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Name | Symbol | Market | Type |
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Columbia EM Core ex China ETF | AMEX:XCEM | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.155 | 0.48% | 32.275 | 32.2897 | 32.1219 | 32.27 | 154,800 | 21:00:06 |
Filed pursuant to Rule 497(e);
File no. 333-155709
Columbia ETF Trust I |
Columbia Diversified Fixed Income Allocation ETF: DIAL |
Columbia Multi-Sector Municipal Income ETF: MUST |
Columbia Research Enhanced Core ETF: RECS |
Columbia Research Enhanced Value ETF: REVS |
Columbia Sustainable Global Equity Income ETF*: ESGW |
Columbia Sustainable International Equity Income ETF: ESGN |
Columbia Sustainable U.S. Equity Income ETF: ESGS |
Columbia ETF Trust II |
Columbia EM Core ex-China ETF: XCEM |
Columbia Emerging Markets Consumer ETF: ECON |
Columbia India Consumer ETF: INCO |
* | The Board of Trustees of the Columbia ETF Trust I, based upon the recommendation of Columbia Management Investment Advisers, LLC, determined to close and liquidate the Fund. On or about March 26, 2020, the Fund will make a liquidating distribution to remaining shareholders equal to the shareholder’s proportionate interest in the net assets of the Fund. Please refer to the Fund’s prospectus for further details regarding the liquidation. |
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Statement of Additional Information – March 1, 2020 | 1 |
■ | the organization of each Trust; |
■ | the Funds' investments; |
■ | the Funds' investment adviser, investment subadviser(s) (if any) and other service providers, including roles and relationships of Ameriprise Financial and its affiliates, and conflicts of interest; |
■ | the governance of the Funds; |
■ | the Funds' brokerage practices; |
■ | the purchase, redemption and pricing of Fund Creation Units; and |
■ | the application of U.S. federal income tax laws. |
1933 Act | Securities Act of 1933, as amended |
1934 Act | Securities Exchange Act of 1934, as amended |
1940 Act | Investment Company Act of 1940, as amended |
Active Fund(s) | Funds that are actively managed and do not seek to replicate the performance of a specified index; there are no Active Funds currently offered in this SAI |
Administrator | The Bank of New York Mellon or BNY Mellon |
Administrative Services Agreement | The Fund Administration and Accounting Agreement, as amended, if applicable, between a Trust, on behalf of its Funds, and the Administrator |
Advisers Act | Investment Advisers Act of 1940, as amended |
Ameriprise Financial | Ameriprise Financial, Inc. |
Statement of Additional Information – March 1, 2020 | 2 |
Authorized Participant | A broker-dealer or other participant in the Continuous Net Settlement System of the National Securities Clearing Corporation (NSCC) or a participant in DTC with access to the DTC system, and who has executed an agreement with the Distributor that governs transactions in the Funds’ Creation Units |
Balancing Amount | An amount equal to the difference between the NAV of a Creation Unit and the market value of the In-Kind Creation (or Redemption) Basket, used to ensure that the NAV of a Fund Deposit (or Redemption) (other than the Transaction Fee) is identical to the NAV of the Creation Unit being purchased |
Board | A Trust’s Board of Trustees |
Business Day | Any day on which the NYSE is open for business |
Cash Component | An amount of cash consisting of a Balancing Amount and a Transaction Fee calculated in connection with creations |
Cash Redemption Amount | An amount of cash consisting of a Balancing Amount and a Transaction Fee calculated in connection with redemptions |
CEA | Commodity Exchange Act |
CFTC | The United States Commodity Futures Trading Commission |
CMOs | Collateralized mortgage obligations |
Code | Internal Revenue Code of 1986, as amended |
Codes of Ethics | The codes of ethics adopted by the Funds, the Investment Manager, ALPS Distributors, Inc. and/or any sub-adviser, as applicable, pursuant to Rule 17j-1 under the 1940 Act |
CET I | Columbia ETF Trust I |
CET II | Columbia ETF Trust II |
Columbia Funds or Columbia Funds Complex | The fund complex, including the Funds, that is comprised of the registered investment companies, including traditional mutual funds, closed-end funds, and ETFs, advised by the Investment Manager or its affiliates |
Columbia Management | Columbia Management Investment Advisers, LLC |
Creation Unit | An aggregation of 50,000 shares that each Fund issues and redeems on a continuous basis at NAV. Shares will not be issued or redeemed except in Creation Units |
Custodian | BNY Mellon |
Distribution Agreement | The Distribution Agreement between a Trust, on behalf of its Funds, and the Distributor |
Distribution Plan(s) | One or more of the plans adopted by the Board pursuant to Rule 12b-1 under the 1940 Act for the distribution of the Funds’ shares |
Distributor | ALPS Distributors, Inc. |
DTC | Depository Trust Company |
Exchange | NYSE Arca, Inc. |
FDIC | Federal Deposit Insurance Corporation |
FHLMC | The Federal Home Loan Mortgage Corporation |
FINRA | Financial Industry Regulatory Authority |
Fitch | Fitch Ratings, Inc. |
FNMA | Federal National Mortgage Association |
Foreign Funds | Collectively, Columbia Sustainable Global Equity Income ETF, Columbia Sustainable International Equity Income ETF and each series of CET II |
The Fund(s) or a Fund | One or more of the ETFs listed on the front cover of this SAI |
Fund Deposit | The In-Kind Creation Basket and Cash Component necessary to purchase a Creation Unit from a Fund |
Fund Redemption | The In-Kind Redemption Basket and Cash Redemption Amount received in connection with the redemption of a Creation Unit |
Statement of Additional Information – March 1, 2020 | 3 |
GNMA | Government National Mortgage Association |
IIV or Intraday Indicative Value | An approximate per-share value of a Fund’s portfolio, disseminated every fifteen seconds throughout the trading day by the Exchange or other information providers |
In-Kind Creation Basket | Basket of securities to be deposited to purchase Creation Units of a Fund; the In-Kind Creation Basket will identify the name and number of shares of each security or other instrument to be contributed, in kind, to a Fund for a Creation Unit |
In-Kind Redemption Basket | Basket of securities or other instruments a shareholder will receive upon redemption of a Creation Unit |
Independent Trustees | The Trustees of the Board who are not “interested persons” (as defined in the 1940 Act) of the Funds |
Index | The index identified in a Fund’s prospectus, the performance of which the Fund seeks to track |
Index Fund(s) | Index-based ETFs that seek to replicate the performance of a specified index; each series of CET I and CET II are Index Funds |
Interested Trustee | A Trustee of the Board who is currently deemed to be an “interested person” (as defined in the 1940 Act) of the Funds |
Investment Management Services Agreement | The Investment Management Services Agreement, as amended, if applicable, between a Trust, on behalf of its Funds, and the Investment Manager |
Investment Manager | Columbia Management Investment Advisers, LLC |
IRS | United States Internal Revenue Service |
LIBOR | London Interbank Offered Rate* |
Moody’s | Moody’s Investors Service, Inc. |
NASDAQ | National Association of Securities Dealers Automated Quotations system |
NAV | Net asset value per share of a Fund |
NRSRO | Nationally recognized statistical ratings organization (such as, for example, Moody’s, Fitch or S&P) |
NSCC | National Securities Clearing Corporation |
NYSE | New York Stock Exchange |
Previous Adviser | Emerging Global Advisors, LLC, the investment adviser of the series of CET II prior to September 1, 2016 (when Columbia Management acquired Emerging Global Advisors, LLC) |
PwC | PricewaterhouseCoopers LLP |
REIT | Real estate investment trust |
REMIC | Real estate mortgage investment conduit |
RIC | A “regulated investment company,” as such term is used in the Code |
S&P | Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“Standard & Poor’s” and “S&P” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Investment Manager. The Columbia Funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Columbia Funds) |
SAI | This Statement of Additional Information, as amended and supplemented from time-to-time |
SEC | United States Securities and Exchange Commission |
Shares | Shares of a Fund |
Subsidiary | One or more wholly-owned subsidiaries of a Fund |
Threadneedle | Threadneedle International Limited |
Statement of Additional Information – March 1, 2020 | 4 |
Transaction Fees | Fees imposed to compensate the Trust for costs incurred in connection with transactions for Creation Units; Transaction Fees may include both a fixed and variable component |
Transfer Agency Agreement | The Transfer Agency Agreement between a Trust, on behalf of its Funds, and the Transfer Agent |
Transfer Agent | BNY Mellon |
Transmittal Date | The Business Day on which an order to create or redeem a Creation Unit is placed |
Trustee(s) | One or more members of the Board |
Trusts | Columbia ETF Trust I and Columbia ETF Trust II, the registered investment companies in the Columbia Funds Complex to which this SAI relates |
* | On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. |
Fund Name: | Referred to as: | |
Columbia Diversified Fixed Income Allocation ETF | Diversified Fixed Income Allocation ETF | |
Columbia EM Core ex-China ETF | EM Core ex-China ETF | |
Columbia Emerging Markets Consumer ETF | Emerging Markets Consumer ETF | |
Columbia India Consumer ETF | India Consumer ETF | |
Columbia Multi-Sector Municipal Income ETF | Multi-Sector Municipal Income ETF | |
Columbia Research Enhanced Core ETF | Research Enhanced Core ETF | |
Columbia Research Enhanced Value ETF | Research Enhanced Value ETF | |
Columbia Sustainable Global Equity Income ETF | Sustainable Global Equity Income ETF | |
Columbia Sustainable International Equity Income ETF | Sustainable International Equity Income ETF | |
Columbia Sustainable U.S. Equity Income ETF | Sustainable U.S. Equity Income ETF |
Statement of Additional Information – March 1, 2020 | 5 |
Fund | Fiscal Year End | Prospectus Date | Date Began Operations | Diversified* | Fund Investment Category** |
Diversified Fixed Income Allocation ETF | October 31 | 3/1/2020 | 10/12/2017 | Yes | Fixed Income |
EM Core ex-China ETF | March 31 | 8/1/2019 | 9/2/2015 | No | Equity |
Emerging Markets Consumer ETF | March 31 | 8/1/2019 | 9/14/2010 | Yes | Equity |
India Consumer ETF | March 31 | 8/1/2019 | 8/10/2011 | No | Equity |
Multi-Sector Municipal Income ETF | October 31 | 3/1/2020 | 10/10/2018 | Yes | Fixed Income |
Research Enhanced Core ETF | October 31 | 3/1/2020 | 9/25/2019 | Yes | Equity |
Research Enhanced Value ETF | October 31 | 3/1/2020 | 9/25/2019 | Yes | Equity |
