Columbia ETF Trust II

 

Columbia EM Core ex-China ETF 

XCEM | NYSE Arca, Inc.

Image

Semi-Annual Shareholder Report | September 30, 2025

This semi-annual shareholder report contains important information about Columbia EM Core ex-China ETF (the Fund) for the period of April 1, 2025 to September 30, 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
$9
0.16%Footnote Reference(a)
Footnote Description
Footnote(a)
 Annualized.

Key Fund Statistics

Fund net assets
$1,240,649,571
Total number of portfolio holdings
333
Portfolio turnover for the reporting period
24%

Columbia EM Core ex-China ETF | SSR274_00_(11/25) | 1

Graphical Representation of Fund Holdings 

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

Top Holdings

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
14.6%
Samsung Electronics Co. Ltd. (South Korea)
4.9%
SK Hynix, Inc. (South Korea)
2.0%
HDFC Bank Ltd. (India)
1.8%
ICICI Bank Ltd. (India)
1.6%
Hon Hai Precision Industry Co. Ltd. (Taiwan)
1.5%
International Holding Co. PJSC (United Arab Emirates)
1.3%
Naspers Ltd. Class N (South Africa)
1.2%
Al Rajhi Bank (Saudi Arabia)
1.2%
Infosys Ltd. (India)
1.2%

Sector Allocation

Group By Sector Chart
Value
Value
Real Estate
2.0%
Utilities
2.1%
Health Care
3.1%
Consumer Staples
4.1%
Energy
4.3%
Communication Services
5.0%
Consumer Discretionary
6.1%
Materials
6.5%
Industrials
9.2%
Financials
25.0%
Information Technology
31.8%

Geographic Allocation

Group By Industry Chart
Value
Value
Other
8.4%
Malaysia
1.5%
Thailand
1.8%
Mexico
3.4%
United Arab Emirates
4.0%
Saudi Arabia
4.9%
South Africa
4.9%
Brazil
5.1%
South Korea
14.6%
India
23.8%
Taiwan
27.5%

Availability of Additional Information

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

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. 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

CET002605

Columbia EM Core ex-China ETF | SSR274_00_(11/25) | 2

Columbia India Consumer ETF 

INCO | NYSE Arca, Inc.

Image

Semi-Annual Shareholder Report | September 30, 2025

This semi-annual shareholder report contains important information about Columbia India Consumer ETF (the Fund) for the period of April 1, 2025 to September 30, 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 India Consumer ETF
$39
0.75%Footnote Reference(a)
Footnote Description
Footnote(a)
 Annualized.

Key Fund Statistics

Fund net assets
$288,727,103
Total number of portfolio holdings
32
Portfolio turnover for the reporting period
4%

Columbia India Consumer ETF | SSR279_00_(11/25) | 1

Graphical Representation of Fund Holdings 

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

Top Holdings

Eternal Ltd. (India)
6.1%
Maruti Suzuki India Ltd. (India)
5.8%
Mahindra & Mahindra Ltd. (India)
5.3%
Bajaj Auto Ltd. (India)
4.9%
Eicher Motors Ltd. (India)
4.9%
Hindustan Unilever Ltd. (India)
4.8%
Titan Co. Ltd. (India)
4.6%
Tata Motors Ltd. (India)
4.5%
Nestle India Ltd. (India)
4.3%
TVS Motor Co. Ltd. (India)
4.3%

Sector Allocation

Group By Sector Chart
Value
Value
Consumer Staples
37.9%
Consumer Discretionary
63.3%

Geographic Allocation

Group By Industry Chart
Value
Value
United States
0.3%
India
101.1%

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

CET002605

Columbia India Consumer ETF | SSR279_00_(11/25) | 2

Columbia Research Enhanced Emerging Economies ETF 

ECON | NYSE Arca, Inc.

Image

Semi-Annual Shareholder Report | September 30, 2025

This semi-annual shareholder report contains important information about Columbia Research Enhanced Emerging Economies ETF (the Fund) for the period of April 1, 2025 to September 30, 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 Research Enhanced Emerging Economies ETF
$27
0.48%Footnote Reference(a)
Footnote Description
Footnote(a)
 Annualized.

Key Fund Statistics

Fund net assets
$232,694,512
Total number of portfolio holdings
203
Portfolio turnover for the reporting period
15%

Columbia Research Enhanced Emerging Economies ETF | SSR277_00_(11/25) | 1

Graphical Representation of Fund Holdings 

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

Top Holdings

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
5.4%
Alibaba Group Holding Ltd. (China)
5.1%
Samsung Electronics Co. Ltd. (South Korea)
4.6%
Tencent Holdings Ltd. (China)
3.8%
SK Hynix, Inc. (South Korea)
2.2%
Hon Hai Precision Industry Co. Ltd. (Taiwan)
2.1%
Xiaomi Corp. Class B (China)
1.7%
Al Rajhi Bank (Saudi Arabia)
1.6%
Bharti Airtel Ltd. (India)
1.5%
MediaTek, Inc. (Taiwan)
1.5%

Sector Allocation

Group By Sector Chart
Value
Value
Real Estate
1.3%
Utilities
2.5%
Health Care
2.5%
Energy
3.0%
Consumer Staples
3.7%
Materials
4.9%
Industrials
7.1%
Communication Services
11.0%
Consumer Discretionary
13.0%
Financials
23.6%
Information Technology
26.6%

Geographic Allocation

Group By Industry Chart
Value
Value
Other
7.1%
Thailand
1.3%
Mexico
2.1%
United Arab Emirates
2.7%
Saudi Arabia
3.0%
South Africa
3.1%
Brazil
4.1%
South Korea
11.6%
India
14.0%
Taiwan
18.8%
China
31.7%

