Columbia ETF Trust II N-CSRCertified annual shareholder report (management investment company)

ANNUAL REPORT

March 31, 2017

COLUMBIA ETF TRUST II

Columbia Beyond BRICs ETF

Columbia EM Core ex-China ETF

Columbia EM Quality Dividend ETF

Columbia EM Strategic Opportunities ETF

Columbia Emerging Markets Consumer ETF

Columbia Emerging Markets Core ETF

Columbia India Consumer ETF

Columbia India Infrastructure ETF

Columbia India Small Cap ETF

PRESIDENT'S MESSAGE

Dear Shareholders,

While emotions have run high following the outcome of the U.S. Presidential election, it remains unclear how the Trump presidency will unfold in terms of policy. We have a sense of the priorities espoused by the President over the past eighteen months, but campaign priorities are not always realized and are often never pursued. What seems certain is that, while some investors have already priced expectations into the market, others have retreated, preferring instead a wait and see approach. The outcome of such behaviors appears to have created conditions ripe for ongoing market volatility.

While volatility in the financial markets can be stressful, volatility itself is not a new phenomenon. Other factors that have been at the root cause of recent volatility include uncertainty following the United Kingdom's vote to exit the European Union (Brexit), speculation around the Federal Reserve's decision to increase interest rates, divergent central bank policy and geopolitical unrest. The point is, financial markets have fluctuated for years and may be expected to continue to fluctuate — sometimes wildly. If anything, such volatility seems to be the new normal, perhaps exacerbated by access to information and development of technological tools which have enabled investors to react rapidly to real and perceived change. So what can you do?

Position your portfolio for the reality of market volatility

That there is a historical precedent for market volatility, or even an acceptance that it may persist, offers little comfort. A measured and strategic approach remains the best strategy for investors to stay on track in achieving their investment goals.

Step 1: Review your investment goals

Take this opportunity to review your investment goals and the strategies you are pursuing to achieve those goals in order to remain focused on what's important to you. It is entirely possible that your goals have changed in response either to your life situation or to changes in the market. Accept what you can't control — volatility, and focus on what you can — your investment goals and strategies.

Step 2: Reassess your risk tolerance

Sit down with your financial advisor to discuss your investment goals and strategies, as well as any changes to your tolerance for risk. Consider your investment horizon. Increased market volatility and a new investment horizon may impact the strategies that can best help you achieve your investment goals. Remember, achieving your investment goals may require a certain amount of risk. Ultimately, you must maintain vigilance in reassessing your risk tolerance and the strategies you have selected in pursuit of your investment goals, and awareness of how those strategies may react to market volatility.

Step 3: Remain calm and focus on your long-term plan

Remember, investing is about the long game. Short term events are not necessarily evidence of a longer term reality. Investors who attempt to time the market too often end up reacting to a down turn by selling low and then compounding the problem by waiting on the sidelines, ultimately missing the right opportunity to reinvest.

As long as there is a market, there will be volatility. How you respond to that volatility can make a big difference in the measure of your success as an investor. Talk to your financial advisor about how working with Columbia Threadneedle Investments may help you position your portfolio for the reality of ongoing volatility and, perhaps, even turn such volatility into investment opportunity.

Sincerely,

Christopher O. Petersen
President, Columbia ETF Trust II

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 an ETF, visit columbiathreadneedleetf.com. The prospectus and summary prospectus should be read carefully before investing.

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

Columbia ETF Trust II is managed by Columbia Management Investment Advisers, LLC and is distributed by ALPS Distributors, Inc., which is not affiliated with Columbia Management Investment Advisers, LLC or its parent company, Ameriprise Financial, Inc.

© 2017 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2017

COLUMBIA ETF TRUST II

TABLE OF CONTENTS

Annual Report 2017

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia Beyond BRICs ETF

Columbia Beyond BRICs ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Beyond BRICs Net of Tax Index USD.

Average Annual Total Returns (%) (for period ended March 31, 2017)

(1) The Tracked Index reflects the Indxx Beyond BRICs Index through October 25, 2013 and the FTSE Beyond BRICs Net of Tax Index USD thereafter.

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager). Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The FTSE Beyond BRICs Net of Tax Index USD is a market capitalization-weighted index designed to represent the performance of a diversified basket of 90 liquid companies in emerging and frontier markets excluding Brazil, Russia, India, China (BRIC), Taiwan and Argentina as defined by FTSE's Country Classification System. The index has 75% exposure to emerging markets and 25% to frontier markets at rebalance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia Beyond BRICs ETF

Performance of a Hypothetical $10,000 Investment (August 15, 2012 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia Beyond BRICs ETF

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For the 12-month period that ended March 31, 2017, the Fund returned 5.12% based on net asset value (NAV) and 4.01% based on market price. The Fund's Tracked Index, the FTSE Beyond BRICs Index, returned 6.58% during the same time period.

The Fund's NAV on March 31, 2016 was $15.77 and it ended the annual period on March 31, 2017 with a NAV of $16.14. The Fund's market price on March 31, 2017 was $16.00 per share.

Emerging market equities posted gains despite geopolitical uncertainty

The annual period ended March 31, 2017 began on a positive note for emerging market equities. All eyes were on the weakness of the U.S. dollar and the rally in commodities prices. The subsequent surge in U.S. dollar strength coincided with the April 2016 Federal Reserve (Fed) press release that indicated a June 2016 interest rate hike in the U.S. was a distinct possibility, as expectations of Fed normalization of monetary policy persisted. Emerging market equities, however, then traded in a narrow band and were essentially flat for most of the early months of the annual period. Interestingly, despite the turn in the U.S. dollar, commodities prices continued to move upward, with part of such strength likely driven by better economic numbers out of China during the summer months. Several other notable macro events affecting the emerging markets during the summer of 2016 included the Philippines' election victory of populist outsider and former mayor of Davao, Rodrigo Duterte, as president on May 9^th; the impeachment of Brazilian president Dilma Rousseff on May 12^th; and the surprise U.K. vote result on the referendum to leave the European Union, popularly known as Brexit, announced on June 24^th.