Sustainable Global Equity Income ETF | October 31 | 3/1/2020 | 6/13/2016 | Yes | Equity |
Sustainable International Equity Income ETF | October 31 | 3/1/2020 | 6/13/2016 | Yes | Equity |
Sustainable U.S. Equity Income ETF | October 31 | 3/1/2020 | 6/13/2016 | Yes | Equity |
* | A “diversified” Fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in securities of any one issuer or purchase more than 10% of the outstanding voting securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies. A “non-diversified” Fund may invest a greater percentage of its total assets in the securities of fewer issuers than a “diversified” fund, which increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a “diversified” fund holding a greater number of investments. Accordingly, a “non-diversified” Fund’s value will likely be more volatile than the value of a more diversified fund. |
** | The Fund Investment Category is used as a convenient way to describe Funds in this SAI and should not be deemed a description of the Fund’s principal investment strategies, which are described in the Fund’s prospectus. |
Fund | Effective Date of Name Change | Previous Fund Name |
EM Core ex-China ETF | October 19, 2016 | EGShares EM Core ex-China ETF |
Emerging Markets Consumer ETF | October 19, 2016 | EGShares Emerging Markets Consumer ETF |
India Consumer ETF | October 19, 2016 | EGShares India Consumer ETF |
Statement of Additional Information – March 1, 2020 | 6 |
Statement of Additional Information – March 1, 2020 | 7 |
Statement of Additional Information – March 1, 2020 | 8 |
A. | Buy or sell real estate |
A1 – | The Fund will not buy or sell real estate, unless acquired as a result of ownership of securities or other instruments, except this shall not prevent the Fund from investing in: (i) securities or other instruments backed by real estate or interests in real estate, (ii) securities or other instruments of issuers or entities that deal in real estate or are engaged in the real estate business, (iii) real estate investment trusts (REITs) or entities similar to REITs formed under the laws of non-U.S. countries or (iv) real estate or interests in real estate acquired through the exercise of its rights as a holder of securities secured by real estate or interests therein. |
A2 – | The Fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from (i) purchasing or selling securities or instruments secured by real estate or interests therein, securities or instruments representing interests in real estate or securities or instruments of issuers that invest, deal or otherwise engage in transactions in real estate or interests therein; and (ii) making, purchasing or selling real estate mortgage loans. |
B. | Buy or sell physical commodities* |
B1 – | The Fund will not purchase or sell commodities, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
Statement of Additional Information – March 1, 2020 | 9 |
B2 – | The Fund may not purchase or sell commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from (i) engaging in transactions involving currencies and futures contracts and options thereon; or (ii) investing in securities or other instruments that are secured by commodities. |
* | For purposes of the fundamental investment policy on buying and selling physical commodities, the Funds will not consider swap contracts on financial instruments or rates to be commodities for purposes of this restriction despite any federal legislation or regulatory action by the CFTC that subjects such swaps to regulation by the CFTC. |
C. | Issuer Diversification*† |
C1 – | The Fund will not purchase securities (except securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities) of any one issuer if, as a result, more than 5% of its total assets will be invested in the securities of such issuer or it would own more than 10% of the voting securities of such issuer, except that: (a) up to 25% of its total assets may be invested without regard to these limitations; and (b) a Fund’s assets may be invested in the securities of one or more management investment companies to the extent permitted by the 1940 Act, the rules and regulations thereunder, or any applicable exemptive relief. |
C2 – | The Fund is ‘‘non-diversified’’ which means that the proportion of the Fund’s assets that may be invested in the securities of a single issuer is not limited by the 1940 Act. The Fund, however, intends to seek to qualify as a ‘‘regulated investment company’’ (‘‘RIC’’) for purposes of the Internal Revenue Code of 1986 (the ‘‘Code’’), which imposes diversification requirements on these Funds that are less restrictive than the requirements applicable to the ‘‘diversified’’ investment companies under the 1940 Act. |
* | For purposes of applying the limitation set forth in its issuer diversification policy above, a Fund does not consider futures or swaps central counterparties, where the Fund has exposure to such central counterparties in the course of making investments in futures and securities, to be issuers. |
† | For purposes of applying the limitation set forth in its issuer diversification policy, under certain circumstances, a Fund may treat an investment, if any, in a municipal bond refunded with escrowed U.S. Government securities as an investment in U.S. Government securities. |
D. | Concentration* |
D1 – | Except that a Fund may concentrate to approximately the same extent that its index concentrates in such particular industry or industries, the Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. For purposes of determining whether a Fund is concentrated in an industry or group of industries, the Fund may concentrate its investment in the securities of companies engaged in a single industry or group of industries to approximately the same extent as its Index. |
D2 – | The Fund may not invest 25% or more of the Fund’s net assets in securities of issuers in any one industry or group of industries (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities or securities of other investment companies), except that a Fund may invest 25% or more of its net assets in securities of issuers in the same industry to approximately the same extent that the Fund’s corresponding index concentrates in the securities of a particular industry or group of industries. Accordingly, if the Fund’s corresponding index stops concentrating in the securities of a particular industry or group of industries, the Fund will also discontinue concentrating in such securities. |
D3 – | Except that a Fund will be concentrated to approximately the same extent that its index concentrates in such particular industry or industries, the Fund will not purchase any securities which would cause 25% or more of the value of its total assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. For |
Statement of Additional Information – March 1, 2020 | 10 |
* | For purposes of applying the limitation set forth in its concentration policy, above, a Fund will generally use the industry classifications provided by the Global Industry Classification System (GICS) for classification of issuers of equity securities and the classifications provided by the Barclays Capital Aggregate Bond Index for classification of issues of fixed-income securities. A Fund does not consider futures or swaps clearinghouses or securities clearinghouses, where the Fund has exposure to such clearinghouses in the course of making investments in futures and securities, to be part of any industry. |
E. | Act as an underwriter |
E1 – | The Fund will not underwrite any issue of securities issued by other persons within the meaning of the 1933 Act except when it might be deemed to be an underwriter either: (i) in connection with the disposition of a portfolio security; or (ii) in connection with the purchase of securities directly from the issuer where the Fund later resells such securities. This restriction shall not limit the Fund’s ability to invest in securities issued by other registered investment companies. |
E2 – | The Fund may not act as an underwriter, except to the extent the Fund may be deemed to be an underwriter when disposing of securities it owns or when selling its own Shares. |
F. | Lending |
F1 – | The Fund will not make loans, except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
F2 – | The Fund may not make loans if, as a result, more than 33 1⁄3% of its total assets would be lent to other persons, including other investment companies to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder which may be adopted, granted or issued by the SEC. This limitation does not apply to (i) the lending of portfolio securities; (ii) the purchase of debt securities, other debt instruments, loan participations and/or engaging in direct corporate loans in accordance with its investment goals and policies; and (iii) repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan. |
G. | Borrowing |
G1 – | The Fund will not borrow money except to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
G2 – | The Fund may not borrow money, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC. |
H. | Issue senior securities |
H1 – | The Fund will not issue senior securities, except as permitted under the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief. |
H2 – | The Fund may not issue senior securities, except to the extent permitted by the 1940 Act or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC. |
Statement of Additional Information – March 1, 2020 | 11 |
1. | Borrow an amount exceeding 10% of the value of its net assets and may borrow only on a temporary basis. |
Statement of Additional Information – March 1, 2020 | 12 |
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Type of Investment | Equity Funds | Fixed Income Funds | |
Asset Backed Securities | • | • | |
Bank Obligations (Domestic and Foreign) | • | • | |
Collateralized Bond Obligations | • | • | |
Commercial Paper | • | • | |
Common Stock | • | • | |
Convertible Securities | • | • | |
Corporate Debt Securities | • | • | |
Custody Receipts and Trust Certificates | • | • |
Statement of Additional Information – March 1, 2020 | 14 |
Type of Investment | Equity Funds | Fixed Income Funds | |
Debt Obligations | • (a) | • | |
Depositary Receipts | • | • | |
Derivatives | • | • | |
Dollar Rolls | • | • | |
Exchange-Traded Notes | • | • | |
Foreign Currency Transactions | • | • | |
Foreign Securities | • | • | |
Guaranteed Investment Contracts (Funding Agreements) | • | • | |
High-Yield Securities | • | • | |
Illiquid Investments | • | • | |
Inflation Protected Securities | • | • | |
Initial Public Offerings | • | • | |
Inverse Floaters | • | • | |
Investments in Other Investment Companies (Including ETFs) | • | • | |
Listed Private Equity Funds | • | • | |
Money Market Instruments | • | • | |
Mortgage-Backed Securities | • | • | |
Municipal Securities | • | • | |
Participation Interests | • | • | |
