UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-22736
Columbia ETF Trust I
(Exact name of registrant as specified in charter)
225 Franklin Street
Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Christopher O. Petersen, Esq.
c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, Massachusetts 02110
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: October 31
Date of reporting period: October 31, 2019
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Annual
Report
October
31,
2019
Not
FDIC
Insured
•
No
bank
guarantee
•
May
lose
value
Columbia
Sustainable
Global
Equity
Income
ETF
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
will
no
longer
be
sent
by
mail,
unless
you
specifically
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Sustainable
Global
Equity
Income
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
6
Columbia
Sustainable
International
Equity
Income
ETF
Fund
at
a
Glance
8
Manager
Discussion
of
Fund
Performance
11
Columbia
Sustainable
U.S.
Equity
Income
ETF
Fund
at
a
Glance
13
Manager
Discussion
of
Fund
Performance
15
Understanding
Your
Fund’s
Expenses
17
Frequency
Distribution
of
Premiums
and
Discounts
18
Portfolio
of
Investments
19
Statement
of
Assets
and
Liabilities
30
Statement
of
Operations
31
Statement
of
Changes
in
Net
Assets
32
Financial
Highlights
34
Notes
to
Financial
Statements
37
Report
of
Independent
Registered
Public
Accounting
Firm
45
Federal
Income
Tax
Information
46
Trustees
and
Officers
47
Approval
of
Investment
Management
Services
Agreement
52
Additional
Information
55
FUND
AT
A
GLANCE
Columbia
Sustainable
Global
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
Sustainable
Global
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Sustainable
Global
Equity
Income
200
Index
(Net).
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
New
York
Stock
Exchange
(NYSE)
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Sustainable
Global
Equity
Income
200
Index
(Net)
is
designed
to
reflect
the
performance
of
the
top
200
U.S.
and
foreign
large
and
mid-cap
companies
(located
in
developed
markets)
within
the
MSCI
World
Index.
The
MSCI
World
Value
Index
(Net)
captures
large
and
mid-cap
securities
exhibiting
overall
value
style
characteristics
across
23
developed
markets
countries.
The
value
investment
style
characteristics
for
index
construction
are
defined
using
three
variables:
book
value
to
price,
12-month
forward
earnings
to
price
and
dividend
yield.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
Beta
Advantage
®
Sustainable
Global
Equity
Income
200
Index
(Net)
and
the
MSCI
World
Value
Index
(Net)
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2019)
Inception
1
Year
Life
Market
Price
06/13/16
8.12
10.28
Net
Asset
Value
06/13/16
8.08
10.01
{
Beta
Advantage®
}
Sustainable
Global
Equity
Income
200
Index
(Net)
7.68
9.92
MSCI
World
Value
Index
(Net)
8.51
8.79
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
Global
Equity
Income
ETF
4
Strategic
Beta
ETFs
|
Annual
Report
2019
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2019)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Top
ten
holdings
(%)
(at
October
31,
2019)
Nordstrom,
Inc.
(United
States)
1
.1
Harley-Davidson,
Inc.
(United
States)
1
.0
Valero
Energy
Corp.
(United
States)
1
.0
Lam
Research
Corp.
(United
States)
1
.0
AbbVie,
Inc.
(United
States)
1
.0
Steel
Dynamics,
Inc.
(United
States)
1
.0
Cardinal
Health,
Inc.
(United
States)
1
.0
Zions
Bancorp
NA
(United
States)
0
.9
Celanese
Corp.
(United
States)
0
.9
Comerica,
Inc.
(United
States)
0
.9
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
Country
breakdown
(%)
(at
October
31,
2019
)
Australia
3
.0
Austria
0
.6
Canada
1
.5
Denmark
0
.3
Finland
0
.5
France
2
.4
Germany
3
.2
Hong
Kong
1
.0
Italy
0
.6
Japan
14
.9
Netherlands
2
.0
Norway
0
.2
Singapore
0
.4
Spain
2
.8
Sweden
1
.0
Switzerland
0
.2
United
Kingdom
1
.3
United
States
(a)
64
.1
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
Global
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
5
Equity
sector
breakdown
(%)
(at
October
31,
2019)
Financials
17
.5
Industrials
17
.1
Materials
9
.4
Information
Technology
9
.3
Consumer
Staples
9
.1
Consumer
Discretionary
9
.0
Health
Care
8
.2
Energy
7
.7
Utilities
6
.9
Communication
Services
4
.7
Real
Estate
1
.1
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Sustainable
Global
Equity
Income
ETF
6
Strategic
Beta
ETFs
|
Annual
Report
2019
For
the
12-month
period
that
ended
October
31,
2019,
the
Fund
returned
8.08%
based
on
net
asset
value
(NAV)
and
8.12%
based
on
market
price.
The
Beta
Advantage
®
Sustainable
Global
Equity
Income
200
Index
(Net)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
7.68%
during
the
same
period.
For
comparison,
the
MSCI
World
Value
Index
(Net)
returned
8.51%
for
the
same
period.
The
Fund
had
an
NAV
of
$27.83
on
October
31,
2018
and
ended
the
annual
period
on
October
31,
2019
with
an
NAV
of
$26.97.
The
Fund’s
market
price
on
October
31,
2019
was
$26.94
per
share.
Global
equities
advanced
despite
trade
wars,
slowing
economies
and
geopolitical
tensions
As
the
annual
period
started
in
November
2018,
global
equities
overall
experienced
a
brief
reprieve
following
a
challenging
month
prior.
Dovish
comments
from
U.S.
Federal
Reserve
(Fed)
Chair
Powell,
an
accommodative
stance
by
Chinese
policymakers
toward
the
private
corporate
sector
and
seemingly
encouraging
progress
toward
China-U.S.
trade
talks
buoyed
the
markets.
However,
the
relief
rally
proved
short-lived,
as
global
equities
then
plunged
in
December
2018
on
renewed
investor
fears
sparked
by
the
arrest
of
a
Chinese
technology
executive,
a
partial
U.S.
federal
government
shutdown
and
the
U.S.
President’s
criticism
of
Fed
Chair
Powell.
Global
equities
also
fell
on
trade
war
escalations
between
the
U.S.
and
China
and
on
political
uncertainty
in
Europe,
particularly
surrounding
the
Italian
fiscal
budget
and
ongoing
Brexit
negotiations.
Global
equity
markets
then
came
roaring
back
in
the
first
quarter
of
2019.
Much
of
the
impetus
for
the
strong
equity
recovery
was
attributed
to
an
abrupt
change
in
monetary
policy
direction
by
the
Fed,
where
the
bias
shifted
from
a
tightening
mode
to
a
significantly
more
dovish
stance.
Other
contributing
factors
to
the
sharp
market
turnaround
included
a
sizable
fiscal
and
monetary
stimulus
program
in
China,
seeming
progress
on
trade
talks
between
the
U.S.
and
China
and
some
indicators
the
most
disruptive
Brexit
outcome
(where
the
U.K.
leaves
the
European
Union
without
a
trade
agreement
in
place)
could
be
avoided.
The
second
quarter
of
2019
reflected
a
milder
continuation
of
the
volatility
seen
during
the
prior
two
quarters.
In
U.S.
dollar
terms,
developed
equity
markets
outside
the
U.S.,
gained
modestly,
with
the
majority
coming
from
stock
returns
measured
in
local
currency
and
the
balance
coming
from
weakness
in
the
U.S.
dollar.
The
U.S.
equity
market
delivered
healthy
gains
in
the
second
quarter
of
2019,
although
similarly
amidst
some
intra-quarter
volatility.
Global
equity
market
gains
came
despite
a
continued
slowdown
in
global
economic
growth,
a
trend
especially
reflected
in
manufacturing
data,
the
sector
of
the
economy
most
directly
impacted
by
ongoing
trade
wars.
International
equity
markets
fell
in
the
third
quarter
of
2019,
while
U.S.
equity
markets
eked
out
modest
gains.
Stop/
start
trade
negotiations
with
China,
sustained
protests
in
Hong
Kong
and
an
escalation
of
the
rhetoric
surrounding
Brexit
all
served
to
keep
investors
skittish
and
lacking
sustained
conviction.
Disturbances
in
the
U.S.
repo
market,
normally
a
place
of
small
concern
to
equity
investors,
became
front-page
news,
as
spikes
in
the
cost
of
very
short-term
borrowing
indicated
stresses
in
the
banking
system,
and
forced
the
Fed
to
respond
by
expanding
its
balance
sheet
to
provide
liquidity
to
the
money
markets.
Further,
economic
data
weakened
in
both
the
Eurozone
and
Japan,
most
notably
in
the
manufacturing-oriented
portions
of
their
economies,
though
data
in
the
U.S.
was
fairly
resilient.
Offsetting
these
risks,
central
bank
policy
became
more
supportive,
with
the
Fed
cutting
its
interest
rates
twice
during
the
quarter
—
its
first
interest
rate
cuts
since
2008,
and
the
European
Central
Bank
both
cutting
its
interest
rates
and
restarting
its
program
of
quantitative
easing.
In
October
2019,
international
and
U.S.
equity
markets
alike
advanced
on
generally
upbeat
third
calendar
quarter
corporate
earnings
and
easing
geopolitical
tensions,
with
a
tentative
U.K.-European
Union
Brexit
agreement
and
seeming
progress
in
U.S.-China
trade
negotiations.
The
Fed
cut
its
interest
rates
for
the
third
time
in
2019.
However,
Fed
Chair
Powell
signaled
another
rate
change
was
unlikely
as
long
as
conditions
remained
steady.
European
equity
markets
moved
higher
on
the
back
of
positive
corporate
earnings
and
unchanged
policy
by
the
European
Central
Bank.
Tensions
regarding
a
no-deal
Brexit
receded,
as
the
European
Union
extended
the
Brexit
deadline
from
the
end
of
October
2019
to
the
end
of
January
2020.
Japanese
equities
experienced
positive
returns,
as
Japan’s
economy
continued
to
recover,
and
the
U.S.
and
Japan
signed
a
limited
trade
deal
on
agriculture
and
digital
trade.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Sustainable
Global
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
7
Within
the
MSCI
World
Value
Index,
utilities,
real
estate
and
information
technology
were
the
best
performing
sectors.
Energy
was
by
far
weakest
and
the
only
sector
in
the
MSCI
World
Value
Index
to
post
a
negative
absolute
return
during
the
annual
period.
Materials,
health
care
and
financials
each
generated
a
positive
absolute
return
but
also
lagged
the
MSCI
World
Value
Index
during
the
annual
period.
From
a
country
perspective,
Macau,
Italy,
New
Zealand
and
Portugal
were
the
strongest
performing
constituents
of
the
MSCI
World
Value
Index,
while
Russia,
China,
Luxembourg
and
Israel
were
weakest.
Index
lagged
MSCI
World
Value
Index
during
annual
period
Index
constituents
in
the
consumer
discretionary,
communication
services
and
financials
sectors
detracted
most
from
the
Index’s
results
relative
to
the
MSCI
World
Value
Index
during
the
annual
period.
Partially
offsetting
these
detractors
were
Index
constituents
in
the
materials,
information
technology
and
energy
sectors,
which
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
Value
Index.
From
a
country
perspective,
Index
constituents
in
the
U.S.,
Germany
and
Japan
detracted
the
most
from
the
Index’s
results
relative
to
the
MSCI
World
Value
Index
during
the
annual
period.
