM Core ex-China ETF during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](i3841fd0100fdf47497ce0f98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia EM Core ex-China ETF—Net Asset Value (19453)** | **Beta Thematic Emerging Markets ex-China Index (19125)** | **MSCI Emerging Markets Index (Net) (17251)** |
| **09/02/15** | 10000 | 10000 | 10000 |
| **3/16** | 10898 | 10908 | 10547 |
| **3/17** | 12949 | 12921 | 12363 |
| **3/18** | 15896 | 15462 | 15445 |
| **3/19** | 14881 | 14157 | 14301 |
| **3/20** | 11422 | 10681 | 11772 |
| **3/21** | 19253 | 18494 | 18645 |
| **3/22** | 19068 | 18625 | 16526 |
| **3/23** | 17133 | 16594 | 14757 |
| **3/24** | 19929 | 19683 | 15960 |
| **3/25** | 19453 | 19125 | 17251 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | Since Fund Inception |
| Columbia EM Core ex-China ETF—Net Asset Value<sup>Footnote Reference(a)</sup> | -2.39 | 11.24 | 7.19 |
| Beta Thematic Emerging Markets ex-China Index | -2.84 | 12.36 | 7.00 |
| MSCI Emerging Markets Index (Net) | 8.09 | 7.94 | 5.85 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Columbia Management has been the Fund's investment manager since September 1, 2016. Performance prior to September 1, 2016 is attributable to the Fund's previous investment manager. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit <u>columbiathreadneedleus.com/investment-products/exchange-traded-funds/</u> for the most recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $1051073928 |
| Total number of portfolio holdings | 332 |
| Investment management fees (represents 0.16% of Fund average net assets) | $1809027 |
| Portfolio turnover for the reporting period | 20% |

---

Columbia EM Core ex-China ETF \| ASR274_00_(05/25) \| 2

## 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) | 12.1% |
| Samsung Electronics Co. Ltd. (South Korea) | 3.9% |
| HDFC Bank Ltd. (India) | 2.2% |
| ICICI Bank Ltd. (India) | 2.2% |
| Infosys Ltd. (India) | 1.6% |
| International Holding Co. PJSC (United Arab Emirates) | 1.5% |
| Al Rajhi Bank (Saudi Arabia) | 1.4% |
| Reliance Industries, Ltd. (India) | 1.4% |
| SK Hynix, Inc. (South Korea) | 1.3% |
| MediaTek, Inc. (Taiwan) | 1.3% |

---

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](idd6484182a95b268cb913421.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.5% |
| Health Care | 1.8% |
| Utilities | 3.2% |
| Consumer Discretionary | 4.0% |
| Consumer Staples | 5.0% |
| Energy | 5.2% |
| Communication Services | 6.3% |
| Materials | 6.3% |
| Industrials | 8.9% |
| Information Technology | 28.1% |
| Financials | 28.5% |

---

### Geographic Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](i8e79988b33bfabc577a37fe8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 10.7% |
| Malaysia | 2.1% |
| Indonesia | 2.4% |
| Mexico | 4.1% |
| South Africa | 4.6% |
| United Arab Emirates | 5.0% |
| Brazil | 6.6% |
| Saudi Arabia | 7.4% |
| South Korea | 11.9% |
| India | 17.7% |
| Taiwan | 27.3% |

---

Columbia EM Core ex-China ETF \| ASR274_00_(05/25) \| 3

## 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. **ALPS Distributors, Inc.** (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2025 Columbia Threadneedle. All rights reserved.

**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](if944b2b566d1c59773323959.jpg)

CET002445

Columbia EM Core ex-China ETF \| ASR274_00_(05/25) \| 4

# Columbia India Consumer ETF
INCO \| NYSE Arca, Inc.

![Image](i3902d25ed8594870db459758.jpg)

## Annual Shareholder Report \| March 31, 2025
This annual shareholder report contains important information about Columbia India Consumer ETF (the Fund) for the period of April 1, 2024 to March 31, 2025. 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.

This report describes changes to the Fund that occurred during the reporting period.

## 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 | $74 | 0.75% |

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection \|** Selections in the specialty retail, hotels, restaurants & leisure sub-sectors boosted the Fund's results most during the annual period.

**Allocations \|** Larger allocations to specialty retail, hotels, restaurants & leisure and smaller allocations to oil, gas and consumable fuels sub-sectors buoyed Fund results during the annual period.

**Individual holdings \|** Positions in Mahindra & Mahindra Ltd. and Eicher Motors Ltd., both automobile manufacturers; Trent Ltd., a fashion and lifestyle retail company; Indian Hotels Co. Ltd.; and Marico Ltd., a leading consumer goods company, were among the top contributors to Fund performance.

### Top Performance Detractors
**Stock selection \|** Selections in the automobile components, textiles, apparel & luxury goods sub-sectors hurt the Fund's results during the annual period.

**Allocations \|** Large weightings in automobiles and automobile components and a small allocation to textiles, apparel & luxury goods detracted.

**Individual holdings \|** Fund positions in Tata Motors Ltd., parent company of British Jaguar Land Rover and South Korean Tata Daewoo; Titan Co. Ltd., which manufactures jewelry, watches and eyewear; Bajaj Auto Ltd. and Hero MotoCorp Ltd., which manufacture motorcycles and scooters; and bicycle manufacturer Tube Investments of India Ltd., were top detractors during the period.

Columbia India Consumer ETF \| ASR279_00_(05/25) \| 1

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia India Consumer ETF during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](i3983a4d68ac80c40b5154c48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia India Consumer ETF—Net Asset Value (21446)** | **Indxx India Consumer Index (25982)** | **MSCI India Index (Net) (21266)** |
| **3/15** | 10000 | 10000 | 10000 |
| **3/16** | 8782 | 8908 | 8685 |
| **3/17** | 10808 | 11104 | 10282 |
| **3/18** | 12931 | 13434 | 11335 |
| **3/19** | 11892 | 12532 | 12100 |
| **3/20** | 8729 | 9209 | 8366 |
| **3/21** | 14461 | 15711 | 14754 |
| **3/22** | 15216 | 16771 | 17390 |
| **3/23** | 14854 | 16681 | 15274 |
| **3/24** | 22094 | 26353 | 20899 |
| **3/25** | 21446 | 25982 | 21266 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | 10 Years |
| Columbia India Consumer ETF—Net Asset Value<sup>Footnote Reference(a)</sup> | -2.93 | 19.70 | 7.93 |
| Indxx India Consumer Index | -1.41 | 23.05 | 10.02 |
| MSCI India Index (Net) | 1.75 | 20.51 | 7.84 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Columbia Management has been the Fund's investment manager since September 1, 2016. Performance prior to September 1, 2016 is attributable to the Fund's previous investment manager. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit <u>columbiathreadneedleus.com/investment-products/exchange-traded-funds/</u> for the most recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $317805293 |
| Total number of portfolio holdings | 31 |
| Investment management fees (represents 0.75% of Fund average net assets) | $2753186 |
| Portfolio turnover for the reporting period | 41% |

---

Columbia India Consumer ETF \| ASR279_00_(05/25) \| 2

## 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

---

| | |
|:---|:---|
| Bajaj Auto Ltd. (India) | 5.0% |
| Tata Motors Ltd. (India) | 5.0% |
| Trent Ltd. (India) | 5.0% |
| Hindustan Unilever Ltd. (India) | 4.8% |
| ITC Ltd. (India) | 4.8% |
| Nestle India Ltd. (India) | 4.8% |
| Maruti Suzuki India Ltd. (India) | 4.7% |
| Titan Co. Ltd. (India) | 4.7% |
| Mahindra & Mahindra Ltd. (India) | 4.6% |
| Zomato Ltd. (India) | 4.2% |

---

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](i47028803f30c784530d28059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 41.4% |
| Consumer Discretionary | 58.2% |

---

### Geographic Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](i244dffa1aa4e77929fb9757b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 0.5% |
| India | 99.5% |

---

Columbia India Consumer ETF \| ASR279_00_(05/25) \| 3

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/investment-products/exchange-traded-funds or upon request at 1-800-426-3750.

The Fund is passively managed to invest in Indian consumer companies. Prior to November 2024, the Fund invested assets through a wholly owned subsidiary (the Subsidiary) located in the Republic of Mauritius, which in turn invested in Indian securities. This structure enabled the Fund to obtain certain benefits under a tax treaty between Mauritius and India. However, such benefits are no longer available and therefore there are no material advantages to the Fund to invest in Indian securities via the Subsidiary. As a result, the Fund no longer holds Indian securities in the Subsidiary and the Fund's Principal Investment Strategies and Principal Risks are revised to remove all references and discussions of the Subsidiary.

## 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. **ALPS Distributors, Inc.** (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2025 Columbia Threadneedle. All rights reserved.

**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](if944b2b566d1c59773323959.jpg)

CET002444

Columbia India Consumer ETF \| ASR279_00_(05/25) \| 4

# Columbia Research Enhanced Emerging Economies ETF
ECON \| NYSE Arca, Inc.

![Image](i3902d25ed8594870db459758.jpg)

## Annual Shareholder Report \| March 31, 2025
This annual shareholder report contains important information about Columbia Research Enhanced Emerging Economies ETF (the Fund) for the period of April 1, 2024 to March 31, 2025. 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.

This report describes changes to the Fund that occurred during the reporting period.

## 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 | $51 | 0.49% |

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the consumer discretionary, consumer staples and automobiles sub-sectors and, from a country perspective China and South Africa, boosted the Fund's results most during the annual period.

**Allocations** \| Larger allocations to the automobiles and smaller allocations to banks and technology hardware sub-sectors buoyed Fund results during the annual period.

**Individual holdings** \| Positions in Alibaba Group Holding Ltd., a Chinese online and mobile e-commerce company; Mahindra & Mahindra Ltd., an India-based automobile manufacturer; Xiaomi Corp., a Chinese technology company that manufactures smartphones and lifestyle products; Tencent Holdings Ltd., a Chinese e-commerce and diversified media company; and Meituan, a Chinese web-based shopping platform, were among the top contributors to Fund performance.

### Top Performance Detractors
**Stock selection** \| Selections in the communication services, specialty retail and textiles, apparel & luxury goods sub-sectors and, from a country perspective Taiwan and Brazil, hurt the Fund's results during the annual period.

**Allocations** \| Large weightings in diversified telecommunication services and beverages and a small allocation to semiconductors and interactive media & services detracted.

**Individual holdings** \| Fund positions in Samsung Electronics Co. Ltd., a South Korea-based consumer electronics company; Vibra Energia SA, a Brazil-based energy distribution company; Reliance Industries, Ltd., an India-based multinational conglomerate; SK Hynix, Inc., a South Korean supplier of memory chips; and Titan Co. Ltd., an India-based company that manufactures jewelry, watches and eyewear, were top detractors during the period.

Columbia Research Enhanced Emerging Economies ETF \| ASR277_00_(05/25) \| 1

## Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Research Enhanced Emerging Economies ETF during the stated time period.