Emerging market equities experienced a stretch of robust performance heading into the fall months, outpacing developed market equities significantly during the third quarter of 2016. Much of this rally was fueled by improvements in China's economy. Brazil also gained momentum after putting an end to the President Rousseff era with her impeachment. Indonesia performed well, too, on lower interest rates, higher foreign exchange reserves and better capital flows on the back of a successful tax amnesty program.

In the fourth quarter of 2016, political uncertainty again came to the fore with the passing of King Bhumibol of Thailand, followed a month later with the surprise Trump election victory in the U.S. on November 8^th. In the week following the U.S. election, the U.S. stock market traded up, while emerging market equities, as measured by the MSCI Emerging Markets Index, declined 4.16%. Also on November 8^th, the Indian government announced it was withdrawing all 500 and 1000 rupee notes from circulation to counter "black money," that is, money earned illegally from black market activities. As a result, the Indian equity market sold off 8.5% in the week following the announcement.

After struggling in November and December 2016, emerging market equities staged a strong rally during the first quarter of 2017. Investors seemed more comfortable as U.S. interest rates eased a bit after the

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Beyond BRICs ETF

initial "Trump spike" late in 2016. Positive economic data out of China and Indian market strength further drove the rally. The South Korean equity market also posted healthy gains, and the South Korean won was one of the strong emerging market currencies, despite, or perhaps because of, the impeachment of President Park Geun-hye.

Contributors and detractors

Constituents in the financials, information technology and telecommunication services sectors detracted most from the Fund's results during the annual period. Partially offsetting these detractors were constituents in the materials, consumer discretionary and health care sectors, which contributed positively to results.

From a country perspective, constituents in Malaysia, Mexico and Brazil detracted the most from results during the annual period. Conversely, constituents in South Vietnam, Indonesia and Hong Kong contributed most positively to results.

Positions in integrated financial services group Standard Bank Group; diversified financial services firm FirstRand; and communication services provider MTN Group, each a South African company, detracted most. Each generated a negative absolute return during the annual period. Positions in Bank Muscat, an Oman-based financial services provider; Fomento Economico Mexicano (FEMSA), a Mexico-based non-alcoholic beverage producer; and Bank Central Asia, an Indonesian bank contributed most positively. Each posted a positive absolute return during the annual period.

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Beyond BRICs ETF

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia EM Core ex-China ETF

Columbia EM Core ex-China ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Beta Thematic Emerging Markets ex-China Index.

Average Annual Total Returns (%) (for period ended March 31, 2017)

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

The Beta Thematic Emerging Markets ex-China Index is a market capitalization-weighted index designed to provide broad, core emerging markets equity exposure by measuring the stock performance of up to 700 companies, excluding those listed or domiciled in China or Hong Kong.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI Emerging Markets Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia EM Core ex-China ETF

Performance of a Hypothetical $10,000 Investment (September 2, 2015 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia EM Core ex-China ETF

For the 12-month period that ended March 31, 2017, the Fund returned 18.83% based on net asset value (NAV) and 23.20% based on market price. The MSCI Emerging Markets Index (Net) returned 17.22% and the Beta Thematic Emerging Markets ex-China Index, returned 18.45% during the same time period.

The Fund's NAV on March 31, 2016 was $21.23 and it ended the annual period on March 31, 2017 with a NAV of $24.91. The Fund's market price on March 31, 2017 was $25.72 per share.

Emerging market equities posted gains despite geopolitical uncertainty

The annual period ended March 31, 2017 began on a positive note for emerging market equities. All eyes were on the weakness of the U.S. dollar and the rally in commodities prices. The subsequent surge in U.S. dollar strength coincided with the April 2016 Federal Reserve (Fed) press release that indicated a June 2016 interest rate hike in the U.S. was a distinct possibility, as expectations of Fed normalization of monetary policy persisted. Emerging market equities, however, then traded in a narrow band and were essentially flat for most of the early months of the annual period. Interestingly, despite the turn in the U.S. dollar, commodities prices continued to move upward, with part of such strength likely driven by better economic numbers out of China during the summer months. Several other notable macro events affecting the emerging markets during the summer of 2016 included the Philippines' election victory of populist outsider and former mayor of Davao, Rodrigo Duterte, as president on May 9^th; the impeachment of Brazilian president Dilma Rousseff on May 12^th; and the surprise U.K. vote result on the referendum to leave the European Union, popularly known as Brexit, announced on June 24^th.

Emerging market equities experienced a stretch of robust performance heading into the fall months, outpacing developed market equities significantly during the third quarter of 2016. Much of this rally was fueled by improvements in China's economy. Brazil also gained momentum after putting an end to the President Rousseff era with her impeachment. Indonesia performed well, too, on lower interest rates, higher foreign exchange reserves and better capital flows on the back of a successful tax amnesty program.

In the fourth quarter of 2016, political uncertainty again came to the fore with the passing of King Bhumibol of Thailand, followed a month later with the surprise Trump election victory in the U.S. on November 8^th. In the week following the U.S. election, the U.S. stock market traded up, while emerging market equities, as measured by the MSCI Emerging Markets Index, declined 4.16%. Also on November 8^th, the Indian government announced it was withdrawing all 500 and 1000 rupee notes from circulation to counter "black money," that is, money earned illegally from black market activities. As a result, the Indian equity market sold off 8.5% in the week following the announcement.

After struggling in November and December 2016, emerging market equities staged a strong rally during the first quarter of 2017. Investors

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Core ex-China ETF

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

seemed more comfortable as U.S. interest rates eased a bit after the initial "Trump spike" late in 2016. Positive economic data out of China and Indian market strength further drove the rally. The South Korean equity market also posted healthy gains, and the South Korean won was one of the strong emerging market currencies, despite, or perhaps because of, the impeachment of President Park Geun-hye.