Conversely,
Index
constituents
in
the
Netherlands,
Sweden
and
the
U.K.
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
Value
Index.
Relative
to
the
MSCI
World
Value
Index,
overweight
positions
in
department
store
retailer
Macy’s,
integrated
telecommunications
company
CenturyLink
and
casual
apparel
retailer
The
GAP
(0.74%,
0%
and
0.69%
of
Fund
net
assets
as
of
10/31/19,
respectively),
each
based
in
the
U.S.,
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
during
the
annual
period.
Relative
to
the
MSCI
World
Value
Index,
an
overweight
position
in
semiconductor
company
Lam
Research
and
underweight
positions
in
semiconductor
company
Applied
Materials
and
integrated
energy
company
Exxon
Mobil
(1.03%,
0.77%
and
0.51%
of
Fund
net
assets
as
of
10/31/19,
respectively),
each
based
in
the
U.S.,
contributed
most
positively.
Lam
Research
posted
a
robust
double-digit
positive
absolute
return
during
the
annual
period,
while
Applied
Materials
and
Exxon
Mobil
each
underperformed
the
Index
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
ETFs
may
trade
at
a
discount
to
NAV,
are
subject
to
tracking/correlation
risk
and
shareholders
bear
additional
ETF
expenses.
International
investing
involves
certain
risks
and
volatility
due
to
potential
political,
economic
or
currency
instabilities
and
different
financial
and
accounting
standards.
Investments
in
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
ESG
factors
may
cause
the
fund
to
forgo
certain
investment
opportunities
and/or
exposures
to
certain
industries,
sectors
or
regions.
Additional
information
regarding
the
risks
of
this
investment
is
available
in
the
prospectus.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Sustainable
International
Equity
Income
ETF
8
Strategic
Beta
ETFs
|
Annual
Report
2019
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
Sustainable
International
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net).
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
New
York
Stock
Exchange
(NYSE)
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
is
designed
to
reflect
the
performance
of
the
top
100
(developed
markets)
foreign
large-
and
mid-cap
companies
(excluding
real
estate
investment
trusts)
using
a
subset
of
the
MSCI
World
ex
USA
Index,
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
World
ex
USA
Value
Index
(Net)
is
a
free
float-adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets
that
have
value
characteristics.
The
Index
consists
of
the
following
23
developed
market
country
indices:
Australia,
Austria,
Belgium,
Canada,
Denmark,
Finland,
France,
Germany,
Greece,
Hong
Kong,
Ireland,
Israel,
Italy,
Japan,
Netherlands,
New
Zealand,
Norway,
Portugal,
Singapore,
Spain,
Sweden,
Switzerland
and
the
United
Kingdom.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
and
the
MSCI
World
ex
USA
Value
Index
(Net)
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2019)
Inception
1
Year
Life
Market
Price
06/13/16
8.74
8.70
Net
Asset
Value
06/13/16
6.05
7.29
{
Beta
Advantage
}
®
Sustainable
International
Equity
Income
100
Index
(Net)
6.49
7.85
MSCI
World
ex
USA
Value
Index
(Net)
5.95
7.15
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
9
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2019)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Top
ten
holdings
(%)
(at
October
31,
2019)
Mitsubishi
Chemical
Holdings
Corp.
(Japan)
1
.5
HOCHTIEF
AG
(Germany)
1
.5
ORIX
Corp.
(Japan)
1
.5
Covestro
AG
(Germany)
1
.5
Showa
Denko
KK
(Japan)
1
.5
Astellas
Pharma,
Inc.
(Japan)
1
.5
Mitsubishi
UFJ
Lease
&
Finance
Co.
Ltd.
(Japan)
1
.5
Toyota
Tsusho
Corp.
(Japan)
1
.4
Idemitsu
Kosan
Co.
Ltd.
(Japan)
1
.4
ITOCHU
Corp.
(Japan)
1
.4
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
Country
breakdown
(%)
(at
October
31,
2019
)
Australia
8
.4
Austria
1
.6
Canada
4
.3
Denmark
0
.8
Finland
1
.4
France
6
.7
Germany
8
.9
Hong
Kong
2
.8
Italy
1
.7
Japan
41
.3
Netherlands
5
.6
Norway
0
.6
Singapore
1
.1
Spain
7
.7
Sweden
2
.7
Switzerland
0
.5
United
Kingdom
3
.7
United
States
(a)
0
.2
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
10
Strategic
Beta
ETFs
|
Annual
Report
2019
Equity
sector
breakdown
(%)
(at
October
31,
2019)
Industrials
20
.9
Financials
16
.8
Materials
15
.2
Communication
Services
8
.9
Consumer
Staples
8
.0
Health
Care
7
.3
Utilities
7
.1
Energy
5
.9
Consumer
Discretionary
5
.2
Real
Estate
3
.1
Information
Technology
1
.6
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Sustainable
International
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
11
For
the
12-month
period
that
ended
October
31,
2019,
the
Fund
returned
6.05%
based
on
net
asset
value
(NAV)
and
8.74%
based
on
market
price.
The
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
6.49%
during
the
same
period.
For
comparison,
the
MSCI
World
ex
USA
Value
Index
(Net)
returned
5.95%
for
the
same
period.
The
Fund
had
an
NAV
of
$26.68
on
October
31,
2018
and
ended
the
annual
period
on
October
31,
2019
with
an
NAV
of
$25.78.
The
Fund’s
market
price
on
October
31,
2019
was
$25.72
per
share.
International
equities
gained
despite
trade
wars
and
slowing
global
economic
growth
As
the
annual
period
started
in
November
2018,
international
equities
overall
experienced
a
brief
reprieve
following
a
challenging
month
prior.
Dovish
comments
from
U.S.
Federal
Reserve
(Fed)
Chair
Powell,
an
accommodative
stance
by
Chinese
policymakers
toward
the
private
corporate
sector
and
seemingly
encouraging
progress
toward
China-U.S.
trade
talks
buoyed
the
markets.
However,
the
relief
rally
proved
short-lived,
as
international
equities
then
plunged
in
December
2018
on
renewed
investor
fears
sparked
by
the
arrest
of
a
Chinese
technology
executive,
a
partial
U.S.
federal
government
shutdown
and
the
U.S.
President’s
criticism
of
Fed
Chair
Powell.
International
equities
also
fell
on
trade
war
escalations
between
the
U.S.
and
China
and
on
political
uncertainty
in
Europe,
particularly
surrounding
the
Italian
fiscal
budget
and
ongoing
Brexit
negotiations.
International
equity
markets
then
came
roaring
back
in
the
first
quarter
of
2019.
Much
of
the
impetus
for
the
strong
equity
recovery
was
attributed
to
an
abrupt
change
in
monetary
policy
direction
by
the
Fed,
where
the
bias
shifted
from
a
tightening
mode
to
a
significantly
more
dovish
stance.
Other
contributing
factors
to
the
sharp
market
turnaround
included
a
sizable
fiscal
and
monetary
stimulus
program
in
China,
seeming
progress
on
trade
talks
between
the
U.S.
and
China
and
some
indicators
the
most
disruptive
Brexit
outcome
(where
the
U.K.
leaves
the
European
Union
without
a
trade
agreement
in
place)
could
be
avoided.
The
second
quarter
of
2019
reflected
a
milder
continuation
of
the
volatility
seen
during
the
prior
two
quarters.
In
U.S.
dollar
terms,
developed
equity
markets
outside
the
U.S.
gained
modestly,
with
the
majority
coming
from
stock
returns
measured
in
local
currency
and
the
balance
coming
from
weakness
in
the
U.S.
dollar.
International
equity
market
gains
came
despite
a
continued
slowdown
in
global
economic
growth,
a
trend
especially
reflected
in
manufacturing
data,
the
sector
of
the
economy
most
directly
impacted
by
ongoing
trade
wars.
International
equity
markets
fell
in
the
third
quarter
of
2019.
Stop/start
trade
negotiations
with
China,
sustained
protests
in
Hong
Kong
and
an
escalation
of
the
rhetoric
surrounding
Brexit
all
served
to
keep
investors
skittish
and
lacking
sustained
conviction.
Disturbances
in
the
U.S.
repo
market,
normally
a
place
of
small
concern
to
equity
investors,
became
front-page
news,
as
spikes
in
the
cost
of
very
short-term
borrowing
indicated
stresses
in
the
banking
system,
and
forced
the
Fed
to
respond
by
expanding
its
balance
sheet
to
provide
liquidity
to
the
money
markets.
Further,
economic
data
weakened
in
both
the
eurozone
and
Japan,
most
notably
in
the
manufacturing-oriented
portions
of
their
economies.
Offsetting
these
risks,
central
bank
policy
became
more
supportive,
with
the
Fed
cutting
its
interest
rates
twice
during
the
quarter
—
its
first
interest
rate
cuts
since
2008,
and
the
European
Central
Bank
both
cutting
its
interest
rates
and
restarting
its
program
of
quantitative
easing.
In
October
2019,
international
equity
markets
advanced
on
generally
upbeat
third
calendar
quarter
corporate
earnings
and
easing
geopolitical
tensions,
with
a
tentative
U.K.-European
Union
Brexit
agreement
and
seeming
progress
in
U.S.-
China
trade
negotiations.
The
Fed
cut
its
interest
rates
for
the
third
time
in
2019.
However,
Fed
Chair
Powell
signaled
another
rate
change
was
unlikely
as
long
as
conditions
remained
steady.
European
equity
markets
moved
higher
on
the
back
of
positive
corporate
earnings
and
unchanged
policy
by
the
European
Central
Bank.
Tensions
regarding
a
no-deal
Brexit
receded,
as
the
European
Union
extended
the
Brexit
deadline
from
the
end
of
October
2019
to
the
end
of
January
2020.
Japanese
equities
experienced
positive
returns,
as
Japan’s
economy
continued
to
recover,
and
the
U.S.
and
Japan
signed
a
limited
trade
deal
on
agriculture
and
digital
trade.
Within
the
MSCI
World
ex
USA
Value
Index,
utilities,
real
estate
and
industrials
were
the
best
performing
sectors
during
the
annual
period.
Consumer
staples,
energy
and
information
technology
were
weakest,
each
posting
a
negative
absolute
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
12
Strategic
Beta
ETFs
|
Annual
Report
2019
return.
From
a
country
perspective,
Macau,
Italy,
Greece,
New
Zealand
and
Portugal
were
the
strongest
performing
constituents
of
the
MSCI
World
ex
USA
Value
Index,
while
Russia,
China,
Luxembourg,
Israel
and
Norway
were
weakest.
Index
outpaced
MSCI
World
ex
USA
Value
Index
during
the
annual
period
Index
constituents
in
the
materials,
consumer
staples
and
energy
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
during
the
annual
period.
Partially
offsetting
these
positive
contributors
were
the
industrials,
real
estate
and
utilities
sectors,
which
detracted.
From
a
country
perspective,
Index
constituents
in
the
Netherlands,
Sweden
and
Israel
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
during
the
annual
period.
Conversely,
Index
constituents
in
Germany,
Japan
and
Australia
detracted
the
most
from
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index.
Relative
to
the
MSCI
World
ex
USA
Value
Index,
overweight
positions
in
Japanese
housing
materials
producer
LIXIL
Group,
Denmark-based
brewing
company
Carlsberg
and
Italian
utilities
company
Enel
SPA
(0.90%,
0.76%
and
0.89%
of
Fund
net
assets
as
of
10/31/19,
respectively)
contributed
most
positively.