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

CET002605

Columbia Research Enhanced Emerging Economies ETF | SSR277_00_(11/25) | 2

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Columbia
EM
Core
ex-China
ETF
Columbia
India
Consumer
ETF
Columbia
Research
Enhanced
Emerging
Economies
ETF
Semiannual
Financial
Statements
and
Additional
Information
September
30,
2025
(Unaudited)
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Indexed
ETFs
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
19
Statement
of
Operations
20
Statement
of
Changes
in
Net
Assets
21
Financial
Highlights
23
Notes
to
Financial
Statements
26
Approval
of
Investment
Management
Services
Agreement
34
PORTFOLIO
OF
INVESTMENTS
Columbia
EM
Core
ex-China
ETF
September
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
3
Common
Stocks
-
97.1%
Issuer
Shares
Value
($)
Argentina
-
0.0%
Vista
Energy
SAB
de
CV
(a)
17,623‌
605,147‌
Brazil
-
2.8%
Ambev
SA
1,019,277‌
2,313,950‌
B3
SA
-
Brasil
Bolsa
Balcao
1,419,304‌
3,571,213‌
Banco
BTG
Pactual
SA
778,174‌
7,051,793‌
Banco
Santander
Brasil
SA
872,028‌
4,814,080‌
Embraer
SA
339,733‌
5,121,943‌
Lojas
Renner
SA
283,283‌
804,813‌
PRIO
SA
(a)
77,470‌
554,672‌
Rede
D'Or
Sao
Luiz
SA
(b)
203,019‌
1,604,161‌
Suzano
SA
230,089‌
2,155,917‌
TOTVS
SA
228,958‌
1,974,639‌
Vale
SA
49,412‌
534,244‌
Vibra
Energia
SA
282,096‌
1,302,540‌
WEG
SA
440,183‌
3,024,344‌
Total
34,828,309‌
Chile
-
0.4%
Empresas
Copec
SA
414,435‌
3,034,307‌
Latam
Airlines
Group
SA
(a)
103,662,533‌
2,355,611‌
Total
5,389,918‌
China
-
0.1%
Airtac
International
Group
30,520‌
754,038‌
Colombia
-
0.1%
Interconexion
Electrica
SA
ESP
170,321‌
1,016,006‌
Czech
Republic
-
0.1%
CEZ
AS
20,426‌
1,269,652‌
Egypt
-
0.1%
Commercial
International
Bank
-
Egypt
(CIB)
368,481‌
777,776‌
Greece
-
0.6%
Alpha
Bank
SA
564,200‌
2,395,858‌
Eurobank
Ergasias
Services
and
Holdings
SA
690,182‌
2,661,595‌
National
Bank
of
Greece
SA
200,331‌
2,910,597‌
Total
7,968,050‌
Hungary
-
0.6%
OTP
Bank
Nyrt
66,599‌
5,763,323‌
Richter
Gedeon
Nyrt
45,168‌
1,377,389‌
Total
7,140,712‌
India
-
23.8%
ABB
India,
Ltd.
23,054‌
1,345,844‌
Adani
Enterprises
Ltd.
62,640‌
1,767,899‌
Adani
Green
Energy
Ltd.
(a)
103,963‌
1,202,342‌
Adani
Ports
&
Special
Economic
Zone
Ltd.
273,739‌
4,327,042‌
Adani
Power
Ltd.
(a)
1,176,285‌
1,916,342‌
Aditya
Birla
Capital
Ltd.
(a)
408,803‌
1,346,044‌
Ambuja
Cements,
Ltd.
218,352‌
1,401,638‌
Ashok
Leyland,
Ltd.
1,252,112‌
2,011,953‌
Asian
Paints
Ltd.
69,625‌
1,842,787‌
AU
Small
Finance
Bank
Ltd.
(b)
107,540‌
885,864‌
Aurobindo
Pharma,
Ltd.
130,034‌
1,587,407‌
Avenue
Supermarts
Ltd.
(a),(b)
28,254‌
1,424,144‌
Axis
Bank
Ltd.
410,722‌
5,234,594‌
Bajaj
Auto
Ltd.
14,030‌
1,371,338‌
Bajaj
Finance
Ltd.
446,626‌
5,024,676‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Bajaj
Finserv
Ltd.
70,607‌
1,595,539‌
Bharat
Electronics
Ltd.
831,365‌
3,782,347‌
Bharat
Forge
Ltd.
92,994‌
1,269,822‌
Bharat
Petroleum
Corp.
Ltd.
603,172‌
2,307,357‌
Bharti
Airtel
Ltd.
453,403‌
9,592,118‌
Britannia
Industries
Ltd.
13,286‌
896,470‌
BSE
Ltd.
35,316‌
811,496‌
CG
Power
&
Industrial
Solutions
Ltd.
238,863‌
1,993,333‌
Cholamandalam
Investment
and
Finance
Co.
Ltd.
103,586‌
1,879,251‌
Cipla
Ltd.
105,412‌
1,784,752‌
Coal
India
Ltd.
557,730‌
2,449,486‌
Coforge
Ltd.
50,154‌
898,706‌
Colgate-Palmolive
India
Ltd.
40,793‌
1,021,057‌
Crompton
Greaves
Consumer
Electricals
Ltd.
343,141‌
1,125,784‌
Cummins
India,
Ltd.
52,211‌
2,308,924‌
Divi's
Laboratories,
Ltd.
31,952‌
2,047,454‌
Dixon
Technologies
India
Ltd.
9,963‌
1,831,494‌
DLF,
Ltd.
185,315‌
1,488,134‌
Dr
Reddy's
Laboratories
Ltd.
102,510‌
1,412,808‌
Eicher
Motors
Ltd.
21,582‌
1,702,836‌
Eternal
Ltd.
(a)
1,397,271‌
5,122,402‌
Glenmark
Pharmaceuticals,
Ltd.
64,547‌
1,419,560‌
Godrej
Consumer
Products
Ltd.
96,136‌
1,263,461‌
Godrej
Properties
Ltd.
(a)
56,445‌
1,251,610‌
Grasim
Industries
Ltd.
69,180‌
2,148,046‌
Havells
India,
Ltd.
89,166‌
1,508,382‌
HCL
Technologies
Ltd.
125,596‌
1,959,291‌
HDFC
Bank
Ltd.
ADR
647,954‌
22,134,109‌
HDFC
Life
Insurance
Co.
Ltd.
(b)
129,630‌
1,104,404‌
Hero
MotoCorp
Ltd.
31,609‌
1,948,223‌
Hindalco
Industries
Ltd.
325,322‌
2,791,785‌
Hindustan
Aeronautics
Ltd.
37,324‌
1,995,279‌
Hindustan
Petroleum
Corp.
Ltd.
301,503‌
1,505,669‌
Hindustan
Unilever
Ltd.
129,363‌
3,663,418‌
ICICI
Bank
Ltd.
ADR
667,500‌
20,178,525‌
ICICI
Lombard
General
Insurance
Co.
Ltd.
(b)
44,922‌
956,130‌
IDBI
Bank
Ltd.
1,922,685‌
1,979,664‌
Idfc
First
Bank
Ltd.
1,736,237‌
1,364,331‌
Indian
Hotels
Co.
Ltd.
169,028‌
1,371,242‌
Indian
Oil
Corp.,
Ltd.
1,153,680‌
1,946,302‌
Indus
Towers
Ltd.
(a)
318,607‌
1,230,453‌
IndusInd
Bank
Ltd.
(a)
177,358‌
1,469,282‌
Infosys
Ltd.
ADR
889,333‌
14,469,448‌
InterGlobe
Aviation
Ltd.
(b)
30,065‌
1,894,369‌
ITC
Ltd.
1,381,584‌
6,248,258‌
Jindal
Steel
Ltd.
178,243‌
2,135,473‌
JSL
Stainless
Ltd.
178,154‌
1,480,290‌
JSW
Steel
Ltd.
212,657‌
2,736,869‌
Kotak
Mahindra
Bank
Ltd.
180,161‌
4,043,382‌
Larsen
&
Toubro
Ltd.
114,225‌
4,707,232‌
Laurus
Labs
Ltd.
(b)
167,300‌
1,586,160‌
Lodha
Developers
Ltd.
(b)
69,468‌
888,646‌
Lupin,
Ltd.
68,384‌
1,472,060‌
Mahindra
&
Mahindra
Ltd.
176,096‌
6,796,818‌
Maruti
Suzuki
India
Ltd.
17,821‌
3,217,219‌
Max
Healthcare
Institute
Ltd.
125,069‌
1,570,181‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Indexed
ETFs
|
2025
Common
Stocks
(continued)
Issuer
Shares
Value
($)
National
Aluminium
Co.
Ltd.
684,766‌
1,649,431‌
Nestle
India
Ltd.
60,406‌
784,357‌
NTPC
Ltd.
1,037,153‌
3,976,841‌
Oberoi
Realty
Ltd.
59,106‌
1,053,192‌
Oil
&
Natural
Gas
Corp.
Ltd.
930,663‌
2,510,383‌
PB
Fintech
Ltd.
(a)
76,504‌
1,466,512‌
Persistent
Systems
Ltd.
18,672‌
1,014,157‌
Petronet
LNG,
Ltd.
395,636‌
1,242,312‌
Phoenix
Mills
Ltd.
(The)
65,549‌
1,148,360‌
Pi
Industries
Ltd.
26,319‌
1,041,481‌
Polycab
India
Ltd.
20,933‌
1,717,761‌
Power
Grid
Corp
of
India
Ltd.
927,328‌
2,926,989‌
Prestige
Estates
Projects
Ltd.
54,568‌
928,081‌
Rail
Vikas
Nigam
Ltd.
164,360‌
628,368‌
Reliance
Industries,
Ltd.
242,725‌
3,728,816‌
Samvardhana
Motherson
International
Ltd.
1,668,274‌
1,985,084‌
SBI
Life
Insurance
Co.
Ltd.
(b)
64,255‌
1,295,829‌
Shriram
Finance
Ltd.
314,198‌
2,180,202‌
Siemens,
Ltd.
37,433‌
1,319,259‌
Solar
Industries
India
Ltd.
6,525‌
979,315‌
Sona
Blw
Precision
Forgings
Ltd.
(b)
219,172‌
1,016,391‌
SRF,
Ltd.
39,048‌
1,241,778‌
State
Bank
of
India
GDR
67,369‌
6,622,373‌
Sun
Pharmaceutical
Industries
Ltd.
192,400‌
3,454,754‌
Sundaram
Finance
Ltd.
17,870‌
887,877‌
Supreme
Industries
Ltd.
23,128‌
1,099,136‌
Suzlon
Energy,
Ltd.
(a)
2,737,694‌
1,697,400‌
Tata
Consultancy
Services,
Ltd.
176,105‌
5,728,898‌
Tata
Consumer
Products
Ltd.
95,830‌
1,218,857‌
Tata
Motors
Ltd.
522,588‌
4,003,484‌
Tata
Power
Co.
Ltd.
(The)
461,740‌
2,021,149‌
Tata
Steel
Ltd.
2,033,307‌
3,864,918‌
Tech
Mahindra
Ltd.
70,445‌
1,110,998‌
Titan
Co.
Ltd.
69,523‌
2,636,414‌
Trent
Ltd.
38,858‌
2,047,087‌
Tube
Investments
of
India
Ltd.
34,064‌
1,188,056‌
TVS
Motor
Co.
Ltd.
59,731‌
2,313,322‌
UltraTech
Cement,
Ltd.
20,131‌
2,771,084‌
United
Spirits
Ltd.
53,808‌
802,556‌
UPL
Ltd.
166,840‌
1,232,292‌
Varun
Beverages
Ltd.
354,323‌
1,770,642‌
Vedanta
Ltd.
650,329‌
3,411,730‌
Voltas,
Ltd.
77,364‌
1,179,341‌
Total
295,344,322‌
Indonesia
-
1.5%
Chandra
Asri
Pacific
Tbk
PT
1,684,947‌
781,051‌
PT
Bank
Central
Asia
Tbk
15,370,968‌
7,032,921‌
PT
Bank
Mandiri
Persero
Tbk
492,250‌
129,967‌
PT
Bank
Negara
Indonesia
Persero
Tbk
7,045,659‌
1,733,405‌
PT
Bank
Rakyat
Indonesia
Persero
Tbk
9,425,562‌
2,205,802‌
PT
Dian
Swastatika
Sentosa
Tbk
(a)
366,994‌
2,338,720‌
PT
GoTo
Gojek
Tokopedia
Tbk
(a)
279,309,325‌
905,053‌
PT
United
Tractors
Tbk
1,797,964‌
2,888,718‌
Total
18,015,637‌
Kuwait
-
0.9%
Boubyan
Bank
KSCP
842,547‌
1,949,536‌
Gulf
Bank
KSCP
1,623,094‌
1,859,214‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Kuwait
Finance
House
KSCP
1,317,475‌
3,427,893‌
Mabanee
Co
KPSC
646,032‌
2,082,610‌
National
Bank
of
Kuwait
SAKP
688,606‌
2,391,134‌
Total
11,710,387‌
Malaysia
-
1.5%
CIMB
Group
Holdings
Bhd
623,085‌