### Growth of $10,000
![Growth of 10K Chart](i7d0e72ab20df9f2e74527e18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Research Enhanced Emerging Economies ETF—Net Asset Value (9181)** | **Combined Current and Former Indices (9867)** | **Dow Jones Emerging Markets Consumer Titans™ Index (10027)** | **MSCI Emerging Markets Index (Net) (14389)** |
| **3/15** | 10000 | 10000 | 10000 | 10000 |
| **3/16** | 8637 | 8809 | 8809 | 8797 |
| **3/17** | 9530 | 9780 | 9780 | 10312 |
| **3/18** | 10180 | 10534 | 10534 | 12883 |
| **3/19** | 8848 | 9241 | 9241 | 11928 |
| **3/20** | 7798 | 8198 | 9198 | 9818 |
| **3/21** | 11075 | 11770 | 11770 | 15551 |
| **3/22** | 8613 | 9196 | 9196 | 13784 |
| **3/23** | 8447 | 9071 | 9071 | 12309 |
| **3/24** | 8641 | 9285 | 9285 | 13312 |
| **3/25** | 9181 | 9867 | 10027 | 14389 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | 10 Years |
| Columbia Research Enhanced Emerging Economies ETF—Net Asset Value<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 6.25 | 3.32 | -0.85 |
| Beta Advantage<sup>®</sup> Research Enhanced Solactive Emerging Economies Index<sup>Footnote Reference(c)</sup> | N/A | N/A | 4.16 |
| Combined Current and Former Indices<sup>Footnote Reference(d)</sup> | 6.27 | 3.77 | -0.13 |
| Dow Jones Emerging Markets Consumer Titans™ Index | 8.00 | 4.11 | 0.03 |
| MSCI Emerging Markets Index (Net) | 8.09 | 7.94 | 3.71 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Columbia Management has been the Fund's investment manager since September 1, 2016. Performance prior to September 1, 2016 is attributable to the Fund's previous investment manager. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Effective June 28, 2024 (Index Change Date), the Fund tracks and compares its performance to that of the Beta Advantage<sup>®</sup> Research Enhanced Solactive Emerging Economies Index (the New Index). Prior to the Index Change Date, the Fund tracked and compared its performance to that of the Dow Jones Emerging Markets Consumer Titans™ Index (the Former Index). If the Fund's strategies effective at the Index Change Date had been in place for the prior periods, results shown may have been different. The New Index commenced operations on May 2, 2024. For periods prior to February 3, 2025, the Fund sought to track the performance of its index, which was not calculated in the manner that the New Index is currently calculated. As a result, the performance of the Fund and the New Index for periods prior to that date is not representative of the performance they would have achieved had the Fund sought to track the performance of the New Index as currently calculated. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;The Index performance is cumulative and for the period from June 28, 2024 through March 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>(d)</sup> | &nbsp;&nbsp;The Combined Current and Former Indices performance represents the Fund's Former Index performance until June 28, 2024 and the Fund's New Index performance for the period from June 28, 2024 through March 31, 2025. |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.** Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit <u>columbiathreadneedleus.com/investment-products/exchange-traded-funds/</u> for the most recent performance information.

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $87079285 |
| Total number of portfolio holdings | 204 |
| Investment management fees (represents 0.49% of Fund average net assets) | $336994 |
| Portfolio turnover for the reporting period | 150% |

---

Columbia Research Enhanced Emerging Economies ETF \| ASR277_00_(05/25) \| 2

## 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

---

| | |
|:---|:---|
| Alibaba Group Holding Ltd. (China) | 4.4% |
| Tencent Holdings Ltd. (China) | 4.2% |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.6% |
| Samsung Electronics Co. Ltd. (South Korea) | 3.6% |
| ICICI Bank Ltd. (India) | 2.1% |
| Meituan Class B (China) | 1.7% |
| Xiaomi Corp. Class B (China) | 1.7% |
| MediaTek, Inc. (Taiwan) | 1.7% |
| Hon Hai Precision Industry Co. Ltd. (Taiwan) | 1.4% |
| China Construction Bank Corp. Class H (China) | 1.4% |

---

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](iaf6a290256853f9e9e19183d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.7% |
| Utilities | 2.3% |
| Health Care | 2.6% |
| Energy | 3.7% |
| Consumer Staples | 5.1% |
| Materials | 5.4% |
| Industrials | 5.6% |
| Communication Services | 8.1% |
| Consumer Discretionary | 15.1% |
| Information Technology | 21.6% |
| Financials | 28.0% |

---

### Geographic Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](icd998002fdde918c11cc0500.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 7.9% |
| Malaysia | 1.6% |
| Mexico | 1.8% |
| United Arab Emirates | 2.8% |
| South Africa | 3.0% |
| Saudi Arabia | 3.8% |
| Brazil | 4.6% |
| South Korea | 9.0% |
| Taiwan | 16.6% |
| India | 16.7% |
| China | 32.1% |

---

Columbia Research Enhanced Emerging Economies ETF \| ASR277_00_(05/25) \| 3

## Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund's prospectus, which is available at columbiathreadneedleus.com/investment-products/exchange-traded-funds or upon request at 1-800-426-3750.

On June 28, 2024 (Effective Date), the Fund's name was changed to Columbia Research Enhanced Emerging Economies ETF. Also, as of the Effective Date, the Fund changed its objective and the Fund's principal investment strategies were revised to reflect the Fund's new tracked Index. The Fund amended its Prospectus' Principal Risks by removing Non-Diversified Fund Risk and by revising Index Methodology and Provider Risk.

## 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. **ALPS Distributors, Inc.** (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.© 2025 Columbia Threadneedle. All rights reserved.

**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](if944b2b566d1c59773323959.jpg)

CET002446

Columbia Research Enhanced Emerging Economies ETF \| ASR277_00_(05/25) \| 4

------

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N- CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount billed to the registrant's** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount billed to the registrant's** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount billed to the registrant ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**investment advisor ($)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**investment advisor ($)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2024** |
| &nbsp;&nbsp;Audit fees (a) | 50319 | 48852 | 0 | 0 |
| &nbsp;&nbsp;Audit-related fees(b) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Tax fees (c) | 21105 | 0 | 0 | 0 |
| &nbsp;&nbsp;All other fees (d) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;Non-audit fees (g) | 0 | 0 | 0 | 0 |

---

(a)Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b)Audit-Related Fees include amounts for assurance and related services by the principal accountant that are

reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

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

(d)All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

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

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

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

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

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

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

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

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled

by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i)Not applicable.

(j)Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

The Registrant is a listed issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of such Act. The members of such committee are J. Kevin Connaughton, Patricia M. Flynn, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager.

**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

Columbia

EM

Core

ex-China

ETF

Columbia

India

Consumer

ETF

Columbia

Research

Enhanced

Emerging

Economies

ETF

Annual

Financial

Statements

and

Additional

Information

March

31,

2025

Indexed

ETFs

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Federal

Income

Tax

Information

PORTFOLIO

OF

INVESTMENTS

Columbia

EM

Core

ex-China

ETF

March

31,

2025

(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

\|

2025

Common

Stocks

-

96.1%

Issuer

Shares

Value

($)

Brazil

-

4.2%

Ambev

SA

1,041,260

2,454,237

B3

SA

-

Brasil

Bolsa

Balcao

1,449,922

3,073,172

Banco

BTG

Pactual

SA

794,968

4,677,385

Banco

do

Brasil

SA

303,570

1,494,092

Banco

Santander

Brasil

SA

934,529

4,359,662

BRF

SA

189,091

649,710

Caixa

Seguridade

Participacoes

S/A

528,719

1,376,341

Cia

Siderurgica

Nacional

SA

318,175

526,065

Embraer

SA

(a) 395,062

4,535,076

Hapvida

Participacoes

e

Investimentos

SA

(a),(b)

367,858

141,937

Localiza

Rent

a

Car

SA

92,766

544,029

Lojas

Renner

SA

289,398

617,939

PRIO

SA

(a) 197,670

1,373,559

Rede

D'Or

Sao

Luiz

SA

(b) 214,467

1,055,925

Suzano

SA

235,051

2,172,549

TOTVS

SA

236,686

1,378,962

Vale

SA

905,338

8,962,256

Vibra

Energia

SA

288,183

894,589

WEG

SA

449,678

3,554,934

Total

43,842,419

Chile

-

0.4%

Empresas

Copec

SA

423,396

2,913,148

Latam

Airlines

Group

SA

105,903,389

1,655,340

Total

4,568,488

China

-

0.1%

Airtac

International

Group

31,696

793,295

Colombia

-

0.1%

Interconexion

Electrica

SA

ESP

168,660

768,379

Egypt

-

0.1%

Commercial

International

Bank

-

Egypt

(CIB)

469,620

765,675

Greece

-

0.3%

Eurobank

Ergasias

Services

and

Holdings

SA

682,282

1,818,191

National

Bank

of

Greece

SA

158,961

1,622,664

Total

3,440,855

Hungary

-

0.6%

MOL

Hungarian

Oil

&

Gas

PLC

84,830

666,135

OTP

Bank

Nyrt

71,366

4,781,637

Richter

Gedeon

Nyrt

46,143

1,268,815

Total

6,716,587

India

-

17.7%

Adani

Ports

&

Special

Economic

Zone

Ltd.

280,906

3,887,774

Adani

Power

Ltd.

(a) 240,342

1,432,112

Adani

Total

Gas

Ltd.

66,538

469,108

Axis

Bank

Ltd.

440,161

5,675,012

Bharat

Electronics

Ltd.

849,315

2,994,128

Bharat

Heavy

Electricals,

Ltd.

407,892

1,032,848

Bharat

Petroleum

Corp.

Ltd.

224,451

731,263

Bharti

Airtel

Ltd.

463,195

9,393,691

CG

Power

&

Industrial

Solutions

Ltd.

149,072

1,113,603

Coal

India

Ltd.

569,773

2,654,463

GAIL

India,

Ltd.

549,469

1,176,692

HDFC

Bank

Ltd.

ADR

352,482

23,418,904

Hindalco

Industries

Ltd.

332,345

2,653,589

Hindustan

Petroleum

Corp.

Ltd.

167,800

707,441

ICICI

Bank

Ltd.

ADR

737,526

23,246,819

IDBI

Bank

Ltd.

2,060,495

1,873,122

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Indian

Oil

Corp.,

Ltd.

832,985

1,244,519

Indian

Railway

Finance

Corp.

Ltd.

(b) 527,388

767,704

Indus

Towers

Ltd.

(a) 224,154

876,711

Infosys

Ltd.

ADR

908,510

16,580,307

InterGlobe

Aviation

Ltd.

(a),(b)

19,216

1,150,037

ITC

Hotels

Ltd.

(a) 142,079

328,316

ITC

Ltd.

1,411,425

6,766,286

Jio

Financial

Services

Ltd.

(a) 748,809

1,993,174

Kotak

Mahindra

Bank

Ltd.

193,070

4,904,426

NHPC,

Ltd.

860,346

827,406

NMDC,

Ltd.

1,032,485

832,173

NTPC

Ltd.

1,059,544

4,432,922

Oil

&

Natural

Gas

Corp.

Ltd.

879,226

2,534,426

Oil

India,

Ltd.

157,703

713,582

PB

Fintech

Ltd.

(a) 58,816

1,093,951

Power

Finance

Corp.

Ltd.

376,523

1,824,852

Power

Grid

Corp

of

India

Ltd.

947,351

3,218,150

Punjab

National

Bank

566,825

637,502

Rail

Vikas

Nigam

Ltd.

167,914

691,223

REC

Ltd.

346,362

1,739,256

Reliance

Industries,

Ltd.

955,197

14,249,866

State

Bank

of

India

GDR

72,191

6,410,561

Suzlon

Energy,

Ltd.

(a) 2,574,962

1,706,951

Tata

Consultancy

Services,

Ltd.

179,910

7,590,540

Tata

Motors

Ltd.

654,161

5,161,881

Tata

Power

Co.

Ltd.

(The)

471,707

2,071,764

Tata

Steel

Ltd.

2,077,211

3,748,446

Vedanta

Ltd.

664,373

3,601,982

Wipro

Ltd.

668,380

2,050,749

Yes

Bank

Ltd.

(a) 2,913,163

575,322

Zee

Entertainment

Enterprises

Ltd.

350,536

403,308

Zomato

Ltd.