Each
posted
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
Relative
to
the
MSCI
World
ex
USA
Value
Index,
overweight
positions
in
U.K.
postal
and
delivery
services
provider
Royal
Mail,
German
media
company
Prosiebensat.1
Media
and
Japanese
camera
and
technology
hardware
manufacturer
Nikon
(0%,
0%
and
1.23%
of
Fund
net
assets
as
of
10/31/19,
respectively)
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
ETFs
may
trade
at
a
discount
to
NAV,
are
subject
to
tracking/correlation
risk
and
shareholders
bear
additional
ETF
expenses.
International
investing
involves
certain
risks
and
volatility
due
to
potential
political,
economic
or
currency
instabilities
and
different
financial
and
accounting
standards.
Investments
in
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
ESG
factors
may
cause
the
fund
to
forgo
certain
investment
opportunities
and/or
exposures
to
certain
industries,
sectors
or
regions.
Additional
information
regarding
the
risks
of
this
investment
is
available
in
the
prospectus.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Sustainable
U.S.
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
13
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
Sustainable
U.S.
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross).
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
New
York
Stock
Exchange
(NYSE)
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
is
designed
to
reflect
the
performance
of
the
top
100
U.S.
large
and
mid-cap
companies
(excluding
real
estate
investment
trusts)
using
a
subset
of
the
MSCI
USA
Index,
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
USA
Value
Index
(Gross)
captures
large
and
mid-cap
US
securities
exhibiting
overall
value
style
characteristics.
The
value
investment
style
characteristics
for
index
construction
are
defined
using
three
variables:
book
value
to
price,
12-month
forward
earnings
to
price
and
dividend
yield.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2019)
Inception
1
Year
Life
Market
Price
06/13/16
9.04
11.86
Net
Asset
Value
06/13/16
9.19
11.77
{
Beta
Advantage
}
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
9.44
12.16
MSCI
USA
Value
Index
(Gross)
11.07
10.68
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
14
Strategic
Beta
ETFs
|
Annual
Report
2019
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2019)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Top
ten
holdings
(%)
(at
October
31,
2019)
Nordstrom,
Inc.
1
.7
Harley-Davidson,
Inc.
1
.6
Valero
Energy
Corp.
1
.6
Lam
Research
Corp.
1
.6
AbbVie,
Inc.
1
.6
Steel
Dynamics,
Inc.
1
.5
Cardinal
Health,
Inc.
1
.5
Zions
Bancorp
NA
1
.4
Celanese
Corp.
1
.4
Comerica,
Inc.
1
.4
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
Portfolio
breakdown
(%)
(at
October
31,
2019
)
Common
Stocks
99.7
Money
Market
Fund
0.3
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sector
breakdown
(%)
(at
October
31,
2019)
Financials
17
.9
Industrials
14
.9
Information
Technology
13
.6
Consumer
Discretionary
11
.1
Consumer
Staples
9
.7
Health
Care
8
.8
Energy
8
.7
Utilities
6
.8
Materials
6
.1
Communication
Services
2
.4
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Sustainable
U.S.
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
15
For
the
12-month
period
that
ended
October
31,
2019,
the
Fund
returned
9.19%
based
on
net
asset
value
(NAV)
and
9.04%
based
on
market
price.
The
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
9.44%
during
the
same
period.
For
comparison,
the
MSCI
USA
Value
Index
(Gross)
returned
11.07%
for
the
same
period.
The
Fund
had
an
NAV
of
$28.25
on
October
31,
2018
and
ended
the
annual
period
on
October
31,
2019
with
an
NAV
of
$28.60.
The
Fund’s
market
price
on
October
31,
2019
was
$28.62
per
share.
U.S.
equities
posted
gains
despite
trade
wars,
geopolitical
pressures
and
slowing
economy
The
U.S.
equity
markets
got
off
to
a
solid
start
in
November
2018,
when
the
annual
period
began.
The
U.S.
economy
advanced
at
a
rate
higher
than
its
long-term
average,
reaching
3.2%
in
the
third
quarter,
with
fourth
quarter
data
pointing
to
a
solid
year
end.
The
labor
markets
added
a
monthly
average
of
170,000
new
jobs
during
the
fourth
quarter,
a
figure
more
than
ample
to
absorb
new
workers.
Wages
expanded
by
approximately
3.0%
in
2018,
well
above
the
estimated
rate
of
inflation.
U.S.
manufacturing
also
remained
solid,
but
activity
softened
in
December
2018,
and
new
orders
were
particularly
disappointing.
Despite
these
mostly
positive
factors,
the
financial
markets
were
overwhelmed
by
global
concerns,
and
a
sharp
sell-off
in
stocks
and
other
risky
assets
in
December
2018
left
very
few
sectors
untouched.
Cooling
global
economic
growth,
protracted
tariff
disputes
and
lackluster
Chinese
economic
data
all
contributed
to
investor
pessimism
as
2018
came
to
a
close.
In
December,
the
Federal
Reserve
(Fed)
raised
the
target
range
on
its
key
short-term
interest
rate,
the
federal
funds
rate,
to
between
2.25%–2.50%,
citing
continued
strong
job
growth
and
inflation
in
line
with
its
2.0%
target.
After
falling
sharply
late
in
2018,
stocks
rebounded
to
post
hearty
total
returns
in
the
first
quarter
of
2019.
A
number
of
factors
that
had
previously
weighed
on
sentiment
began
to
dissipate,
fueling
a
revival
in
investors’
appetite
for
risk.
First,
domestic
economic
growth
—
while
slowing
from
its
rapid
pace
of
mid-2018
—
appeared
on
track
to
stay
in
positive
territory.
The
markets
also
grew
more
optimistic
regarding
the
odds
of
a
resolution
to
the
U.S.-China
trade
dispute.
Although
the
two
countries
failed
to
come
to
an
agreement,
signs
of
progress
allayed
previous
concerns
the
issue
would
devolve
into
a
larger
trade
war.
A
series
of
statements
by
U.S.
Fed
officials
further
fueled
the
rally
by
fostering
expectations
the
central
bank
was
unlikely
to
raise
interest
rates
in
2019.
The
change
in
direction
removed
the
pessimism
caused
by
Fed
Chair
Powell’s
October
assertion
that
several
more
rate
hikes
could
be
on
the
way
before
the
tightening
cycle
was
complete.
U.S.
equities
delivered
healthy
gains
in
the
second
quarter
of
2019,
albeit
with
elevated
volatility.
After
producing
strong
returns
in
April,
stocks
turned
lower
in
May
due
to
mounting
evidence
of
slower
economic
growth
and
concerns
about
the
U.S.-China
trade
dispute.
The
stock
market
staged
a
sizable
recovery
in
June,
however,
allowing
most
major
domestic
indices
to
close
the
quarter
firmly
in
the
black.
The
ongoing
shift
in
Fed
policy
was
the
primary
reason
for
the
impressive
June
rally.
Whereas
late
last
year
investors
were
anticipating
the
Fed
would
raise
rates
several
times
in
2019,
indications
then
showed
the
central
bank
would
possibly
cut
rates
at
least
once
before
year
end.
The
increasingly
accommodative
nature
of
Fed
policy
outweighed
worries
about
economic
growth
and
trade,
helping
stocks
build
on
their
sizable
first-
quarter
gains.
The
markets
also
became
more
confident
that
corporate
earnings
growth,
while
slowing
considerably
from
its
2018
pace,
would
likely
not
slip
into
negative
territory.
After
delivering
strong
returns
in
the
first
half
of
2019,
the
major
U.S.
equity
indices
settled
into
a
range
in
the
third
quarter.
Stocks
were
supported
by
the
increasingly
accommodative
monetary
policy
of
the
Fed,
highlighted
by
quarter-
point
interest
rate
cuts
in
both
July
and
September
—
its
first
interest
rate
cuts
since
2008.
In
addition,
investors
appeared
confident
that
corporate
earnings
would
remain
in
positive
territory.
However,
these
tailwinds
were
largely
offset
by
the
combination
of
slowing
global
economic
growth,
ongoing
trade
disputes
between
the
U.S.
and
China,
and
the
U.S.
House
of
Representatives’
initiation
of
a
formal
impeachment
investigation
against
President
Trump
in
late
September
2019.
The
elevated
uncertainty
resulted
in
both
choppy
market
conditions
and
outperformance
for
stocks
seen
as
having
defensive
qualities.
In
October
2019,
U.S.
equities
rose
modestly,
welcoming
signs
of
an
easing
in
geopolitical
tensions,
as
U.S.
and
Chinese
authorities
appeared
to
move
closer
to
a
partial
trade
agreement,
and
the
U.K.
edged
back
from
a
no-deal
Brexit.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
16
Strategic
Beta
ETFs
|
Annual
Report
2019
However,
U.S.
economic
data
continued
to
soften,
especially
in
the
manufacturing
sector.
Overall
slowing
economic
momentum
led
the
Fed
to
cut
interest
rates
for
the
third
time
in
four
months.
Within
the
broad
U.S.
equity
market,
large-cap
stocks
led
mid-cap
and
small-cap
stocks,
and
growth
stocks
outperformed
value
stocks
across
the
capitalization
spectrum.
Within
the
MSCI
USA
Value
Index,
utilities,
real
estate
and
information
technology
were
the
best
performing
sectors.
Energy
was
by
far
weakest
and
the
only
sector
in
the
MSCI
USA
Value
Index
to
post
a
negative
absolute
return
during
the
annual
period.
Materials,
health
care
and
consumer
staples
each
generated
a
positive
absolute
return
but
also
lagged
the
MSCI
USA
Value
Index
during
the
annual
period.
Index
lagged
MSCI
USA
Value
Index
during
annual
period
Index
constituents
in
the
consumer
discretionary,
financials
and
communication
services
sectors
detracted
most
from
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
during
the
annual
period.
Partially
offsetting
these
detractors
were
Index
constituents
in
the
materials,
information
technology
and
industrials
sectors,
which
contributed
positively
to
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index.
Relative
to
the
MSCI
USA
Value
Index,
overweight
positions
in
department
store
retailer
Macy’s,
integrated
telecommunications
company
CenturyLink
and
casual
apparel
retailer
The
GAP
(1.16%,
0.00%
and
1.09%
of
Fund
net
assets
as
of
10/31/19,
respectively)
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
during
the
annual
period.
Relative
to
the
MSCI
USA
Value
Index,
an
overweight
position
in
semiconductor
company
Lam
Research
and
underweight
positions
in
semiconductor
company
Applied
Materials
and
integrated
energy
company
Exxon
Mobil
(1.61%,
1.20%
and
0.80%
of
Fund
net
assets
as
of
10/31/19,
respectively)
contributed
most
positively.
Lam
Research
posted
a
robust
double-digit
positive
absolute
return
during
the
annual
period,
while
Applied
Materials
and
Exxon
Mobil
each
underperformed
the
Index
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
ETFs
may
trade
at
a
discount
to
NAV,
are
subject
to
tracking/correlation
risk
and
shareholders
bear
additional
ETF
expenses.
Investments
in
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
ESG
factors
may
cause
the
fund
to
forgo
certain
investment
opportunities
and/or
exposures
to
certain
industries,
sectors
or
regions.