1,086,716‌
IHH
Healthcare
Bhd
3,528,324‌
6,329,772‌
Malayan
Banking
Bhd
1,024,383‌
2,412,174‌
Public
Bank
Bhd
835,468‌
859,588‌
Tenaga
Nasional
Bhd
2,629,799‌
8,260,887‌
Total
18,949,137‌
Mexico
-
3.4%
America
Movil
SAB
de
CV
Series
B
4,588,515‌
4,798,136‌
Arca
Continental
SAB
de
CV
185,005‌
1,937,797‌
Cemex
SAB
de
CV
Series
CPO
(a)
2,204,863‌
1,972,440‌
Coca-Cola
Femsa
SAB
de
CV
161,004‌
1,334,491‌
Fibra
Uno
Administracion
SA
de
CV
981,441‌
1,444,925‌
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
499,834‌
4,923,770‌
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
133,450‌
1,725,077‌
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
Class
B
112,989‌
2,668,100‌
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
Class
B
49,271‌
1,589,492‌
Grupo
Carso
SAB
de
CV
Series
A1
138,470‌
987,739‌
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
439,254‌
4,420,214‌
Grupo
Financiero
Inbursa
SAB
de
CV
Class
O
495,070‌
1,359,974‌
Grupo
Mexico
SAB
de
CV
Series
B
949,735‌
8,274,467‌
Industrias
Penoles
SAB
de
CV
(a)
64,716‌
2,889,407‌
Prologis
Property
Mexico
SA
de
CV
252,644‌
1,033,315‌
Qualitas
Controladora
SAB
de
CV
87,076‌
795,357‌
Wal-Mart
de
Mexico
SAB
de
CV
152,453‌
470,436‌
Total
42,625,137‌
Philippines
-
0.6%
Manila
Electric
Co.
416,267‌
3,790,747‌
SM
Investments
Corp.
302,042‌
3,814,448‌
Total
7,605,195‌
Poland
-
1.4%
Bank
Polska
Kasa
Opieki
SA
24,915‌
1,199,788‌
ORLEN
SA
74,110‌
1,767,437‌
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
414,117‌
8,045,252‌
Powszechny
Zaklad
Ubezpieczen
SA
412,716‌
6,184,170‌
Total
17,196,647‌
Qatar
-
1.0%
Al
Rayan
Bank
2,056,565‌
1,344,308‌
Barwa
Real
Estate
Co.
1,155,543‌
847,060‌
Qatar
Fuel
QSC
544,033‌
2,253,232‌
Qatar
Gas
Transport
Co.,
Ltd.
1,180,918‌
1,491,959‌
Qatar
Islamic
Bank
QPSC
364,968‌
2,395,698‌
Qatar
National
Bank
QPSC
796,123‌
4,062,610‌
Total
12,394,867‌
Russia
-
0.0%
Gazprom
PJSC
(a),(c),(d),(e),(f)
251,024‌
0‌
GMK
Norilskiy
Nickel
PAO
ADR
(a),(c),(d),(e)
19,108‌
0‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
5
Common
Stocks
(continued)
Issuer
Shares
Value
($)
LUKOIL
PJSC
(a),(c),(d),(e),(f)
14,277‌
0‌
Mobile
TeleSystems
PJSC
ADR
(a),(c),(d),(e)
49,482‌
0‌
Total
0‌
Saudi
Arabia
-
4.9%
Al
Rajhi
Bank
512,374‌
14,646,284‌
Almarai
Co.
JSC
146,407‌
1,963,701‌
Bupa
Arabia
For
Cooperative
Insurance
Co.
31,947‌
1,404,741‌
Co.
for
Cooperative
Insurance
(The)
33,727‌
1,223,101‌
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
337,856‌
1,796,397‌
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
20,479‌
1,474,409‌
Elm
Co.
6,494‌
1,550,684‌
Etihad
Etisalat
Co.
128,510‌
2,314,770‌
Riyad
Bank
291,952‌
2,117,512‌
Saudi
Arabian
Mining
Co.
(a)
324,537‌
5,538,469‌
Saudi
Arabian
Oil
Co.
(b)
771,676‌
5,066,040‌
Saudi
Awwal
Bank
264,177‌
2,259,826‌
Saudi
Investment
Bank
(The)
280,446‌
1,066,386‌
Saudi
National
Bank
(The)
707,415‌
7,390,678‌
Saudi
Telecom
Co.
455,687‌
5,356,163‌
Umm
Al
Qura
For
Development
&
Construction
Co.
(a)
276,574‌
1,821,604‌
Yanbu
National
Petrochemical
Co.
402,465‌
3,749,701‌
Total
60,740,466‌
South
Africa
-
4.9%
Absa
Group
Ltd.
99,587‌
1,045,310‌
Bid
Corp.
Ltd.
158,763‌
3,977,702‌
Bidvest
Group
Ltd.
228,679‌
2,807,639‌
Exxaro
Resources
Ltd.
184,558‌
1,927,469‌
FirstRand
Ltd.
1,501,737‌
6,759,884‌
Gold
Fields
Ltd.
230,932‌
9,759,178‌
Harmony
Gold
Mining
Co.
Ltd.
208,313‌
3,801,735‌
Impala
Platinum
Holdings
Ltd.
207,427‌
2,651,675‌
Mr
Price
Group
Ltd.
80,317‌
948,301‌
MTN
Group
Ltd.
402,054‌
3,379,095‌
Naspers
Ltd.
Class
N
(a)
42,736‌
15,493,407‌
Shoprite
Holdings
Ltd.
238,847‌
3,793,448‌
Sibanye
Stillwater
Ltd.
(a)
742,354‌
2,120,888‌
Standard
Bank
Group
Ltd.
168,961‌
2,315,067‌
Total
60,780,798‌
South
Korea
-
14.6%
Alteogen,
Inc.
(a)
7,472‌
2,439,098‌
Celltrion,
Inc.
22,666‌
2,801,243‌
Doosan
Enerbility
Co.
Ltd.
(a)
111,753‌
4,994,058‌
Hana
Financial
Group,
Inc.
96,489‌
5,996,822‌
Hanwha
Aerospace
Co.
Ltd.
5,543‌
4,373,402‌
HD
Hyundai
Electric
Co.
Ltd.
5,680‌
2,356,124‌
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
8,012‌
2,346,981‌
HLB,
Inc.
(a)
40,619‌
1,098,672‌
HMM
Co.
Ltd.
119,940‌
1,713,978‌
HYBE
Co.
Ltd.
7,062‌
1,338,863‌
Hyundai
Mobis
Co.
Ltd.
11,905‌
2,532,798‌
Hyundai
Motor
Co.
33,890‌
5,193,222‌
Hyundai
Rotem
Co.
Ltd.
12,486‌
1,948,921‌
Kakao
Corp.
93,867‌
3,987,366‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
KakaoBank
Corp.
67,330‌
1,139,722‌
KB
Financial
Group,
Inc.
99,949‌
8,227,868‌
Kia
Corp.
64,762‌
4,648,112‌
LG
Chem
Ltd.
12,252‌
2,427,608‌
LG
Energy
Solution
Ltd.
(a)
8,850‌
2,191,921‌
Meritz
Financial
Group,
Inc.
21,376‌
1,729,216‌
NAVER
Corp.
44,021‌
8,424,246‌
Samsung
Biologics
Co.
Ltd.
(a),(b)
3,542‌
2,516,927‌
Samsung
C&T
Corp.
17,638‌
2,320,641‌
Samsung
Electro-Mechanics
Co.
Ltd.
4,330‌
597,167‌
Samsung
Electronics
Co.
Ltd.
1,009,036‌
60,338,634‌
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
5,091‌
1,638,278‌
Samsung
Heavy
Industries
Co.
Ltd.
(a)
128,467‌
2,005,222‌
Samsung
SDI
Co.
Ltd.
13,204‌
1,929,240‌
Shinhan
Financial
Group
Co.
Ltd.
146,189‌
7,376,915‌
SK
Hynix,
Inc.
102,323‌
25,342,819‌
SK
Square
Co.
Ltd.
(a)
16,930‌
2,431,414‌
SK
Telecom
Co.
Ltd.
25,415‌
983,596‌
Woori
Financial
Group,
Inc.
85,483‌
1,581,044‌
Total
180,972,138‌
Taiwan
-
27.5%
Accton
Technology
Corp.
108,746‌
3,728,577‌
Acer,
Inc.
663,158‌
673,428‌
Advantech
Co.
Ltd.
81,809‌
856,259‌
Alchip
Technologies
Ltd.
18,171‌
2,065,835‌
ASE
Technology
Holding
Co.
Ltd.
594,261‌
3,197,677‌
Asia
Vital
Components
Co.
Ltd.
112,217‌
3,611,946‌
Asustek
Computer,
Inc.
139,431‌
3,069,696‌
Catcher
Technology
Co.
Ltd.
463,886‌
2,777,715‌
Cathay
Financial
Holding
Co.
Ltd.
1,773,035‌
3,816,231‌
Chang
Hwa
Commercial
Bank
Ltd.
6,979,933‌
4,500,154‌
Chunghwa
Telecom
Co.
Ltd.
1,666,015‌
7,297,493‌
CTBC
Financial
Holding
Co.
Ltd.
6,230,224‌
8,769,493‌
Delta
Electronics,
Inc.
400,753‌
11,229,184‌
E
Ink
Holdings,
Inc.
172,226‌
1,359,025‌
E.Sun
Financial
Holding
Co.
Ltd.
1,880,352‌
2,057,541‌
Elite
Material
Co.
Ltd.
70,224‌
2,822,508‌
eMemory
Technology,
Inc.
18,636‌
1,232,087‌
Eva
Airways
Corp.
1,342,933‌
1,678,776‌
Evergreen
Marine
Corp.
Taiwan
Ltd.
235,536‌
1,383,324‌
Far
Eastern
New
Century
Corp.
3,915,879‌
3,571,804‌
Far
EasTone
Telecommunications
Co.
Ltd.
1,701,669‌
4,935,611‌
Fortune
Electric
Co.
Ltd.
44,312‌
844,717‌
Fubon
Financial
Holding
Co.
Ltd.
1,136,138‌
3,291,587‌
Gigabyte
Technology
Co.
Ltd.
164,436‌
1,613,176‌
Hon
Hai
Precision
Industry
Co.
Ltd.
2,559,065‌
18,136,296‌
KGI
Financial
Holding
Co.
Ltd.
1,996,789‌
979,460‌
Largan
Precision
Co.
Ltd.
37,048‌
2,856,579‌
Lite-On
Technology
Corp.
407,671‌
2,307,345‌
MediaTek,
Inc.
313,639‌
13,532,229‌
Mega
Financial
Holding
Co.
Ltd.
1,141,556‌
1,591,841‌
Novatek
Microelectronics
Corp.
116,714‌
1,633,261‌
PharmaEssentia
Corp.
50,938‌
860,721‌
President
Chain
Store
Corp.
387,578‌
3,153,729‌
Quanta
Computer,
Inc.
460,838‌
4,384,901‌
Realtek
Semiconductor
Corp.
69,206‌
1,248,878‌
Taiwan
Business
Bank
11,305,165‌
5,842,127‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Indexed
ETFs
|
2025
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Taiwan
Mobile
Co.
Ltd.
1,329,449‌
4,754,575‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
4,242,125‌
181,638,333‌
Tatung
Co.
Ltd.
482,230‌
613,111‌
Uni-President
Enterprises
Corp.
2,152,656‌
5,537,379‌
United
Microelectronics
Corp.
3,030,055‌
4,528,480‌
Wan
Hai
Lines
Ltd.
269,004‌
655,784‌
Wistron
Corp.
561,148‌
2,586,826‌
Wiwynn
Corp.
24,331‌
2,646,409‌
Yang
Ming
Marine
Transport
Corp.
572,058‌
994,786‌
Total
340,866,894‌
Thailand
-
1.8%
Airports
of
Thailand
PCL
NVDR
1,911,900‌
2,389,506‌
Bangkok
Dusit
Medical
Services
PCL
NVDR
2,177,700‌
1,377,653‌
Central
Pattana
PCL
NVDR
1,523,200‌
2,632,285‌
Charoen
Pokphand
Foods
PCL
NVDR
1,735,371‌
1,194,222‌
CP
ALL
PCL
NVDR
43,098‌
62,842‌
Delta
Electronics
Thailand
PCL
NVDR
803,300‌
3,929,117‌
Kasikornbank
PCL
NVDR
270,183‌
1,396,564‌
Krung
Thai
Bank
PCL
NVDR
1,957,596‌
1,498,176‌
PTT
Exploration
&
Production
PCL
NVDR