(a) 1,298,303

3,063,766

Total

186,252,628

Indonesia

-

2.4%

Alamtri

Resources

Indonesia

Tbk

PT

4,596,611

512,123

Amman

Mineral

Internasional

PT

(a) 2,843,422

922,910

Barito

Renewables

Energy

Tbk

PT

3,653,530

1,213,431

Chandra

Asri

Pacific

Tbk

PT

1,730,479

752,382

PT

Astra

International

Tbk

9,141,018

2,715,810

PT

Bank

Central

Asia

Tbk

16,560,066

8,500,034

PT

Bank

Mandiri

Persero

Tbk

(a) 14,018,314

4,401,886

PT

Bank

Rakyat

Indonesia

Persero

Tbk

10,154,687

2,483,483

PT

GoTo

Gojek

Tokopedia

Tbk

(a) 95,582,462

479,067

PT

Telkom

Indonesia

Persero

Tbk

20,068,737

2,920,631

Total

24,901,757

Kuwait

-

1.2%

Al

Ahli

Bank

of

Kuwait

KSCP

853,294

854,954

Boubyan

Bank

KSCP

863,803

1,921,430

Gulf

Bank

KSCP

1,664,021

1,920,854

Kuwait

Finance

House

KSCP

1,313,178

3,385,138

Mabanee

Co

KPSC

(a) 625,414

1,673,043

National

Bank

of

Kuwait

SAKP

705,966

2,399,003

National

Industries

Group

Holding

SAK

1,170,058

986,430

Total

13,140,852

Malaysia

-

2.1%

CIMB

Group

Holdings

Bhd

668,640

1,054,756

Dialog

Group

Bhd

4,166,017

1,445,784

Genting

Malaysia

Bhd

1,633,975

611,245

IHH

Healthcare

Bhd

3,796,924

5,921,062

Inari

Amertron

Bhd

2,087,261

954,848

Malayan

Banking

Bhd

1,097,440

2,502,782

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Public

Bank

Bhd

894,614

891,086

Tenaga

Nasional

Bhd

2,710,899

8,173,933

YTL

Corp.

Bhd

1,147,400

517,138

Total

22,072,634

Mexico

-

4.1%

America

Movil

SAB

de

CV

Series

B

7,276,124

5,185,482

Arca

Continental

SAB

de

CV

188,996

1,976,775

Coca-Cola

Femsa

SAB

de

CV

164,476

1,503,886

Fibra

Uno

Administracion

SA

de

CV

1,002,609

1,171,771

Fomento

Economico

Mexicano

SAB

de

CV

Series

UBD

510,612

4,987,504

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

136,327

1,340,330

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

(a) 115,427

2,134,962

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

54,815

1,501,057

Grupo

Bimbo

SAB

de

CV

Series

A

928,961

2,526,482

Grupo

Carso

SAB

de

CV

Series

A1

141,456

831,592

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

776,634

5,387,932

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O

(a) 530,545

1,192,661

Grupo

Mexico

SAB

de

CV

Series

B

970,217

4,852,448

Grupo

Televisa

SAB

Series

CPO

969,353

335,465

Industrias

Penoles

SAB

de

CV

(a) 66,112

1,227,022

Prologis

Property

Mexico

SA

de

CV

436,956

1,398,550

Qualitas

Controladora

SAB

de

CV

90,119

783,345

Wal-Mart

de

Mexico

SAB

de

CV

1,641,493

4,522,114

Total

42,859,378

Philippines

-

1.1%

Ayala

Corp.

201,825

2,084,379

Ayala

Land,

Inc.

2,024,043

813,508

Manila

Electric

Co.

438,857

4,217,935

SM

Investments

Corp.

308,542

4,248,687

SM

Prime

Holdings,

Inc.

1,729,826

725,484

Total

12,089,993

Poland

-

1.7%

Bank

Polska

Kasa

Opieki

SA

26,697

1,210,246

ORLEN

SA

75,711

1,328,750

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

449,604

8,718,468

Powszechny

Zaklad

Ubezpieczen

SA

429,426

6,201,097

Total

17,458,561

Qatar

-

1.4%

Al

Rayan

Bank

2,225,611

1,375,343

Barwa

Real

Estate

Co.

1,192,058

864,332

Commercial

Bank

PSQC

(The)

1,118,993

1,284,645

Qatar

Fuel

QSC

561,230

2,289,005

Qatar

Gas

Transport

Co.,

Ltd.

1,218,246

1,560,867

Qatar

Insurance

Co.

SAQ

1,418,809

716,224

Qatar

Islamic

Bank

QPSC

394,957

2,231,328

Qatar

National

Bank

QPSC

861,567

3,809,730

Qatar

Navigation

QSC

293,917

887,159

Total

15,018,633

Russia

-

0.0%

Gazprom

PJSC

(a),(c),(d),(e),(f)

251,024

GMK

Norilskiy

Nickel

PAO

ADR

(a),(c),(d),(e)

19,108

LUKOIL

PJSC

(c),(d),(e),(f)

14,277

Mobile

TeleSystems

PJSC

ADR

(a),(c),(d),(e)

49,482

Total

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Saudi

Arabia

-

7.4%

ACWA

Power

Co.

34,148

3,124,309

Advanced

Petrochemical

Co.

(a) 66,671

548,319

Al

Rajhi

Bank

551,549

14,997,733

Alinma

Bank

539,513

4,415,518

Almarai

Co.

JSC

171,153

2,536,884

Arab

National

Bank

232,947

1,434,533

Bank

AlBilad

185,268

1,822,503

Bank

Al-

Jazira

(a) 283,148

1,319,460

Banque

Saudi

Fransi

533,445

2,645,111

Catrion

Catering

Holding

Co.

28,394

935,592

Co.

for

Cooperative

Insurance

(The)

34,610

1,315,717

Dar

Al

Arkan

Real

Estate

Development

Co.

(a) 346,695

1,977,893

Etihad

Etisalat

Co.

131,877

2,144,570

Mobile

Telecommunications

Co.

Saudi

Arabia

365,361

1,096,736

Riyad

Bank

314,274

2,760,611

SABIC

Agri

-Nutrients

Co.

38,981

1,101,540

Sahara

International

Petrochemical

Co.

152,208

843,999

Saudi

Arabian

Mining

Co.

(a) 252,488

3,116,471

Saudi

Arabian

Oil

Co.

(b) 1,195,609

8,526,177

Saudi

Awwal

Bank

294,954

2,948,675

Saudi

Basic

Industries

Corp.

152,119

2,583,237

Saudi

Industrial

Investment

Group

173,917

719,573

Saudi

Investment

Bank

(The)

301,895

1,173,424

Saudi

Kayan

Petrochemical

Co.

(a) 260,256

424,613

Saudi

National

Bank

(The)

788,960

7,540,246

Saudi

Telecom

Co.

467,610

5,653,305

Savola

Group

(The)

(a) 20,796

163,547

Total

77,870,296

South

Africa

-

4.6%

Absa

Group

Ltd.

106,727

1,027,062

Anglo

American

Platinum

Ltd.

23,368

933,061

Bid

Corp.

Ltd.

162,929

3,892,972

Bidvest

Group

Ltd.

233,614

2,991,322

FirstRand

Ltd.

1,746,823

6,823,208

Gold

Fields

Ltd.

247,338

5,452,170

Harmony

Gold

Mining

Co.

Ltd.

223,115

3,232,832

Impala

Platinum

Holdings

Ltd.

(a) 211,914

1,450,868

Mr

Price

Group

Ltd.

85,145

1,025,847

MTN

Group

Ltd.

472,985

3,169,109

Naspers

Ltd.

Class

N

44,714

10,984,066

Sasol

Ltd.

(a) 66,009

274,561

Shoprite

Holdings

Ltd.

266,871

3,957,089

Sibanye

Stillwater

Ltd.

(a) 758,383

858,917

Standard

Bank

Group

Ltd.

181,071

2,357,027

Total

48,430,111

South

Korea

-

11.9%

Alteogen

,

Inc.

(a) 6,514

1,574,862

Amorepacific

Corp.

7,034

484,379

Celltrion

,

Inc.

47,496

5,451,154

Doosan

Enerbility

Co.

Ltd.

(a) 114,678

1,826,281

Ecopro

BM

Co.

Ltd.

(a) 3,458

225,915

Ecopro

Co.

Ltd.

3,751

126,477

Hana

Financial

Group,

Inc.

103,862

4,203,854

Hanmi

Semiconductor

Co.

Ltd.

9,227

427,356

Hanwha

Aerospace

Co.

Ltd.

5,662

2,410,916

Hanwha

Vision

Co.

Ltd.

(a) 6,231

239,931

HD

Hyundai

Electric

Co.

Ltd.

5,803

1,150,748

HLB,

Inc.

(a) 33,892

1,268,217

HMM

Co.

Ltd.

124,114

1,648,672

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

HYBE

Co.

Ltd.

(a) 7,213

1,153,590

Hyundai

Mobis

Co.

Ltd.

8,658

1,531,687

Hyundai

Motor

Co.

34,624

4,636,912

Kakao

Corp.

95,893

2,546,293

KakaoBank

Corp.

72,151

1,080,428

KB

Financial

Group,

Inc.

107,577

5,771,533

Kia

Corp.

66,159

4,147,012

L&F

Co.

Ltd.

(a) 4,734

192,253

LG

Chem

Ltd.

6,281

1,045,056

LG

Electronics,

Inc.

39,594

2,075,828

Meritz

Financial

Group,

Inc.

20,169

1,671,048

NAVER

Corp.

44,971

5,833,250

POSCO

Future

M

Co.

Ltd.

(a) 2,426

198,199

POSCO

Holdings,

Inc.

15,248

2,883,917

Samsung

C&T

Corp.

13,712

1,088,579

Samsung

E&A

Co.

Ltd.

53,663

720,852

Samsung

Electro-Mechanics

Co.

Ltd.

31,019

2,719,561

Samsung

Electronics

Co.

Ltd.

1,030,824

40,462,905

Samsung

SDI

Co.

Ltd.

3,566

456,496

Shinhan

Financial

Group

Co.

Ltd.

157,359

5,028,007

SK

Hynix,

Inc.

108,780

14,087,841

SK

Innovation

Co.

Ltd.

(a) 15,165

1,157,586

SK

Square

Co.

Ltd.

(a) 17,293

1,096,887

SK

Telecom

Co.

Ltd.

25,966

978,685

Woori

Financial

Group,

Inc.

91,609

1,026,518

Total

124,629,685

Taiwan

-

27.3%

Accton

Technology

Corp.

110,370

1,914,709

Acer,

Inc.

1,253,498

1,338,348

Advantech

Co.

Ltd.

115,467

1,304,122

Alchip

Technologies

Ltd.

22,295

1,839,870

ASE

Technology

Holding

Co.

Ltd.

607,709

2,617,345

Asia

Vital

Components

Co.

Ltd.

113,861

1,556,898

Asustek

Computer,

Inc.

141,227

2,590,385

AUO

Corp.

(a) 2,285,039

925,646

Catcher

Technology

Co.

Ltd.

533,909

3,368,841

Cathay

Financial

Holding

Co.

Ltd.

1,812,269

3,340,437

Chailease

Holding

Co.

Ltd.

228,716

799,068

Chang

Hwa

Commercial

Bank

Ltd.

8,000,262

4,276,926

China

Airlines

Ltd.

736,058

498,797

China

Steel

Corp.

4,558,219

3,075,193

Chipbond

Technology

Corp.

1,296,410

2,537,961

Chunghwa

Telecom

Co.

Ltd.

1,976,173

7,648,166

CTBC

Financial

Holding

Co.

Ltd.

6,707,470

7,969,571

Delta

Electronics,

Inc.

410,073

4,446,240

E

Ink

Holdings,

Inc.

175,214

1,398,440

E.Sun

Financial

Holding

Co.

Ltd.

1,996,314

1,728,606

Elite

Material

Co.

Ltd.

72,632

1,192,213

eMemory

Technology,

Inc.

19,754

1,353,523

Eva

Airways

Corp.

1,372,689

1,676,456

Evergreen

Marine

Corp.

Taiwan

Ltd.

240,892

1,599,780

Far

Eastern

New

Century

Corp.

5,695,029

5,643,143

Far

EasTone

Telecommunications

Co.

Ltd.

1,871,311

5,185,170

Faraday

Technology

Corp.

88,113

563,934

Formosa

Chemicals

&

Fibre

Corp.

506,975

397,762

Formosa

Petrochemical

Corp.