Additional
information
regarding
the
risks
of
this
investment
is
available
in
the
prospectus.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2019
17
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
October
31,
2019.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2019
—
October
31,
2019
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Sustainable
Global
Equity
Income
ETF
1,000.00
1,000.00
1,020.50
1,023.19
2.04
2.04
0.40
Columbia
Sustainable
International
Equity
Income
ETF
1,000.00
1,000.00
1,016.50
1,022.94
2.29
2.29
0.45
Columbia
Sustainable
U.S.
Equity
Income
ETF
1,000.00
1,000.00
1,023.20
1,023.44
1.78
1.79
0.35
FREQUENCY
DISTRIBUTION
OF
PREMIUMS
AND
DISCOUNTS
(Unaudited)
18
Strategic
Beta
ETFs
|
Annual
Report
2019
The
tables
that
follow
present
information
about
the
differences
between
the
daily
market
price
on
secondary
markets
for
shares
of
a
Fund
and
that
Fund’s
net
asset
value.
Net
asset
value,
or
“NAV”,
is
the
price
per
share
at
which
each
Fund
issues
and
redeems
shares.
It
is
calculated
in
accordance
with
the
standard
formula
for
valuing
fund
shares.
The
“Market
Price”
of
each
Fund
generally
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
stock
exchange
on
which
the
shares
of
such
Fund
are
listed
for
trading,
as
of
the
time
that
the
Fund’s
NAV
is
calculated.
Each
Fund’s
Market
Price
may
be
at,
above
or
below
its
NAV.
The
NAV
of
each
Fund
will
fluctuate
with
changes
in
the
market
value
of
its
portfolio
holdings.
The
Market
Price
of
each
Fund
will
fluctuate
in
accordance
with
changes
in
its
NAV,
as
well
as
market
supply
and
demand.
Premiums
or
discounts
are
the
differences
(expressed
as
a
percentage)
between
the
NAV
and
Market
Price
of
a
Fund
on
a
given
day,
generally
at
the
time
NAV
is
calculated.
A
premium
is
the
amount
that
a
Fund
is
trading
above
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
A
discount
is
the
amount
that
a
Fund
is
trading
below
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
The
following
information
shows
the
frequency
distributions
of
premiums
and
discounts
for
each
of
the
Funds.
The
information
shown
for
each
Fund
is
for
the
period
from
inception
date
of
such
Fund
through
October
31,
2019.
Each
line
in
the
table
shows
the
number
of
trading
days
in
which
the
Fund
traded
within
the
premium/discount
range
indicated.
All
data
presented
here
represents
past
performance,
which
cannot
be
used
to
predict
future
results.
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Sustainable
Global
Equity
Income
ETF
June
13,
2016
–
October
31,
2019
0
–
49.9
639
163
50
-99.9
43
9
100
–
199.9
0
0
>200
0
0
Total
682
172
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Sustainable
International
Equity
Income
ETF
June
13,
2016
–
October
31,
2019
0
–
49.9
386
219
50
-99.9
137
66
100
-199.9
23
19
>
200
1
3
Total
547
307
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Sustainable
U.S.
Equity
Income
ETF
June
13,
2016
–
October
31,
2019
0
–
49.9
749
102
50
–
99.9
2
0
100
–
199.9
0
0
>200
0
1
Total
751
103
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
Global
Equity
Income
ETF
October
31,
2019
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
19
Common
Stocks
99.4%
Issuer
Shares
Value
($)
Australia 3.0%
AGL
Energy
Ltd.
5,868
79,966
BHP
Group
Ltd.
2,501
61,944
BHP
Group
PLC
2,678
56,651
BlueScope
Steel
Ltd.
3,466
31,831
CIMIC
Group
Ltd.
3,264
74,231
Rio
Tinto
Ltd.
633
39,633
South32
Ltd.
36,343
63,848
Woodside
Petroleum
Ltd.
3,584
79,508
Total
487,612
Austria 0.6%
Erste
Group
Bank
AG
(a)
1,653
58,405
OMV
AG
574
33,505
Total
91,910
Canada 1.5%
Atco
Ltd.
Class
I
799
28,146
Imperial
Oil
Ltd.
1,339
33,415
Magna
International,
Inc.
1,019
54,906
Open
Text
Corp.
1,161
47,011
Quebecor,
Inc.
Class
B
1,404
32,709
West
Fraser
Timber
Co.
Ltd.
1,094
50,690
Total
246,877
Denmark 0.3%
Carlsberg
A/S
Class
B
316
44,477
Finland 0.5%
UPM-Kymmene
OYJ
2,512
81,665
France 2.4%
BNP
Paribas
SA
1,130
59,013
Eiffage
SA
624
67,055
Eutelsat
Communications
SA
3,077
58,358
Imerys
SA
1,529
59,056
Publicis
Groupe
SA
1,090
46,879
Valeo
SA
1,536
57,133
Vinci
SA
368
41,302
Total
388,796
Germany 3.2%
Covestro
AG
(b)
1,808
86,836
Deutsche
Telekom
AG
2,638
46,407
E.ON
SE
7,177
72,360
Fraport
AG
Frankfurt
Airport
Services
Worldwide
467
39,044
Fresenius
Medical
Care
AG
&
Co.
KGaA
788
57,038
HeidelbergCement
AG
566
42,068
Henkel
AG
&
Co.
KGaA
366
35,259
HOCHTIEF
AG
705
87,934
KION
Group
AG
766
50,916
Total
517,862
Hong
Kong 1.0%
HKT
Trust
&
HKT
Ltd.
22,505
35,031
Kerry
Properties
Ltd.
19,771
64,073
Swire
Properties
Ltd.
8,160
25,715
Wheelock
&
Co.
Ltd.
6,089
37,718
Total
162,537
Italy 0.6%
Enel
SpA
6,665
51,604
Telecom
Italia
Spa-RSP
86,762
50,218
Total
101,822
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Japan 14.8%
Aeon
Mall
Co.
Ltd.
3,101
49,797
Alfresa
Holdings
Corp.
2,385
53,655
Astellas
Pharma,
Inc.
4,966
85,374
Dai-ichi
Life
Holdings,
Inc.
4,740
78,288
Fuji
Electric
Co.
Ltd.
2,146
68,883
FUJIFILM
Holdings
Corp.
1,064
47,046
Hitachi
Construction
Machinery
Co.
Ltd.
2,362
61,702
Honda
Motor
Co.
Ltd.
1,942
52,850
Idemitsu
Kosan
Co.
Ltd.
2,829
83,872
ITOCHU
Corp.
3,911
82,160
JXTG
Holdings,
Inc.
10,247
48,285
Kajima
Corp.
5,624
77,827
KDDI
Corp.
2,241
62,169
Kirin
Holdings
Co.
Ltd.
2,851
60,789
Kyowa
Kirin
Co.
Ltd.
3,329
61,465
Kyushu
Electric
Power
Co.,
Inc.
5,528
55,329
Lawson,
Inc.
1,289
71,303
LIXIL
Group
Corp.
2,787
52,231
Mitsubishi
Chemical
Holdings
Corp.
11,508
88,419
Mitsubishi
Corp.
2,735
69,928
Mitsubishi
UFJ
Financial
Group,
Inc.
14,997
79,046
Mitsubishi
UFJ
Lease
&
Finance
Co.
Ltd.
13,710
84,843
Mitsui
&
Co.
Ltd.
3,749
64,763
Mitsui
Chemicals,
Inc.
3,187
76,738
Nikon
Corp.
5,552
71,387
Nippon
Telegraph
&
Telephone
Corp.
1,350
67,135
NTT
DOCOMO,
Inc.
2,205
60,681
ORIX
Corp.
5,499
86,805
Resona
Holdings,
Inc.
18,661
82,011
Shionogi
&
Co.
Ltd.
1,106
66,684
Showa
Denko
KK
3,022
85,959
Sompo
Holdings,
Inc.
835
33,012
Sumitomo
Dainippon
Pharma
Co.
Ltd.
1,964
34,555
Sumitomo
Mitsui
Financial
Group,
Inc.
1,983
71,172
T&D
Holdings,
Inc.
3,373
38,065
Toyota
Tsusho
Corp.
2,418
84,324
Total
2,398,552
Netherlands 2.0%
Heineken
Holding
NV
452
43,065
Koninklijke
Ahold
Delhaize
NV
3,236
80,599
Koninklijke
Philips
NV
852
37,327
NN
Group
NV
1,938
73,880
Randstad
NV
1,045
57,873
Wolters
Kluwer
NV
406
29,904
Total
322,648
Norway 0.2%
DNB
ASA
2,087
37,984
Singapore 0.4%
DBS
Group
Holdings
Ltd.
1,506
28,771
Jardine
Cycle
&
Carriage
Ltd.
1,356
32,601
Total
61,372
Spain 2.8%
ACS
Actividades
de
Construccion
y
Servicios
SA
2,021
82,050
Banco
Bilbao
Vizcaya
Argentaria
SA
8,906
46,928
CaixaBank
SA
26,476
75,765
Enagas
SA
2,762
68,377
Red
Electrica
Corp.
SA
2,846
57,311
Repsol
SA
3,772
61,861
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
Global
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2019
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Telefonica
SA
7,367
56,505
Total
448,797
Sweden 1.0%
Boliden
AB
2,102
56,650
Electrolux
AB
Series
B
1,351
35,548
Sandvik
AB
3,718
65,740
Total
157,938
Switzerland 0.2%
Sonova
Holding
AG
115
26,339
United
Kingdom 1.3%
3i
Group
PLC
2,725
39,775
CNH
Industrial
NV
4,640
50,462
Imperial
Brands
PLC
2,047
44,828
Wm
Morrison
Supermarkets
PLC
31,447
80,917
Total
215,982
United
States 63.6%
AbbVie,
Inc.
2,037
162,043
AES
Corp.
(The)
7,739
131,950
Allegion
PLC
704
81,692
Allstate
Corp.
(The)
664
70,663
Ally
Financial,
Inc.
2,559
78,382
American
Electric
Power
Co.,
Inc.
707
66,734
American
Express
Co.
393
46,091
Ameriprise
Financial,
Inc.
(c)
498
75,143
AmerisourceBergen
Corp.
678
57,888
Amgen,
Inc.
569
121,339
Apple,
Inc.
372
92,539
Applied
Materials,
Inc.
2,285
123,984
Avery
Dennison
Corp.
539
68,916
Baker
Hughes
Co.
3,897
83,396
Bank
of
New
York
Mellon
Corp.
(The)
1,646
76,950
Best
Buy
Co.,
Inc.
1,846
132,598
BorgWarner,
Inc.
2,687
111,994
Bunge
Ltd.
1,794
96,876
Campbell
Soup
Co.
2,667
123,509
Cardinal
Health,
Inc.
3,166
156,559
Celanese
Corp.
1,203
145,743
Church
&
Dwight
Co.,
Inc.
904
63,226
Citizens
Financial
Group,
Inc.
3,965
139,409
Comerica,
Inc.
2,196
143,662
Conagra
Brands,
Inc.
1,957
52,937
ConocoPhillips
1,604
88,541
Cummins,
Inc.
604
104,178
CVS
Health
Corp.
1,657
110,008
Delta
Air
Lines,
Inc.
1,920
105,754
DTE
Energy
Co.
765
97,400
DXC
Technology
Co.
1,692
46,818
Edison
International
1,819
114,415
Exxon
Mobil
Corp.