649,300‌
2,314,277‌
PTT
PCL
NVDR
NVDR
3,271,900‌
3,357,219‌
Siam
Cement
PCL
(The)
NVDR
347,100‌
2,463,601‌
Total
22,615,462‌
Turkey
-
0.5%
BIM
Birlesik
Magazalar
AS
127,278‌
1,656,002‌
Haci
Omer
Sabanci
Holding
AS
927,037‌
1,935,205‌
Turkiye
Petrol
Rafinerileri
AS
485,713‌
2,178,557‌
Total
5,769,764‌
United
Arab
Emirates
-
4.0%
Abu
Dhabi
Commercial
Bank
PJSC
645,999‌
2,564,298‌
Abu
Dhabi
Islamic
Bank
PJSC
562,936‌
3,338,074‌
ADNOC
Drilling
Co.
PJSC
1,203,463‌
1,844,676‌
Adnoc
Gas
PLC
2,102,317‌
2,026,192‌
Aldar
Properties
PJSC
916,103‌
2,364,459‌
Dubai
Islamic
Bank
PJSC
1,257,000‌
3,278,535‌
Emaar
Properties
PJSC
1,257,517‌
4,467,900‌
Emirates
Integrated
Telecommunications
Co.
PJSC
462,340‌
1,158,053‌
Emirates
NBD
Bank
PJSC
473,806‌
3,134,627‌
Emirates
Telecommunications
Group
Co.
PJSC
600,342‌
3,079,347‌
First
Abu
Dhabi
Bank
PJSC
1,346,106‌
5,731,853‌
International
Holding
Co.
PJSC
(a)
143,529‌
15,650,249‌
Modon
Holding
PSC
(a)
1,047,174‌
995,001‌
Total
49,633,264‌
Total
Common
Stocks
(Cost:
$899,775,520)
1,204,969,723‌
Preferred
Stocks
-
2.3%
Issuer
Shares
Value
($)
Brazil
-
2.3%
Banco
Bradesco
SA
Preference
Shares
1,420,857‌
4,719,693‌
Itau
Unibanco
Holding
SA
Preference
Shares
1,319,385‌
9,679,446‌
Itausa
SA
Preference
Shares
3,036,082‌
6,539,017‌
Preferred
Stocks
(continued)
Issuer
Shares
Value
($)
Petroleo
Brasileiro
SA
-
Petrobras
Preference
Shares
1,169,327‌
6,907,648‌
Total
27,845,804‌
India
-
0.0%
TVS
Motor
Co.
Ltd.
(a),(c),(d)
238,924‌
24,218‌
Total
Preferred
Stocks
(Cost:
$23,562,145)
27,870,022‌
Warrants
-
0.0%
Issuer
Shares
Value
($)
Malaysia
-
0.0%
YTL
Corp.
Bhd
,
expiring
12/31/25
231,020‌
79,047‌
Total
Warrants
(Cost
$0)
79,047‌
Money
Market
Funds
-
0.5%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
3.965%
(g)
6,167,819‌
6,167,819‌
Total
Money
Market
Funds
(Cost:
$6,167,819)
6,167,819‌
Total
Investments
in
Securities
(Cost:
$929,505,484)
1,239,086,611‌
Other
Assets
&
Liabilities,
Net
1,562,960‌
Net
Assets
1,240,649,571‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
7
Security
Acquisition
Date
Shares
Cost
($)
Value
($)
Gazprom
PJSC
04/19/2016-02/16/2022
251,024
961,853
—
GMK
Norilskiy
Nickel
PAO
ADR
06/19/2020-02/16/2022
19,108
569,160
—
LUKOIL
PJSC
04/19/2016-02/16/2022
14,277
1,117,736
—
Mobile
TeleSystems
PJSC
ADR
06/19/2020-02/16/2022
49,482
421,211
—
3,069,960
—
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
September
30,
2025,
the
total
value
of
these
securities
amounted
to
$20,239,065,
which
represents
1.63%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
September
30,
2025,
the
value
of
these
securities
amounted
to
$24,218,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
September
30,
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
September
30,
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
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Indexed
ETFs
|
2025
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
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
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Argentina
605,147
–
–
605,147
Brazil
34,828,309
–
–
34,828,309
Chile
5,389,918
–
–
5,389,918
China
754,038
–
–
754,038
Colombia
1,016,006
–
–
1,016,006
Czech
Republic
1,269,652
–
–
1,269,652
Egypt
777,776
–
–
777,776
Greece
7,968,050
–
–
7,968,050
Hungary
7,140,712
–
–
7,140,712
India
295,344,322
–
–
295,344,322
Indonesia
18,015,637
–
–
18,015,637
Kuwait
11,710,387
–
–
11,710,387
Malaysia
18,949,137
–
–
18,949,137
Mexico
42,625,137
–
–
42,625,137
Philippines
7,605,195
–
–
7,605,195
Poland
17,196,647
–
–
17,196,647
Qatar
12,394,867
–
–
12,394,867
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
60,740,466
–
–
60,740,466
South
Africa
60,780,798
–
–
60,780,798
South
Korea
180,972,138
–
–
180,972,138
Taiwan
340,866,894
–
–
340,866,894
Thailand
22,615,462
–
–
22,615,462
Turkey
5,769,764
–
–
5,769,764
United
Arab
Emirates
49,633,264
–
–
49,633,264
Total
Common
Stocks
1,204,969,723
–
0
(a)
1,204,969,723
Preferred
Stocks
Brazil
27,845,804
–
–
27,845,804
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
9
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
India
–
–
24,218
24,218
Total
Preferred
Stocks
27,845,804
–
24,218
27,870,022
Warrants
Malaysia
–
79,047
–
79,047
Total
Warrants
–
79,047
–
79,047
Money
Market
Funds
6,167,819
–
–
6,167,819
Total
Investments
in
Securities
1,238,983,346
79,047
24,218
1,239,086,611
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
Columbia
India
Consumer
ETF
September
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Indexed
ETFs
|
2025
20
Notes
to
Portfolio
of
Investments
Common
Stocks
-
101.1%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
63.2%
Apparel
Retail
-
3.9%
Trent
Ltd.
213,932‌
11,270,199‌
Apparel,
Accessories
&
Luxury
Goods
-
4.6%
Titan
Co.
Ltd.
347,183‌
13,165,690‌
Automobile
Manufacturers
-
17.5%
Hyundai
Motor
India
Ltd.
190,923‌
5,557,251‌
Mahindra
&
Mahindra
Ltd.
395,340‌
15,259,030‌
Maruti
Suzuki
India
Ltd.
92,913‌
16,773,549‌
Tata
Motors
Ltd.
1,694,889‌
12,984,342‌
Total
50,574,172‌
Automotive
Parts
&
Equipment
-
7.2%
Bosch
Ltd.
11,625‌
4,994,277‌
Samvardhana
Motherson
International
Ltd.
5,958,112‌
7,089,575‌
Tube
Investments
of
India
Ltd.
148,691‌
5,185,921‌
UNO
Minda
Ltd.
241,307‌
3,529,834‌
Total
20,799,607‌
Consumer
Electronics
-
2.9%
Dixon
Technologies
India
Ltd.
45,899‌
8,437,595‌
Hotels,
Resorts
&
Cruise
Lines
-
3.2%
Indian
Hotels
Co.
Ltd.
1,149,141‌
9,322,423‌
Motorcycle
Manufacturers
-
17.8%
Bajaj
Auto
Ltd.
145,279‌
14,200,040‌
Eicher
Motors
Ltd.
178,667‌
14,096,962‌
Hero
MotoCorp
Ltd.
174,339‌
10,745,395‌
TVS
Motor
Co.
Ltd.
316,553‌
12,259,783‌
Total
51,302,180‌
Restaurants
-
6.1%
Eternal
Ltd.
(a)
4,810,587‌
17,635,636‌
Total
Consumer
Discretionary
182,507,502‌
Consumer
Staples
-
37.9%
Distillers
&
Vintners
-
2.2%
United
Spirits
Ltd.
420,640‌
6,273,920‌
Food
Retail
-
3.5%
Avenue
Supermarts
Ltd.
(a),(b)
198,124‌
9,986,447‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Packaged
Foods
&
Meats
-
14.9%
Britannia
Industries
Ltd.
158,778‌
10,713,508‌
Marico
Ltd.
714,426‌
5,611,530‌
Nestle
India
Ltd.
964,820‌
12,527,949‌
Patanjali
Foods
Ltd.
447,375‌
2,901,252‌
Tata
Consumer
Products
Ltd.
881,712‌
11,214,454‌
Total
42,968,693‌
Personal
Care
Products
-
10.1%
Colgate-Palmolive
India
Ltd.
178,215‌
4,460,757‌
Dabur
India
Ltd.
798,825‌
4,420,185‌
Godrej
Consumer
Products
Ltd.
490,068‌
6,440,685‌
Hindustan
Unilever
Ltd.
488,524‌
13,834,464‌
Total
29,156,091‌
Soft
Drinks
&
Non-alcoholic
Beverages
-
3.0%
Varun
Beverages
Ltd.
1,764,851‌
8,819,410‌
Tobacco
-
4.2%
ITC
Ltd.
2,672,348‌
12,085,781‌
Total
Consumer
Staples
109,290,342‌
Total
Common
Stocks
(Cost:
$208,817,499)
291,797,844‌
Preferred
Stock
-
0.0%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
0.0%
Motorcycle
Manufacturers
-
0.0%
TVS
Motor
Co.
Ltd.
(Cost:
$0)
(a),(c),(d)
1,308,424‌
132,628‌
Money
Market
Funds
-
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
3.965%
(e)
964,326‌
964,326‌
Total
Money
Market
Funds
(Cost:
$964,326)
964,326‌
Total
Investments
in
Securities
(Cost:
$209,781,825)
292,894,798‌
Other
Assets
&
Liabilities,
Net
(4,167,695‌)
Net
Assets
288,727,103‌
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
September
30,
2025,
the
total
value
of
these
securities
amounted
to
$9,986,447,
which
represents
3.46%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
September
30,
2025,
the
value
of
these
securities
amounted
to
$132,628,
which
represents
0.05%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
September
30,
2025.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
India
Consumer
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
11
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category,
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
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Consumer
Discretionary
182,507,502
–
–
182,507,502
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