823,536

907,806

Formosa

Plastics

Corp.

825,241

909,685

Fortune

Electric

Co.

Ltd.

40,512

548,457

Fubon

Financial

Holding

Co.

Ltd.

1,132,832

2,910,340

Gigabyte

Technology

Co.

Ltd.

220,686

1,608,494

Global

Unichip

Corp.

14,851

469,650

Hon

Hai

Precision

Industry

Co.

Ltd.

2,614,849

11,498,169

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Innolux

Corp.

(a) 2,217,997

1,008,712

Inventec

Corp.

563,117

715,715

KGI

Financial

Holding

Co.

Ltd.

2,019,434

1,043,093

Largan

Precision

Co.

Ltd.

39,268

2,785,216

Lite-On

Technology

Corp.

573,184

1,569,232

Lotes

Co.

Ltd.

20,464

847,466

Makalot

Industrial

Co.

Ltd.

238,382

2,200,560

MediaTek

,

Inc.

320,459

13,415,797

Mega

Financial

Holding

Co.

Ltd.

1,224,670

1,471,706

Nan

Ya

Plastics

Corp.

2,125,243

1,920,256

Novatek

Microelectronics

Corp.

152,580

2,504,513

PharmaEssentia

Corp.

(a) 47,166

735,848

President

Chain

Store

Corp.

395,812

2,992,209

Quanta

Computer,

Inc.

471,496

3,188,039

Realtek

Semiconductor

Corp.

71,606

1,127,925

Taiwan

Business

Bank

11,712,069

5,150,100

Taiwan

Mobile

Co.

Ltd.

1,864,982

6,543,797

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

4,652,411

127,511,302

Tatung

Co.

Ltd.

(a) 497,846

610,265

Unimicron

Technology

Corp.

334,401

931,619

Uni

-President

Enterprises

Corp.

2,481,673

6,016,856

United

Microelectronics

Corp.

3,096,552

4,164,176

Walsin

Lihwa

Corp.

688,538

476,963

Wan

Hai

Lines

Ltd.

275,537

648,957

Wistron

Corp.

573,389

1,645,779

Wiwynn

Corp.

25,475

1,254,473

Yageo

Corp.

79,446

1,150,923

Yang

Ming

Marine

Transport

Corp.

584,362

1,309,436

Total

286,581,084

Thailand

-

1.5%

Bangkok

Expressway

&

Metro

PCL

NVDR

4,325,157

688,455

Bumrungrad

Hospital

PCL

NVDR

232,829

1,128,972

Central

Retail

Corp

PCL

NVDR

1,072,738

790,522

Charoen

Pokphand

Foods

PCL

NVDR

1,772,771

1,243,683

CP

ALL

PCL

NVDR

2,814,398

4,106,491

Delta

Electronics

Thailand

PCL

NVDR

1,008,300

1,954,185

Gulf

Energy

Development

PCL

NVDR

(c),(d)

1,515,300

2,222,142

Kasikornbank

PCL

NVDR

290,084

1,380,945

Krung

Thai

Bank

PCL

NVDR

2,097,236

1,489,857

Minor

International

PCL

NVDR

1,008,091

780,026

Thai

Oil

PCL

NVDR

552,708

399,155

Total

16,184,433

Turkey

-

0.9%

Akbank

TAS

662,726

912,203

BIM

Birlesik

Magazalar

AS

144,857

1,748,690

Eregli

Demir

ve

Celik

Fabrikalari

TAS

1,239,541

735,360

KOC

Holding

AS

132,119

569,403

Sasa

Polyester

Sanayi

AS

(a) 5,072,120

499,726

Turk

Hava

Yollari

AO

(a) 341,928

2,801,341

Turkiye

Is

Bankasi

AS

Class

C

1,622,934

524,158

Turkiye

Petrol

Rafinerileri

AS

325,358

1,182,801

Yapi

ve

Kredi

Bankasi

AS

669,847

424,210

Total

9,397,892

United

Arab

Emirates

-

5.0%

Abu

Dhabi

Commercial

Bank

PJSC

701,108

2,080,581

Abu

Dhabi

Islamic

Bank

PJSC

605,992

2,646,333

Abu

Dhabi

Ports

Co.

PJSC

(a) 1,195,088

1,412,091

ADNOC

Drilling

Co.

PJSC

758,224

1,061,045

Adnoc

Gas

PLC

2,157,314

1,879,475

Aldar

Properties

PJSC

940,067

2,154,984

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Alpha

Dhabi

Holding

PJSC

385,869

1,130,382

Commercial

Bank

of

Dubai

PSC

636,569

1,294,611

Dubai

Investments

PJSC

1,001,852

646,435

Dubai

Islamic

Bank

PJSC

1,353,133

2,641,392

Emaar

Properties

PJSC

1,290,409

4,690,097

Emirates

Integrated

Telecommunications

Co.

PJSC

474,437

1,041,086

Emirates

NBD

Bank

PJSC

510,058

2,805,072

Emirates

Telecommunications

Group

Co.

PJSC

804,057

3,699,531

First

Abu

Dhabi

Bank

PJSC

1,449,028

5,452,027

International

Holding

Co.

PJSC

(a) 146,453

15,988,798

Modon

Holding

PSC

(a) 1,074,573

827,934

Multiply

Group

PJSC

(a) 1,160,375

524,420

NMDC

Group

PJSC

77,903

506,903

Total

52,483,197

Total

Common

Stocks

(Cost:

$961,348,872)

1,010,266,832

Preferred

Stocks

-

2.5%

Issuer

Shares

Value

($)

Brazil

-

2.4%

Banco

Bradesco

SA

Preference

Shares

1,522,675

3,368,274

Gerdau

SA

Preference

Shares

434,597

1,227,690

Itau

Unibanco

Holding

SA

Preference

Shares

1,413,925

7,753,856

Itausa

SA

Preference

Shares

3,253,638

5,368,149

Petroleo

Brasileiro

SA

Preference

Shares

1,137,743

7,381,479

Total

25,099,448

Chile

-

0.1%

Sociedad

Quimica

y

Minera

de

Chile

SA

Preference

Shares

Class

B

37,528

1,490,121

Total

Preferred

Stocks

(Cost:

$28,681,834)

26,589,569

Money

Market

Funds

-

0.9%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

4.182%

(g) 9,350,070

9,350,070

Total

Money

Market

Funds

(Cost:

$9,350,070)

9,350,070

Total

Investments

in

Securities

(Cost:

$999,380,776)

1,046,206,471

Other

Assets

&

Liabilities,

Net

4,867,457

Net

Assets

1,051,073,928

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

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

March

31,

2025,

the

total

value

of

these

securities

amounted

to

$11,641,780,

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

March

31,

2025,

the

value

of

these

securities

amounted

to

$2,222,142,

which

represents

0.21%

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

March

31,

2025,

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

March

31,

2025. 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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Fair

Value

Measurements

(continued)

Investments

falling

into

the

Level

category,

if

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

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

March

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Brazil

43,842,419

–

–

43,842,419

Chile

4,568,488

–

–

4,568,488

China

793,295

–

–

793,295

Colombia

768,379

–

–

768,379

Egypt

765,675

–

–

765,675

Greece

3,440,855

–

–

3,440,855

Hungary

6,716,587

–

–

6,716,587

India

186,252,628

–

–

186,252,628

Indonesia

24,901,757

–

–

24,901,757

Kuwait

13,140,852

–

–

13,140,852

Malaysia

22,072,634

–

–

22,072,634

Mexico

42,859,378

–

–

42,859,378

Philippines

12,089,993

–

–

12,089,993

Poland

17,458,561

–

–

17,458,561

Qatar

15,018,633

–

–

15,018,633

Russia

–

–

(a) 0

(a) Saudi

Arabia

77,870,296

–

–

77,870,296

South

Africa

48,430,111

–

–

48,430,111

South

Korea

124,629,685

–

–

124,629,685

Taiwan

286,581,084

–

–

286,581,084

Thailand

13,962,291

–

2,222,142

16,184,433

Turkey

9,397,892

–

–

9,397,892

United

Arab

Emirates

52,483,197

–

–

52,483,197

Total

Common

Stocks

1,008,044,690

–

2,222,142

1,010,266,832

Preferred

Stocks

Brazil

25,099,448

–

–

25,099,448

Chile

1,490,121

–

–

1,490,121

Total

Preferred

Stocks

26,589,569

–

–

26,589,569

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Fair

Value

Measurements

(continued)

Level

($)

Level

($)

Level

($)

Total

($)

Money

Market

Funds

9,350,070

–

–

9,350,070

Total

Investments

in

Securities

1,043,984,329

–

2,222,142

1,046,206,471

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

Columbia

India

Consumer

ETF

March

31,

2025

(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

\|

2025

Notes

to

Portfolio

of

Investments

Common

Stocks

-

99.5%

Issuer

Shares

Value

($)

Consumer

Discretionary

-

58.1%

Apparel

Retail

-

5.0%

Trent

Ltd.

254,819

15,875,860

Apparel,

Accessories

&

Luxury

Goods

-

4.7%

Titan

Co.

Ltd.

413,536

14,821,206

Automobile

Manufacturers

-

15.7%

Hyundai

Motor

India

Ltd.

(a) 227,413

4,543,471

Mahindra

&

Mahindra

Ltd.

470,899

14,686,859

Maruti

Suzuki

India

Ltd.

110,674

14,919,447

Tata

Motors

Ltd.

2,018,812

15,930,126

Total

50,079,903

Automotive

Parts

&

Equipment

-

6.5%

Bosch

Ltd.

13,844

4,593,224

Samvardhana

Motherson

International

Ltd.

4,731,218

7,249,119

Tube

Investments

of

India

Ltd.

177,113

5,738,546

UNO

Minda

Ltd.

287,429

2,944,153

Total

20,525,042

Consumer

Electronics

-

2.6%

Dixon

Technologies

India

Ltd.

54,665

8,429,113

Hotels,

Resorts

&

Cruise

Lines

-

4.0%

Indian

Hotels

Co.

Ltd.

1,368,761

12,611,866

Motorcycle

Manufacturers

-

15.4%

Bajaj

Auto

Ltd.

173,046

15,951,370

Eicher

Motors

Ltd.

212,811

13,314,802

Hero

MotoCorp

Ltd.

207,659

9,045,062

TVS

Motor

Co.

Ltd.

377,052

10,674,887

Total

48,986,121

Restaurants

-

4.2%

Zomato

Ltd.

(a) 5,729,968

13,521,712

Total

Consumer

Discretionary

184,850,823

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Consumer

Staples

-

41.4%

Distillers

&

Vintners

-

2.6%

United

Spirits

Ltd.

501,037

8,214,375

Food

Retail

-

3.5%

Avenue

Supermarts

Ltd.

(a),(b)

235,992

11,273,831

Packaged

Foods

&

Meats

-

15.3%

Britannia

Industries

Ltd.

189,121

10,923,648

Marico

Ltd.

850,965

6,487,833

Nestle

India

Ltd.

574,609

15,131,197

Patanjali

Foods

Ltd.

177,625

3,758,133

Tata

Consumer

Products

Ltd.

1,050,220

12,310,573

Total

48,611,384

Personal

Care

Products

-

11.0%

Colgate-Palmolive

India

Ltd.

212,274

5,935,153

Dabur

India

Ltd.

951,503

5,638,495

Godrej

Consumer

Products

Ltd.

583,728

7,917,010

Hindustan

Unilever

Ltd.

581,890

15,378,072

Total

34,868,730

Soft

Drinks

&

Non-alcoholic

Beverages

-

4.2%

Varun

Beverages

Ltd.

2,102,142

13,272,350

Tobacco

-

4.8%

ITC

Ltd.

3,183,080

15,259,493

Total

Consumer

Staples

131,500,163

Total

Common

Stocks

(Cost:

$264,374,030)

316,350,986

Money

Market

Funds

-

0.5%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

4.182%

(c) 1,596,499

1,596,499

Total

Money

Market

Funds

(Cost:

$1,596,499)

1,596,499

Total

Investments

in

Securities

(Cost:

$265,970,529)

317,947,485

Other

Assets

&

Liabilities,

Net

(142,192)

Net

Assets

317,805,293

(a) Non-income

producing

investment.