1,228
82,976
Fortune
Brands
Home
&
Security,
Inc.
1,492
89,595
Franklin
Resources,
Inc.
3,196
88,050
Gap,
Inc.
(The)
6,895
112,113
General
Mills,
Inc.
1,864
94,803
Gilead
Sciences,
Inc.
2,174
138,506
Goldman
Sachs
Group,
Inc.
(The)
273
58,253
Hanesbrands,
Inc.
5,801
88,233
Harley-Davidson,
Inc.
4,302
167,391
Hewlett
Packard
Enterprise
Co.
8,058
132,232
Honeywell
International,
Inc.
336
58,037
Hormel
Foods
Corp.
1,229
50,254
Common
Stocks
(continued)
Issuer
Shares
Value
($)
HP,
Inc.
7,388
128,330
Huntington
Ingalls
Industries,
Inc.
323
72,888
Ingersoll-Rand
PLC
429
54,436
Ingredion,
Inc.
1,805
142,595
International
Business
Machines
Corp.
697
93,210
JM
Smucker
Co.
(The)
1,089
115,085
Juniper
Networks,
Inc.
5,710
141,722
KeyCorp
7,356
132,187
Kroger
Co.
(The)
3,799
93,607
Lam
Research
Corp.
612
165,876
Lincoln
National
Corp.
1,688
95,338
Lowe's
Cos.,
Inc.
754
84,154
Macy's,
Inc.
7,882
119,491
ManpowerGroup,
Inc.
1,280
116,378
Masco
Corp.
1,387
64,149
Molson
Coors
Brewing
Co.
Class
B
2,027
106,863
Morgan
Stanley
3,067
141,235
Newmont
Goldcorp
Corp.
1,902
75,566
NextEra
Energy,
Inc.
217
51,720
Nielsen
Holdings
PLC
5,374
108,340
Nordstrom,
Inc.
4,951
177,741
Northrop
Grumman
Corp.
162
57,102
Nucor
Corp.
2,181
117,447
Occidental
Petroleum
Corp.
2,282
92,421
Omnicom
Group,
Inc.
1,843
142,261
ONEOK,
Inc.
1,751
122,272
Oracle
Corp.
1,322
72,036
Owens
Corning
911
55,826
Parker-Hannifin
Corp.
595
109,177
PepsiCo,
Inc.
425
58,297
Perrigo
Co.
PLC
1,727
91,566
Phillips
66
1,144
133,642
PNC
Financial
Services
Group,
Inc.
(The)
714
104,744
PPG
Industries,
Inc.
524
65,563
PPL
Corp.
3,944
132,085
Principal
Financial
Group,
Inc.
1,493
79,696
Prudential
Financial,
Inc.
1,241
113,105
Quest
Diagnostics,
Inc.
649
65,711
Regions
Financial
Corp.
7,736
124,550
Robert
Half
International,
Inc.
2,165
123,990
Rockwell
Automation,
Inc.
547
94,078
Schlumberger
Ltd.
3,877
126,739
Seagate
Technology
PLC
2,041
118,439
Sempra
Energy
684
98,845
Skyworks
Solutions,
Inc.
1,192
108,543
Snap-on,
Inc.
878
142,824
Southwest
Airlines
Co.
1,771
99,406
Starbucks
Corp.
650
54,964
State
Street
Corp.
1,960
129,497
Steel
Dynamics,
Inc.
5,225
158,631
Target
Corp.
876
93,653
Texas
Instruments,
Inc.
526
62,063
Valero
Energy
Corp.
1,721
166,903
Walt
Disney
Co.
(The)
829
107,704
Western
Union
Co.
(The)
4,447
111,442
Zions
Bancorp
NA
3,083
149,433
Total
10,297,346
Total
Common
Stocks
(Cost
$15,441,774)
16,090,516
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
Global
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
21
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
SEC
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
The
Fund
may
invest
in
private
placements
determined
to
be
liquid
as
well
as
those
determined
to
be
illiquid.
Private
placements
may
be
determined
to
be
liquid
under
guidelines
established
by
the
Fund’s
Board
of
Trustees.
At
October
31,
2019,
the
net
value
of
these
securities
amounted
to
$86,836
which
represents
0.54%
of
net
assets.
(c)
As
defined
in
the
Investment
Company
Act
of
1940,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
company’s
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
Holdings
and
transactions
in
these
affiliated
companies
during
the
year
ended
October
31,
2019
are
as
follows:
(d)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2019.
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
1.618%
(d)
45,224
45,224
Total
Money
Market
Funds
(Cost
$45,224)
45,224
Total
Investments
in
Securities
(Cost
$15,486,998)
16,135,740
Other
Assets
&
Liabilities,
Net
48,909
Net
Assets
16,184,649
Issuer
Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Realized
gain/
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Dividend
—
affiliated
issuers
($)
Value
($)
Ameriprise
Financial,
Inc.
343
474
(319)
498
(1,646)
8,036
1,602
75,143
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
Global
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2019
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2019:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Australia
487,612
–
–
487,612
Austria
91,910
–
–
91,910
Canada
246,877
–
–
246,877
Denmark
44,477
–
–
44,477
Finland
81,665
–
–
81,665
France
388,796
–
–
388,796
Germany
517,862
–
–
517,862
Hong
Kong
162,537
–
–
162,537
Italy
101,822
–
–
101,822
Japan
2,398,552
–
–
2,398,552
Netherlands
322,648
–
–
322,648
Norway
37,984
–
–
37,984
Singapore
61,372
–
–
61,372
Spain
448,797
–
–
448,797
Sweden
157,938
–
–
157,938
Switzerland
26,339
–
–
26,339
United
Kingdom
215,982
–
–
215,982
United
States
10,297,346
–
–
10,297,346
Total
Common
Stocks
16,090,516
–
–
16,090,516
Money
Market
Funds
45,224
–
–
45,224
Total
Investments
in
Securities
16,135,740
–
–
16,135,740
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
International
Equity
Income
ETF
October
31,
2019
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
23
Common
Stocks
98.9%
Issuer
Shares
Value
($)
Australia 8.3%
AGL
Energy
Ltd.
5,169
70,440
BHP
Group
Ltd.
2,203
54,563
BHP
Group
PLC
2,359
49,903
BlueScope
Steel
Ltd.
3,053
28,038
CIMIC
Group
Ltd.
2,874
65,361
Rio
Tinto
Ltd.
557
34,875
South32
Ltd.
32,012
56,239
Woodside
Petroleum
Ltd.
3,157
70,036
Total
429,455
Austria 1.6%
Erste
Group
Bank
AG
(a)
1,456
51,445
OMV
AG
505
29,477
Total
80,922
Canada 4.2%
Atco
Ltd.
Class
I
704
24,799
Imperial
Oil
Ltd.
1,179
29,422
Magna
International,
Inc.
898
48,386
Open
Text
Corp.
1,023
41,423
Quebecor,
Inc.
Class
B
1,237
28,818
West
Fraser
Timber
Co.
Ltd.
964
44,667
Total
217,515
Denmark 0.8%
Carlsberg
A/S
Class
B
278
39,128
Finland 1.4%
UPM-Kymmene
OYJ
2,213
71,945
France 6.6%
BNP
Paribas
SA
995
51,962
Eiffage
SA
550
59,103
Eutelsat
Communications
SA
2,710
51,398
Imerys
SA
1,347
52,026
Publicis
Groupe
SA
960
41,288
Valeo
SA
1,352
50,289
Vinci
SA
324
36,364
Total
342,430
Germany 8.8%
Covestro
AG
(b)
1,592
76,462
Deutsche
Telekom
AG
2,324
40,883
E.ON
SE
6,322
63,739
Fraport
AG
Frankfurt
Airport
Services
Worldwide
411
34,362
Fresenius
Medical
Care
AG
&
Co.
KGaA
694
50,234
HeidelbergCement
AG
499
37,088
Henkel
AG
&
Co.
KGaA
322
31,020
HOCHTIEF
AG
621
77,457
KION
Group
AG
675
44,868
Total
456,113
Hong
Kong 2.8%
HKT
Trust
&
HKT
Ltd.
19,823
30,856
Kerry
Properties
Ltd.
17,415
56,438
Swire
Properties
Ltd.
7,187
22,649
Wheelock
&
Co.
Ltd.
5,364
33,227
Total
143,170
Italy 1.7%
Enel
SpA
5,870
45,449
Telecom
Italia
Spa-RSP
76,424
44,234
Total
89,683
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Japan 41.0%
Aeon
Mall
Co.
Ltd.
2,731
43,856
Alfresa
Holdings
Corp.
2,101
47,265
Astellas
Pharma,
Inc.
4,374
75,196
Dai-ichi
Life
Holdings,
Inc.
4,175
68,956
Fuji
Electric
Co.
Ltd.
1,891
60,698
FUJIFILM
Holdings
Corp.
937
41,431
Hitachi
Construction
Machinery
Co.
Ltd.
2,080
54,335
Honda
Motor
Co.
Ltd.
1,711
46,564
Idemitsu
Kosan
Co.
Ltd.
2,492
73,881
ITOCHU
Corp.
3,445
72,370
JXTG
Holdings,
Inc.
9,026
42,531
Kajima
Corp.
4,954
68,555
KDDI
Corp.
1,974
54,762
Kirin
Holdings
Co.
Ltd.
2,511
53,539
Kyowa
Kirin
Co.
Ltd.
2,933
54,153
Kyushu
Electric
Power
Co.,
Inc.
4,869
48,733
Lawson,
Inc.
1,135
62,784
LIXIL
Group
Corp.
2,454
45,990
Mitsubishi
Chemical
Holdings
Corp.
10,136
77,878
Mitsubishi
Corp.
2,409
61,593
Mitsubishi
UFJ
Financial
Group,
Inc.
13,209
69,622
Mitsubishi
UFJ
Lease
&
Finance
Co.
Ltd.
12,076
74,731
Mitsui
&
Co.
Ltd.
3,302
57,042
Mitsui
Chemicals,
Inc.
2,807
67,588
Nikon
Corp.
4,890
62,875
Nippon
Telegraph
&
Telephone
Corp.
1,189
59,128
NTT
DOCOMO,
Inc.
1,943
53,470
ORIX
Corp.
4,844
76,465
Resona
Holdings,
Inc.
16,438
72,242
Shionogi
&
Co.
Ltd.
974
58,726
Showa
Denko
KK
2,661
75,691
Sompo
Holdings,
Inc.
735
29,059
Sumitomo
Dainippon
Pharma
Co.
Ltd.
1,730
30,438
Sumitomo
Mitsui
Financial
Group,
Inc.
1,747
62,702
T&D
Holdings,
Inc.
2,971
33,529
Toyota
Tsusho
Corp.
2,130
74,281
Total
2,112,659
Netherlands 5.5%
Heineken
Holding
NV
399
38,015
Koninklijke
Ahold
Delhaize
NV
2,850
70,985
Koninklijke
Philips
NV
751
32,903
NN
Group
NV
1,707
65,074
Randstad
NV
920
50,950
Wolters
Kluwer
NV
357
26,295
Total
284,222
Norway 0.6%
DNB
ASA
1,838
33,452
Singapore 1.0%
DBS
Group
Holdings
Ltd.
1,327
25,352
Jardine
Cycle
&
Carriage
Ltd.