India
Consumer
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Indexed
ETFs
|
2025
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Consumer
Staples
109,290,342
–
–
109,290,342
Total
Common
Stocks
291,797,844
–
–
291,797,844
Preferred
Stocks
Consumer
Discretionary
–
–
132,628
132,628
Total
Preferred
Stocks
–
–
132,628
132,628
Money
Market
Funds
964,326
–
–
964,326
Total
Investments
in
Securities
292,762,170
–
132,628
292,894,798
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
13
Common
Stocks
-
97.1%
Issuer
Shares
Value
($)
Brazil
-
2.3%
Ambev
SA
262,968‌
596,987‌
B3
SA
-
Brasil
Bolsa
Balcao
271,384‌
682,849‌
Companhia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
31,001‌
769,386‌
Embraer
SA
31,292‌
471,770‌
Suzano
SA
43,041‌
403,291‌
Vale
SA
158,473‌
1,713,414‌
WEG
SA
85,402‌
586,767‌
Total
5,224,464‌
Chile
-
0.3%
Banco
de
Chile
4,728,333‌
717,896‌
China
-
31.8%
Agricultural
Bank
of
China,
Ltd.
Class
H
1,181,928‌
797,533‌
Airtac
International
Group
12,241‌
302,430‌
Alibaba
Group
Holding
Ltd.
519,492‌
11,818,169‌
ANTA
Sports
Products
Ltd.
61,432‌
738,251‌
Baidu,
Inc.
Class
A
(a)
83,103‌
1,422,719‌
Bank
of
China,
Ltd.
Class
H
2,520,936‌
1,380,287‌
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.
491,202‌
353,991‌
BYD
Co.
Ltd.
Class
H
122,157‌
1,730,207‌
China
Construction
Bank
Corp.
Class
H
3,259,956‌
3,134,090‌
China
Life
Insurance
Co.,
Ltd.
Class
H
355,026‌
1,008,441‌
China
Merchants
Bank
Co.,
Ltd.
Class
H
148,857‌
894,627‌
China
Overseas
Land
&
Investment,
Ltd.
257,051‌
474,430‌
China
Pacific
Insurance
Group
Co.,
Ltd.
Class
H
136,807‌
544,738‌
China
Resources
Beer
Holdings
Co.
Ltd.
122,466‌
431,914‌
China
Resources
Land,
Ltd.
166,013‌
648,228‌
China
Shenhua
Energy
Co.,
Ltd.
Class
H
181,784‌
869,154‌
China
Tower
Corp.
Ltd.
Class
H
(b)
175,870‌
259,497‌
China
Yangtze
Power
Co.,
Ltd.
Class
A
245,008‌
937,910‌
Contemporary
Amperex
Technology
Co.
Ltd.
Class
A
44,926‌
2,537,105‌
East
Money
Information
Co.
Ltd.
Class
A
167,402‌
637,771‌
Gree
Electric
Appliances
Inc.
Class
A
62,650‌
349,579‌
H
World
Group
Ltd.
ADR
10,289‌
402,403‌
Haier
Smart
Home
Co.
Ltd.
Class
H
158,891‌
517,492‌
Hygon
Information
Technology
Co.
Ltd.
Class
A
22,723‌
806,331‌
Industrial
&
Commercial
Bank
of
China,
Ltd.
Class
H
2,397,720‌
1,768,921‌
Industrial
Bank
Co.
Ltd.
Class
A
205,906‌
574,175‌
JD.com,
Inc.
Class
A
98,150‌
1,747,182‌
Jiangsu
Hengrui
Pharmaceuticals
Co.,
Ltd.
Class
A
70,737‌
711,002‌
Kuaishou
Technology
(b)
104,961‌
1,141,291‌
Kweichow
Moutai
Co.
Ltd.
Class
A
12,201‌
2,474,994‌
Lenovo
Group,
Ltd.
365,128‌
542,032‌
Li
Auto,
Inc.
Class
A
(a)
44,058‌
574,197‌
Meituan
Class
B
(a),(b)
181,808‌
2,441,897‌
NetEase,
Inc.
62,294‌
1,895,946‌
Nongfu
Spring
Co.
Ltd.
Class
H
(b)
102,676‌
711,305‌
PDD
Holdings,
Inc.
ADR
(a)
22,365‌
2,955,982‌
PetroChina
Co.
Ltd.
Class
H
1,136,045‌
1,033,777‌
PICC
Property
&
Casualty
Co.,
Ltd.
Class
H
298,103‌
672,805‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
H
255,091‌
1,739,316‌
Pop
Mart
International
Group
Ltd.
(b)
22,579‌
774,263‌
Shanghai
Pudong
Development
Bank
Co.
Ltd.
Class
A
302,093‌
505,013‌
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
Class
A
14,826‌
404,076‌
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
Class
A
13,447‌
464,117‌
Silergy
Corp.
21,875‌
185,175‌
Sunny
Optical
Technology
Group
Co.
Ltd.
33,928‌
394,425‌
Tencent
Holdings
Ltd.
104,415‌
8,897,633‌
Tencent
Music
Entertainment
Group
ADR
29,023‌
677,397‌
Trip.com
Group
Ltd.
22,743‌
1,742,176‌
Wuxi
Biologics
Cayman,
Inc.
(a),(b)
137,714‌
725,351‌
Xiaomi
Corp.
Class
B
(a),(b)
571,273‌
3,964,930‌
Zijin
Mining
Group
Co.,
Ltd.
Class
H
273,489‌
1,145,923‌
Total
73,862,598‌
Czech
Republic
-
0.3%
CEZ
AS
12,602‌
783,323‌
Egypt
-
0.2%
Commercial
International
Bank
-
Egypt
(CIB)
154,278‌
325,644‌
Greece
-
0.4%
National
Bank
of
Greece
SA
67,860‌
985,934‌
Hungary
-
0.2%
MOL
Hungarian
Oil
&
Gas
PLC
61,786‌
502,813‌
India
-
14.0%
ABB
India,
Ltd.
5,446‌
317,926‌
Adani
Ports
&
Special
Economic
Zone
Ltd.
45,321‌
716,397‌
Bajaj
Holdings
&
Investment
Ltd.
2,126‌
293,248‌
Bharat
Electronics
Ltd.
264,916‌
1,205,252‌
Bharat
Petroleum
Corp.
Ltd.
195,569‌
748,124‌
Bharti
Airtel
Ltd.
168,148‌
3,557,311‌
BSE
Ltd.
14,882‌
341,961‌
Cipla
Ltd.
38,852‌
657,811‌
Coal
India
Ltd.
150,627‌
661,537‌
Cummins
India,
Ltd.
13,795‌
610,056‌
Divi's
Laboratories,
Ltd.
8,751‌
560,756‌
Dixon
Technologies
India
Ltd.
2,783‌
511,598‌
GAIL
India,
Ltd.
216,745‌
430,347‌
HCL
Technologies
Ltd.
38,486‌
600,380‌
Hero
MotoCorp
Ltd.
10,657‌
656,845‌
Hindalco
Industries
Ltd.
108,266‌
929,096‌
Hindustan
Aeronautics
Ltd.
13,123‌
701,534‌
Indian
Hotels
Co.
Ltd.
64,519‌
523,411‌
Indus
Towers
Ltd.
(a)
106,752‌
412,274‌
Infosys,
Ltd.
119,484‌
1,940,246‌
InterGlobe
Aviation
Ltd.
(b)
13,673‌
861,524‌
Larsen
&
Toubro
Ltd.
50,425‌
2,078,023‌
Lupin,
Ltd.
19,030‌
409,647‌
Mankind
Pharma
Ltd.
9,981‌
273,804‌
NTPC
Ltd.
336,958‌
1,292,026‌
Oil
&
Natural
Gas
Corp.
Ltd.
281,190‌
758,486‌
Petronet
LNG,
Ltd.
92,515‌
290,501‌
Pidilite
Industries
Ltd.
25,200‌
416,647‌
Power
Finance
Corp.
Ltd.
112,659‌
520,543‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Indexed
ETFs
|
2025
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Power
Grid
Corp
of
India
Ltd.
344,016‌
1,085,841‌
REC
Ltd.
103,778‌
435,794‌
State
Bank
of
India
127,010‌
1,248,017‌
Sun
Pharmaceutical
Industries
Ltd.
72,263‌
1,297,562‌
Tata
Consultancy
Services,
Ltd.
34,134‌
1,110,418‌
Tata
Motors
Ltd.
152,249‌
1,166,361‌
Tech
Mahindra
Ltd.
27,296‌
430,489‌
Torrent
Pharmaceuticals
Ltd.
8,254‌
334,961‌
UltraTech
Cement,
Ltd.
8,772‌
1,207,488‌
Vedanta
Ltd.
117,774‌
617,861‌
Wipro
Ltd.
122,780‌
331,009‌
Total
32,543,112‌
Indonesia
-
1.1%
PT
Astra
International
Tbk
1,495,258‌
518,158‌
PT
Bank
Central
Asia
Tbk
1,999,885‌
915,039‌
PT
Bank
Mandiri
Persero
Tbk
1,624,060‌
428,795‌
PT
Bank
Rakyat
Indonesia
Persero
Tbk
2,908,432‌
680,641‌
Total
2,542,633‌
Kuwait
-
0.7%
Mobile
Telecommunications
Co.
KSCP
1,011,813‌
1,705,396‌
Malaysia
-
1.3%
CIMB
Group
Holdings
Bhd
385,000‌
671,474‌
Malayan
Banking
Bhd
279,300‌
657,684‌
Public
Bank
Bhd
684,200‌
703,953‌
Telekom
Malaysia
Bhd
298,500‌
502,170‌
Tenaga
Nasional
Bhd
160,800‌
505,115‌
Total
3,040,396‌
Mexico
-
2.1%
Cemex
SAB
de
CV
Series
CPO
833,194‌
745,364‌
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
77,876‌
767,142‌
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
Class
B
25,355‌
598,728‌
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
129,286‌
1,301,005‌
Grupo
Mexico
SAB
de
CV
Series
B
165,841‌
1,444,872‌
Total
4,857,111‌
Philippines
-
0.3%
SM
Investments
Corp.
45,410‌
573,477‌
Qatar
-
0.9%
Qatar
Islamic
Bank
QPSC
117,072‌
768,476‌
Qatar
National
Bank
QPSC
241,606‌
1,232,914‌
Total
2,001,390‌
Russia
-
0.0%
Magnit
PJSC
(a),(c),(d),(e),(f)
15,524‌
0‌
Mobile
TeleSystems
PJSC
ADR
(a),(c),(d),(e)
86,390‌
0‌
Total
0‌
Saudi
Arabia
-
3.0%
Al
Rajhi
Bank
129,262‌
3,694,973‌
Alinma
Bank
95,522‌
682,628‌
Banque
Saudi
Fransi
111,252‌
529,531‌
Etihad
Etisalat
Co.
33,241‌
598,749‌
Riyad
Bank
106,692‌
773,831‌
SABIC
Agri-Nutrients
Co.
21,348‌
678,546‌
Total
6,958,258‌
South
Africa
-
3.1%
Absa
Group
Ltd.
66,670‌
699,798‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Bid
Corp.
Ltd.
23,626‌
591,934‌
Capitec
Bank
Holdings
Ltd.
5,081‌
1,023,121‌
FirstRand
Ltd.
279,064‌
1,256,172‌
Gold
Fields
Ltd.
36,766‌
1,553,730‌
Harmony
Gold
Mining
Co.
Ltd.
24,340‌
444,208‌
MTN
Group
Ltd.
85,917‌
722,096‌
Standard
Bank
Group
Ltd.
73,626‌
1,008,807‌
Total
7,299,866‌
South
Korea
-
11.6%
Hana
Financial
Group,
Inc.
15,573‌
967,867‌
Hanwha
Aerospace
Co.
Ltd.
1,208‌
953,107‌
Hd
Hyundai
Heavy
Industries
Co.
Ltd.
1,045‌
383,575‌
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
2,263‌
662,908‌
Hyundai
Mobis
Co.
Ltd.
3,335‌
709,524‌
KB
Financial
Group,
Inc.
16,101‌
1,325,445‌
Kia
Corp.
12,943‌
928,948‌
Krafton,
Inc.
(a)
1,255‌
261,635‌
KT&G
Corp.
5,917‌
563,423‌
NAVER
Corp.
6,277‌
1,201,222‌
Samsung
Electronics
Co.
Ltd.