(b) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

March

31,

2025,

the

total

value

of

these

securities

amounted

to

$11,273,831,

which

represents

3.55%

of

total

net

assets.

(c) The

rate

shown

is

the

seven-day

current

annualized

yield

at

March

31,

2025. 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

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

—

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

investments.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

India

Consumer

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Fair

Value

Measurements

(continued)

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

category,

if

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

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

March

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Consumer

Discretionary

184,850,823

–

–

184,850,823

Consumer

Staples

131,500,163

–

–

131,500,163

Total

Common

Stocks

316,350,986

–

–

316,350,986

Money

Market

Funds

1,596,499

–

–

1,596,499

Total

Investments

in

Securities

317,947,485

–

–

317,947,485

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Emerging

Economies

ETF

March

31,

2025

(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

\|

2025

Common

Stocks

-

96.8%

Issuer

Shares

Value

($)

Brazil

-

2.5%

Ambev

SA

156,682

369,298

B3

SA

-

Brasil

Bolsa

Balcao

162,037

343,444

Embraer

SA

(a) 17,560

201,578

Suzano

SA

18,850

174,228

Vale

SA

78,926

781,316

WEG

SA

38,242

302,323

Total

2,172,187

Chile

-

0.4%

Banco

de

Chile

2,676,379

352,830

China

-

32.1%

Agricultural

Bank

of

China,

Ltd.

Class

H

501,878

301,889

Airtac

International

Group

6,656

166,588

Alibaba

Group

Holding

Ltd.

233,708

3,844,919

ANTA

Sports

Products

Ltd.

30,438

334,101

Baidu,

Inc.

Class

A

(a) 37,182

429,870

Bank

of

China,

Ltd.

Class

H

1,287,852

776,323

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.

212,486

163,210

BYD

Co.

Ltd.

Class

H

16,819

849,132

China

Construction

Bank

Corp.

Class

H

1,386,623

1,226,169

China

Life

Insurance

Co.,

Ltd.

Class

H

145,227

279,990

China

Merchants

Bank

Co.,

Ltd.

Class

H

62,677

369,764

China

Overseas

Land

&

Investment,

Ltd.

115,387

206,146

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

54,836

172,325

China

Petroleum

&

Chemical

Corp.

Class

H

523,311

275,770

China

Resources

Beer

Holdings

Co.

Ltd.

54,896

198,267

China

Resources

Land,

Ltd.

78,006

258,673

China

Shenhua

Energy

Co.,

Ltd.

Class

H

69,756

282,868

China

State

Construction

Engineering

Corp.

Ltd.

Class

A

215,804

156,533

China

Yangtze

Power

Co.,

Ltd.

Class

A

95,895

367,754

Contemporary

Amperex

Technology

Co.

Ltd.

Class

A

17,756

619,331

Gree

Electric

Appliances

Inc.

Class

A

26,732

167,580

H

World

Group

Ltd.

ADR

4,663

172,578

Haier

Smart

Home

Co.

Ltd.

Class

H

63,895

205,310

Hygon

Information

Technology

Co.

Ltd.

Class

A

9,126

177,821

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

1,020,202

726,440

Industrial

Bank

Co.

Ltd.

Class

A

78,244

233,058

JD.com,

Inc.

Class

A

42,457

877,484

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

31,609

214,455

Kuaishou

Technology

(a),(b)

40,388

282,134

Kweichow

Moutai

Co.

Ltd.

Class

A

4,848

1,043,580

Lenovo

Group,

Ltd.

158,328

213,266

Li

Auto,

Inc.

Class

A

(a) 18,835

239,786

Luxshare

Precision

Industry

Co.,

Ltd.

Class

A

32,620

183,934

Meituan

Class

B

(a),(b)

75,111

1,504,093

Midea

Group

Co.

Ltd.

Class

A

29,170

315,767

NetEase

,

Inc.

27,091

550,156

Nongfu

Spring

Co.

Ltd.

Class

H

(b) 45,854

198,909

PDD

Holdings,

Inc.

ADR

(a) 9,597

1,135,805

PetroChina

Co.

Ltd.

Class

H

410,401

331,789

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

140,488

259,658

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

107,540

639,963

Pop

Mart

International

Group

Ltd.

(b) 12,222

245,844

Shanghai

Pudong

Development

Bank

Co.

Ltd.

Class

A

114,828

165,155

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

Class

A

5,658

182,574

Silergy

Corp.

10,000

113,696

Sunny

Optical

Technology

Group

Co.

Ltd.

15,285

140,173

Tencent

Holdings

Ltd.

56,780

3,627,066

Tencent

Music

Entertainment

Group

ADR

14,137

203,714

Trip.com

Group

Ltd.

9,060

575,486

Xiaomi

Corp.

Class

B

(a),(b)

231,245

1,462,316

Zijin

Mining

Group

Co.,

Ltd.

Class

H

122,926

279,338

Total

27,948,550

Czech

Republic

-

0.4%

CEZ

AS

6,453

318,826

Egypt

-

0.1%

Commercial

International

Bank

-

Egypt

(CIB)

69,045

112,572

Greece

-

0.3%

National

Bank

of

Greece

SA

27,789

283,668

Hungary

-

0.2%

MOL

Hungarian

Oil

&

Gas

PLC

27,883

218,954

India

-

16.7%

Adani

Ports

&

Special

Economic

Zone

Ltd.

21,261

294,255

Adani

Power

Ltd.

(a) 23,906

142,447

Bajaj

Auto

Ltd.

1,859

171,362

Bharat

Electronics

Ltd.

98,982

348,946

Bharat

Petroleum

Corp.

Ltd.

60,629

197,530

Britannia

Industries

Ltd.

3,776

218,102

Cipla

Ltd.

17,009

286,997

Coal

India

Ltd.

65,361

304,504

Dixon

Technologies

India

Ltd.

969

149,416

Dr

Reddy's

Laboratories

Ltd.

19,544

261,631

Eicher

Motors

Ltd.

3,677

230,056

GAIL

India,

Ltd.

89,542

191,755

HCL

Technologies

Ltd.

17,225

320,931

Hero

MotoCorp

Ltd.

3,981

173,402

Hindalco

Industries

Ltd.

41,987

335,243

Hindustan

Aeronautics

Ltd.

4,941

241,490

Hindustan

Petroleum

Corp.

Ltd.

30,876

130,172

Hindustan

Unilever

Ltd.

22,416

592,406

ICICI

Bank

Ltd.

115,396

1,820,401

ICICI

Lombard

General

Insurance

Co.

Ltd.

(b) 8,451

177,266

Indian

Oil

Corp.,

Ltd.

122,562

183,113

Indus

Towers

Ltd.

(a) 40,853

159,784

Info

Edge

India

Ltd.

2,138

179,635

Infosys,

Ltd.

53,479

982,735

InterGlobe

Aviation

Ltd.

(a),(b)

5,148

308,097

Larsen

&

Toubro

Ltd.

17,016

695,253

Lupin

,

Ltd.

8,365

198,471

Maruti

Suzuki

India

Ltd.

3,109

419,110

Oil

&

Natural

Gas

Corp.

Ltd.

111,254

320,697

Pidilite

Industries

Ltd.

5,903

196,782

Power

Finance

Corp.

Ltd.

38,406

186,138

Power

Grid

Corp

of

India

Ltd.

119,580

406,213

REC

Ltd.

33,699

169,219

State

Bank

of

India

42,384

382,570

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Emerging

Economies

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Sun

Pharmaceutical

Industries

Ltd.

27,445

557,008

Tata

Consultancy

Services,

Ltd.

15,293

645,223

Tata

Motors

Ltd.

49,308

389,082

Tata

Power

Co.

Ltd.

(The)

59,452

261,117

Tata

Steel

Ltd.

244,553

441,310

Tech

Mahindra

Ltd.

12,222

202,800

Trent

Ltd.

4,601

286,654

Vedanta

Ltd.

44,278

240,059

Wipro

Ltd.

54,944

168,581

Total

14,567,963

Indonesia

-

1.4%

PT

Astra

International

Tbk

680,726

202,245

PT

Bank

Central

Asia

Tbk

892,818

458,270

PT

Bank

Mandiri

Persero

Tbk

(a) 673,656

211,534

PT

Bank

Rakyat

Indonesia

Persero

Tbk

1,268,189

310,155

Total

1,182,204

Kuwait

-

0.8%

National

Bank

of

Kuwait

SAKP

215,325

731,714

Malaysia

-

1.6%

CIMB

Group

Holdings

Bhd

155,500

245,296

Malayan

Banking

Bhd

111,900

255,195

Public

Bank

Bhd

287,900

286,765

Telekom

Malaysia

Bhd

179,900

265,542

Tenaga

Nasional

Bhd

101,200

305,139

Total

1,357,937

Mexico

-

1.8%

Cemex

SAB

de

CV

Series

CPO

411,118

232,103

Fomento

Economico

Mexicano

SAB

de

CV

Series

UBD

48,052

469,357

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

63,239

438,723

Grupo

Mexico

SAB

de

CV

Series

B

77,932

389,770

Total

1,529,953

Philippines

-

0.4%

SM

Investments

Corp.

23,530

324,013

Qatar

-

1.0%

Qatar

Islamic

Bank

QPSC

59,213

334,527

Qatar

National

Bank

QPSC

112,732

498,485

Total

833,012

Russia

-

0.0%

Magnit

PJSC

(c),(d),(e),(f)

15,524

Mobile

TeleSystems

PJSC

ADR

(a),(c),(d),(e)

86,390

Total

Saudi

Arabia

-

3.8%

Al

Rajhi

Bank

43,431

1,180,977

Alinma

Bank

36,266

296,811

Etihad

Etisalat

Co.

15,806

257,035

Jarir

Marketing

Co.

69,312

239,842

Riyad

Bank

38,827

341,060

SABIC

Agri

-Nutrients

Co.

8,951

252,941

Saudi

Awwal

Bank

28,177

281,687

Saudi

Basic

Industries

Corp.

25,377

430,944

Total

3,281,297

South

Africa

-

3.0%

Absa

Group

Ltd.

25,262

243,103

Bid

Corp.

Ltd.

10,697

255,590

Capitec

Bank

Holdings

Ltd.

2,280

384,629

FirstRand

Ltd.

118,444

462,650

Gold

Fields

Ltd.

17,412

383,820

Harmony

Gold

Mining

Co.

Ltd.

12,484

180,887

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Shoprite

Holdings

Ltd.

19,233

285,182

Standard

Bank

Group

Ltd.

34,118

444,119

Total

2,639,980

South

Korea

-

9.0%

Celltrion

,

Inc.

18,593

Hana

Financial

Group,

Inc.

6,537

264,588

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

1,236

168,717

Hyundai

Mobis

Co.

Ltd.

1,501

265,542

KB

Financial

Group,

Inc.

6,955

373,137

Kia

Corp.

5,323

333,659

Krafton

,

Inc.

(a) 687

156,062

KT&G

Corp.

3,031

208,105

NAVER

Corp.

2,960

383,946

POSCO

Holdings,

Inc.

1,806

341,576

Samsung

Biologics

Co.

Ltd.

(a),(b)

295,420

Samsung

Electronics

Co.

Ltd.

78,996

3,100,828

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

755

183,302

Shinhan

Financial

Group

Co.

Ltd.

9,261

295,912

SK

Hynix,

Inc.

9,182

1,189,139

Woori

Financial

Group,

Inc.

21,837

244,693

Total

7,823,219

Taiwan

-

16.6%

Accton

Technology

Corp.

14,081

244,278

ASE

Technology

Holding

Co.

Ltd.

91,958

396,054

Asia

Vital

Components

Co.

Ltd.

9,756

133,400

Asustek

Computer,

Inc.