Contributors and detractors

Constituents in the energy, materials and financials sectors contributed most positively to the Fund's results during the annual period. Partially offsetting these positive contributors were constituents in the information technology, consumer staples and industrials sectors, which detracted from results.

From a country perspective, constituents in Brazil, South Korea and Hong Kong contributed most positively to the Fund's results. Conversely, constituents in China, Mexico and India detracted the most from results during the annual period.

Positions in Samsung Electronics, a South Korea-based consumer and industrial electronic equipment and products manufacturer; Vale, a Brazilian metals producer; and Petroleo Brasileiro (Petrobras), a Brazilian oil and gas exploration and production company contributed most positively. Samsung Electronics and Petrobras each posted a robust double-digit absolute gain, and Vale generated a triple-digit absolute gain during the annual period. Positions in Infosys, an India-based consulting and software services firm; Steinhoff International Holdings, a South African integrated discount retailer; and IHH Healthcare, a Malaysian-based healthcare services provider detracted most. Each produced a double-digit negative absolute return during the annual period.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Core ex-China ETF

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia EM Quality Dividend ETF

Columbia EM Quality Dividend ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Beta Advantage^SM Emerging Markets Quality Dividend Index.

Average Annual Total Returns (%) (for period ended March 31, 2017)

(1) The Tracked Index reflects the Indxx Emerging Market High Income Low Beta Index through January 31, 2014, the FTSE Emerging All Cap ex-Taiwan Low Volatility Dividend Net Tax Index from February 3, 2014 through January 23, 2015, and the Beta Advantage^SM Emerging Markets Quality Dividend Index thereafter.

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

The Beta Advantage^SM Emerging Markets Quality Dividend Index is an equal-weighted index designed to represent a portfolio of approximately 50 companies in developing markets, which is expected to have a higher dividend yield than the average dividend yield of companies included in the developing markets universe as defined by Columbia Management.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI Emerging Markets Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia EM Quality Dividend ETF

Performance of a Hypothetical $10,000 Investment (August 4, 2011 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia EM Quality Dividend ETF

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

For the 12-month period that ended March 31, 2017, the Fund returned 10.05% based on net asset value (NAV) and 11.09% based on market price. The MSCI Emerging Markets Index (Net) returned 17.22% and the Fund's Tracked Index, the Beta Advantage^SM Emerging Markets Quality Dividend Index returned 12.59% during the same time period.

The Fund's NAV on March 31, 2016 was $12.81 and it ended the annual period on March 31, 2017 with a NAV of $13.77. The Fund's market price on March 31, 2017 was $13.78 per share.

Emerging market equities posted gains despite geopolitical uncertainty

The annual period ended March 31, 2017 began on a positive note for emerging market equities. All eyes were on the weakness of the U.S. dollar and the rally in commodities prices. The subsequent surge in U.S. dollar strength coincided with the April 2016 Federal Reserve (Fed) press release that indicated a June 2016 interest rate hike in the U.S. was a distinct possibility, as expectations of Fed normalization of monetary policy persisted. Emerging market equities, however, then traded in a narrow band and were essentially flat for most of the early months of the annual period. Interestingly, despite the turn in the U.S. dollar, commodities prices continued to move upward, with part of such strength likely driven by better economic numbers out of China during the summer months. Several other notable macro events affecting the emerging markets during the summer of 2016 included the Philippines' election victory of populist outsider and former mayor of Davao, Rodrigo Duterte, as president on May 9^th; the impeachment of Brazilian president Dilma Rousseff on May 12^th; and the surprise U.K. vote result on the referendum to leave the European Union, popularly known as Brexit, announced on June 24^th.

Emerging market equities experienced a stretch of robust performance heading into the fall months, outpacing developed market equities significantly during the third quarter of 2016. Much of this rally was fueled by improvements in China's economy. Brazil also gained momentum after putting an end to the President Rousseff era with her impeachment. Indonesia performed well, too, on lower interest rates, higher foreign exchange reserves and better capital flows on the back of a successful tax amnesty program.

In the fourth quarter of 2016, political uncertainty again came to the fore with the passing of King Bhumibol of Thailand, followed a month later with the surprise Trump election victory in the U.S. on November 8^th. In the week following the U.S. election, the U.S. stock market traded up, while emerging market equities, as measured by the MSCI Emerging Markets Index, declined 4.16%. Also on November 8^th, the Indian government announced it was withdrawing all 500 and 1000 rupee notes from circulation to counter "black money," that is, money earned illegally from black market activities. As a result, the Indian equity market sold off 8.5% in the week following the announcement.

After struggling in November and December 2016, emerging market equities staged a strong rally during the first quarter of 2017. Investors

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Quality Dividend ETF

seemed more comfortable as U.S. interest rates eased a bit after the initial "Trump spike" late in 2016. Positive economic data out of China and Indian market strength further drove the rally. The South Korean equity market also posted healthy gains, and the South Korean won was one of the strong emerging market currencies, despite, or perhaps because of, the impeachment of President Park Geun-hye.

Contributors and detractors

Constituents in the information technology, consumer staples and energy sectors detracted most from the Fund's results during the annual period. Partially offsetting these detractors were constituents in the financials, real estate and consumer discretionary sectors, which contributed most positively to results.

From a country perspective, constituents in Thailand, Malaysia and Turkey detracted most from results. Conversely, constituents in Mexico, Taiwan and Hong Kong contributed most positively to results during the annual period.

Positions in Airports of Thailand, a Thai airport operator; BRF, a Brazilian food processor; and Turkiye Petrol Rafinerileri (Tupras), a Turkish petroleum refiner detracted most. Airports of Thailand posted a modestly positive absolute return, while BRF and Tupras each posted a double-digit negative absolute return during the annual period. Positions in Itausa-Investimentos Itau, a Brazilian diversified holding company; Banco Bradesco, a Brazilian commercial bank; and Pegatron, a Taiwan-based technology hardware and equipment company contributed most positively. Each produced a robust double-digit absolute gain during the annual period.