Partnership Securities | • | • | |
Preferred Stock | • | • | |
Private Placement and Other Restricted Securities | • | • | |
Real Estate Investment Trusts | • | • | |
Repurchase Agreements | • | • | |
Reverse Repurchase Agreements | • | • | |
Short Sales | • (b) | • (b) | |
Sovereign Debt | • | • | |
Standby Commitments | • | • | |
U.S. Government and Related Obligations | • | • | |
Variable and Floating Rate Obligations | • | • | |
Warrants and Rights | • | • |
(a) | Each series of CET II may invest a portion of its assets, for cash management purposes, in liquid, high-quality, short-term debt securities (including repurchase agreements) of corporations, the U.S. government and its agencies and instrumentalities, and banks and finance companies. |
(b) | The Funds may engage in short sales in accordance with their investment objective and subject to any Fundamental or Non-Fundamental Investment policy. |
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■ | A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country's or region’s currency. The Fund may agree to buy or sell a country's or region’s currency at a specific price on a specific date in the future. These instruments may fall in value (sometimes dramatically) due to foreign market downswings or foreign currency value fluctuations, subjecting the Fund to foreign currency risk (the risk that Fund performance may be negatively impacted by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund exposes a significant percentage of its assets to currencies other than the U.S. dollar). The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund’s inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. Unanticipated changes in the currency markets could result in reduced performance for the Fund. When the Fund converts its foreign currencies into U.S. dollars, it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market. |
■ | A forward interest rate agreement is a derivative whereby the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates (based on the notional value of the agreement). If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates (based on the notional value of the agreement). The Fund may act as a buyer or a seller. |
■ | A bond (or debt instrument) future is a derivative that is an agreement for the contract holder to buy or sell a bond or other debt instrument, a basket of bonds or other debt instrument, or the bonds or other debt instruments in an index on a specified date at a predetermined price. The buyer (long position) of a bond future is obliged to buy the underlying reference at the agreed price on expiry of the future. |
■ | A commodity-linked future is a derivative that is an agreement to buy or sell one or more commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures at a specific date in the future at a specific price. |
■ | A currency future, also an FX future or foreign exchange future, is a derivative that is an agreement to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. |
■ | An equity future is a derivative that is an agreement for the contract holder to buy or sell a specified amount of an individual equity, a basket of equities or the securities in an equity index on a specified date at a predetermined price. |
■ | An interest rate future is a derivative that is an agreement whereby the buyer and seller agree to the future delivery of an interest-bearing instrument on a specific date at a pre-determined price. Examples include Treasury-bill futures, Treasury-bond futures and Eurodollar futures. |
Statement of Additional Information – March 1, 2020 | 56 |
■ | Structured investments include collateralized debt obligations which are debt instruments that are collateralized by the underlying cash flows of a pool of financial assets or receivables. |
■ | A commodity-linked structured note is a derivative (structured investment) that has principal and/or interest payments based on the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), a basket of commodities, indices of commodity futures or other economic variable. If payment of interest on a commodity-linked structured note is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might receive lower interest payments (or not receive any of the interest due) on its investments if there is a loss of value in the underlying reference. Further, to the extent that the amount of principal to be repaid upon maturity is linked to the value of a particular commodity, basket of commodities, commodity index or other economic variable, the Fund might not receive a portion (or any) of the principal at maturity of the investment or upon earlier exchange. At any time, the risk of loss associated with a particular structured note in the Fund’s portfolio may be significantly higher than the value of |
Statement of Additional Information – March 1, 2020 | 57 |
the note. A liquid secondary market may not exist for the commodity-linked structured notes held in the Fund’s portfolio, which may make it difficult for the notes to be sold at a price acceptable to the portfolio manager(s) or for the Fund to accurately value them. |
■ | An equity-linked note (ELN) is a derivative (structured investment) that has principal and/or interest payments based on the value of a single equity security, a basket of equity securities or an index of equity securities, and generally has risks similar to these underlying equity securities. ELNs may be leveraged or unleveraged. An ELN typically provides interest income, thereby offering a yield advantage over investing directly in an underlying equity. The Fund may purchase ELNs that trade on a securities exchange or those that trade on the over-the-counter markets, as well as in privately negotiated transactions with the issuer of the ELN. Investments in ELNs are also subject to liquidity risk, which may make ELNs difficult to sell and value. The liquidity of unlisted ELNs is normally determined by the willingness of the issuer to make a market in the ELN. While the Fund will seek to purchase ELNs only from issuers that it believes to be willing and able to repurchase the ELN at a reasonable price, there can be no assurance that the Fund will be able to sell at such a price. Furthermore, such inability to sell may impair the Fund’s ability to enter into other transactions at a time when doing so might be advantageous. The Fund’s investments in ELNs have the potential to lead to significant losses, including the amount the Fund invested in the ELN, because ELNs are subject to the market and volatility risks associated with their underlying equity. In addition, because ELNs often take the form of unsecured notes of the issuer, the Fund would be subject to the risk that the issuer may default on its obligations under the ELN, thereby subjecting the Fund to the further risk of being too concentrated in the securities (including ELNs) of that issuer. However, the Fund typically considers ELNs alongside other securities of the issuer in its assessment of issuer concentration risk. In addition, ELNs may exhibit price behavior that does not correlate with the underlying securities. ELNs may also be subject to leverage risk. The Fund may or may not hold an ELN until its maturity. ELNs also include participation notes. |
■ | A commodity-linked swap is a derivative (swap) that is an agreement where the underlying reference is the market price of one or more particular commodities (such as crude oil, gasoline and natural gas), basket of commodities or indices of commodity futures. |
■ | Contracts for differences are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of two different groups or baskets of securities or other instruments. Often, one or both baskets will be an established securities index. The Fund’s return will be based on changes in value of theoretical long futures positions in the securities comprising one basket (with an aggregate face value equal to the notional amount of the contract for differences) and theoretical short futures positions in the securities comprising the other basket. The Fund also may use actual long and short futures positions and achieve similar market exposure by netting the payment obligations of the two contracts. If the short basket outperforms the long basket, the Fund will realize a loss – even in circumstances when the securities in both the long and short baskets appreciate in value. |
■ | A credit default swap (including a swap on a credit default index, sometimes referred to as a credit default swap index) is a derivative and special type of swap where one party pays, in effect, an insurance premium through a stream of payments to another party in exchange for the right to receive a specified return upon the occurrence of a particular credit event by one or more third parties, such as bankruptcy, default or a similar event. A credit default swap may be embedded within a structured note or other derivative instrument. Credit default swaps enable an investor to buy or sell protection against such a credit event (such as an issuer’s bankruptcy, restructuring or failure to make timely payments of interest or principal). Credit default swap indices are indices that reflect the performance of a basket of credit default swaps and are subject to the same risks as credit default swaps. If such a default were to occur, any contractual remedies that the Fund may have may be subject to bankruptcy and insolvency laws, which could delay or limit the Fund's recovery. Thus, if the counterparty under a credit default swap defaults on its obligation to make payments thereunder, as a result of its bankruptcy or otherwise, the Fund may lose such payments altogether, or collect only a portion thereof, which collection could involve costs or delays. The Fund’s return from investment in a credit default swap index may not match the return of the referenced index. Further, investment in a credit default swap index could result in losses if the referenced index does not perform as expected. Unexpected changes in |
Statement of Additional Information – March 1, 2020 | 58 |
the composition of the index may also affect performance of the credit default swap index. If a referenced index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of the Fund’s credit default swap index may permit the counterparty to immediately close out the transaction. In that event, the Fund may be unable to enter into another credit default swap index or otherwise achieve desired exposure, even if the referenced index reverses all or a portion of its intraday move. |
■ | An inflation rate swap is a derivative typically used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation rate swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index, such as the Consumer Price Index (CPI). |