18,951

347,599

Cathay

Financial

Holding

Co.

Ltd.

277,485

511,470

CTBC

Financial

Holding

Co.

Ltd.

468,957

557,198

Delta

Electronics,

Inc.

50,351

545,934

E.Sun

Financial

Holding

Co.

Ltd.

498,788

431,900

eMemory

Technology,

Inc.

1,672

114,564

Evergreen

Marine

Corp.

Taiwan

Ltd.

35,296

234,403

Fubon

Financial

Holding

Co.

Ltd.

235,145

604,107

Hon

Hai

Precision

Industry

Co.

Ltd.

281,950

1,239,807

Hua

Nan

Financial

Holdings

Co.

Ltd.

342,244

286,556

KGI

Financial

Holding

Co.

Ltd.

555,076

286,712

Largan

Precision

Co.

Ltd.

2,926

207,537

Lite-On

Technology

Corp.

69,862

191,264

MediaTek

,

Inc.

34,686

1,452,106

Novatek

Microelectronics

Corp.

16,586

272,250

Quanta

Computer,

Inc.

59,159

400,006

Realtek

Semiconductor

Corp.

13,658

215,138

SinoPac

Financial

Holdings

Co.

Ltd.

435,120

291,587

Taishin

Financial

Holding

Co.

Ltd.

528,778

273,925

Taiwan

Mobile

Co.

Ltd.

79,194

277,874

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

114,634

3,141,840

Uni

-President

Enterprises

Corp.

164,698

399,313

United

Microelectronics

Corp.

303,734

408,455

Wistron

Corp.

77,415

222,202

Yageo

Corp.

17,560

254,389

Yang

Ming

Marine

Transport

Corp.

69,974

156,797

Yuanta

Financial

Holding

Co.

Ltd.

367,843

370,585

Total

14,469,250

Thailand

-

1.3%

Advanced

Info

Service

PCL

NVDR

29,500

239,131

Bangkok

Dusit

Medical

Services

PCL

NVDR

339,800

218,353

CP

ALL

PCL

NVDR

161,100

235,061

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Emerging

Economies

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Delta

Electronics

Thailand

PCL

NVDR

81,900

158,730

PTT

PCL

NVDR

NVDR

313,800

295,994

Total

1,147,269

Turkey

-

0.6%

Akbank

TAS

116,960

160,988

Turk

Hava

Yollari

AO

(a) 40,616

332,758

Total

493,746

United

Arab

Emirates

-

2.8%

Abu

Dhabi

Commercial

Bank

PJSC

101,198

300,311

Abu

Dhabi

Islamic

Bank

PJSC

54,789

239,261

Aldar

Properties

PJSC

144,570

331,408

Emaar

Properties

PJSC

184,411

670,257

Emirates

NBD

Bank

PJSC

74,505

409,742

First

Abu

Dhabi

Bank

PJSC

138,271

520,250

Total

2,471,229

Total

Common

Stocks

(Cost:

$86,150,780)

84,260,373

Preferred

Stocks

-

2.3%

Issuer

Shares

Value

($)

Brazil

-

2.1%

Itau

Unibanco

Holding

SA

Preference

Shares

132,513

726,689

Itausa

SA

Preference

Shares

271,023

447,159

Petroleo

Brasileiro

SA

Preference

Shares

100,303

650,748

Total

1,824,596

Colombia

-

0.2%

Bancolombia

SA

Class

Preference

18,123

182,161

Total

Preferred

Stocks

(Cost:

$1,976,607)

2,006,757

Money

Market

Funds

-

0.7%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

4.182%

(g) 594,646

594,646

Total

Money

Market

Funds

(Cost:

$594,646)

594,646

Total

Investments

in

Securities

(Cost:

$88,722,033)

86,861,776

Other

Assets

&

Liabilities,

Net

217,509

Net

Assets

87,079,285

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Emerging

Economies

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

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) Non-income

producing

investment.

(b) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

March

31,

2025,

the

total

value

of

these

securities

amounted

to

$4,474,079,

which

represents

5.14%

of

total

net

assets.

(c) Represents

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

At

March

31,

2025,

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

March

31,

2025,

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

March

31,

2025. 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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

Research

Enhanced

Emerging

Economies

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Fair

Value

Measurements

(continued)

Investments

falling

into

the

Level

category,

if

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

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

March

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Brazil

2,172,187

–

–

2,172,187

Chile

352,830

–

–

352,830

China

27,948,550

–

–

27,948,550

Czech

Republic

318,826

–

–

318,826

Egypt

112,572

–

–

112,572

Greece

283,668

–

–

283,668

Hungary

218,954

–

–

218,954

India

14,567,963

–

–

14,567,963

Indonesia

1,182,204

–

–

1,182,204

Kuwait

731,714

–

–

731,714

Malaysia

1,357,937

–

–

1,357,937

Mexico

1,529,953

–

–

1,529,953

Philippines

324,013

–

–

324,013

Qatar

833,012

–

–

833,012

Russia

–

–

(a) 0

(a) Saudi

Arabia

3,281,297

–

–

3,281,297

South

Africa

2,639,980

–

–

2,639,980

South

Korea

7,823,219

–

–

7,823,219

Taiwan

14,469,250

–

–

14,469,250

Thailand

1,147,269

–

–

1,147,269

Turkey

493,746

–

–

493,746

United

Arab

Emirates

2,471,229

–

–

2,471,229

Total

Common

Stocks

84,260,373

–

(a) 84,260,373

Preferred

Stocks

Brazil

1,824,596

–

–

1,824,596

Colombia

182,161

–

–

182,161

Total

Preferred

Stocks

2,006,757

–

–

2,006,757

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Emerging

Economies

ETF

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Fair

Value

Measurements

(continued)

Level

($)

Level

($)

Level

($)

Total

($)

Money

Market

Funds

594,646

–

–

594,646

Total

Investments

in

Securities

86,861,776

–

(a) 86,861,776

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

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Columbia

EM

Core

ex-

China

ETF

Columbia

India

Consumer

ETF

Columbia

Research

Enhanced

Emerging

Economies

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$999,380,776,

$265,970,529

and

$88,722,033,

respectively)

$1,046,206,471

$317,947,485

$86,861,776

Cash

320,942

–

–

Foreign

currency

(cost

$429,711,

$–

and

$36,833,

respectively)

429,179

–

37,409

Receivable

for:

Dividends

4,142,074

57,540

344,657

Foreign

tax

reclaims

278,808

–

7,477

Reimbursement

due

from

Investment

Manager

–

5,382

4,900

Total

assets

1,051,377,474

318,010,407

87,256,219

Liabilities

Payable

for:

Investment

management

fees

145,730

198,204

36,924

Foreign

capital

gains

taxes

deferred

–

6,910

64,411

Accrued

expenses

and

other

liabilities

157,816

–

75,599

Total

liabilities

303,546

205,114

176,934

Net

assets

applicable

to

outstanding

capital

stock

$1,051,073,928

$317,805,293

$87,079,285

Represented

by:

Paid-in

capital

$1,045,695,098

$291,584,444

$317,341,491

Total

distributable

earnings

(loss)

5,378,830

26,220,849

(230,262,206)

Total

—

representing

net

assets

applicable

to

outstanding

capital

stock

$1,051,073,928

$317,805,293

$87,079,285

Shares

outstanding

35,700,000

5,300,000

4,000,000

Net

asset

value

per

share

$29.44

$59.96

$21.77

STATEMENT

OF

OPERATIONS

Year

Ended

March

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Columbia

EM

Core

ex-

China

ETF

Columbia

India

Consumer

ETF

(Consolidated)

Columbia

Research

Enhanced

Emerging

Economies

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$35,801,224

$4,394,156

$2,225,530

Foreign

taxes

withheld

(4,405,209)

(761,776)

(229,687)

Total

income

31,396,015

3,632,380

1,995,843

Expenses:

Investment

management

fees

1,809,027

2,753,186

336,994

Mauritius

taxes

paid

–

1,061

–

Line

of

credit

interest

–

5,403

–

Overdraft

expense

31,105

17,427

31,720

Total

expenses

1,840,132

2,777,077

368,714

Fees

waived

by

the

Investment

Manager

and

its

affiliates

–

(18,487)

(32,525)

Total

net

expenses

1,840,132

2,758,590

336,189

Net

Investment

income

29,555,883

873,790

1,659,654

Realized

and

unrealized

gain

(loss)

—

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(34,974,164)

(13,342,777)

349,498

In-kind

transactions

4,774,089

–

614,636

Foreign

currency

translations

(1,123,130)

(400,589)

(161,383)

Net

realized

gain

(loss)

(31,323,205)

(13,743,366)

802,751

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

(30,054,654)

(19,396,516)

(361,201)

Foreign

capital

gains

tax

1,780,227

8,182,416

365,367

Foreign

currency

translations

(371) 646

Net

change

in

unrealized

appreciation

(depreciation)

(28,274,798)

(11,213,454)

4,659

Net

realized

and

unrealized

gain

(loss)

(59,598,003)

(24,956,820)

807,410

Net

Increase

(Decrease)

in

net

assets

resulting

from

operations

$(30,042,120)

$(24,083,030)

$2,467,064

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

,

Columbia

EM

Core

ex-China

ETF

Columbia

India

Consumer

ETF

(Consolidated)

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Operations

Net

investment

income

$29,555,883

$13,035,817

$873,790

$73,207

Net

realized

loss

(31,323,205)

(2,999,184)

(13,743,366)

(1,690,900)

Net

change

in

unrealized

appreciation

(depreciation)

(28,274,798)

75,730,642

(11,213,454)

49,460,734

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(30,042,120)

85,767,275

(24,083,030)

47,843,041

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(31,015,776)

(7,788,221)

(11,045,759)

(5,489,494)

Shareholder

transactions

Proceeds

from

shares

sold

244,556,489

692,688,015

187,078,485

134,345,758

Cost

of

shares

redeemed

(76,991,490)

–

(81,850,784)

–

Net

increase

in

net

assets

resulting

from

shareholder

transactions

167,564,999

692,688,015

105,227,701

134,345,758

Increase

in

net

assets

106,507,103

770,667,069

70,098,912

176,699,305

Net

Assets:

Net

assets

at

beginning

of

year

944,566,825

173,899,756

247,706,381

71,007,076

Net

assets

at

end

of

year

$1,051,073,928

$944,566,825

$317,805,293

$247,706,381

Capital

stock

activity

Shares

outstanding,

beginning

of

year

30,500,000

6,450,000

3,900,000

1,600,000

Shares

sold

7,750,000

24,050,000

2,650,000

2,300,000

Shares

redeemed

(2,550,000)

–

(1,250,000)

–

Shares

outstanding,

end

of

year

35,700,000

30,500,000

5,300,000

3,900,000

STATEMENT

OF

CHANGES

IN

NET

ASSETS

(continued)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Columbia

Research

Enhanced

Emerging

Economies

ETF

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Operations

Net

investment

income

$1,659,654

$1,062,431

Net

realized

gain

(loss)

802,751

(4,790,908)

Net

change

in

unrealized

appreciation

4,659

4,814,847

Net

increase

in

net

assets

resulting

from

operations

2,467,064

1,086,370

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(700,296)

(1,015,250)

Shareholder

transactions

Proceeds

from

shares

sold

45,491,314

–

Cost

of

shares

redeemed

(19,006,192)

(26,323,127)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

26,485,122

(26,323,127)

Increase

(decrease)

in

net

assets

28,251,890

(26,252,007)

Net

Assets:

Net

assets

at

beginning

of

year

58,827,395

85,079,402

Net

assets

at

end

of

year

$87,079,285

$58,827,395

Capital

stock

activity

Shares

outstanding,

beginning

of

year

2,850,000

4,150,000

Shares

sold

2,050,000

–

Shares

redeemed

(900,000)

(1,300,000)

Shares

outstanding,

end

of

year

4,000,000

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

\|

2025

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

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

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.