1,194
28,706
Total
54,058
Spain 7.7%
ACS
Actividades
de
Construccion
y
Servicios
SA
1,780
72,265
Banco
Bilbao
Vizcaya
Argentaria
SA
7,844
41,332
CaixaBank
SA
23,321
66,736
Enagas
SA
2,433
60,232
Red
Electrica
Corp.
SA
2,507
50,485
Repsol
SA
3,322
54,481
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2019
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Telefonica
SA
6,489
49,771
Total
395,302
Sweden 2.7%
Boliden
AB
1,852
49,912
Electrolux
AB
Series
B
1,190
31,312
Sandvik
AB
3,275
57,907
Total
139,131
Switzerland 0.5%
Sonova
Holding
AG
102
23,362
United
Kingdom 3.7%
3i
Group
PLC
2,401
35,046
CNH
Industrial
NV
4,087
44,448
Imperial
Brands
PLC
1,803
39,485
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Wm
Morrison
Supermarkets
PLC
27,700
71,275
Total
190,254
Total
Common
Stocks
(Cost
$5,152,206)
5,102,801
Money
Market
Funds
0.2%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
1.618%
(c)
9,272
9,272
Total
Money
Market
Funds
(Cost
$9,272)
9,272
Total
Investments
in
Securities
(Cost
$5,161,478)
5,112,073
Other
Assets
&
Liabilities,
Net
44,720
Net
Assets
5,156,793
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
SEC
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
The
Fund
may
invest
in
private
placements
determined
to
be
liquid
as
well
as
those
determined
to
be
illiquid.
Private
placements
may
be
determined
to
be
liquid
under
guidelines
established
by
the
Fund’s
Board
of
Trustees.
At
October
31,
2019,
the
net
value
of
these
securities
amounted
to
$76,462
which
represents
1.48%
of
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2019.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
25
Fair
Value
Measurements
(continued)
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2019:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Australia
429,455
–
–
429,455
Austria
80,922
–
–
80,922
Canada
217,515
–
–
217,515
Denmark
39,128
–
–
39,128
Finland
71,945
–
–
71,945
France
342,430
–
–
342,430
Germany
456,113
–
–
456,113
Hong
Kong
143,170
–
–
143,170
Italy
89,683
–
–
89,683
Japan
2,112,659
–
–
2,112,659
Netherlands
284,222
–
–
284,222
Norway
33,452
–
–
33,452
Singapore
54,058
–
–
54,058
Spain
395,302
–
–
395,302
Sweden
139,131
–
–
139,131
Switzerland
23,362
–
–
23,362
United
Kingdom
190,254
–
–
190,254
Total
Common
Stocks
5,102,801
–
–
5,102,801
Money
Market
Funds
9,272
–
–
9,272
Total
Investments
in
Securities
5,112,073
–
–
5,112,073
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2019
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Strategic
Beta
ETFs
|
Annual
Report
2019
Common
Stocks
99.6%
Issuer
Shares
Value
($)
Communication
Services 2.4%
Entertainment
1.0%
Walt
Disney
Co.
(The)
344
44,693
Media
1.4%
Omnicom
Group,
Inc.
765
59,050
Total
Communication
Services
103,743
Consumer
Discretionary 11.1%
Auto
Components
1.1%
BorgWarner,
Inc.
1,115
46,473
Automobiles
1.6%
Harley-Davidson,
Inc.
1,786
69,493
Hotels,
Restaurants
&
Leisure
0.5%
Starbucks
Corp.
270
22,831
Multiline
Retail
3.8%
Macy's,
Inc.
3,271
49,588
Nordstrom,
Inc.
2,055
73,775
Target
Corp.
364
38,915
Total
162,278
Specialty
Retail
3.2%
Best
Buy
Co.,
Inc.
766
55,022
Gap,
Inc.
(The)
2,862
46,536
Lowe's
Cos.,
Inc.
313
34,934
Total
136,492
Textiles,
Apparel
&
Luxury
Goods
0.9%
Hanesbrands,
Inc.
2,407
36,611
Total
Consumer
Discretionary
474,178
Consumer
Staples 9.7%
Beverages
1.6%
Molson
Coors
Brewing
Co.
Class
B
841
44,337
PepsiCo,
Inc.
176
24,142
Total
68,479
Food
&
Staples
Retailing
0.9%
Kroger
Co.
(The)
1,577
38,857
Food
Products
6.6%
Bunge
Ltd.
745
40,230
Campbell
Soup
Co.
1,107
51,265
Conagra
Brands,
Inc.
812
21,965
General
Mills,
Inc.
773
39,315
Hormel
Foods
Corp.
510
20,854
Ingredion,
Inc.
749
59,171
JM
Smucker
Co.
(The)
452
47,767
Total
280,567
Household
Products
0.6%
Church
&
Dwight
Co.,
Inc.
375
26,228
Total
Consumer
Staples
414,131
Energy 8.7%
Energy
Equipment
&
Services
2.0%
Baker
Hughes
Co.
1,617
34,604
Schlumberger
Ltd.
1,609
52,598
Total
87,202
Oil,
Gas
&
Consumable
Fuels
6.7%
ConocoPhillips
666
36,763
Exxon
Mobil
Corp.
510
34,461
Occidental
Petroleum
Corp.
947
38,353
ONEOK,
Inc.
727
50,766
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Phillips
66
475
55,490
Valero
Energy
Corp.
714
69,244
Total
285,077
Total
Energy
372,279
Financials 17.8%
Banks
7.7%
Citizens
Financial
Group,
Inc.
1,645
57,838
Comerica,
Inc.
911
59,598
KeyCorp
3,053
54,863
PNC
Financial
Services
Group,
Inc.
(The)
296
43,423
Regions
Financial
Corp.
3,211
51,697
Zions
Bancorp
NA
1,279
61,993
Total
329,412
Capital
Markets
5.5%
Ameriprise
Financial,
Inc.
(a)
207
31,234
Bank
of
New
York
Mellon
Corp.
(The)
683
31,930
Franklin
Resources,
Inc.
1,326
36,531
Goldman
Sachs
Group,
Inc.
(The)
113
24,112
Morgan
Stanley
1,273
58,622
State
Street
Corp.
813
53,715
Total
236,144
Consumer
Finance
1.2%
Ally
Financial,
Inc.
1,062
32,529
American
Express
Co.
163
19,117
Total
51,646
Insurance
3.4%
Allstate
Corp.
(The)
276
29,372
Lincoln
National
Corp.
700
39,536
Principal
Financial
Group,
Inc.
620
33,095
Prudential
Financial,
Inc.
515
46,937
Total
148,940
Total
Financials
766,142
Health
Care 8.7%
Biotechnology
4.1%
AbbVie,
Inc.
845
67,220
Amgen,
Inc.
236
50,327
Gilead
Sciences,
Inc.
902
57,466
Total
175,013
Health
Care
Providers
&
Services
3.7%
AmerisourceBergen
Corp.
282
24,077
Cardinal
Health,
Inc.
1,314
64,977
CVS
Health
Corp.
688
45,677
Quest
Diagnostics,
Inc.
269
27,236
Total
161,967
Pharmaceuticals
0.9%
Perrigo
Co.
PLC
717
38,016
Total
Health
Care
374,996
Industrials 14.9%
Aerospace
&
Defense
1.2%
Huntington
Ingalls
Industries,
Inc.
134
30,239
Northrop
Grumman
Corp.
67
23,616
Total
53,855
Airlines
2.0%
Delta
Air
Lines,
Inc.
797
43,899
Southwest
Airlines
Co.
735
41,255
Total
85,154
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
27
Notes
to
Portfolio
of
Investments
(a)
As
defined
in
the
Investment
Company
Act
of
1940,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
company’s
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
Holdings
and
transactions
in
these
affiliated
companies
during
the
year
ended
October
31,
2019
are
as
follows:
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Building
Products
2.8%
Allegion
PLC
292
33,883
Fortune
Brands
Home
&
Security,
Inc.
619
37,171
Masco
Corp.
576
26,640
Owens
Corning
378
23,164
Total
120,858
Electrical
Equipment
0.9%
Rockwell
Automation,
Inc.
227
39,042
Industrial
Conglomerates
0.6%
Honeywell
International,
Inc.
140
24,182
Machinery
4.0%
Cummins,
Inc.
251
43,293
Ingersoll-Rand
PLC
178
22,586
Parker-Hannifin
Corp.
247
45,322
Snap-on,
Inc.
364
59,212
Total
170,413
Professional
Services
3.4%
ManpowerGroup,
Inc.
531
48,278
Nielsen
Holdings
PLC
2,230
44,957
Robert
Half
International,
Inc.
899
51,486
Total
144,721
Total
Industrials
638,225
Information
Technology 13.5%
Communications
Equipment
1.4%
Juniper
Networks,
Inc.
2,370
58,824
IT
Services
2.4%
DXC
Technology
Co.
702
19,424
International
Business
Machines
Corp.
289
38,648
Western
Union
Co.
(The)
1,845
46,236
Total
104,308
Semiconductors
&
Semiconductor
Equipment
4.4%
Applied
Materials,
Inc.
948
51,438
Lam
Research
Corp.
254
68,844
Skyworks
Solutions,
Inc.
495
45,075
Texas
Instruments,
Inc.
218
25,722
Total
191,079
Software
0.7%
Oracle
Corp.
549
29,915
Technology
Hardware,
Storage
&
Peripherals
4.6%
Apple,
Inc.
155
38,558
Hewlett
Packard
Enterprise
Co.
3,344
54,875
HP,
Inc.
3,066
53,257
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Seagate
Technology
PLC
847
49,151
Total
195,841
Total
Information
Technology
579,967
Materials 6.1%
Chemicals
2.0%
Celanese
Corp.
499
60,454
PPG
Industries,
Inc.
217
27,151
Total
87,605
Containers
&
Packaging
0.7%
Avery
Dennison
Corp.
224
28,640
Metals
&
Mining
3.4%
Newmont
Goldcorp
Corp.
789
31,347
Nucor
Corp.
905
48,734
Steel
Dynamics,
Inc.
2,168
65,821
Total
145,902
Total
Materials
262,147
Utilities 6.7%
Electric
Utilities
3.5%
American
Electric
Power
Co.,
Inc.
294
27,751
Edison
International
755
47,489
NextEra
Energy,
Inc.
90
21,451
PPL
Corp.
1,637
54,823
Total
151,514
Independent
Power
and
Renewable
Electricity
Producers
1.3%
AES
Corp.
(The)
3,212
54,765
Multi-Utilities
1.9%
DTE
Energy
Co.
318
40,487
Sempra
Energy
284
41,041
Total
81,528
Total
Utilities
287,807
Total
Common
Stocks
(Cost
$4,023,497)
4,273,615
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
1.618%
(b)
(Cost
$12,680)
12,680
12,680
Total
Money
Market
Funds
(Cost
$12,680)
12,680
Total
Investments
in
Securities
(Cost
$4,036,177)
4,286,295
Other
Assets
&
Liabilities,
Net
5,018
Net
Assets
4,291,313
Issuer
Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Realized
gain/
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Dividend
—
affiliated
issuers
($)
Value
($)
Ameriprise
Financial,
Inc.