■ | An interest rate swap is a derivative in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps can be based on various measures of interest rates, including LIBOR, swap rates, treasury rates and foreign interest rates. |
■ | Total return swaps are derivative swap transactions in which one party agrees to pay the other party an amount equal to the total return of a defined underlying reference during a specified period of time. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return of a different underlying reference. |
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(a) | In return for the investment advisory services fee, the Investment Manager has agreed to pay the operating costs and expenses of the Fund other than the following expenses, which will be paid by the Fund: taxes, interest incurred on borrowing by the Fund, if any; brokerage fees and commissions and any other portfolio transaction expenses; interest and fee expense related to a Fund’s participation in inverse floater structures; infrequent and/or unusual expenses (including litigation expenses); distribution and/or servicing fees; expenses incurred in connection with lending securities; and expenses approved by the Board. Throughout this SAI, this fee is referred to as a “Unified Fee.” |
(b) | In return for the investment advisory services fee, the Investment Manager has agreed to pay the operating costs and expenses of the Fund other than the following expenses, which will be paid by the Fund: the management fee set forth above; taxes; interest incurred on borrowing by the Fund (including but not limited to overdraft fees), if any; brokerage expenses, fees, commissions and other portfolio transaction expenses (including but not limited to service fees charged by custodians of depositary receipts and scrip fees related to registrations on foreign exchanges); interest and fee expense related to the Fund’s participation in inverse floater structures; infrequent and/or unusual expenses, including without limitation litigation expenses (including but not limited to arbitrations and indemnification expenses); distribution and/or service fees; expenses incurred in connection with lending securities; and any other infrequent and/or unusual expenses approved by the Board. Throughout this SAI, this fee is referred to as a “Unified Fee.” |
Investment Advisory Services Fees | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending March 31 | |||
EM Core ex-China ETF(a) | $32,676 | $33,632 | $32,433 |
Emerging Markets Consumer ETF(a) | 2,836,748 | 7,179,708 | 5,652,827 |
India Consumer ETF(a) | 1,036,908 | 1,138,876 | 702,511 |
For Funds with fiscal period ending October 31 | |||
Diversified Fixed Income Allocation ETF | 325,180 | 201,606 | 0 (b) |
Multi-Sector Municipal Income ETF | 55,327 | 2,535 (c) | N/A |
Research Enhanced Core ETF | 755 (d) | N/A | N/A |
Research Enhanced Value ETF | 953 (d) | N/A | N/A |
Sustainable Global Equity Income ETF | 52,530 | 30,074 | 24,254 |
Sustainable International Equity Income ETF | 26,461 | 69,314 | 33,412 |
Sustainable U.S. Equity Income ETF | 14,338 | 15,700 | 20,263 |
(a) | The investment advisory services fees paid by the Fund prior to September 1, 2016, were paid to the Previous Adviser. |
(b) | For the period from October 12, 2017 (commencement of operations) to October 31, 2017. |
(c) | For the period from October 10, 2018 (commencement of operations) to October 31, 2018. |
Statement of Additional Information – March 1, 2020 | 82 |
(d) | For the period from September 25, 2019 (commencement of operations) to October 31, 2019. |
Other Accounts Managed (excluding the Fund) | |||||
Fund | Portfolio Manager |
Number
and type
of account* |
Approximate
Total Net Assets (excluding the Fund) |
Performance
Based Accounts** |
Ownership of Fund shares |
For Funds with fiscal year ending March 31 – Information is as of March 31, 2019, unless otherwise noted | |||||
EM Core ex-China ETF | Christopher Lo |
13
RICs
1 PIV 37 Other accounts |
$13.02
billion
$242.38 million $242.98 million |
None | None |
Emerging Markets Consumer ETF | Christopher Lo |
13
RICs
1 PIV 37 Other accounts |
$12.75
billion
$242.38 million $242.98 million |
None | None |
India Consumer ETF | Christopher Lo |
13
RICs
1 PIV 37 Other accounts |
$12.91
billion
$242.38 million $242.98 million |
None | None |
For Funds with fiscal year ending October 31 – Information is as of October 31, 2019, unless otherwise noted | |||||
Diversified Fixed Income Allocation ETF | Gene Tannuzzo |
8
RICs
1 PIV 64 Other accounts |
$14.09
billion
$84.56 million $1.34 billion |
None |
$10,001–
$50,000(a) |
David Janssen | 4 Other accounts | $0.13 million | None |
$10,001–
$50,000(a) |
|
Multi-Sector Municipal Income ETF | Catherine Stienstra |
7
RICs
4 Other accounts |
$8.59
billion
$1.44 million |
None |
$100,001–
$500,000(a) |
Anders Myhran |
15
RICs
4 Other accounts |
$5.42
billion
$147.36 million |
None |
$10,001–
$50,000(a) |
|
Research Enhanced Core ETF | Christopher Lo |
11
RICs
1 PIV 30 other accounts |
$12.69
billion
$91.94 million $210.87 million |
None | None |
Jason Wang |
1
RIC
2 Other accounts |
$5.06
million
$0.67 million |
None | None |
Statement of Additional Information – March 1, 2020 | 83 |
Other Accounts Managed (excluding the Fund) | |||||
Fund | Portfolio Manager |
Number
and type
of account* |
Approximate
Total Net Assets (excluding the Fund) |
Performance
Based Accounts** |
Ownership of Fund shares |
Research Enhanced Value ETF | Christopher Lo |
11
RICs
1 PIV 30 other accounts |
$12.69
billion
$91.94 million $210.87 million |
None | None |
Jason Wang |
1
RIC
2 Other accounts |
$5.08
million
$0.67 million |
None | None | |
Sustainable Global Equity Income ETF | Christopher Lo |
11
RICs
1 PIV 30 Other accounts |
$12.68
billion
$91.94 million $210.87 million |
None | None |
Michael Barclay |
4
RICs
1 PIV 78 Other accounts |
$18.15
billion
$53.13 million $1.68 billion |
None | None | |
Sustainable International Equity Income ETF | Christopher Lo |
11
RICs
1 PIV 30 Other accounts |
$12.69
billion
$91.94 million $210.87 million |
None | None |
Michael Barclay |
4
RICs
1 PIV 78 Other accounts |
$18.16
billion
$53.13 million $1.68 billion |
None | None | |
Sustainable U.S. Equity Income ETF | Christopher Lo |
11
RICs
1 PIV 30 Other accounts |
$12.69
billion
$91.94 million $210.87 million |
None | None |
Michael Barclay |
4
RICs
1 PIV 78 Other accounts |
$18.16
billion
$53.13 million $1.68 billion |
None | None |
* | RIC refers to a Registered Investment Company; PIV refers to a Pooled Investment Vehicle. |
** | Number of accounts for which the advisory fee paid is based in part or wholly on performance and the aggregate net assets in those accounts. |
(a) | Excludes any notional investments. |
Columbia Management: Like other investment professionals with multiple clients, a Fund’s portfolio manager(s) may face certain potential conflicts of interest in connection with managing both the Fund and other accounts at the same time. The Investment Manager and the Funds have adopted compliance policies and procedures that attempt to address certain of the potential conflicts that portfolio managers face in this regard. Certain of these conflicts of interest are summarized below. | |
The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (performance fee accounts), may raise potential conflicts of interest for a portfolio manager by creating an incentive to favor higher fee accounts. | |
Potential conflicts of interest also may arise when a portfolio manager has personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to the Investment Manager’s Code of Ethics and certain limited exceptions, the Investment Manager’s investment professionals do not have the opportunity to invest in client accounts, other than the funds. | |
A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those Funds and/or accounts. The effects of this potential conflict may be more pronounced where Funds and/or accounts managed by a particular portfolio manager have different investment strategies. | |
A portfolio manager may be able to select or influence the selection of the broker/dealers that are used to execute securities transactions for the Funds. A portfolio manager’s decision as to the selection of broker/dealers could produce disproportionate costs and benefits among the Funds and the other accounts the portfolio manager manages. | |
A potential conflict of interest may arise when a portfolio manager buys or sells the same securities for a Fund and other accounts. On occasions when a portfolio manager considers the purchase or sale of a security to be in the best interests of a Fund as well as other accounts, the Investment Manager’s trading desk may, to the extent consistent with applicable laws and regulations, aggregate the securities to be sold or bought in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to a Fund or another account if a portfolio manager favors one account over another in allocating the securities bought or sold. The Investment Manager and its |
Statement of Additional Information – March 1, 2020 | 84 |
Participating Affiliates (including Threadneedle) may coordinate their trading operations for certain types of securities and transactions pursuant to personnel-sharing agreements or similar intercompany arrangements. However, typically the Investment Manager does not coordinate trading activities with a Participating Affiliate with respect to accounts of that Participating Affiliate unless such Participating Affiliate is also providing trading services for accounts managed by the Investment Manager. Similarly, a Participating Affiliate typically does not coordinate trading activities with the Investment Manager with respect to accounts of the Investment Manager unless the Investment Manager is also providing trading services for accounts managed by such Participating Affiliate. As a result, it is possible that the Investment Manager and its Participating Affiliates may trade in the same instruments at the same time, in the same or opposite direction or in different sequence, which could negatively impact the prices paid by the Fund on such instruments. Additionally, in circumstances where trading services are being provided on a coordinated basis for the Investment Manager’s accounts (including the Funds) and the accounts of one or more Participating Affiliates in accordance with applicable law, it is possible that the allocation opportunities available to the Funds may be decreased, especially for less actively traded securities, or orders may take longer to execute, which may negatively impact Fund performance. | |
“Cross trades,” in which a portfolio manager sells a particular security held by a Fund to another account (potentially saving transaction costs for both accounts), could involve a potential conflict of interest if, for example, a portfolio manager is permitted to sell a security from one account to another account at a higher price than an independent third party would pay. The Investment Manager and the Funds have adopted compliance procedures that provide that any transactions between a Fund and another account managed by the Investment Manager are to be made at a current market price, consistent with applicable laws and regulations. | |