Year

Ended

March

31,

2025

2024

2023

2022

2021

Per

share

data

Net

asset

value,

beginning

of

year

$30.97

$26.96

$30.73

$31.65

$19.09

Income

(loss)

from

investment

operations:

Net

investment

income

0.82 0.80 0.86 0.80 0.68 Net

realized

and

unrealized

gain

(loss)

(1.53)

3.58 (4.01)

(1.10)

12.37 Total

from

investment

operations

(0.71)

4.38 (3.15)

(0.30)

13.05 Less

distributions

to

shareholders:

Net

investment

income

(0.82)

(0.37)

(0.62)

(0.58)

(0.49)

Net

realized

gains

–

–

–

(0.04)

–

Total

distribution

to

shareholders

(0.82)

(0.37)

(0.62)

(0.62)

(0.49)

Net

asset

value,

end

of

year

$29.44

$30.97

$26.96

$30.73

$31.65

Total

Return

at

NAV

(2.39)%

16.32%

(10.15)%

(0.96)%

68.56%

Total

Return

at

Market

Price

(2.40)%

16.41%

(9.43)%

(1.94)%

69.09%

Ratios

to

average

net

assets:

Total

gross

expenses

(a) 0.16%

(b) 0.16%

(c) 0.16%

(d) 0.16%

(e) 0.16%

Total

net

expenses

(a)(f) 0.16%

(b) 0.16%

(c) 0.16%

(d) 0.16%

(e) 0.16%

Net

Investment

income

2.61%

2.79%

3.28%

2.53%

2.61%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$1,051,074

$944,567

$173,900

$95,264

$30,070

Portfolio

turnover

20%

14%

19%

13%

19%

Notes

to

Financial

Highlights

(a) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b) The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2025

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) 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.

Indexed

ETFs

\|

2025

s

Year

Ended

March

31,

2025

2024

2023

2022

2021

Per

share

data

Net

asset

value,

beginning

of

year

$63.51

$44.38

$50.13

$50.85

$30.80

Income

(loss)

from

investment

operations:

Net

investment

income

0.16 0.03 0.12 0.38 0.09 Net

realized

and

unrealized

gain

(loss)

(1.85)

21.34 (1.07)

2.27 20.12 Total

from

investment

operations

(1.69)

21.37 (0.95)

2.65 20.21 Less

distributions

to

shareholders:

Net

investment

income

–

–

(0.11)

(0.08)

(0.16)

Net

realized

gains

(1.86)

(2.24)

(4.69)

(3.29)

–

Total

distribution

to

shareholders

(1.86)

(2.24)

(4.80)

(3.37)

(0.16)

Net

asset

value,

end

of

year

$59.96

$63.51

$44.38

$50.13

$50.85

Total

Return

at

NAV

(2.93)%

48.74%

(2.38)%

5.22%

65.67%

Total

Return

at

Market

Price

(4.34)%

49.80%

(1.14)%

3.17%

69.58%

Ratios

to

average

net

assets:

Total

gross

expenses

(a) 0.76%

(b)(c) 0.77%

(d) 0.77%

(e) 0.77%

(f) 0.80%

(g) Total

net

expenses

(a)(h) 0.75%

(b)(c) 0.75%

(d) 0.75%

(e) 0.75%

(f) 0.75%

(g) Net

Investment

income

0.24%

0.06%

0.24%

0.70%

0.22%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$317,805

$247,706

$71,007

$77,709

$91,532

Portfolio

turnover

41%

24%

22%

31%

16%

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

year

ended

March

31,

2025

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

year

ended

March

31,

2025. (c) Ratios

include

line

of

credit

interest

expense

which

is

less

than

0.01%

(d) 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. (e) 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. (f) 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. (g) 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.

(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

\|

2025

Year

Ended

March

31,

2025

2024

2023

2022

2021

Per

share

data

Net

asset

value,

beginning

of

year

$20.64

$20.50

$21.33

$27.73

$19.65

Income

(loss)

from

investment

operations:

Net

investment

income

0.52 0.32 0.35 0.33 0.29 Net

realized

and

unrealized

gain

(loss)

0.77 0.15 (0.77)

(6.47)

7.97 Total

from

investment

operations

1.29 0.47 (0.42)

(6.14)

8.26 Less

distributions

to

shareholders:

Net

investment

income

(0.16)

(0.33)

(0.41)

(0.26)

(0.18)

Net

asset

value,

end

of

year

$21.77

$20.64

$20.50

$21.33

$27.73

Total

Return

at

NAV

6.25%

2.29%

(1.93)%

(22.22)%

42.02%

Total

Return

at

Market

Price

6.73%

2.10%

(0.95)%

(23.46)%

43.27%

Ratios

to

average

net

assets:

Total

gross

expenses

(a) 0.54%

(b) 0.49%

(c) 0.49%

(d) 0.53%

(e) 0.59%

(f) Total

net

expenses

(g) 0.49%

(b) 0.49%

(c) 0.49%

(a)(d) 0.53%

(a)(e) 0.59%

(a)(f) Net

Investment

income

2.41%

1.58%

1.71%

1.28%

1.14%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$87,079

$58,827

$85,079

$117,297

$182,999

Portfolio

turnover

150%

34%

25%

31%

40%

Notes

to

Financial

Highlights

(a) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b) The

total

gross

expense

ratio

includes

0.05%

for

the

year

ended

March

31,

2025

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,

2025. (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) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

March

31,

2025

Indexed

ETFs

\|

2025

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

Statements

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

has

transitioned

all

of

its

Indian

securities

out

of

the

Subsidiary

and

hold

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

Net

investment

income

(loss)

($)

Net

realized

gain

(loss)

($)

Net

change

in

unrealized

appreciation

(depreciation)

($)

Columbia

India

Consumer

ETF

97,393

11,785,207

(10,424,482)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

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.

Segment

reporting

In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

their

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Funds

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Funds

have

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

each

Fund's

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Funds'

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Funds'

Portfolio

of

Investments.

Foreign

currency

transactions

and

translations

The

values

of

all

assets

and

liabilities

denominated

in

foreign

currencies

are

generally

translated

into

U.S.

dollars

at

exchange

rates

determined

at

the

close

of

the

London

Stock

Exchange

on

any

given

day.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Funds

do

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

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

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined,

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

Accounting

Standards

Update

2023-09

Income

Taxes

(Topic

740)

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

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:

Fund

Effective

investment

management

fee

rate

(%)

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)

March

31,

2025

Indexed

ETFs

\|

2025

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.

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

March

31,

2025,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

foreign

currency

transactions

and

passive

foreign

investment

company

(PFIC)

holdings,

late

year

loss

deferral,

foreign

capital

gains

tax,

disallowed

capital

gains

(losses)

on

a

redemption

in-kind,

and

capital

loss

carryforwards.

To

the

extent

Fund

Through

July

31,

2025

Columbia

India

Consumer

ETF

0.75%

Columbia

Research

Enhanced

Emerging

Economies

ETF

0.49%

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

March

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

March

31,

2025,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

The

following

capital

loss

carryforwards,

determined

at

March

31,

2025,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

March

31,

2025,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

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.

At

March

31,

2025,

the

Funds

will

elect

to

treat

the

following

late-year

ordinary

losses

and

post-October

capital

losses

as

arising

on

April

1,

2025. Fund

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

increase

(decrease)

($)

Columbia

EM

Core

ex-China

ETF

(1,187,980)

(3,207,893)

4,395,873

Columbia

India

Consumer

ETF

(6,126,705)

9,137,237

(3,010,532)

Columbia

Research

Enhanced

Emerging

Economies

ETF

(447,448)

10,041

437,407

Year

Ended

March

31,

2025

Year

Ended

March

31,

2024

Fund

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Columbia

EM

Core

ex-China

ETF

31,015,776

-

31,015,776

7,788,221

-

7,788,221

Columbia

India

Consumer

ETF

-

11,045,759

11,045,759

-

5,489,494

5,489,494

Columbia

Research

Enhanced

Emerging

Economies

ETF

700,296

-

700,296

1,015,250

-

1,015,250

Fund

Undistributed

ordinary

income/(loss)

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

EM

Core

ex-China

ETF

6,532,231

-

(37,774,098)

36,488,581

Columbia

India

Consumer

ETF

-

-

-

47,185,356

Columbia

Research

Enhanced

Emerging

Economies

ETF

1,001,102

-

(227,577,006)

(3,621,202)

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

EM

Core

ex-China

ETF

1,009,717,890

137,847,213

(101,358,632)

36,488,581

Columbia

India

Consumer

ETF

270,762,129

63,093,788

(15,908,432)

47,185,356

Columbia

Research

Enhanced

Emerging

Economies

ETF

90,482,978

6,377,547

(9,998,749)

(3,621,202)

Fund

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Columbia

EM

Core

ex-China

ETF

(12,050,660)

(25,723,438)

(37,774,098)

-

Columbia

India

Consumer

ETF

-

-

-

-

Columbia

Research

Enhanced

Emerging

Economies

ETF

(6,963,411)

(220,613,595)

(227,577,006)

(541,220)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

Management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Funds

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Funds'

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5. Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

year

ended

March

31,

2025,

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

year

ended

March

31,

2025,

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

year

ended

March

31,

2025,

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

Funds

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

Funds

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

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

fees

that

are

allocated

to

each

Fund

are

payable

by

the

Investment

Manager.

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,

Fund

Late

year

ordinary

losses

($)

Post-October

capital

losses

($)

Columbia

EM

Core

ex-China

ETF

-

-

Columbia

India

Consumer

ETF

7,264,826

13,692,866

Columbia

Research

Enhanced

Emerging

Economies

ETF

-

-

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

EM

Core

ex-China

ETF

349,094,830

225,170,449

Columbia

India

Consumer

ETF

238,392,544

152,410,951

Columbia

Research

Enhanced

Emerging

Economies

ETF

127,305,103

101,419,139

Fund

Contributions

($)

Columbia

EM

Core

ex-China

ETF

56,034,234

Columbia

India

Consumer

ETF

-

Columbia

Research

Enhanced

Emerging

Economies

ETF

5,163,938

Fund

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

EM

Core

ex-China

ETF

12,535,389

17,309,478

4,774,089

Columbia

India

Consumer

ETF

-

-

-

Columbia

Research

Enhanced

Emerging

Economies

ETF

4,146,964

4,761,600

614,636

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

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.

During

the

year

ended

March

31,

2025,

the

following

Funds

had

borrowings:

Interest

expense

incurred

by

the

Funds

is

recorded

as

Line

of

credit

interest

in

the

Statement

of

Operations.

The

Funds

had

no

outstanding

borrowings

at

March

31,

2025. 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

Fund

Average

daily

loan

balance

($)

Weighted

average

interest

rate

(%)

Days

outstanding

Columbia

India

Consumer

ETF

8,200,000

5.93 4

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

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.

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

are

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

in

the

Asia

Pacific

region.

Many

of

the

countries

in

the

region

are

considered

underdeveloped

or

developing,

including

from

a

political,

economic

and/or

social

perspective,

and

may

have

relatively

unstable

governments

and

economies

based

on

limited

business,

industries

and/or

natural

resources

or

commodities.

Events

in

any

one

country

within

the

region

may

impact

other

countries

in

the

region

or

the

region

as

a

whole.

As

a

result,

events

in

the

region

will

generally

have

a

greater

effect

on

the

Funds

than

if

the

Funds

were

more

geographically

diversified.

This

could

result

in

increased

volatility

in

the

value

of

the

Funds'

investments

and

losses

for

the

Funds.

Also,

securities

of

some

companies

in

the

region

can

be

less

liquid

than

U.S.

or

other

foreign

securities,

potentially

making

it

difficult

for

the

Funds

to

sell

such

securities

at

a

desirable

time

and

price.

Greater

China.

Columbia

EM

Core

ex-China

ETF

and

Columbia

Research

Enhanced

Emerging

Economies

ETF

are

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

outbreak

have

exacerbated

political

and

diplomatic

tensions

between

the

United

States

and

China,

which

could

adversely

affect

international

trade

and

the

value

of

the

Funds'

portfolio

securities.