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Quality Dividend ETF

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia EM Strategic Opportunities ETF

Columbia EM Strategic Opportunities ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Strategic Opportunities Index.

Average Annual Total Returns (%) (for period ended March 31, 2017)

(1) The Tracked Index reflects the Indxx Emerging Markets Domestic Demand Index through January 31, 2014 and the S&P Emerging Markets Strategic Opportunities Index thereafter.

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The S&P Emerging Markets Strategic Opportunities Index is a 50-stock free-float market capitalization-weighted index designed to measure the performance of companies in emerging markets that are tied to domestic demand, specifically those in consumer staples, consumer discretionary, telecommunications services, health care and the utilities sectors.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia EM Strategic Opportunities ETF

Performance of a Hypothetical $10,000 Investment (August 15, 2012 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia EM Strategic Opportunities ETF

For the 12-month period that ended March 31, 2017, the Fund returned 3.08% based on net asset value (NAV) and 3.42% based on market price. The Fund's Tracked Index, the S&P Emerging Markets Strategic Opportunities Index, returned 3.72% during the same time period.

The Fund's NAV on March 31, 2016 was $18.79 and it ended the annual period on March 31, 2017 with a NAV of $18.91. The Fund's market price on March 31, 2017 was $18.85 per share.

Emerging market equities posted gains despite geopolitical uncertainty

The annual period ended March 31, 2017 began on a positive note for emerging market equities. All eyes were on the weakness of the U.S. dollar and the rally in commodities prices. The subsequent surge in U.S. dollar strength coincided with the April 2016 Federal Reserve (Fed) press release that indicated a June 2016 interest rate hike in the U.S. was a distinct possibility, as expectations of Fed normalization of monetary policy persisted. Emerging market equities, however, then traded in a narrow band and were essentially flat for most of the early months of the annual period. Interestingly, despite the turn in the U.S. dollar, commodities prices continued to move upward, with part of such strength likely driven by better economic numbers out of China during the summer months. Several other notable macro events affecting the emerging markets during the summer of 2016 included the Philippines' election victory of populist outsider and former mayor of Davao, Rodrigo Duterte, as president on May 9^th; the impeachment of Brazilian president Dilma Rousseff on May 12^th; and the surprise U.K. vote result on the referendum to leave the European Union, popularly known as Brexit, announced on June 24^th.

Emerging market equities experienced a stretch of robust performance heading into the fall months, outpacing developed market equities significantly during the third quarter of 2016. Much of this rally was fueled by improvements in China's economy. Brazil also gained momentum after putting an end to the President Rousseff era with her impeachment. Indonesia performed well, too, on lower interest rates, higher foreign exchange reserves and better capital flows on the back of a successful tax amnesty program.

In the fourth quarter of 2016, political uncertainty again came to the fore with the passing of King Bhumibol of Thailand, followed a month later with the surprise Trump election victory in the U.S. on November 8^th. In the week following the U.S. election, the U.S. stock market traded up, while emerging market equities, as measured by the MSCI Emerging Markets Index, declined 4.16%. Also on November 8^th, the Indian government announced it was withdrawing all 500 and 1000 rupee notes from circulation to counter "black money," that is, money earned illegally from black market activities. As a result, the Indian equity market sold off 8.5% in the week following the announcement.

After struggling in November and December 2016, emerging market equities staged a strong rally during the first quarter of 2017. Investors seemed more comfortable as U.S. interest rates eased a bit after the

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Strategic Opportunities ETF

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

initial "Trump spike" late in 2016. Positive economic data out of China and Indian market strength further drove the rally. The South Korean equity market also posted healthy gains, and the South Korean won was one of the strong emerging market currencies, despite, or perhaps because of, the impeachment of President Park Geun-hye.

Contributors and detractors

Constituents in the information technology, telecommunication services and health care sectors detracted most from the Fund's results during the annual period. Partially offsetting these detractors were constituents in industrials and real estate, the only two sectors to contribute positively to the Fund's results.

From a country perspective, constituents in China, Mexico and South Africa detracted most from results. Conversely, constituents in Indonesia, Poland and Turkey contributed most positively to results during the annual period.

Positions in Steinhoff International Holdings, a South African integrated discount retailer; America Movil, a Mexican wireless communications provider; and Sun Pharmaceutical Industries, an Indian pharmaceuticals manufacturer detracted most. Each posted a negative return during the annual period. Positions in Naspers, a South African media company; JD.com, a Chinese online direct sales company; and Telekomunikasi Indonesia Persero, an Indonesia telecommunications company contributed most positively. Each produced a solid double-digit gain during the annual period.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia Emerging Markets Consumer ETF

Columbia Emerging Markets Consumer ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Dow Jones Emerging Markets Consumer Titans 30^TM Index.

Average Annual Total Returns (%) (for period ended March 31, 2017)

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The Dow Jones Emerging Markets Consumer Titans 30^TM Index is a free-float market capitalization-weighted index that measures the performance of 30 leading emerging market companies in the Consumer Goods and Consumer Services Industries as defined by S&P Dow Jones Indexes.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia Emerging Markets Consumer ETF

Performance of a Hypothetical $10,000 Investment (September 14, 2010 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia Emerging Markets Consumer ETF

For the 12-month period that ended March 31, 2017, the Fund returned 10.35% based on net asset value and 10.75% based on market price. The Dow Jones Emerging Markets Consumer Titans 30^TM Index, returned 11.02% during the same period.

The Fund's NAV on March 31, 2016 was $22.60 and it ended the annual period on March 31, 2017 with a NAV of $24.75. The Fund's market price on March 31, 2017 was $24.83 per share.