Another potential conflict of interest may arise based on the different investment objectives and strategies of a Fund and other accounts managed by its portfolio manager(s). Depending on another account’s objectives and other factors, a portfolio manager may give advice to and make decisions for a Fund that may differ from advice given, or the timing or nature of decisions made, with respect to another account. A portfolio manager’s investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a portfolio manager may buy or sell a particular security for certain accounts, and not for a Fund, even though it could have been bought or sold for the Fund at the same time. A portfolio manager also may buy a particular security for one or more accounts when one or more other accounts are selling the security (including short sales). There may be circumstances when a portfolio manager’s purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts, including the Funds. | |
To the extent a Fund invests in underlying funds, a portfolio manager will be subject to additional potential conflicts of interest. Because of the structure of funds-of-funds, the potential conflicts of interest for the portfolio managers may be different than the potential conflicts of interest for portfolio managers who manage other Funds. The Investment Manager and its affiliates may receive higher compensation as a result of allocations to underlying funds with higher fees. | |
A Fund’s portfolio manager(s) also may have other potential conflicts of interest in managing the Fund, and the description above is not a complete description of every conflict that could exist in managing the Fund and other accounts. Many of the potential conflicts of interest to which the Investment Manager’s portfolio managers are subject are essentially the same or similar to the potential conflicts of interest related to the investment management activities of the Investment Manager and its affiliates. |
Statement of Additional Information – March 1, 2020 | 85 |
Statement of Additional Information – March 1, 2020 | 86 |
Statement of Additional Information – March 1, 2020 | 87 |
Fees Waived | |||
2019 | 2018 | 2017 | |
For Funds with fiscal period ending March 31 | |||
EM Core ex-China ETF | $10,831 | $33,633 | $32,433 |
For Funds with fiscal period ending October 31 | |||
Diversified Fixed Income Allocation ETF | 0 | 29,402 | 4,594 (a) |
(a) | For the period from October 12, 2017 (commencement of operations) to October 31, 2017. |
Statement of Additional Information – March 1, 2020 | 88 |
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Name, address, year of birth |
Position
held with Subsidiary
and length of service |
Principal occupation during past five years |
Ravi
Chandiran Cunnoosamy
Suite 450, 4th Floor, Barkly Wharf East, Le Caudan Waterfront, Port Louis, Mauritius Born 1971 |
Director
since
February 2014 |
Business Manager, Trust and Agency Services of Deutsche Bank since 2011 |
Shahed
Ahmad Hoolash
Suite 450, 4th Floor, Barkly Whar East, Le Caudan Waterfront, Port Louis, Mauritius Born 1977 |
Director
since
March 2010 |
Head of Corporate Services, Deutsche International Trust Corporation (Mauritius) Limited since 2013; Head of Transaction Management and Client Services, Deutsche International Trust Corporation (Mauritius) Limited (2007 - 2013) |
Statement of Additional Information – March 1, 2020 | 95 |
Statement of Additional Information – March 1, 2020 | 96 |
Name,
Address,
Year of Birth |
Position
Held
with the Trusts and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of
Funds in the Columbia Funds Complex Overseen |
Other Directorships Held by Trustee During the Past Five Years |
Committee
Assignments |
George
S. Batejan
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1953 |
Trustee since January 2017 for each Trust | Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 | 121 | Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018 | Compliance, Contracts, Executive, Investment Review |
Statement of Additional Information – March 1, 2020 | 97 |
Name,
Address,
Year of Birth |
Position
Held
with the Trusts and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of
Funds in the Columbia Funds Complex Overseen |
Other Directorships Held by Trustee During the Past Five Years |
Committee
Assignments |
Kathleen
Blatz
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1954 |
Trustee since April 2016 for CET I and September 2016 for CET II | Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January -July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018 | 121 | Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017 | Board Governance, Compliance, Contracts, Executive, Investment Review |
Pamela
G. Carlton
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1954 |
Trustee since April 2016 for CET I and September 2016 for CET II | President, Springboard- Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996- 1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 | 121 | Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019 | Audit, Board Governance, Contracts, Executive, Investment Review |
Patricia
M. Flynn
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1950 |
Trustee since April 2016 for CET I and September 2016 for CET II | Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 | 121 | Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019 | Audit, Board Governance, Contracts, Executive, Investment Review |
Brian
J. Gallagher
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1954 |
Trustee since 12/17 | Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 | 121 | Trustee, Catholic Schools Foundation since 2004 | Audit, Contracts, Executive, Investment Review |
Statement of Additional Information – March 1, 2020 | 98 |
Name,
Address,
Year of Birth |
Position
Held
with the Trusts and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of
Funds in the Columbia Funds Complex Overseen |
Other Directorships Held by Trustee During the Past Five Years |
Committee
Assignments |
Catherine
James Paglia
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1952 |
Chair of the Board since 1/20; Trustee since April 2016 for CET I and September 2016 for CET II | Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. | 121 | Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee) | Board Governance, Compliance, Contracts, Executive, Investment Review |
Anthony
M. Santomero
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1946 |
Trustee since April 2016 for CET I and September 2016 for CET II | Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 | 121 | Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011 | Audit, Board Governance, Contracts, Investment Review |
Minor
M. Shaw
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1947 |
Trustee since April 2016 for CET I and September 2016 for CET II | President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 | 121 | Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018 | Board Governance, Compliance, Contracts, Investment Review |
Statement of Additional Information – March 1, 2020 | 99 |
Name,
Address,
Year of Birth |
Position
Held
with the Trusts and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of
Funds in the Columbia Funds Complex Overseen |
Other Directorships Held by Trustee During the Past Five Years |
Committee
Assignments |
Sandra
Yeager
c/o Columbia Management Investment Advisers, LLC, 225 Franklin Street, Mail Drop BX32 05228, Boston, MA 02110 1964 |
Trustee since 12/17 | Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 | 119 | Director, NAPE Education Foundation since October 2016 | Audit, Contracts, Investment Review |
Name,
Address,
Year of Birth |
Position
Held
with the Trusts and Length of Service |
Principal
Occupation(s)
During the Past Five Years and Other Relevant Professional Experience |
Number
of
Funds in the Columbia Funds Complex Overseen |
Other Directorships Held by Trustee During the Past Five Years |
Committee
Assignments |
William
F. Truscott
c/o Columbia Management Investment Advisers, LLC, 225 Franklin St. Boston, MA 02110 1960 |
Trustee and Senior Vice President since April 2016 for CET I and September 2016 for CET II | Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle | 192 | Trustee, Columbia Funds since November 2001 | None |
* | Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial. |
Statement of Additional Information – March 1, 2020 | 100 |
Statement of Additional Information – March 1, 2020 | 101 |
Statement of Additional Information – March 1, 2020 | 102 |
Statement of Additional Information – March 1, 2020 | 103 |
Statement of Additional Information – March 1, 2020 | 104 |
Fiscal Period |
Audit
Committee |
Compliance
Committee |
Contracts
Committee |
Executive
Committee |
Board
Governance Committee |
Investment
Review Committee |
For
the fiscal year
ending March 31, 2019 |
6 | 5 | 6 | 7 | 7 | 5 |
For
the fiscal year
ending October 31, 2019 |
6 | 5 | 6 | 6 | 7 | 8 |
Statement of Additional Information – March 1, 2020 | 105 |
Board Member |
Aggregate
Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Trustee |
George S. Batejan | Over $100,000 |
Kathleen Blatz | Over $100,000 |
Pamela G. Carlton | Over $100,000(a) |
Patricia M. Flynn | Over $100,000(a) |
Brian J. Gallagher | Over $100,000(a) |
Catherine James Paglia | Over $100,000(a) |
Anthony Santomero | Over $100,000(a) |
Minor M. Shaw | Over $100,000(a)(b) |
Sandra L. Yeager | Over $100,000(a) |
(a) | Includes the value of compensation payable under a Deferred Compensation Plan that is determined as if the amounts deferred had been invested, as of the date of deferral, in shares of one or more funds in the Columbia Funds Complex overseen by the Trustee as specified by the Trustee. |
(b) | Ms. Shaw invests in a Section 529 Plan managed by the Investment Manager that allocates assets to various open-end funds, including Columbia Funds. The amount shown in the table includes the value of her interest in this plan determined as if her investment in the plan were invested directly in the Columbia Fund pursuant to the plan’s target allocations. |
Board Member |
Aggregate
Dollar Range of Equity Securities in all Funds in the Columbia Funds Complex Overseen by the Trustee |
William F. Truscott | Over $100,000 |
Trustees (a) |
Total
Cash Compensation
from Fund Complex Paid to Trustee(b) |
Amount
Deferred
from Total Compensation(c) |
George Batejan | $358,333 | $0 |
Kathleen Blatz | $360,833 | $0 |
Edward Boudreau(d) | $441,667 | $275,958 |
Pamela Carlton | $360,833 | $101,667 |