180,251‌
10,778,703‌
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
1,734‌
557,999‌
Samsung
Heavy
Industries
Co.
Ltd.
(a)
36,888‌
575,779‌
Shinhan
Financial
Group
Co.
Ltd.
21,843‌
1,102,231‌
SK
Hynix,
Inc.
20,962‌
5,191,757‌
Woori
Financial
Group,
Inc.
48,597‌
898,822‌
Total
27,062,945‌
Taiwan
-
18.8%
Accton
Technology
Corp.
30,801‌
1,056,075‌
Alchip
Technologies
Ltd.
4,700‌
534,336‌
ASE
Technology
Holding
Co.
Ltd.
219,906‌
1,183,299‌
Asia
Vital
Components
Co.
Ltd.
23,646‌
761,097‌
Asustek
Computer,
Inc.
43,892‌
966,321‌
CTBC
Financial
Holding
Co.
Ltd.
977,397‌
1,375,757‌
Delta
Electronics,
Inc.
114,780‌
3,216,160‌
E.Sun
Financial
Holding
Co.
Ltd.
946,777‌
1,035,993‌
Elite
Material
Co.
Ltd.
18,700‌
751,608‌
eMemory
Technology,
Inc.
3,667‌
242,437‌
Evergreen
Marine
Corp.
Taiwan
Ltd.
88,891‌
522,065‌
First
Financial
Holding
Co.
Ltd.
813,449‌
796,688‌
Fubon
Financial
Holding
Co.
Ltd.
508,817‌
1,474,130‌
Hon
Hai
Precision
Industry
Co.
Ltd.
672,898‌
4,768,881‌
Hua
Nan
Financial
Holdings
Co.
Ltd.
622,166‌
604,243‌
International
Games
System
Co.
Ltd.
14,000‌
361,507‌
KGI
Financial
Holding
Co.
Ltd.
1,337,170‌
655,906‌
Largan
Precision
Co.
Ltd.
6,442‌
496,709‌
Lite-On
Technology
Corp.
150,469‌
851,627‌
MediaTek,
Inc.
80,642‌
3,479,370‌
Novatek
Microelectronics
Corp.
36,377‌
509,049‌
Realtek
Semiconductor
Corp.
29,903‌
539,624‌
Taiwan
Mobile
Co.
Ltd.
120,534‌
431,072‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
295,316‌
12,644,773‌
TS
Financial
Holding
Co.,
Ltd.
1,145,139‌
676,307‌
Uni-President
Enterprises
Corp.
365,005‌
938,919‌
United
Microelectronics
Corp.
658,535‌
984,194‌
Wistron
Corp.
181,074‌
834,730‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Yageo
Corp.
153,852‌
858,155‌
Yang
Ming
Marine
Transport
Corp.
160,072‌
278,359‌
Total
43,829,391‌
Thailand
-
1.3%
Advanced
Info
Service
PCL
NVDR
54,900‌
493,007‌
Bangkok
Dusit
Medical
Services
PCL
NVDR
683,800‌
432,585‌
CP
ALL
PCL
NVDR
365,300‌
532,647‌
Delta
Electronics
Thailand
PCL
NVDR
175,500‌
858,409‌
PTT
PCL
NVDR
NVDR
755,800‌
775,508‌
Total
3,092,156‌
Turkey
-
0.7%
Akbank
TAS
251,397‌
379,086‌
BIM
Birlesik
Magazalar
AS
37,424‌
486,920‌
Turk
Hava
Yollari
AO
90,767‌
687,621‌
Total
1,553,627‌
United
Arab
Emirates
-
2.7%
Abu
Dhabi
Commercial
Bank
PJSC
204,568‌
812,034‌
Abu
Dhabi
Islamic
Bank
PJSC
94,112‌
558,061‌
Aldar
Properties
PJSC
235,871‌
608,782‌
Emaar
Properties
PJSC
336,819‌
1,196,702‌
Emirates
NBD
Bank
PJSC
141,043‌
933,119‌
Emirates
Telecommunications
Group
Co.
PJSC
225,499‌
1,156,657‌
First
Abu
Dhabi
Bank
PJSC
255,078‌
1,086,148‌
Total
6,351,503‌
Total
Common
Stocks
(Cost:
$205,125,762)
225,813,933‌
Preferred
Stocks
-
2.1%
Issuer
Shares
Value
($)
Brazil
-
1.9%
Banco
Bradesco
SA
Preference
Shares
317,757‌
1,055,501‌
Itau
Unibanco
Holding
SA
Preference
Shares
266,625‌
1,956,049‌
Petroleo
Brasileiro
SA
-
Petrobras
Preference
Shares
239,847‌
1,416,865‌
Total
4,428,415‌
Colombia
-
0.2%
Grupo
Cibest
SA
37,252‌
485,720‌
Total
Preferred
Stocks
(Cost:
$4,370,784)
4,914,135‌
Money
Market
Funds
-
0.7%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
3.965%
(g)
1,742,803‌
1,742,803‌
Total
Money
Market
Funds
(Cost:
$1,742,803)
1,742,803‌
Total
Investments
in
Securities
(Cost:
$211,239,349)
232,470,871‌
Other
Assets
&
Liabilities,
Net
223,641‌
Net
Assets
232,694,512‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Indexed
ETFs
|
2025
Security
Acquisition
Date
Shares
Cost
($)
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
September
30,
2025,
the
total
value
of
these
securities
amounted
to
$10,880,058,
which
represents
4.68%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
September
30,
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
September
30,
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
September
30,
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
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
17
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
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
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
September
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
5,224,464
–
–
5,224,464
Chile
717,896
–
–
717,896
China
73,862,598
–
–
73,862,598
Czech
Republic
783,323
–
–
783,323
Egypt
325,644
–
–
325,644
Greece
985,934
–
–
985,934
Hungary
502,813
–
–
502,813
India
32,543,112
–
–
32,543,112
Indonesia
2,542,633
–
–
2,542,633
Kuwait
1,705,396
–
–
1,705,396
Malaysia
3,040,396
–
–
3,040,396
Mexico
4,857,111
–
–
4,857,111
Philippines
573,477
–
–
573,477
Qatar
2,001,390
–
–
2,001,390
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
6,958,258
–
–
6,958,258
South
Africa
7,299,866
–
–
7,299,866
South
Korea
27,062,945
–
–
27,062,945
Taiwan
43,829,391
–
–
43,829,391
Thailand
3,092,156
–
–
3,092,156
Turkey
1,553,627
–
–
1,553,627
United
Arab
Emirates
6,351,503
–
–
6,351,503
Total
Common
Stocks
225,813,933
–
0
(a)
225,813,933
Preferred
Stocks
Brazil
4,428,415
–
–
4,428,415
Colombia
485,720
–
–
485,720
Total
Preferred
Stocks
4,914,135
–
–
4,914,135
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Emerging
Economies
ETF
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Indexed
ETFs
|
2025
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Money
Market
Funds
1,742,803
–
–
1,742,803
Total
Investments
in
Securities
232,470,871
–
0
(a)
232,470,871
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
STATEMENT
OF
ASSETS
AND
LIABILITIES
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
19
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
$929,505,484,
$209,781,825
and
$211,239,349,
respectively)
$1,239,086,611
$292,894,798
$232,470,871
Cash
320,942
–
–
Foreign
currency
(cost
$83,367,
$–
and
$55,144,
respectively)
83,262
–
55,075
Receivable
for:
Investments
sold
–
6,456,682
–
Dividends
2,456,916
8,847
390,491
Foreign
tax
reclaims
217,142
–
17,425
Reimbursement
due
from
Investment
Manager
–
–
3,724
Total
assets
1,242,164,873
299,360,327
232,937,586
Liabilities
Payable
for:
Capital
shares
redeemed
–
6,485,937
–
Investment
management
fees
160,226
187,419
91,249
Foreign
capital
gains
taxes
deferred
1,092,006
3,959,868
72,935
Accrued
expenses
and
other
liabilities
263,070
–
78,890
Total
liabilities
1,515,302
10,633,224
243,074
Net
assets
applicable
to
outstanding
capital
stock
$1,240,649,571
$288,727,103
$232,694,512
Represented
by:
Paid-in
capital
$995,959,647
$238,482,262
$438,285,159
Total
distributable
earnings
(loss)
244,689,924
50,244,841
(205,590,647)
Total
—
representing
net
assets
applicable
to
outstanding
capital
stock
$1,240,649,571
$288,727,103
$232,694,512
Shares
outstanding
34,300,000
4,450,000
8,750,000
Net
asset
value
per
share
$36.17
$64.88
$26.59
STATEMENT
OF
OPERATIONS
Six
Months
Ended
September
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Indexed
ETFs
|
2025
Columbia
EM
Core
ex-
China
ETF
Columbia
India
Consumer
ETF
Columbia
Research
Enhanced
Emerging
Economies
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$21,959,086
$2,436,647
$2,260,389
Foreign
taxes
withheld
(3,210,359)
(567,571)
(263,894)
Total
income
18,748,727
1,869,076
1,996,495
Expenses:
Investment
management
fees
928,335
1,169,642
298,620
Total
expenses
928,335
1,169,642
298,620
Fees
waived
by
the
Investment
Manager
and
its
affiliates
–
–
(6,878)
Total
net
expenses
928,335
1,169,642
291,742
Net
Investment
income
17,820,392
699,434
1,704,753
Realized
and
unrealized
gain
(loss)
—
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(42,963,791)
(3,716,794)
(256,242)
In-kind
transactions
3,712,110
–
373,866
Foreign
currency
translations
(768,727)
(141,564)
(236,106)
Net
realized
loss
(40,020,408)
(3,858,358)
(118,482)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
262,755,432
31,136,017
23,091,779
Foreign
capital
gains
tax
(1,278,596)
(3,952,958)
(8,524)
Foreign
currency
translations
34,274
(143)
2,033
Net
change
in
unrealized
appreciation
261,511,110
27,182,916
23,085,288
Net
realized
and