340
5
(138)
207
(2,104)
7,290
970
31,234
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
28
Strategic
Beta
ETFs
|
Annual
Report
2019
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2019.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2019:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
103,743
–
–
103,743
Consumer
Discretionary
474,178
–
–
474,178
Consumer
Staples
414,131
–
–
414,131
Energy
372,279
–
–
372,279
Financials
766,142
–
–
766,142
Health
Care
374,996
–
–
374,996
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
29
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Industrials
638,225
–
–
638,225
Information
Technology
579,967
–
–
579,967
Materials
262,147
–
–
262,147
Utilities
287,807
–
–
287,807
Total
Common
Stocks
4,273,615
–
–
4,273,615
Money
Market
Funds
12,680
–
–
12,680
Total
Investments
in
Securities
4,286,295
–
–
4,286,295
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
30
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Sustainable
Global
Equity
Income
ETF
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$15,424,505,
$5,161,478
and
$4,010,676,
respectively)
$16,060,597
$5,112,073
$4,255,061
Affiliated
issuers
(cost
$62,493,
$–
and
$25,501,
respectively)
75,143
–
31,234
Cash
–
2,577
–
Receivable
for:
Dividends
47,522
28,798
6,266
Reclaims
receivable
6,744
15,251
–
Total
assets
16,190,006
5,158,699
4,292,561
Liabilities
Payable
for:
Investment
management
fees
5,357
1,906
1,248
Total
liabilities
5,357
1,906
1,248
Net
assets
applicable
to
outstanding
capital
stock
$16,184,649
$5,156,793
$4,291,313
Represented
by:
Paid-in
capital
$15,892,119
$5,921,059
$4,055,850
Total
distributable
earnings
(loss)
292,530
(764,266)
235,463
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$16,184,649
$5,156,793
$4,291,313
Shares
outstanding
600,040
200,040
150,045
Net
asset
value
per
share
$26.97
$25.78
$28.60
STATEMENT
OF
OPERATIONS
For
the
Year
Ended
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
31
Columbia
Sustainable
Global
Equity
Income
ETF
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$511,895
$252,795
$134,019
Dividends
-
affiliated
issuers
1,602
–
970
Foreign
taxes
withheld
(24,695)
(24,758)
–
Total
income
488,802
228,037
134,989
Expenses:
Investment
management
fees
52,530
26,461
14,338
Overdraft
expense
28
17
17
Total
expenses
52,558
26,478
14,355
Net
investment
income
436,244
201,559
120,634
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(440,973)
(738,517)
(4,824)
Investments
-
affiliated
issuers
(1,646)
–
(2,104)
In-kind
transactions
278,857
(407,883)
–
In-kind
transactions
affiliated
3,278
–
–
Foreign
currency
translations
(4,192)
(5,366)
–
Net
realized
loss
(164,676)
(1,151,766)
(6,928)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
551,567
1,276,027
215,425
Investments
-
affiliated
issuers
8,036
–
7,290
Foreign
currency
translations
76
219
–
Net
change
in
unrealized
appreciation
559,679
1,276,246
222,715
Net
realized
and
unrealized
gain
395,003
124,480
215,787
Net
increase
in
net
assets
resulting
from
operations
$831,247
$326,039
$336,421
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
32
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Sustainable
Global
Equity
Income
ETF
Columbia
Sustainable
International
Equity
Income
ETF
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
Operations
Net
investment
income
$436,244
$203,447
$201,559
$477,856
Net
realized
gain
(loss)
(164,676)
467,169
(1,151,766)
634,861
Net
change
in
unrealized
appreciation
(depreciation)
559,679
(710,164)
1,276,246
(2,196,634)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
831,247
(39,548)
326,039
(1,083,917)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(870,875)
(613,721)
(486,549)
(786,764)
Shareholder
transactions
Proceeds
from
shares
sold
11,842,244
–
1,292,563
6,008,228
Cost
of
shares
redeemed
(2,576,487)
–
(9,318,045)
(3,033,379)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
9,265,757
–
(8,025,482)
2,974,849
Increase
(decrease)
in
net
assets
9,226,129
(653,269)
(8,185,992)
1,104,168
Net
Assets:
Net
assets
beginning
of
year
6,958,520
7,611,789
13,342,785
12,238,617
Net
assets
at
end
of
year
$16,184,649
$6,958,520
$5,156,793
$13,342,785
Capital
stock
activity
Shares
outstanding,
beginning
of
year
250,040
250,040
500,040
400,040
Subscriptions
450,000
–
50,000
200,000
Redemptions
(100,000)
–
(350,000)
(100,000)
Shares
outstanding,
end
of
year
600,040
250,040
200,040
500,040
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
33
Columbia
Sustainable
U.S.
Equity
Income
ETF
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
Operations
Net
investment
income
$120,634
$114,578
Net
realized
gain
(loss)
(6,928)
148,996
Net
change
in
unrealized
appreciation
(depreciation)
222,715
(55,269)
Net
increase
in
net
assets
resulting
from
operations
336,421
208,305
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(284,203)
(519,058)
Shareholder
transactions
Proceeds
from
shares
sold
–
1,518,393
Net
increase
in
net
assets
resulting
from
shareholder
transactions
–
1,518,393
Increase
in
net
assets
52,218
1,207,640
Net
Assets:
Net
assets
beginning
of
year
4,239,095
3,031,455
Net
assets
at
end
of
year
$4,291,313
$4,239,095
Capital
stock
activity
Shares
outstanding,
beginning
of
year
150,045
100,045
Subscriptions
–
50,000
Shares
outstanding,
end
of
year
150,045
150,045
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
34
Strategic
Beta
ETFs
|
Annual
Report
2019
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
The
price
used
to
calculate
Total
Return
at
Market
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
NYSE
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Columbia
Sustainable
Global
Equity
Income
ETF
Year
Ended
October
31
,
2016
(a)
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
year
$27.83
$30.44
$25.64
$24.61
Income
(loss)
from
investment
operations:
Net
investment
income
0.86
0.81
0.73
0.21
Net
realized
and
unrealized
gain
(loss)
0.94
(0.97)
5.07
1.01
Total
from
investment
operations
1.80
(0.16)
5.80
1.22
Less
distributions
to
shareholders:
Net
investment
income
(0.72)
(0.89)
(0.66)
(0.19)
Net
realized
gains
(1.94)
(1.56)
(0.34)
–
Total
distribution
to
shareholders
(2.66)
(2.45)
(1.00)
(0.19)
Net
asset
value,
end
of
year
$26.97
$27.83
$30.44
$25.64
Total
Return
at
NAV
8.08%
(0.94)%
23.00%
4.95%
Total
Return
at
Market
8.12%
(1.29)%
22.93%
6.23%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.40%
(c)
0.40%
0.40%
0.40%
(d)
Total
net
expenses
(b)(e)
0.40%
(c)
0.40%
0.40%
0.40%
(d)
Net
investment
income
3.32%
2.71%
2.55%
2.17%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$16,185
$6,959
$7,612
$5,129
Portfolio
turnover
67%
67%
66%
18%
(a)
The
Fund
commenced
operations
on
June
13,
2016.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Annualized
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
35
Columbia
Sustainable
International
Equity
Income
ETF
Year
Ended
October
31
,
2016
(a)
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
year
$26.68
$30.59
$25.34
$24.51
Income
(loss)
from
investment
operations:
Net
investment
income
0.87
0.92
0.76
0.24
Net
realized
and
unrealized
gain
(loss)
0.50
(3.32)
5.47
0.81
Total
from
investment
operations
1.37
(2.40)
6.23
1.05
Less
distributions
to
shareholders:
Net
investment
income
(1.01)
(0.94)
(0.65)
(0.22)
Net
realized
gains
(1.26)
(0.57)
(0.33)
–
Total
distribution
to
shareholders
(2.27)
(1.51)
(0.98)
(0.22)
Net
asset
value,
end
of
year
$25.78
$26.68
$30.59
$25.34
Total
Return
at
NAV
6.05%
(8.25)%
25.13%
4.27%
Total
Return
at
Market
8.74%
(9.30)%
25.58%
7.13%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.45%
(c)
0.45%
0.45%
0.45%
(d)
Total
net
expenses
(b)(e)
0.45%
(c)
0.45%
0.45%
0.45%
(d)
Net
investment
income
3.43%
3.11%
2.71%
2.50%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$5,157
$13,343
$12,239
$5,070
Portfolio
turnover
76%
82%
87%
22%
(a)
The
Fund
commenced
operations
on
June
13,
2016.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Annualized
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
36
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Sustainable
U.S.
Equity
Income
ETF
Year
Ended
October
31
,
2016
(a)
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
year
$28.25
$30.30
$25.86
$24.68
Income
(loss)
from
investment
operations:
Net
investment
income
0.80
0.77
0.73
0.19
Net
realized
and
unrealized
gain
1.44
0.64
4.72
1.16
Total
from
investment
operations
2.24
1.41
5.45
1.35
Less
distributions
to
shareholders:
Net
investment
income
(0.78)
(0.75)
(0.67)
(0.17)
Net
realized
gains
(1.11)
(2.71)
(0.34)
–
Total
distribution
to
shareholders
(1.89)
(3.46)
(1.01)
(0.17)
Net
asset
value,
end
of
year
$28.60
$28.25
$30.30
$25.86
Total
Return
at
NAV
9.19%
4.35%
21.36%
5.47%
Total
Return
at
Market
9.04%
4.51%
21.40%
5.69%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.35%
(c)
0.35%
0.35%
0.35%
(d)
Total
net
expenses
(b)(e)
0.35%
(c)
0.35%
0.35%
0.35%
(d)
Net
investment
income
2.94%
2.55%
2.53%
1.96%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$4,291
$4,239
$3,031
$5,172
Portfolio
turnover
56%
61%
55%
15%
(a)
The
Fund
commenced
operations
on
June
13,
2016.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Annualized
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
37
Organization
Columbia
ETF
Trust I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940 Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Sustainable
Global
Equity
Income
ETF,
Columbia
Sustainable
International
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF.
Each
Fund
currently
operates
as
a
diversified
fund.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
(including
common
stocks,
preferred
stocks,
and
exchange
traded
funds)
listed
on
an
exchange
are
valued
at
the
last
closing
price
on
their
primary
exchange
(which,
in
the
case
of
foreign
securities,
may
be
a
foreign
exchange)
or,
if
a
closing
price
is
not
readily
available,
at
the
mean
of
the
closing
bid
and
asked
prices.
Over-the-counter
equity
securities
not
listed
on
any
national
exchange
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices.
Foreign
equity
securities
are
valued
based
on
the
closing
price
on
the
foreign
exchange
in
which
such
securities
are
primarily
traded.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies,
including
money
market
funds,
are
valued
at
their
latest
net
asset
value.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
38
Strategic
Beta
ETFs
|
Annual
Report
2019
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translation
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
39
Determination
of
net
asset
value
The
NAV
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
each
calendar
quarter.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
Accounting
Standards
Update
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities
In
March
2017,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities.
ASU
No.
2017-08
updates
the
accounting
standards
to
shorten
the
amortization
period
for
certain
purchased
callable
debt
securities,
held
at
a
premium,
to
be
amortized
to
the
earliest
call
date.
The
update
applies
to
securities
with
explicit,
noncontingent
call
features
that
are
callable
at
fixed
prices
and
on
preset
dates.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2018
and
interim
periods
within
those
fiscal
years.
Management
does
not
expect
the
implementation
of
this
guidance
to
have
a
material
impact
on
the
financial
statement
amounts
and
footnote
disclosures.