William Carmichael(e) | $65,833 | $0 |
Patricia Flynn | $358,333 | $295,000 |
Brian Gallagher | $318,333 | $159,167 |
Catherine Paglia | $360,833 | $344,375 |
Anthony Santomero | $318,333 | $0 |
Minor Shaw | $328,333 | $164,167 |
Sandra Yeager | $318,333 | $159,167 |
Statement of Additional Information – March 1, 2020 | 106 |
(a) | Trustee compensation is paid by the Funds and is comprised of a combination of a base fee and meeting fees, with the exception of the Chair of the Board, who receives a base annual compensation. |
(b) | Includes any portion of cash compensation Trustees elected to defer during the fiscal period. |
(c) | The Trustees may elect to defer a portion of the total cash compensation payable. Additional information regarding the Deferred Compensation Plan is described below. |
(d) | Mr. Boudreau served as Trustee until December 31, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(e) | Mr. Carmichael served as Trustee until December 31, 2018, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
Fund |
Aggregate
Compensation from Fund
Independent Trustees |
|||||
Batejan | Blatz | Boudreau (a) | Carlton | Carmichael (b) | Flynn | |
For Funds with fiscal period ending March 31 | ||||||
EM Core ex-China ETF | $854 | $916 | $1,167 | $916 | $697 | $868 |
Amount Deferred | $0 | $0 | $749 | $205 | $0 | $220 |
Emerging Markets Consumer ETF | $1,430 | $1,538 | $1,951 | $1,538 | $1,233 | $1,449 |
Amount Deferred | $0 | $0 | $1,255 | $338 | $0 | $305 |
India Consumer ETF | $995 | $1,068 | $1,360 | $1,068 | $812 | $1,011 |
Amount Deferred | $0 | $0 | $873 | $239 | $0 | $256 |
For Funds with fiscal period ending October 31 | ||||||
Diversified Fixed Income Allocation ETF | $1,110 | $1,117 | $1,375 | $1,117 | $186 | $1,109 |
Amount Deferred | $0 | $0 | $859 | $316 | $0 | $931 |
Multi-Sector Municipal Income ETF | $999 | $1,006 | $1,236 | $1,006 | $170 | $999 |
Amount Deferred | $0 | $0 | $772 | $285 | $0 | $836 |
Research Enhanced Core ETF(c) | $53 | $53 | $102 | $53 | $0 | $53 |
Amount Deferred | $0 | $0 | $63 | $16 | $0 | $53 |
Research Enhanced Value ETF(c) | $53 | $53 | $102 | $53 | $0 | $53 |
Amount Deferred | $0 | $0 | $63 | $16 | $0 | $53 |
Sustainable Global Equity Income ETF | $989 | $995 | $1,223 | $996 | $168 | $989 |
Amount Deferred | $0 | $0 | $764 | $282 | $0 | $827 |
Sustainable International Equity Income ETF | $981 | $988 | $1,214 | $988 | $169 | $981 |
Amount Deferred | $0 | $0 | $758 | $280 | $0 | $819 |
Sustainable U.S. Equity Income ETF | $978 | $985 | $1,210 | $985 | $168 | $978 |
Amount Deferred | $0 | $0 | $756 | $279 | $0 | $817 |
(a) | Mr. Boudreau served as Trustee until December 31, 2019, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
Statement of Additional Information – March 1, 2020 | 107 |
(b) | Mr. Carmichael served as Trustee until December 31, 2018, and stopped receiving compensation from the Funds and the Columbia Funds Complex as of such date. |
(c) | For the period from September 25, 2019 (commencement of operations) to October 31, 2019. |
Fund |
Aggregate
Compensation from Fund
Independent Trustees |
||||
Gallagher | Paglia | Santomero | Shaw | Yeager | |
For Funds with fiscal period ending March 31 | |||||
EM Core ex-China ETF | $854 | $916 | $895 | $868 | $854 |
Amount Deferred | $427 | $742 | $0 | $434 | $427 |
Emerging Markets Consumer ETF | $1,430 | $1,538 | $1,508 | $1,449 | $1,430 |
Amount Deferred | $715 | $1,229 | $0 | $725 | $715 |
India Consumer ETF | $995 | $1,068 | $1,044 | $1,011 | $995 |
Amount Deferred | $498 | $865 | $0 | $506 | $498 |
For Funds with fiscal period ending October 31 | |||||
Diversified Fixed Income Allocation ETF | $1,013 | $1,117 | $997 | $1,012 | $1,013 |
Amount Deferred | $507 | $1,070 | $0 | $506 | $506 |
Multi-Sector Municipal Income ETF | $912 | $1,006 | $897 | $911 | $911 |
Amount Deferred | $456 | $963 | $0 | $456 | $456 |
Research Enhanced Core ETF(a) | $53 | $53 | $53 | $53 | $53 |
Amount Deferred | $26 | $53 | $0 | $26 | $26 |
Research Enhanced Value ETF(a) | $53 | $53 | $53 | $53 | $53 |
Amount Deferred | $26 | $53 | $0 | $26 | $26 |
Sustainable Global Equity Income ETF | $902 | $995 | $888 | $902 | $902 |
Amount Deferred | $451 | $953 | $0 | $451 | $451 |
Sustainable International Equity Income ETF | $896 | $988 | $881 | $895 | $895 |
Amount Deferred | $448 | $946 | $0 | $448 | $448 |
Sustainable U.S. Equity Income ETF | $893 | $985 | $878 | $892 | $892 |
Amount Deferred | $446 | $943 | $0 | $446 | $446 |
(a) | For the period from September 25, 2019 (commencement of operations) to October 31, 2019. |
Statement of Additional Information – March 1, 2020 | 108 |
Statement of Additional Information – March 1, 2020 | 109 |
Statement of Additional Information – March 1, 2020 | 110 |
Statement of Additional Information – March 1, 2020 | 111 |
Statement of Additional Information – March 1, 2020 | 112 |
Total Brokerage Commissions | |||
Fund | 2019 | 2018 | 2017 |
For Funds with fiscal period ending March 31 | |||
EM Core ex-China ETF | $2,058 | $3,437 | $6,335 |
Emerging Markets Consumer ETF | 240,722 | 168,497 | 124,793 |
India Consumer ETF | 14,337 | 43,517 | 25,951 |
For Funds with fiscal period ending October 31 | |||
Diversified Fixed Income Allocation ETF | 0 | 0 | 0 (a) |
Multi-Sector Municipal Income ETF | 0 | 0 (b) | N/A |
Research Enhanced Core ETF | 0 (c) | N/A | N/A |
Research Enhanced Value ETF | 29 (c) | N/A | N/A |
Sustainable Global Equity Income ETF | 4,418 | 2,466 | 2,133 |
Sustainable International Equity Income ETF | 2,671 | 7,454 | 4,204 |
Sustainable U.S. Equity Income ETF | 1,049 | 1,014 | 1,247 |
(a) | For the period from October 12, 2017 (commencement of operations) to October 31, 2017. |
(b) | For the period from October 10, 2018 (commencement of operations) to October 31, 2018. |
(c) | For the period from September 25, 2019 (commencement of operations) to October 31, 2019. |
Statement of Additional Information – March 1, 2020 | 113 |
Brokerage directed for research | ||
Fund | Amount of Transactions | Amount of Commissions Imputed or Paid |
For Funds with fiscal period ending March 31 | ||
EM Core ex-China ETF | $0 | $0 |
Emerging Markets Consumer ETF | 876,049 | 876 |
India Consumer ETF | 0 | 0 |
For Funds with fiscal period ending October 31 | ||
Diversified Fixed Income Allocation ETF | 0 | 0 |
Multi-Sector Municipal Income ETF | 0 | 0 |
Research Enhanced Core ETF | 0 (a) | 0 (a) |
Research Enhanced Value ETF | 0 (a) | 0 (a) |
Sustainable Global Equity Income ETF | 0 | 0 |
Sustainable International Equity Income ETF | 0 | 0 |
Sustainable U.S. Equity Income ETF | 0 | 0 |
(a) | For the period from September 25, 2019 (commencement of operations) to October 31, 2019. |
Statement of Additional Information – March 1, 2020 | 114 |
Fund | Issuer |
Value
of securities owned
at end of fiscal period |
Research Enhanced Value ETF | Bank of America Corp. | $204,350 |
Citigroup, Inc | $126,114 | |
JPMorgan Chase & Co. | $242,470 | |
Morgan Stanley | $43,517 | |
Sustainable Global Equity Income ETF | BNP Paribas SA | $59,013 |
Goldman Sachs Group, Inc (The) | $58,253 | |
Morgan Stanley | $141,235 | |
Sustainable International Equity Income ETF | BNP Paribas SA | $51,962 |
Sustainable U.S. Equity Income ETF | Goldman Sachs Group, Inc (The) | $24,112 |
Morgan Stanley | $58,622 |
Statement of Additional Information – March 1, 2020 | 115 |
Statement of Additional Information – March 1, 2020 | 116 |
Statement of Additional Information – March 1, 2020 | 117 |
Statement of Additional Information – March 1, 2020 | 118 |
Statement of Additional Information – March 1, 2020 | 119 |
Statement of Additional Information – March 1, 2020 | 120 |
Statement of Additional Information – March 1, 2020 | 121 |
Statement of Additional Information – March 1, 2020 | 122 |
Fund |
Standard
Transaction Fee |
Maximum
Transaction Fee |
Variable
Charge |
Diversified Fixed Income Allocation ETF | $500 | $2,000 | Up to 2% |
EM Core ex-China ETF | $2,000 | $2,000 | None |
Emerging Markets Consumer ETF | $1,000 | $1,000 | None |
India Consumer ETF | $1,000 | $1,000 | None |
Multi-Sector Municipal Income ETF | $500 | $2,000 | Up to 2% |
Research Enhanced Core ETF | $500 | $2,000 | None |
Research Enhanced Value ETF | $500 | $2,000 | None |
Sustainable Global Equity Income ETF | $2,000 | $8,000 | None |
Sustainable International Equity Income ETF | $2,000 | $8,000 | None |
Sustainable U.S. Equity Income ETF | $500 | $2,000 | None |
Statement of Additional Information – March 1, 2020 | 123 |
Statement of Additional Information – March 1, 2020 | 124 |
Statement of Additional Information – March 1, 2020 | 125 |
Statement of Additional Information – March 1, 2020 | 126 |
Statement of Additional Information – March 1, 2020 | 127 |
Statement of Additional Information – March 1, 2020 | 128 |
Statement of Additional Information – March 1, 2020 | 129 |
Statement of Additional Information – March 1, 2020 | 130 |
Fund |
Total
Capital Loss Carryovers |
Amount not Expiring | |
Short-term | Long-term | ||
For Funds with fiscal period ending March 31 | |||
Emerging Markets Consumer ETF | $202,083,868 | $5,503,691 | $196,580,177 |
India Consumer ETF | $2,518,272 | $2,518,272 | $0 |
For Funds with fiscal period ending October 31 | |||
Diversified Fixed Income Allocation ETF | $1,062,561 | $625,379 | $437,182 |
Sustainable Global Equity Income ETF | $347,572 | $211,134 | $136,438 |
Sustainable International Equity Income ETF | $685,150 | $270,519 | $414,631 |
Statement of Additional Information – March 1, 2020 | 131 |
Statement of Additional Information – March 1, 2020 | 132 |
Statement of Additional Information – March 1, 2020 | 133 |
Statement of Additional Information – March 1, 2020 | 134 |
Statement of Additional Information – March 1, 2020 | 135 |
Statement of Additional Information – March 1, 2020 | 136 |
Statement of Additional Information – March 1, 2020 | 137 |
Statement of Additional Information – March 1, 2020 | 138 |
Statement of Additional Information – March 1, 2020 | 139 |
Statement of Additional Information – March 1, 2020 | 140 |
Statement of Additional Information – March 1, 2020 | 141 |
Statement of Additional Information – March 1, 2020 | 142 |
Name and Address | Percentage |
BROWN
BROTHERS HARRIMAN & CO.
525 WASHINGTON BLVD. JERSEY CITY, NJ 07310 |
9.26% |
CHARLES
SCHWAB & CO., INC.
2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215 |
38.79% |
E*TRADE
SECURITIES LLC
34 EXCHANGE PLACE, PLAZA II JERSEY CITY, NJ 07311 |
7.18% |
NATIONAL
FINANCIAL SERVICES LLC
499 WASHINGTON BLVD. JERSEY CITY, NJ 07310 |
7.79% |
PERSHING
LLC
ONE PERSHING PLAZA JERSEY CITY, NJ 07399 |
7.26% |
TD
AMERITRADE CLEARING, INC.
4700 ALLIANCE GATEWAY FREEWAY FORT WORTH, TX 76177 |
8.72% |
Statement of Additional Information – March 1, 2020 | 143 |
Name and Address | Percentage |
NATIONAL
FINANCIAL SERVICES LLC
499 WASHINGTON BLVD. JERSEY CITY, NJ 07310 |
13.81% |
UBS
FINANCIAL SERVICES INC.