Changes

in

Chinese

government

policy

and

economic

growth

rates

could

significantly

affect

local

markets

and

the

entire

Greater

China

region.

China

has

yet

to

develop

comprehensive

securities,

corporate,

or

commercial

laws,

its

market

is

relatively

new

and

less

developed,

and

its

economy

is

experiencing

a

relative

slowdown.

Export

growth

continues

to

be

a

major

driver

of

China's

economic

growth.

As

a

result,

a

reduction

in

spending

on

Chinese

products

and

services,

the

institution

of

additional

tariffs

or

other

trade

barriers,

including

as

a

result

of

heightened

trade

tensions

between

China

and

the

United

States,

or

a

downturn

in

any

of

the

economies

of

China's

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy.

India

.

Columbia

India

Consumer

ETF

is

particularly

susceptible

to

risks

related

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

in

India.

Because

the

Fund

has

significant

investments

in

Indian

securities,

its

NAV

will

be

much

more

sensitive

to

changes

in

economic,

political

and

other

factors

within

India

than

would

a

fund

that

invested

in

a

variety

of

countries.

Special

risks

include,

among

others,

political

and

legal

uncertainty,

persistent

religious,

ethnic

and

border

disputes,

greater

government

control

over

the

economy,

currency

fluctuations

or

blockage

and

the

risk

of

nationalization

or

expropriation

of

assets.

Uncertainty

regarding

inflation

and

currency

exchange

rates,

fiscal

policy,

credit

ratings

and

the

possibility

that

future

harmful

political

actions

will

be

taken

by

the

Indian

government,

could

negatively

impact

the

Indian

economy

and

securities

markets,

and

thus

adversely

affect

the

Fund's

performance.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

India-Mauritius

tax

treaty

risk

Columbia

India

Consumer

ETF

and

its

Subsidiary

have

historically

relied

on

a

tax

treaty

between

India

and

Mauritius

for

relief

from

certain

Indian

taxes.

India

and

Mauritius

agreed

to

an

amended

protocol

with

respect

to

gains

resulting

from

the

alienation

of

shares

in

Indian

companies

if

the

shares

were

acquired

by

the

Subsidiary

on

or

after

April

1,

2017. Gains

realized

in

the

Subsidiary

resulting

from

the

alienation

of

Indian

shares

acquired

prior

to

April

1,

2017

continue

to

be

exempt

from

Indian

tax

under

the

India-Mauritius

tax

treaty.

Additionally,

India

has

enacted

General

anti-avoidance

rules

(GAAR),

which

seek

to

curb

tax

evasion

via

investments

through

foreign

tax

havens

and

other

avenues.

Any

assertion

that

the

Subsidiary

is

in

violation

of

GAAR

or

any

change

in

the

requirements

established

by

Mauritius

to

qualify

as

a

Mauritius

resident

could

result

in

the

imposition

by

India

of

various

taxes

on

Indian

securities

invested

in

by

the

Subsidiary

(and

indirectly

the

Fund).

The

imposition

of

taxes

on

the

Subsidiary

by

India

for

any

of

the

reasons

described

herein

would

result

in

higher

taxes

and

lower

returns

for

the

Fund

and

its

shareholders.

Information

technology

sector

risk

Columbia

EM

Core

ex-China

ETF

and

Columbia

Research

Enhanced

Emerging

Economies

ETF

are

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/

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

or

assets

in

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Non-diversification

risk

The

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2025

Indexed

ETFs

\|

2025

Note

9. Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10. Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

that

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

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,

it

is

inherently

difficult

to

determine

whether

any

loss

is

probable

or

even

reasonably

possible,

or

to

reasonably

estimate

the

amount

of

any

loss

that

may

result

from

such

matters.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief,

and

may

lead

to

further

claims,

examinations,

adverse

publicity

or

reputational

damage,

each

of

which

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

or

financial

condition

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Funds.

Indexed

ETFs

\|

2025

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

II

and

Shareholders

of

Columbia

EM

Core

ex-China

ETF,

Columbia

Research

Enhanced

Emerging

Economies

ETF

and

Columbia

India

Consumer

ETF

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(constituting

Columbia

ETF

Trust

II,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

March

31,

2025,

the

related

statements

of

operations

and

statements

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2025,

the

results

of

each

of

their

operations

and

the

changes

in

each

of

their

net

assets,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

(1) Statement

of

operations

for

the

year

ended

March

31,

2025,

statement

of

changes

in

net

assets

for

the

years

ended

March

31,

2025

and

2024,

and

financial

highlights

for

the

years

ended

March

31,

2025,

2024,

2023,

2022

and

2021

(2) Consolidated

statement

of

operations

for

the

year

ended

March

31,

2025,

consolidated

statement

of

changes

in

net

assets

for

the

years

ended

March

31,

2025

and

2024,

and

consolidated

financial

highlights

for

the

years

ended

March

31,

2025,

2024,

2023,

2022

and

2021

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

May 22,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977. Columbia

EM

Core

ex-China

ETF

(1) Columbia

Research

Enhanced

Emerging

Economies

ETF

(1) Columbia

India

Consumer

ETF

(2) FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

Indexed

ETFs

\|

2025

The

Funds

hereby

designate

the

following

tax

attributes

for

the

ﬁscal

year

ended

March

31,

2025

.

Shareholders

will

be

notiﬁed

in

early

2026

of

the

amounts

for

use

in

preparing

2025

income

tax

returns.

Qualiﬁed

dividend

income.

For

taxable,

non-corporate

shareholders,

the

percentage

of

ordinary

income

distributed

during

the

ﬁscal

year

that

represents

qualiﬁed

dividend

income

subject

to

reduced

tax

rates.

Foreign

Taxes.

The

Fund

makes

the

election

to

pass

through

to

shareholders

the

foreign

taxes

paid.

Eligible

shareholders

may

claim

a

foreign

tax

credit.

These

taxes,

and

the

corresponding

foreign

source

income,

are

provided.

The

following

Fund

designates

as

a

capital

gain

dividend

the

amount

reflected

below,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

fiscal

period.

Funds

Qualified

dividend

income

Foreign

taxes

paid

Foreign

taxes

paid

per

share

Foreign

source

income

Foreign

source

income

per

share

Columbia

EM

Core

ex-China

ETF

47.45%

$4,683,575

$0.13

$33,630,347

$0.94

Columbia

India

Consumer

ETF

-%

$-

$-

$-

$-

Columbia

Research

Enhanced

Emerging

Economies

ETF

70.61%

$666,128

$0.17

$2,207,053

$0.55

Funds

Columbia

India

Consumer

ETF

$11,159,089

Columbia

ETF

Trust

II

Congress

Street

Boston,

MA,

02210

ANN279_03_R01_(05/25)

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.©

2025

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.**

Columbia Management Investment Advisers, LLC, the funds' investment advisor, is responsible for bearing expenses associated with Independent Trustees' compensation pursuant to the management fee arrangement with each Fund. Refer to the Registrant's financial statements included on Item 7 of this Form N-CSR for further detail.

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

Not applicable.

**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 the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant's internal 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) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](f42168d2.htm)

[(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.](f42168d3.htm)

[(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.](f42168d4.htm)

------

**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) | <u>Columbia ETF Trust II</u> |
| By (Signature and Title) | <u>/s/ Daniel J. Beckman</u> |
|  | Daniel J. Beckman, President and Principal Executive Officer |
| Date | <u>May 22, 2025</u> |

---

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) | <u>/s/ Daniel J. Beckman</u> |
|  | Daniel J. Beckman, President and Principal Executive Officer |
| Date | <u>May 22, 2025</u> |
| By (Signature and Title) | &nbsp;&nbsp;<u>/s/ Michael G. Clarke</u> |
|  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice President |
| Date | <u>May 22, 2025</u> |
| By (Signature and Title) | <u>/s/ Marybeth Pilat</u> |
|  | Marybeth Pilat, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |
| Date | <u>May 22, 2025</u> |

---

------

## Ex-99.Code

![](grj4zcca1ezc3awfxd5s4.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**COLUMBIA FUNDS**

**WANGER ADVISORS TRUST / COLUMBIA ACORN TRUST**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Applicable Regulatory Authority** | &nbsp;&nbsp;&nbsp;Section 406 of the Sarbanes-Oxley Act of 2002; |
|  | &nbsp;&nbsp;&nbsp;Item 2 of Form N-CSR |
| &nbsp;&nbsp;**Related Policies** | &nbsp;&nbsp;&nbsp;Overview and Implementation of Compliance Program |
|  | &nbsp;&nbsp;&nbsp;Policy |
| &nbsp;&nbsp;**Requires Annual Board Approval** | &nbsp;&nbsp;&nbsp;No but Covered Officers Must provide annual |
|  | &nbsp;&nbsp;&nbsp;certification |
| &nbsp;&nbsp;**Last Reviewed by AMC** | &nbsp;&nbsp;&nbsp;September 2024 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any amendments to, or waivers from, the code of ethics relating to such officers.

The Boards (the Board of the Columbia Funds ("Columbia Board") and the Boards of the Columbia Acorn Trust ("CAT") and the Wanger Advisors Trust ("WAT") (collectively, "Columbia Acorn Board" and together with the Columbia Board, the "Boards") have adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.

**<u>Policy</u>**

The Boards have adopted the Code in order to comply with applicable regulatory requirements as outlined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Covered Officers/Purpose of the Code**

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 1 of 9

![](gu4tlhfd2kca6pd9okw1p.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Administration of the Code**

The Boards have designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Boards have designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code

Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Managing Conflicts of Interest**

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 2 of 9

![](ggl3q48zhrz6d4aznpihx.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

("CMIA") for the Columbia Funds and Columbia Wanger Asset Management, LLC ("CWAM") for the WAT / CAT Funds), administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Boards of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 3 of 9

![](gy7h2o6dxmrcg32o903h8.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 4 of 9

![](ggwbk5x1femy2e4r8411x.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Reporting and Accountability by Covered Officers** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit

Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other Policies

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 5 of 9

![](gu1uznp91lqmm19g1wwwr.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements**

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 6 of 9

![](g4yj0s91zbg4z2jde1cxf.jpg)

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers**

**Monitoring/Oversight/Escalation**

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping**

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

Proprietary and Confidential Page 7 of 9

**Appendix A**

**INITIAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

review of these documents. Thank you!

![](goztn0c15npc849twiu7d.jpg)

**Appendix B**

**ANNUAL ACKNOWLEDGEMENT**

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.<sup>1</sup>

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

**Covered Officer Name and Title: <u>_______________________________________________</u>**

(please print)

<u>____________________________________________________________________________</u>

SignatureDate

Please return this completed form to the CLO (_______) within one week from the date of your

receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

## Ex-99.Cert

I, Daniel J. Beckman, certify that:

1. I have reviewed this report on Form N-CSR of Columbia ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 22, 2025 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 22, 2025 |  | /s/ Michael G. Clarke |
|  | Michael G. Clarke, Chief Financial Officer, | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

---

I, Marybeth Pilat, certify that:

1. I have reviewed this report on Form N-CSR of Columbia ETF Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control

---

| | |
|:---|:---|
|  | over financial reporting to be designed under our supervision, to provide reasonable |
|  | assurance regarding the reliability of financial reporting and the preparation of financial |
|  | statements for external purposes in accordance with generally accepted accounting |
|  | principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and |
|  | presented in this report our conclusions about the effectiveness of the disclosure controls |
|  | and procedures, as of a date within 90 days prior to the filing date of this report based on |
|  | such evaluation; and |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 22, 2025 | /s/ Marybeth Pilat |
|  | Marybeth Pilat, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia ETF Trust II (the "Trust") on Form N-CSR for the period ending March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| Date: May 22, 2025  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: May 22, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |

---

---

| | |
|:---|:---|
| Date: May 22, 2025  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Marybeth Pilat</u>  |
|  | Marybeth Pilat, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.