Emerging market equities posted gains despite geopolitical uncertainty

The annual period ended March 31, 2017 began on a positive note for emerging market equities. All eyes were on the weakness of the U.S. dollar and the rally in commodities prices. The subsequent surge in U.S. dollar strength coincided with the April 2016 Federal Reserve (Fed) press release that indicated a June 2016 interest rate hike in the U.S. was a distinct possibility, as expectations of Fed normalization of monetary policy persisted. Emerging market equities, however, then traded in a narrow band and were essentially flat for most of the early months of the annual period. Interestingly, despite the turn in the U.S. dollar, commodities prices continued to move upward, with part of such strength likely driven by better economic numbers out of China during the summer months. Several other notable macro events affecting the emerging markets during the summer of 2016 included the Philippines' election victory of populist outsider and former mayor of Davao, Rodrigo Duterte, as president on May 9^th; the impeachment of Brazilian president Dilma Rousseff on May 12^th; and the surprise U.K. vote result on the referendum to leave the European Union, popularly known as Brexit, announced on June 24^th.

Emerging market equities experienced a stretch of robust performance heading into the fall months, outpacing developed market equities significantly during the third quarter of 2016. Much of this rally was fueled by improvements in China's economy. Brazil also gained momentum after putting an end to the President Rousseff era with her impeachment. Indonesia performed well, too, on lower interest rates, higher foreign exchange reserves and better capital flows on the back of a successful tax amnesty program.

In the fourth quarter of 2016, political uncertainty again came to the fore with the passing of King Bhumibol of Thailand, followed a month later with the surprise Trump election victory in the U.S. on November 8^th. In the week following the U.S. election, the U.S. stock market traded up, while emerging market equities, as measured by the MSCI Emerging Markets Index, declined 4.16%. Also on November 8^th, the Indian government announced it was withdrawing all 500 and 1000 rupee notes from circulation to counter "black money," that is, money earned illegally from black market activities. As a result, the Indian equity market sold off 8.5% in the week following the announcement.

After struggling in November and December 2016, emerging market equities staged a strong rally during the first quarter of 2017. Investors seemed more comfortable as U.S. interest rates eased a bit after the

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Emerging Markets Consumer ETF

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

initial "Trump spike" late in 2016. Positive economic data out of China and Indian market strength further drove the rally. The South Korean equity market also posted healthy gains, and the South Korean won was one of the strong emerging market currencies, despite, or perhaps because of, the impeachment of President Park Geun-hye.

Contributors and detractors

Constituents in the information technology, consumer staples and financials sectors detracted most from the Fund's results during the annual period. Partially offsetting these detractors were constituents in the telecommunication services, health care and utilities sectors, which contributed most positively to results.

From a country perspective, constituents in Mexico, China and Brazil detracted most from results. Conversely, constituents in India, Thailand and Turkey contributed most positively to results during the annual period.

Positions in Steinhoff International Holdings, a South African integrated discount retailer; Fomento Economico Mexicano (FEMSA), a Mexico-based non-alcoholic beverage producer; and Genting, a Malaysian diversified investment holding detracted most. Each posted a negative return during the annual period. Positions in Naspers, a South African media company; Maruti Suzuki India, an Indian auto manufacturer and exporter; and JD.com, a Chinese online direct sales company contributed most positively. Each produced a solid double-digit gain during the annual period.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia Emerging Markets Core ETF

Columbia Emerging Markets Core ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the S&P Emerging Markets Core Index^SM.

Average Annual Total Returns (%) (for period ended March 31, 2017)

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The S&P Emerging Markets Core Index^SM is a modified equal-weighted index designed to measure the market performance of up to 116 companies that S&P determines to be representative of all industries domiciled in emerging market countries, subject to a 15% country cap.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia Emerging Markets Core ETF

Performance of a Hypothetical $10,000 Investment (October 16, 2012 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia Emerging Markets Core ETF

For the 12-month period that ended March 31, 2017, the Fund returned 10.08% based on net asset value (NAV) and 11.81% based on market price. The S&P Emerging Markets Core Index^TM (the Index) returned 11.01% during the same period.

The Fund's NAV on March 31, 2016 was $17.58 and it ended the annual period on March 31, 2017 with a NAV of $19.09. The Fund's market price on March 31, 2017 was $19.16 per share.

Emerging market equities posted gains despite geopolitical uncertainty

The annual period ended March 31, 2017 began on a positive note for emerging market equities. All eyes were on the weakness of the U.S. dollar and the rally in commodities prices. The subsequent surge in U.S. dollar strength coincided with the April 2016 Federal Reserve (Fed) press release that indicated a June 2016 interest rate hike in the U.S. was a distinct possibility, as expectations of Fed normalization of monetary policy persisted. Emerging market equities, however, then traded in a narrow band and were essentially flat for most of the early months of the annual period. Interestingly, despite the turn in the U.S. dollar, commodities prices continued to move upward, with part of such strength likely driven by better economic numbers out of China during the summer months. Several other notable macro events affecting the emerging markets during the summer of 2016 included the Philippines' election victory of populist outsider and former mayor of Davao, Rodrigo Duterte, as president on May 9^th; the impeachment of Brazilian president Dilma Rousseff on May 12^th; and the surprise U.K. vote result on the referendum to leave the European Union, popularly known as Brexit, announced on June 24^th.

Emerging market equities experienced a stretch of robust performance heading into the fall months, outpacing developed market equities significantly during the third quarter of 2016. Much of this rally was fueled by improvements in China's economy. Brazil also gained momentum after putting an end to the President Rousseff era with her impeachment. Indonesia performed well, too, on lower interest rates, higher foreign exchange reserves and better capital flows on the back of a successful tax amnesty program.