1000 HARBOR BLVD WEEHAWKEN, NJ 07086 |
9.62% |
Name and Address | Percentage |
JPMORGAN
CHASE BANK, NATIONAL ASSOCI
14201 DALLAS PKWY FLOOR 12 - CORP ACTIONS DEPT DALLAS, TX 75254 |
30.60% |
AMERICAN
ENTERPRISE INVESTMENT SERVI
901 3RD AVE SOUTH MINNEAPOLIS, MN 55474 |
26.98% |
LPL
FINANCIAL CORPORATION
9785 TOWNE CENTRE DRIVE SAN DIEGO, CA 92121-1968 |
5.67% |
MORGAN
STANLEY SMITH BARNEY LLC
1300 THAMES ST 6TH FLOOR BALTIMORE, MD 21231 |
5.12% |
Statement of Additional Information – March 1, 2020 | 144 |
Name and Address | Percentage |
WELLS
FARGO SECURITIES, LLC
CORP ACTIONS - NC0675 1525 WEST W.T. HARRIS BLVD, 1B1 CHARLOTTE, NC 28262 |
94.15% |
Name and Address | Percentage |
WELLS
FARGO SECURITIES, LLC
CORP ACTIONS - NC0675 1525 WEST W.T. HARRIS BLVD, 1B1 CHARLOTTE, NC 28262 |
94.58% |
Name and Address | Percentage |
CHARLES
SCHWAB & CO., INC.
2423 E LINCOLN DRIVE PHOENIX, AZ 85016-1215 |
29.74% |
MERRILL
LYNCH, PIERCE, FENNER & SMITH
4804 DEAR LAKE DR E JACKSONVILLE, FL 32246 |
15.60% |
Statement of Additional Information – March 1, 2020 | 145 |
Name and Address | Percentage |
PERSHING
LLC
ONE PERSHING PLAZA JERSEY CITY, NJ 07399 |
14.14% |
NATIONAL
FINANCIAL SERVICES LLC
499 WASHINGTON BLVD. JERSEY CITY, NJ 07310 |
12.72% |
LPL
FINANCIAL CORPORATION
9785 TOWNE CENTRE DRIVE SAN DIEGO, CA 92121-1968 |
9.45% |
TD
AMERITRADE CLEARING, INC.
4700 ALLIANCE GATEWAY FREEWAY FORT WORTH, TX 76177 |
7.37% |
Statement of Additional Information – March 1, 2020 | 146 |
Statement of Additional Information – March 1, 2020 | 147 |
Argentina
March 23, 2020 March 24, 2020 April 2, 2020 April 9, 2020 April 10, 2020 May 1, 2020 May 25, 2020 June 15, 2020 July 9, 2020 July 10, 2020 August 17, 2020 October 12, 2020 November 23, 2020 December 7, 2020 December 8, 2020 December 25, 2020 January 1, 2021 February 15, 2021 February 16, 2021 |
Australia
April 10, 2020 April 13, 2020 June 8, 2020 December 25, 2020 December 28, 2020 January 1, 2021 January 26, 2021 |
Austria
April 10, 2020 April 13, 2020 May 1, 2020 June 1, 2020 October 26, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
Bahrain*
May 24, 2020 May 25, 2020 May 26, 2020 August 2, 2020 August 20, 2020 October 29, 2020 December 16, 2020 December 17, 2020 |
Bangladesh*
March 17, 2020 March 26, 2020 April 9, 2020 April 14, 2020 May 6, 2020 May 21, 2020 May 24, 2020 May 25, 2020 May 26, 2020 July 1, 2020 August 2, 2020 August 11, 2020 August 30, 2020 October 26, 2020 December 16, 2020 December 31, 2020 February 21, 2021 |
Statement of Additional Information – March 1, 2020 | 148 |
Belgium
April 10, 2020 April 13, 2020 May 1, 2020 December 25, 2020 January 1, 2021 |
Botswana
April 10, 2020 April 13, 2020 May 1, 2020 May 21, 2020 July 1, 2020 July 20, 2020 July 21, 2020 September 30, 2020 October 1, 2020 December 25, 2020 January 1, 2021 |
Brazil
April 10, 2020 April 21, 2020 May 1, 2020 June 11, 2020 July 9, 2020 September 7, 2020 October 12, 2020 November 2, 2020 November 20, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 January 25, 2021 February 15, 2021 February 16, 2021 |
Bulgaria
March 3, 2020 April 10, 2020 April 13, 2020 April 17, 2020 April 20, 2020 May 1, 2020 May 6, 2020 May 25, 2020 September 7, 2020 September 22, 2020 December 24, 2020 December 25, 2020 December 28, 2020 January 1, 2021 |
Canada
April 10, 2020 May 18, 2020 July 1, 2020 August 3, 2020 September 7, 2020 October 12, 2020 December 25, 2020 December 28, 2020 January 1, 2021 February 15, 2021 |
Chile
April 10, 2020 May 1, 2020 May 21, 2020 June 29, 2020 July 16, 2020 September 18, 2020 October 12, 2020 December 8, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
China
April 6, 2020 May 1, 2020 May 4, 2020 May 5, 2020 June 25, 2020 June 26, 2020 October 1, 2020 October 2, 2020 October 5, 2020 October 6, 2020 October 7, 2020 October 8, 2020 January 1, 2021 February 11, 2021 February 12, 2021 February 15, 2021 February 16, 2021 February 17, 2021 |
Colombia
March 23, 2020 April 9, 2020 April 10, 2020 May 1, 2020 May 25, 2020 June 15, 2020 June 22, 2020 June 29, 2020 July 20, 2020 August 7, 2020 August 17, 2020 October 12, 2020 November 2, 2020 November 16, 2020 December 8, 2020 December 25, 2020 December 31, 2020 January 1, 2021 January 11, 2021 |
Croatia
April 10, 2020 April 13, 2020 May 1, 2020 June 11, 2020 June 22, 2020 June 25, 2020 August 5, 2020 October 8, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 January 6, 2021 |
Cyprus
March 2, 2020 March 25, 2020 April 1, 2020 April 10, 2020 April 13, 2020 April 17, 2020 April 20, 2020 April 21, 2020 May 1, 2020 June 8, 2020 October 1, 2020 October 28, 2020 December 24, 2020 December 25, 2020 January 1, 2021 January 6, 2021 |
Czech Republic
April 10, 2020 April 13, 2020 May 1, 2020 May 8, 2020 July 6, 2020 September 28, 2020 October 28, 2020 November 17, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
Denmark
April 9, 2020 April 10, 2020 April 13, 2020 May 8, 2020 May 21, 2020 May 22, 2020 June 1, 2020 June 5, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
Ecuador
April 10, 2020 May 1, 2020 May 25, 2020 July 24, 2020 August 10, 2020 October 9, 2020 November 2, 2020 November 3, 2020 December 7, 2020 December 25, 2020 December 31, 2020 January 1, 2021 February 15, 2021 February 16, 2021 |
Egypt*
April 19, 2020 April 20, 2020 May 24, 2020 May 25, 2020 June 30, 2020 July 1, 2020 July 23, 2020 July 30, 2020 August 20, 2020 October 6, 2020 October 29, 2020 January 7, 2021 January 25, 2021 |
Estonia
April 10, 2020 April 13, 2020 May 1, 2020 May 21, 2020 June 23, 2020 June 24, 2020 August 20, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 February 24, 2021 |
Statement of Additional Information – March 1, 2020 | 149 |
Finland
April 10, 2020 April 13, 2020 May 1, 2020 May 21, 2020 June 19, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 January 6, 2021 |
France
April 10, 2020 April 13, 2020 May 1, 2020 December 25, 2020 January 1, 2021 |
Germany
April 10, 2020 April 13, 2020 May 1, 2020 June 1, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
Ghana
March 6, 2020 April 10, 2020 April 13, 2020 May 1, 2020 July 31, 2020 August 4, 2020 September 21, 2020 December 4, 2020 December 25, 2020 December 28, 2020 January 1, 2021 January 7, 2021 |
Hong Kong
April 10, 2020 April 13, 2020 April 30, 2020 May 1, 2020 June 25, 2020 July 1, 2020 October 1, 2020 October 2, 2020 October 26, 2020 December 25, 2020 January 1, 2021 February 12, 2021 February 15, 2021 |
Hungary
April 10, 2020 April 13, 2020 May 1, 2020 June 1, 2020 August 20, 2020 August 21, 2020 October 23, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
India
March 10, 2020 April 2, 2020 April 6, 2020 April 10, 2020 April 14, 2020 May 1, 2020 May 25, 2020 October 2, 2020 November 16, 2020 November 30, 2020 December 25, 2020 January 26, 2021 |
Indonesia
March 25, 2020 April 10, 2020 May 1, 2020 May 7, 2020 May 21, 2020 May 22, 2020 May 25, 2020 May 26, 2020 May 27, 2020 June 1, 2020 July 31, 2020 August 17, 2020 August 20, 2020 October 29, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 February 12, 2021 |
Ireland
April 10, 2020 April 13, 2020 May 1, 2020 December 25, 2020 January 1, 2021 |
Israel*
March 2, 2020 March 10, 2020 April 8, 2020 April 9, 2020 April 14, 2020 April 15, 2020 April 28, 2020 April 29, 2020 May 28, 2020 July 30, 2020 September 20, 2020 September 27, 2020 September 28, 2020 |
Italy
April 10, 2020 April 13, 2020 May 1, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
Ivory Coast
April 13, 2020 May 1, 2020 May 21, 2020 June 1, 2020 July 31, 2020 August 7, 2020 October 29, 2020 December 25, 2020 January 1, 2021 |
Japan
March 20, 2020 April 29, 2020 May 4, 2020 May 5, 2020 May 6, 2020 July 23, 2020 July 24, 2020 August 10, 2020 September 21, 2020 September 22, 2020 November 3, 2020 November 23, 2020 December 31, 2020 January 1, 2021 January 11, 2021 February 11, 2021 February 23, 2021 |
Jordan*
May 24, 2020 May 25, 2020 May 26, 2020 July 30, 2020 August 2, 2020 August 3, 2020 August 20, 2020 October 29, 2020 |
Kazakhstan
March 9, 2020 March 23, 2020 March 24, 2020 March 25, 2020 May 1, 2020 May 7, 2020 May 8, 2020 July 6, 2020 July 31, 2020 August 31, 2020 December 1, 2020 December 16, 2020 December 17, 2020 December 18, 2020 January 1, 2021 January 4, 2021 January 7, 2021 |
Statement of Additional Information – March 1, 2020 | 150 |
Kenya
April 10, 2020 April 13, 2020 May 1, 2020 May 25, 2020 June 1, 2020 July 30, 2020 July 31, 2020 October 20, 2020 December 25, 2020 January 1, 2021 |
Kuwait*