unrealized
gain
221,490,702
23,324,558
22,966,806
Net
Increase
in
net
assets
resulting
from
operations
$239,311,094
$24,023,992
$24,671,559
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
21
,
Columbia
EM
Core
ex-China
ETF
Columbia
India
Consumer
ETF
Six
Months
Ended
September
30,
2025
(Unaudited)
Year
Ended
March
31,
2025
Six
Months
Ended
September
30,
2025
(Unaudited)
Year
Ended
March
31,
2025
(a)
Operations
Net
investment
income
$17,820,392
$29,555,883
$699,434
$873,790
Net
realized
loss
(40,020,408)
(31,323,205)
(3,858,358)
(13,743,366)
Net
change
in
unrealized
appreciation
(depreciation)
261,511,110
(28,274,798)
27,182,916
(11,213,454)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
239,311,094
(30,042,120)
24,023,992
(24,083,030)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(31,015,776)
–
(11,045,759)
Shareholder
transactions
Proceeds
from
shares
sold
47,288,881
244,556,489
13,183,851
187,078,485
Cost
of
shares
redeemed
(97,024,332)
(76,991,490)
(66,286,033)
(81,850,784)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(49,735,451)
167,564,999
(53,102,182)
105,227,701
Increase
(decrease)
in
net
assets
189,575,643
106,507,103
(29,078,190)
70,098,912
Net
Assets:
Net
assets
at
beginning
of
period
1,051,073,928
944,566,825
317,805,293
247,706,381
Net
assets
at
end
of
period
$1,240,649,571
$1,051,073,928
$288,727,103
$317,805,293
Capital
stock
activity
Shares
outstanding,
beginning
of
period
35,700,000
30,500,000
5,300,000
3,900,000
Shares
sold
1,600,000
7,750,000
200,000
2,650,000
Shares
redeemed
(3,000,000)
(2,550,000)
(1,050,000)
(1,250,000)
Shares
outstanding,
end
of
period
34,300,000
35,700,000
4,450,000
5,300,000
(a)
Consolidated.
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Indexed
ETFs
|
2025
Columbia
Research
Enhanced
Emerging
Economies
ETF
Six
Months
Ended
September
30,
2025
(Unaudited)
Year
Ended
March
31,
2025
Operations
Net
investment
income
$1,704,753
$1,659,654
Net
realized
gain
(loss)
(118,482)
802,751
Net
change
in
unrealized
appreciation
23,085,288
4,659
Net
increase
in
net
assets
resulting
from
operations
24,671,559
2,467,064
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
–
(700,296)
Shareholder
transactions
Proceeds
from
shares
sold
128,595,517
45,491,314
Cost
of
shares
redeemed
(7,651,849)
(19,006,192)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
120,943,668
26,485,122
Increase
in
net
assets
145,615,227
28,251,890
Net
Assets:
Net
assets
at
beginning
of
period
87,079,285
58,827,395
Net
assets
at
end
of
period
$232,694,512
$87,079,285
Capital
stock
activity
Shares
outstanding,
beginning
of
period
4,000,000
2,850,000
Shares
sold
5,100,000
2,050,000
Shares
redeemed
(350,000)
(900,000)
Shares
outstanding,
end
of
period
8,750,000
4,000,000
FINANCIAL
HIGHLIGHTS
Columbia
EM
Core
ex-China
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
23
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
Price
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
ratios
of
expenses
and
net
investment
income
are
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
A
zero
balance
may
reflect
an
amount
rounding
to
less
than
$0.01
or
0.01%.
Six
Months
Ended
September
30,
2025
(Unaudited)
Year
Ended
March
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
period
$29.44‌
$30.97‌
$26.96‌
$30.73‌
$31.65‌
$19.09‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.51‌
0.82‌
0.80‌
0.86‌
0.80‌
0.68‌
Net
realized
and
unrealized
gain
(loss)
6.22‌
(1.53‌)
3.58‌
(4.01‌)
(1.10‌)
12.37‌
Total
from
investment
operations
6.73‌
(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
period
$36.17‌
$29.44‌
$30.97‌
$26.96‌
$30.73‌
$31.65‌
Total
Return
at
NAV
22.86‌%
(2.39‌)%
16.32‌%
(10.15‌)%
(0.96‌)%
68.56‌%
Total
Return
at
Market
Price
22.99‌%
(2.40‌)%
16.41‌%
(9.43‌)%
(1.94‌)%
69.09‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.16‌%
0.16‌%
(b)
0.16‌%
(c)
0.16‌%
(d)
0.16‌%
(e)
0.16‌%
Total
net
expenses
(a)(f)
0.16‌%
0.16‌%
(b)
0.16‌%
(c)
0.16‌%
(d)
0.16‌%
(e)
0.16‌%
Net
Investment
income
3.07‌%
2.61‌%
2.79‌%
3.28‌%
2.53‌%
2.61‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$1,240,650‌
$1,051,074‌
$944,567‌
$173,900‌
$95,264‌
$30,070‌
Portfolio
turnover
24‌%
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
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Indexed
ETFs
|
2025
s
Six
Months
Ended
September
30,
2025
(Unaudited)
Year
Ended
March
31,
2025
(a)
2024
(a)
2023
(a)
2022
(a)
2021
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$59.96‌
$63.51‌
$44.38‌
$50.13‌
$50.85‌
$30.80‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.14‌
0.16‌
0.03‌
0.12‌
0.38‌
0.09‌
Net
realized
and
unrealized
gain
(loss)
4.78‌
(1.85‌)
21.34‌
(1.07‌)
2.27‌
20.12‌
Total
from
investment
operations
4.92‌
(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
period
$64.88‌
$59.96‌
$63.51‌
$44.38‌
$50.13‌
$50.85‌
Total
Return
at
NAV
8.21‌%
(2.93‌)%
48.74‌%
(2.38‌)%
5.22‌%
65.67‌%
Total
Return
at
Market
Price
8.63‌%
(4.34‌)%
49.80‌%
(1.14‌)%
3.17‌%
69.58‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.75‌%
0.76‌%
(c)(d)
0.77‌%
(e)
0.77‌%
(f)
0.77‌%
(g)
0.80‌%
(h)
Total
net
expenses
(b)(
i
)
0.75‌%
0.75‌%
(c)(d)
0.75‌%
(e)
0.75‌%
(f)
0.75‌%
(g)
0.75‌%
(h)
Net
Investment
income
0.45‌%
0.24‌%
0.06‌%
0.24‌%
0.70‌%
0.22‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$288,727‌
$317,805‌
$247,706‌
$71,007‌
$77,709‌
$91,532‌
Portfolio
turnover
4‌%
41‌%
24‌%
22‌%
31‌%
16‌%
Notes
to
Financial
Highlights
(a)
Consolidated.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(c)
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.
(d)
Ratios
include
line
of
credit
interest
expense
which
is
less
than
0.01%
(e)
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.
(f)
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.
(g)
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.
(h)
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.
(
i
)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Emerging
Economies
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
25
Six
Months
Ended
September
30,
2025
(Unaudited)
Year
Ended
March
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
period
$21.77‌
$20.64‌
$20.50‌
$21.33‌
$27.73‌
$19.65‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.34‌
0.52‌
0.32‌
0.35‌
0.33‌
0.29‌
Net
realized
and
unrealized
gain
(loss)
4.48‌
0.77‌
0.15‌
(0.77‌)
(6.47‌)
7.97‌
Total
from
investment
operations
4.82‌
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
period
$26.59‌
$21.77‌
$20.64‌
$20.50‌
$21.33‌
$27.73‌
Total
Return
at
NAV
22.14‌%
6.25‌%
2.29‌%
(1.93‌)%
(22.22‌)%
42.02‌%
Total
Return
at
Market
Price
21.71‌%
6.73‌%
2.10‌%
(0.95‌)%
(23.46‌)%
43.27‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.49‌%
0.54‌%
(b)
0.49‌%
(c)
0.49‌%
(d)
0.53‌%
(e)
0.59‌%
(f)
Total
net
expenses
(g)
0.48‌%
0.49‌%
(b)
0.49‌%
(c)
0.49‌%
(a)(d)
0.53‌%
(a)(e)
0.59‌%
(a)(f)
Net
Investment
income
2.80‌%
2.41‌%
1.58‌%
1.71‌%
1.28‌%
1.14‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$232,695‌
$87,079‌
$58,827‌
$85,079‌
$117,297‌
$182,999‌
Portfolio
turnover
15‌%
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
September
30,
2025
(Unaudited)
26
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.
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.
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.
Basis
of
Consolidation
The
Consolidated
Statement
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
(the
Subsidiary)
of
Columbia
India
Consumer
ETF
located
in
the
Republic
of
Mauritius.
All
inter-
company
transactions
and
balances
have
been
eliminated
in
the
consolidation
process.
As
of
the
March
31,
2025,
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.
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
The
intent
of
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2025
(Unaudited)
Indexed
ETFs
|
2025
27
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.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2025