In the fourth quarter of 2016, political uncertainty again came to the fore with the passing of King Bhumibol of Thailand, followed a month later with the surprise Trump election victory in the U.S. on November 8^th. In the week following the U.S. election, the U.S. stock market traded up, while emerging market equities, as measured by the MSCI Emerging Markets Index, declined 4.16%. Also on November 8^th, the Indian government announced it was withdrawing all 500 and 1000 rupee notes from circulation to counter "black money," that is, money earned illegally from black market activities. As a result, the Indian equity market sold off 8.5% in the week following the announcement.

After struggling in November and December 2016, emerging market equities staged a strong rally during the first quarter of 2017. Investors seemed more comfortable as U.S. interest rates eased a bit after the

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Emerging Markets Core ETF

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

initial "Trump spike" late in 2016. Positive economic data out of China and Indian market strength further drove the rally. The South Korean equity market also posted healthy gains, and the South Korean won was one of the strong emerging market currencies, despite, or perhaps because of, the impeachment of President Park Geun-hye.

Contributors and detractors

Constituents in the information technology, consumer discretionary and health care sectors detracted most from the Fund's results during the annual period. Partially offsetting these detractors were constituents in the materials, telecommunication services and energy sectors, which contributed most positively to results.

From a country perspective, constituents in China, Mexico and South Africa detracted most from. Conversely, constituents in Brazil, Indonesia and India contributed most positively to results during the annual period.

Positions in LPP, a Polish clothing designer and distributor; Airports of Thailand, a Thai airport operator; and Alfa, a Mexican diversified industrials company detracted most. Each posted a modestly negative return during the annual period. Positions in Vale, a Brazilian metals producer; Petroleo Brasileiro (Petrobras), a Brazilian oil and gas exploration and production company; and Telekomunikasi Indonesia Persero, an Indonesia telecommunications company contributed most positively. Vale posted a triple-digit gain, and Petrobras and Telekomunikasi Indonesia Persero each produced a robust double-digit gain during the annual period.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Emerging Markets Core ETF

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia India Consumer ETF

Columbia India Consumer ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Consumer Index.

Average Annual Total Returns (%) (for period ended March 31, 2017)

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The Indxx India Consumer Index is a modified equal-weighted index designed to measure the market performance of up to 116 companies that S&P determines to be representative of all industries domiciled in emerging market countries, subject to a 15% country cap.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia India Consumer ETF

Performance of a Hypothetical $10,000 Investment (August 10, 2011 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Consumer ETF

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

For the 12-month period that ended March 31, 2017, the Fund returned 23.06% based on net asset value (NAV) and 23.67% based on market price. The Indxx India Consumer Index, returned 24.65% during the same time period.

The Fund's NAV on March 31, 2016 was $31.16 and it ended the annual period on March 31, 2017 with a NAV of $38.31. The Fund's market price on March 31, 2017 was $38.51 per share.

Indian equities posted robust returns amidst strong economic growth

The Indian equity market posted robust gains during the annual period ended March 31, 2017 amidst strong economic growth. Indeed, India is currently the fastest growing large economy in the world with more than 7% real Gross Domestic Product (GDP) growth. Several monetary, fiscal and political factors further supported the performance of the equity market in India during the annual period.

In June 2016, India's central bank governor Raghuram Rajan announced he would step down when his term ended in early September 2016. Finance Minister Arun Jaitley said the government appreciated the work done by Rajan and respected his decision to return to academia. While there was some short-term nervousness initially, investors were calmed when in early August 2016, Indian Prime Minister Narendra Modi appointed Urjit Patel as the governor of the Reserve Bank of India, ending months of speculation about who would be Rajan's successor and signaling that prudent monetary policy would continue to be the norm. Patel had been guiding the monetary policy as a deputy governor since 2013, playing a key role in developing the country's monetary policy framework, which has focused on reining in inflation and imparting stability to the currency. Most investors appeared to believe that, with a global perspective and a solid academic background, Patel's appointment would ensure a smooth transition and continuity in monetary policy, as India puts in place major structural reforms to transition to a higher economic growth path.

On the fiscal front, on November 8, 2016, the Indian government announced it was withdrawing high-denomination banknotes in the nation's biggest crackdown against corruption in almost four decades. All 500 and 1000 rupee notes would cease to be legal tender, Prime Minister Modi announced in an unscheduled address to the nation. The notes in circulation would need to be deposited in banks by the end of December 2016. Chaos prevailed across the country, as people lined up outside cash dispensing machines and banks following the announcement, and the Indian equity market sold off 8.5% in the week following the announcement. While this action sparked a surge in cash deposits, briefly impacted consumption and caused some near-term pain, the move also raised hopes the added liquidity would allow banks to lower lending rates more aggressively and support a healthier India over the long term.

In the first quarter of 2017, the Indian equity market rallied, supported by political events. In mid-March 2017, with an overwhelming victory in

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Consumer ETF

India's most important state election, Prime Minister Modi secured his place as the country's most influential leader, eclipsing his rivals and positioning his party for a second term in 2019. Prime Minister Modi's success is widely anticipated to allow him to aggressively push his economic agenda, although he will still face entrenched opposition to some reforms in the upper house of India's parliament. That said, one of his reforms, the Goods and Services Tax (GST) bill was passed by India's parliament at the end of March 2017, paving the way for all the Indian states to pass the States' GST Bill. After this is accomplished, a new indirect tax regime can be rolled out, enabling the government to implement the landmark bill on its target date of July 1, 2017. It is widely anticipated that the final nod to the fixation of GST rates for major commodities and services will be given at the next meeting of the GST council in mid-May 2017.

Contributors and detractors

Constituents in the information technology, financials and materials sectors detracted most from the Fund's results during the annual period. Partially offsetting these detractors were constituents in the consumer discretionary, consumer staples and telecommunication services sectors, which contributed most positively to results.