March 22, 2020 May 24, 2020 May 25, 2020 May 26, 2020 July 30, 2020 August 2, 2020 August 3, 2020 August 20, 2020 October 29, 2020 January 3, 2021 February 25, 2021 |
Latvia
April 10, 2020 April 13, 2020 May 1, 2020 May 4, 2020 May 21, 2020 June 22, 2020 June 23, 2020 June 24, 2020 November 18, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 |
Lithuania
March 11, 2020 April 10, 2020 April 13, 2020 May 1, 2020 May 21, 2020 June 24, 2020 July 6, 2020 November 2, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 February 16, 2021 |
Luxembourg
April 10, 2020 April 13, 2020 May 1, 2020 December 25, 2020 January 1, 2021 |
Malawi
March 3, 2020 April 10, 2020 April 13, 2020 May 1, 2020 May 14, 2020 July 6, 2020 October 15, 2020 December 25, 2020 December 28, 2020 January 1, 2021 January 15, 2021 |
Malaysia
May 1, 2020 May 7, 2020 May 11, 2020 May 25, 2020 May 26, 2020 July 31, 2020 August 20, 2020 August 31, 2020 September 16, 2020 October 29, 2020 December 25, 2020 January 1, 2021 January 28, 2021 February 1, 2021 February 12, 2021 |
Malta
March 19, 2020 March 31, 2020 April 10, 2020 April 13, 2020 May 1, 2020 June 29, 2020 September 8, 2020 September 21, 2020 December 8, 2020 December 24, 2020 December 25, 2020 December 31, 2020 January 1, 2021 February 10, 2021 |
Mauritius
March 12, 2020 March 25, 2020 May 1, 2020 November 2, 2020 December 25, 2020 January 1, 2021 January 28, 2021 February 1, 2021 February 12, 2021 |
Mexico
March 16, 2020 April 9, 2020 April 10, 2020 May 1, 2020 September 16, 2020 November 2, 2020 November 16, 2020 December 25, 2020 January 1, 2021 February 1, 2021 |
Morocco
May 1, 2020 May 25, 2020 July 30, 2020 July 31, 2020 August 14, 2020 August 20, 2020 August 21, 2020 October 29, 2020 October 30, 2020 November 6, 2020 November 18, 2020 January 1, 2021 January 11, 2021 |
Namibia
April 10, 2020 April 13, 2020 April 27, 2020 May 1, 2020 June 16, 2020 August 10, 2020 September 24, 2020 December 16, 2020 December 25, 2020 January 1, 2021 |
Netherlands
April 10, 2020 April 13, 2020 May 1, 2020 December 25, 2020 January 1, 2021 |
New Zealand
April 10, 2020 April 13, 2020 April 27, 2020 June 1, 2020 October 26, 2020 December 25, 2020 December 28, 2020 January 1, 2021 January 4, 2021 February 8, 2021 |
Nigeria
April 10, 2020 April 13, 2020 May 1, 2020 May 25, 2020 June 12, 2020 July 31, 2020 October 1, 2020 October 29, 2020 December 25, 2020 January 1, 2021 |
Statement of Additional Information – March 1, 2020 | 151 |
Statement of Additional Information – March 1, 2020 | 152 |
Statement of Additional Information – March 1, 2020 | 153 |
Zambia
March 9, 2020 March 12, 2020 April 10, 2020 April 13, 2020 May 1, 2020 May 25, 2020 July 6, 2020 July 7, 2020 August 3, 2020 October 19, 2020 December 25, 2020 January 1, 2021 |
Zimbabwe
April 10, 2020 April 13, 2020 May 1, 2020 May 25, 2020 August 10, 2020 August 11, 2020 December 22, 2020 December 25, 2020 January 1, 2021 February 22, 2021 |
* | The market is closed every Friday. |
Statement of Additional Information – March 1, 2020 | 154 |
Statement of Additional Information – March 1, 2020 | 155 |
Country | Trade Date | Settlement Date | Number of Days to Settle |
Philippines |
12/23/2020
12/28/2020 12/29/2020 |
1/4/2021
1/5/2021 1/6/2021 |
12
8 8 |
Qatar |
5/19/2020
5/20/2020 5/21/2020 7/27/2020 7/28/2020 7/29/2020 |
5/27/2020
5/28/2020 5/31/2020 8/4/2020 8/5/2020 8/6/2020 |
8
8 10 8 8 8 |
Sri Lanka |
4/6/2020
4/8/2020 4/9/2020 |
4/15/2020
4/16/2020 4/17/2020 |
9
8 8 |
Ukraine |
12/28/2020
12/29/2020 12/30/2020 |
1/5/2021
1/6/2021 1/8/2021 |
8
8 9 |
Vietnam |
2/9/2021
2/10/2021 |
2/17/2021
2/18/2021 |
8
8 |
* | These worse case redemption cycles are based on information regarding regular holidays, which may be out of date. Based on changes in holidays, longer (worse) redemption cycles are possible, but a Fund will not take more than fourteen calendar days from the date of the tender to pay redemption proceeds. |
** | For trades placed on the Shanghai Stock Exchange A-shares. |
*** | The Malawi Stock Exchange regularly operates on a “T plus seven” local business days’ settlement cycle, which means that settlement typically occurs seven local business days after the trade execution date. As such, when considering this and local market holidays, the number of days typically needed to settle trades placed on the Malawi Stock Exchange ranges from 9-14 calendar days. |
Statement of Additional Information – March 1, 2020 | 156 |
Statement of Additional Information – March 1, 2020 | 157 |
Statement of Additional Information – March 1, 2020 | 158 |
Statement of Additional Information – March 1, 2020 | 159 |
Statement of Additional Information – March 1, 2020 | A-1 |
Statement of Additional Information – March 1, 2020 | A-2 |
Statement of Additional Information – March 1, 2020 | A-3 |
Statement of Additional Information – March 1, 2020 | A-4 |
Statement of Additional Information – March 1, 2020 | A-5 |
■ | There is a missed interest payment, principal payment, or preferred dividend payment, as applicable, on a rated obligation which is unlikely to be recovered. |
■ | The rated entity files for protection from creditors, is placed into receivership, or is closed by regulators such that a missed payment is likely to result. |
■ | The rated entity seeks and completes a distressed exchange, where existing rated obligations are replaced by new obligations with a diminished economic value. |
■ | There is a missed interest payment, principal payment, or preferred dividend payment, as applicable, on a rated obligation which is unlikely to be recovered. |
■ | The rated entity files for protection from creditors, is placed into receivership, or is closed by regulators such that a missed payment is likely to result. |
■ | The rated entity seeks and completes a distressed exchange, where existing rated obligations are replaced by new obligations with a diminished economic value. |
Statement of Additional Information – March 1, 2020 | A-6 |
Statement of Additional Information – March 1, 2020 | B-1 |
■ | effectively exercise their voting rights across the full range of business normally associated with general meetings of a company in line with market best practice (e.g. the election of individual directors, discharge authorities, capital authorities, auditor appointment, major or related party transactions etc). |
■ | place items on the agenda of general meetings, and to propose resolutions subject to reasonable limitations; |
■ | call a meeting of shareholders for the purpose of transacting the legitimate business of the company; and |
■ | Clear, consistent and effective reporting to shareholders is undertaken at regular intervals and that they remain aware of shareholder sentiment on major issues to do with the business, its strategy and performance. Where significant shareholder dissent is emerging or apparent (e.g. through the voting levels seen at General Meetings), boards should act to address that. |
■ | Boards should also allow a reasonable opportunity for the shareholders at a general meeting to ask questions about or make comments on the management of the company, and to ask the external auditor questions related to the audit. |
Statement of Additional Information – March 1, 2020 | B-2 |
Statement of Additional Information – March 1, 2020 | B-3 |
■ | subject to proper oversight by the board and regular review (e.g. audit, shareholder approval); |
■ | clearly justified and not be detrimental to the long-term interests of the company; |
■ | undertaken in the normal course of business; |
■ | undertaken on fully commercial terms; |
■ | In line with best practice; and |
■ | In the interests of all shareholders. |
Statement of Additional Information – March 1, 2020 | B-4 |
Statement of Additional Information – March 1, 2020 | B-5 |
1. | Clear, simple and understandable; |
2. | Balanced and proportionate, in respect of structure, deliverables, opportunity and the market; |
3. | Aligned with the long-term strategy, related key performance indicators and risk management discipline; |
4. | Linked robustly to the delivery of performance; |
5. | Delivering outcomes that reflect value creation and the shareholder ‘experience’; and |
6. | Structured to avoid pay for failure or the avoidance of accountability to shareholders. |
Statement of Additional Information – March 1, 2020 | B-6 |
Statement of Additional Information – March 1, 2020 | B-7 |
1 Year Columbia EM Core ex Chin... Chart |
1 Month Columbia EM Core ex Chin... Chart |
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