(Unaudited)
28
Indexed
ETFs
|
2025
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2025
(Unaudited)
Indexed
ETFs
|
2025
29
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Funds
(including
but
not
limited
to
overdraft
fees),
if
any;
brokerage
expenses,
fees,
commissions
and
other
portfolio
transaction
expenses
(including
but
not
limited
to
service
fees
charged
by
custodians
of
depository
receipts
and
scrip
fees
related
to
registrations
on
foreign
exchanges);
interest
and
fee
expense
related
to
the
Funds’
participation
in
inverse
floater
structures;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses
(including
but
not
limited
to
arbitrations
and
indemnification
expenses);
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
and
is
paid
as
follows:
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
Effective
investment
management
fee
rate
(%)
Fund
Columbia
EM
Core
ex-China
ETF
0.16
Columbia
India
Consumer
ETF
0.75
Columbia
Research
Enhanced
Emerging
Economies
ETF
0.49
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2025
(Unaudited)
30
Indexed
ETFs
|
2025
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
following
annual
rate(s)
as
a
percentage
of
the
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
expenses
associated
with
investment
in
affiliated
and
non-affiliated
pooled
investment
vehicles
(including
mutual
funds
and
ETFs
(but
not
for
Columbia
Research
Enhanced
Emerging
Economies
ETF)),
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
September
30,
2025,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
March
31,
2025,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Under
current
tax
rules,
regulated
investment
companies
can
elect
to
treat
certain
late-year
ordinary
losses
incurred
and
post-October
capital
losses
(capital
losses
realized
after
October
31)
as
arising
on
the
first
day
of
the
following
taxable
year.
The
Funds
will
elect
to
treat
the
following
late-year
ordinary
losses
and
post-October
capital
losses
at
March
31,
2025
as
arising
on
April
1,
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
Fund
August
1,
2025
through
July
31,
2026
(%)
Prior
to
August
1,
2025
(%)
Columbia
India
Consumer
ETF
0.75
0.75
Columbia
Research
Enhanced
Emerging
Economies
ETF
0.47
0.49
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
929,505,484
336,968,626
(27,387,499)
309,581,127
Columbia
India
Consumer
ETF
209,781,825
86,465,269
(3,352,296)
83,112,973
Columbia
Research
Enhanced
Emerging
Economies
ETF
211,239,349
28,922,514
(7,690,992)
21,231,522
Fund
No
expiration
short-
term
($)
No
expiration
long-
term
($)
Total
($)
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)
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
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2025
(Unaudited)
Indexed
ETFs
|
2025
31
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
six
months
ended
September
30,
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
six
months
ended
September
30,
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
six
months
ended
September
30,
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
each
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
23,
2025
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
$750
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
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
23,
2025
amendment
and
restatement,
each
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
The
Funds
had
no
borrowings
during
the
six
months
ended
September
30,
2025.
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
EM
Core
ex-China
ETF
272,081,819
297,232,714
Columbia
India
Consumer
ETF
12,815,832
66,024,574
Columbia
Research
Enhanced
Emerging
Economies
ETF
99,429,238
19,309,127
Fund
Contributions
($)
Columbia
EM
Core
ex-China
ETF
10,787,930
Columbia
India
Consumer
ETF
-
Columbia
Research
Enhanced
Emerging
Economies
ETF
43,301,518
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
EM
Core
ex-China
ETF
9,311,282
13,023,392
3,712,110
Columbia
India
Consumer
ETF
-
-
-
Columbia
Research
Enhanced
Emerging
Economies
ETF
1,828,408
2,202,274
373,866
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2025
(Unaudited)
32
Indexed
ETFs
|
2025
Note
8.
Risks
and
uncertainties
An
investment
in
the
Fund
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
the
Fund’s
holdings
and
the
Fund’s
NAV
may
go
down.
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.
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.
To
the
extent
that
the
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
the
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
Additional
risk
factors
of
the
Fund
are
described
more
fully
in
the
respective
Fund’s
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
The
Board
of
Trustees
of
the
Funds
approved
a
custody
agreement
with
State
Street
Bank
and
Trust
Company
(State
Street).
The
transition
of
custody
services
to
State
Street
is
expected
to
be
completed
by
December,
2026.
In
addition,
the
Board
approved
the
engagement
by
the
Investment
Manager
of
State
Street
as
sub-administrator.
In
such
capacity,
and
subject
to
the
supervision
and
direction
of
the
Investment
Manager,
State
Street
will
provide
certain
sub-
administration
services
to
the
Funds,
including
fund
accounting
and
financial
reporting
services.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
September
30,
2025
(Unaudited)
Indexed
ETFs
|
2025
33
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
34
Indexed
ETFs
|
2024
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
EM
Core
ex-China
ETF,
Columbia
Research
Enhanced
Emerging
Economies
ETF,
and
Columbia
India
Consumer
ETF
(the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April
and
June
2025,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
26,
2025
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
each
Fund
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
The
Investment
Manager’s
agreement
to
contractually
limit
or
cap
total
operating
expenses
for
Columbia
Research
Enhanced
Emerging
Markets
Economies
ETF
and
Columbia
India
Consumer
ETF
so
that
total
operating
expenses
(excluding
certain
fees
and
expenses,
such
as
interest,
infrequent
and/or
unusual
expenses,
and,
for
Columbia
India
Consumer
ETF
only,
acquired
fund
fees
and
expenses)
would
not
exceed
a
specified
annual
rate,
as
a
percentage
of
the
Funds’
net
assets;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Indexed
ETFs
|
2024
35
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
the
Funds’
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Funds,
(ii)
the
Funds’
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Funds
and
(iv)
index
tracking
error
data
of
each
Fund.
The
Board
observed
that
each
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
36
Indexed
ETFs
|
2024
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
Columbia
EM
Core
ex-China
ETF’s
total
expense
ratio
was
below
the
peer
universe’s
median
expense
ratio
shown
in
the
reports
and
that
the
total
expense
ratio
for
each
of
Columbia
Research
Enhanced
Emerging
Economies
ETF
and
Columbia
India
Consumer
ETF
(after
considering
proposed
expense
caps/waivers)
approximated
its
respective
peer
universe’s
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2024
had
increased
from
2023
levels
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
for
each
Fund
provides
for
a
unitary
fee
level
that
does
not
include
pre-
established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement
for
each
Fund.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
26,
2025,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
for
each
Fund
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement
for
each
Fund.
Columbia
ETF
Trust
II
290
Congress
Street
Boston,
MA,
02210
SAR279_03_R01_(11/25)
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