Positions in United Spirits, an alcoholic beverage manufacturer and distributor; GlaxoSmithKline Consumer Healthcare, a malted milk food products manufacturer; and United Breweries, another alcoholic beverage manufacturer detracted most. Each posted a negative return during the annual period. Positions in Maruti Suzuki India, an auto manufacturer and exporter; Zee Entertainment Enterprises, a media content producer and developer; and MRF, an automobile components manufacturer and distributor contributed most positively. Each produced a robust double-digit gain during the annual period.

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia India Infrastructure ETF

Columbia India Infrastructure ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Infrastructure Index.

Average Annual Total Returns (%) (for period ended March 31, 2017)

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The Indxx India Infrastructure Index is a maximum 30-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the infrastructure industry in India, as defined by Indxx's proprietary methodology. The index consists of common stocks listed on the primary exchange of India and ADRs and GDRs.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia India Infrastructure ETF

Performance of a Hypothetical $10,000 Investment (August 11, 2010 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Infrastructure ETF

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

For the 12-month period that ended March 31, 2017, the Fund returned 30.61% based on net asset value (NAV) and 30.93% based on market price. The Indxx India Infrastructure Index, returned 32.57% during the same time period.

The Fund's NAV on March 31, 2016 was $10.24 and it ended the annual period on March 31, 2017 with a NAV of $12.98. The Fund's market price on March 31, 2017 was $13.06 per share.

Indian equities posted robust returns amidst strong economic growth

The Indian equity market posted robust gains during the annual period ended March 31, 2017 amidst strong economic growth. Indeed, India is currently the fastest growing large economy in the world with more than 7% real Gross Domestic Product (GDP) growth. Several monetary, fiscal and political factors further supported the performance of the equity market in India during the annual period.

In June 2016, India's central bank governor Raghuram Rajan announced he would step down when his term ended in early September 2016. Finance Minister Arun Jaitley said the government appreciated the work done by Rajan and respected his decision to return to academia. While there was some short-term nervousness initially, investors were calmed when in early August 2016, Indian Prime Minister Narendra Modi appointed Urjit Patel as the governor of the Reserve Bank of India, ending months of speculation about who would be Rajan's successor and signaling that prudent monetary policy would continue to be the norm. Patel had been guiding the monetary policy as a deputy governor since 2013, playing a key role in developing the country's monetary policy framework, which has focused on reining in inflation and imparting stability to the currency. Most investors appeared to believe that, with a global perspective and a solid academic background, Patel's appointment would ensure a smooth transition and continuity in monetary policy, as India puts in place major structural reforms to transition to a higher economic growth path.

On the fiscal front, on November 8, 2016, the Indian government announced it was withdrawing high-denomination banknotes in the nation's biggest crackdown against corruption in almost four decades. All 500 and 1000 rupee notes would cease to be legal tender, Prime Minister Modi announced in an unscheduled address to the nation. The notes in circulation would need to be deposited in banks by the end of December 2016. Chaos prevailed across the country, as people lined up outside cash dispensing machines and banks following the announcement, and the Indian equity market sold off 8.5% in the week following the announcement. While this action sparked a surge in cash deposits, briefly impacted consumption and caused some near-term pain, the move also raised hopes the added liquidity would allow banks to lower lending rates more aggressively and support a healthier India over the long term.

In the first quarter of 2017, the Indian equity market rallied, supported by political events. In mid-March 2017, with an overwhelming victory in

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Infrastructure ETF

India's most important state election, Prime Minister Modi secured his place as the country's most influential leader, eclipsing his rivals and positioning his party for a second term in 2019. Prime Minister Modi's success is widely anticipated to allow him to aggressively push his economic agenda, although he will still face entrenched opposition to some reforms in the upper house of India's parliament. That said, one of his reforms, the Goods and Services Tax (GST) bill was passed by India's parliament at the end of March 2017, paving the way for all the Indian states to pass the States' GST Bill. After this is accomplished, a new indirect tax regime can be rolled out, enabling the government to implement the landmark bill on its target date of July 1, 2017. It is widely anticipated that the final nod to the fixation of GST rates for major commodities and services will be given at the next meeting of the GST council in mid-May 2017.

Contributors and detractors

Constituents in the industrials, materials and utilities sectors contributed most positively to the Fund's results during the annual period. Partially offsetting these positive contributors were constituents in the information technology, telecommunication services and financials sectors, which detracted most from during the annual period.

Positions in Vedanta, a base metals miner; Gail India, a utilities company; and NTPC, another utilities company, contributed most positively. Vedanta posted a triple-digit gain, and Gail India and NTPC each produced a robust double-digit gain during the annual period. Positions in Idea Cellular, a telecommunication services company; Bharti Infratel, a telecommunication infrastructure company; and ACC, a cement manufacturer detracted most. Each posted a negative return during the annual period.

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW

Columbia India Small Cap ETF

Columbia India Small Cap ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Small Cap Index.

Average Annual Total Returns (%) (for period ended March 31, 2017)

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by the Fund's former investment manager or Columbia Management. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleetf.com.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The Indxx India Small Cap Index is a maximum 75-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the small cap segment in India. The index consists of securities listed on the primary stock exchange of India.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

COLUMBIA ETF TRUST II

PERFORMANCE OVERVIEW (continued)

Columbia India Small Cap ETF

Performance of a Hypothetical $10,000 Investment (July 7, 2010 – March 31, 2017)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Small Cap ETF

Portfolio Management

Christopher Lo, Ph.D., CFA

Frank Vallario

Percentages indicated are based upon total investments.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

For the 12-month period that ended March 31, 2017, the Fund returned 35.62% based on net asset value (NAV) and 36.29% based on market price. The Indxx India Small Cap Index (the Index) returned 37.55% during the same period.

The Fund's NAV on March 31, 2016 was $13.59 and it ended the annual period on March 31, 2017 with a NAV of $18.26. The Fund's market price on March 31, 2017 was $18.35 per share.

Indian equities posted robust returns amidst strong economic growth

The Indian equity market posted robust gains during the annual period ended March 31, 2017 amidst strong economic growth. Indeed, India is currently the fastest growing large economy in the world with more than 7% real Gross Domestic Product (GDP) growth. Several monetary, fiscal and political factors further supported the performance of the equity market in India during the annual period.

In June 2016, India's central bank governor Raghuram Rajan announced he would step down when his term ended in early September 2016. Finance Minister Arun Jaitley said the government appreciated the work done by Rajan and respected his decision to return to academia. While there was some short-term nervousness initially, investors were calmed when in early August 2016, Indian Prime Minister Narendra Modi appointed Urjit Patel as the governor of the Reserve Bank of India, ending months of speculation about who would be Rajan's successor and signaling that prudent monetary policy would continue to be the norm. Patel had been guiding the monetary policy as a deputy governor since 2013, playing a key role in developing the country's monetary policy framework, which has focused on reining in inflation and imparting stability to the currency. Most investors appeared to believe that, with a global perspective and a solid academic background, Patel's appointment would ensure a smooth transition and continuity in monetary policy, as India puts in place major structural reforms to transition to a higher economic growth path.

On the fiscal front, on November 8, 2016, the Indian government announced it was withdrawing high-denomination banknotes in the nation's biggest crackdown against corruption in almost four decades. All 500 and 1000 rupee notes would cease to be legal tender, Prime Minister Modi announced in an unscheduled address to the nation. The notes in circulation would need to be deposited in banks by the end of December 2016. Chaos prevailed across the country, as people lined up outside cash dispensing machines and banks following the announcement, and the Indian equity market sold off 8.5% in the week following the announcement. While this action sparked a surge in cash deposits, briefly impacted consumption and caused some near-term pain, the move also raised hopes the added liquidity would allow banks to lower lending rates more aggressively and support a healthier India over the long term.

In the first quarter of 2017, the Indian equity market rallied, supported by political events. In mid-March 2017, with an overwhelming victory in

COLUMBIA ETF TRUST II

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Small Cap ETF

India's most important state election, Prime Minister Modi secured his place as the country's most influential leader, eclipsing his rivals and positioning his party for a second term in 2019. Prime Minister Modi's success is widely anticipated to allow him to aggressively push his economic agenda, although he will still face entrenched opposition to some reforms in the upper house of India's parliament. That said, one of his reforms, the Goods and Services Tax (GST) bill was passed by India's parliament at the end of March 2017, paving the way for all the Indian states to pass the States' GST Bill. After this is accomplished, a new indirect tax regime can be rolled out, enabling the government to implement the landmark bill on its target date of July 1, 2017. It is widely anticipated that the final nod to the fixation of GST rates for major commodities and services will be given at the next meeting of the GST council in mid-May 2017.

Contributors and detractors

Constituents in the financials, industrials and utilities sectors contributed most positively to the Fund's results during the annual period. Partially offsetting these positive contributors were constituents in information technology and energy, the only two sectors that detracted from the Fund's results during the annual period.

Positions in Federal Bank, electrical equipment manufacturer and servicer CG Power and Industrial Solutions and consumer finance solutions provider Bharat Financial Inclusion contributed most positively. Each produced a robust double-digit gain during the annual period. Positions in Infibeam, an online shopping website owner and operator; Just Dial, a local search engine operator; and Intellect Design Arena, a financial technology firm detracted most. Each posted a double-digit negative return during the annual period.

Investment Risks

Emerging market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. This Fund is non-diversified and, as a result, may have greater volatility than diversified-funds. This Fund will concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable laws and regulatory guidance. Concentration risk results from maintaining exposure to issuers conducting business in a specific industry. Small-cap and mid-cap companies generally will have greater volatility in price than the stocks of large companies due to limited product lines or resources or a dependency upon a particular market niche. One cannot invest directly in an Index. See the Fund's prospectus for more information on these and other risks.

Trading Discount to NAV Risks

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

COLUMBIA ETF TRUST II

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including investment management fees. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an initial investment of $1,000 invested at the beginning of the period and held for the period ended March 31, 2017.

Actual Expenses

The information under each column in the table below entitled "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled "Expenses Paid for the Period 10/1/2016 to 3/31/2017" to estimate the expenses you paid on your account during this period.

Hypothetical Example For Comparison Purposes

The information under each column in the table entitled "Hypothetical" provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the ending account values and expenses paid for the period in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

October 1, 2016 – March 31, 2017

Expenses are calculated using the Fund's annualized expense ratio, multiplied by the average account value over the period, then multiplied by the number of days in the Fund's most recent fiscal half-year and divided by 365.

Expense ratios reflect expense caps through the period ended March 31, 2017. Expense ratios for the most recent fiscal half-year may differ from expense ratios based on the one year data in the Financial Highlights due to changes in the expense caps.

Had the Investment Manager not waived fees or reimbursed a portion of expenses, account values at the end of the period would have been reduced.

COLUMBIA ETF TRUST II

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

(Unaudited)

The tables that follow present information about the differences between the daily market price on secondary markets for shares of a Fund and that Fund's net asset value. Net asset value, or "NAV", is the price per share at which each Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing fund shares. The "Market Price" of each Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of such Fund are listed for trading, as of the time that the Fund's NAV is calculated. Each Fund's Market Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of each Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV. The following information shows the frequency distributions of premiums and discounts for each of the Funds.

The information shown for each Fund is for the period from inception date of such Fund through March 31, 2017.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. All data presented here represents past performance, which cannot be used to predict future results.

COLUMBIA ETF TRUST II

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (continued)

(Unaudited)

COLUMBIA ETF TRUST II

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (continued)

(Unaudited)

COLUMBIA ETF TRUST II

PORTFOLIO OF INVESTMENTS

Columbia Beyond BRICs ETF

March 31, 2017

(Percentages represent value of investments compared to net assets)