Accounting
Standards
Update
2018-13
Disclosure
Framework —
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement
In
August
2018,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2018-13
Disclosure
Framework
-
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2019
and
interim
periods
within
those
fiscal
years,
with
early
adoption
permitted.
After
evaluation,
management
determined
to
adopt
the
ASU
effective
for
the
period
ended
July
31,
2019
and
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
40
Strategic
Beta
ETFs
|
Annual
Report
2019
all
subsequent
periods.
To
comply
with
the
ASU,
management
implemented
disclosure
changes
which
include
removal
of
the
amount
and
reasons
for
transfers
between
Level
1
and
Level
2
of
the
fair
value
hierarchy,
removal
of
the
policy
for
the
timing
of
transfers
between
levels,
removal
of
the
description
of
the
Level
3
valuation
processes,
as
well
as
modifications
to
the
measurement
uncertainty
disclosure.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any;
brokerage
fees
and
commissions,
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds
as
disclosed
in
the
Statement
of
Operations.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
liability
for
these
amounts
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees,
however,
and
there
are
no
current
plans
to
impose
these
fees.
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Sustainable
Global
Equity
Income
ETF
0.40
Columbia
Sustainable
International
Equity
Income
ETF
0.45
Columbia
Sustainable
U.S.
Equity
Income
ETF
0.35
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
41
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2019,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
foreign
currency
transactions,
passive
foreign
investment
company
(PFIC)
holdings,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind,
distribution
reclassifications
and
capital
loss
carryforwards.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
applicable
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
Net
investment
income
(loss)
and
net
realized
gains
(losses),
as
disclosed
in
the
Statement
of
Operations,
and
net
assets
were
not
affected
by
these
reclassifications.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October 31,
2019,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2019,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2019,
may
be
available
to
reduce
taxable
income
arising
from
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Capital
loss
carryforwards
with
no
expiration
are
required
to
be
utilized
prior
to
any
capital
losses
which
carry
an
expiration
date.
As
a
result
of
this
ordering
rule,
capital
loss
carryforwards
which
carry
an
expiration
date
may
be
more
likely
to
expire
Funds
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
Sustainable
Global
Equity
Income
ETF
2,139
(226,280)
224,141
Columbia
Sustainable
International
Equity
Income
ETF
6,926
460,121
(467,047)
Columbia
Sustainable
U.S.
Equity
Income
ETF
(58)
58
-
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Sustainable
Global
Equity
Income
ETF
640,847
230,028
870,875
574,215
39,506
613,721
Columbia
Sustainable
International
Equity
Income
ETF
370,010
116,539
486,549
753,806
32,958
786,764
Columbia
Sustainable
U.S.
Equity
Income
ETF
284,203
-
284,203
434,324
84,734
519,058
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Sustainable
Global
Equity
Income
ETF
70,146
-
(347,572)
569,956
Columbia
Sustainable
International
Equity
Income
ETF
34,997
-
(685,150)
(114,113)
Columbia
Sustainable
U.S.
Equity
Income
ETF
10,254
14,261
-
210,948
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Sustainable
Global
Equity
Income
ETF
15,565,784
1,368,258
(798,302)
569,956
Columbia
Sustainable
International
Equity
Income
ETF
5,226,186
232,164
(346,277)
(114,113)
Columbia
Sustainable
U.S.
Equity
Income
ETF
4,075,347
502,588
(291,640)
210,948
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
42
Strategic
Beta
ETFs
|
Annual
Report
2019
unused.
In
addition,
for
the
year
ended
October
31,
2019,
capital
loss
carryforwards
utilized
and
expired
unused,
if
any,
were
as
follows:
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October 31,
2019,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2019,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2019,
the
in-kind
redemptions
were
as
follows:
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Funds
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
The
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$1
billion.
Interest
is
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Expired
($)
Columbia
Sustainable
Global
Equity
Income
ETF
211,134
136,438
347,572
-
-
Columbia
Sustainable
International
Equity
Income
ETF
270,519
414,631
685,150
-
-
Columbia
Sustainable
U.S.
Equity
Income
ETF
-
-
-
-
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Sustainable
Global
Equity
Income
ETF
8,759,153
9,159,666
Columbia
Sustainable
International
Equity
Income
ETF
4,742,137
4,925,318
Columbia
Sustainable
U.S.
Equity
Income
ETF
2,265,119
2,423,182
Funds
Contributions
($)
Columbia
Sustainable
Global
Equity
Income
ETF
11,750,452
Columbia
Sustainable
International
Equity
Income
ETF
1,229,913
Columbia
Sustainable
U.S.
Equity
Income
ETF
-
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Sustainable
Global
Equity
Income
ETF
2,279,786
2,561,921
282,135
Columbia
Sustainable
International
Equity
Income
ETF
9,694,860
9,286,977
(407,883)
Columbia
Sustainable
U.S.
Equity
Income
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
43
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
December
unless
extended
or
renewed.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2019.
Significant
risks
Foreign
securities
and
emerging
market
countries
risk
Each
Investing
in
foreign
securities
may
involve
certain
risks
not
typically
associated
with
investing
in
U.S.
securities,
such
as
increased
currency
volatility
and
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic
and
other
conditions
or
events
occurring
in
the
country
or
region,
which
may
result
in
significant
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Investing
in
emerging
markets
may
increase
these
risks
and
expose
the
Funds
to
elevated
risks
associated
with
increased
inflation,
deflation
or
currency
devaluation.
To
the
extent
that
Columbia
Sustainable
Global
Equity
Income
ETF
and
Columbia
Sustainable
International
Equity
Income
ETF
concentrates
their
investment
exposure
to
any
one
or
a
few
specific
countries,
the
Funds
will
be
particularly
susceptible
to
the
risks
associated
with
the
conditions,
events
or
other
factors
impacting
those
countries
or
regions
and
may,
therefore,
have
a
greater
risk
than
that
of
a
fund
that
is
more
geographically
diversified
Geographic
concentration
risk
Columbia
Sustainable
Global
Equity
Income
ETF
and
Columbia
Sustainable
International
Equity
Income
ETF
may
be
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Fund
invests.
Currency
devaluations
could
occur
in
countries
that
have
not
yet
experienced
currency
devaluation
to
date,
or
could
continue
to
occur
in
countries
that
have
already
experienced
such
devaluations.
The
Fund’s
NAV
may
be
more
volatile
than
the
NAV
of
a
more
geographically
diversified
fund.
Industrials
concentration
risk
Columbia
Sustainable
International
Equity
Income
ETF
may
be
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
industrials
sector
than
if
they
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
industrials
sector
are
subject
to
certain
risks,
including
changes
in
supply
and
demand
for
their
specific
product
or
service
and
for
industrial
sector
products
in
general,
including
decline
in
demand
for
such
products
due
to
rapid
technological
developments
and
frequent
new
product
introduction.
Performance
of
such
companies
may
be
affected
by
factors
including
government
regulation,
world
events
and
economic
conditions
and
risks
for
environmental
damage
and
product
liability
claims.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
underlying
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
underlying
index,
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
an
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
44
Strategic
Beta
ETFs
|
Annual
Report
2019
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial.
Strategic
Beta
ETFs
|
Annual
Report
2019
45
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Sustainable
Global
Equity
Income
ETF,
Columbia
Sustainable
International
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
Sustainable
Global
Equity
Income
ETF,
Columbia
Sustainable
International
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF
(three
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2019,
the
related
statements
of
operations
for
the
year
ended
October
31,
2019,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2019,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2019
and
for
the
period
June
13,
2016
(commencement
of
operations)
through
October
31,
2016
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2019,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2019
and
each
of
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2019
and
for
the
period
June
13,
2016
(commencement
of
operations)
through
October
31,
2016
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2019
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
20,
2019
We
have
served
as
auditors
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2019
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2019
.
Shareholders
will
be
notified
in
early
2020
of
the
amounts
for
use
in
preparing
2019
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
The
Funds
report
the
following
for
ordinary
income
distributions:
Foreign
Tax
Credit
The
following
Fund
makes
the
election
to
pass
through
to
shareholders
the
foreign
taxes
paid.
Eligible
shareholders
may
claim
a
foreign
tax
credit.
These
taxes,
and
the
corresponding
foreign
source
income,
are
provided.
The
Fund
designates
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Funds
DRD
QDI
Columbia
Sustainable
Global
Equity
Income
ETF
52.88%
100.00%
Columbia
Sustainable
International
Equity
Income
ETF
0.00%
78.08%
Columbia
Sustainable
U.S.
Equity
Income
ETF
66.72%
66.59%
Funds
Columbia
Sustainable
Global
Equity
Income
ETF
$640,847
Columbia
Sustainable
International
Equity
Income
ETF
370,010
Columbia
Sustainable
U.S.
Equity
Income
ETF
284,203
Columbia
Sustainable
International
Equity
Income
ETF
Foreign
Taxes
Paid
$24,758
Foreign
Taxes
Paid
Per
Share
.12
Foreign
Source
Income
308,634
Foreign
Source
Income
Per
Share
1.54
Funds
Columbia
Sustainable
Global
Equity
Income
ETF
$0
Columbia
Sustainable
International
Equity
Income
ETF
0
Columbia
Sustainable
U.S.
Equity
Income
ETF
14,974
Strategic
Beta
ETFs
|
Annual
Report
2019
47
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
Certain
Trustees
may
have
served
as
a
Trustee
to
other
Funds
in
the
Columbia
Funds
Complex
prior
to
the
date
set
forth
in
the
Position
Held
with
the
Trusts
and
Length
of
Service
column.
Under
current
Board
policy,
Trustees
not
affiliated
with
the
Investment
Manager
generally
may
serve
through
the
end
of
the
calendar
year
in
which
they
reach
either
the
mandatory
retirement
age
established
by
the
Board.
Independent
trustees
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
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
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
TRUSTEES
AND
OFFICERS
(continued)
48
Strategic
Beta
ETFs
|
Annual
Report
2019
Independent
trustees
(continued)
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
Edward
J.
Boudreau,
Jr.
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1944
Chair
of
the
Board
since
January
2018;
Trustee
since
April
2016
for
CET
I
and
September
2016
for
CET
II
Managing
Director,
E.J.
Boudreau
&
Associates
(consulting)
since
2000;
FINRA
Industry
Arbitrator,
2002
–
present;
Chairman
and
Chief
Executive
Officer,
John
Hancock
Investments
(asset
management),
Chairman
and
Interested
Trustee
for
open-end
and
closed-end
funds
offered
by
John
Hancock,
1989-2000;
John
Hancock
Mutual
Life
Insurance
Company,
including
Senior
Vice
President
and
Treasurer
and
Senior
Vice
President
Information
Technology,
1968-1988
121
Former
Trustee,
Boston
Museum
of
Science
(Chair
of
Finance
Committee),
1985-2013;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2005-2011
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,
Laurel
Road
Bank
(Audit
Committee)
since
2017
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
Directors,
The
MA
Business
Roundtable
since
2003;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street
Mail
Drop
BX32
05228,
Boston,
MA
02110
1954
Trustee
since
December
2017
for
each
Trust
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977
-
2016
119
Trustee,
Catholic
Schools
Foundation
since
2004
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1952
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,
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.
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
49
Independent
trustees
(continued)
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
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
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019
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;
Board
Chair,
Hollingsworth
Funds
since
2016;
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
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
TRUSTEES
AND
OFFICERS
(continued)
50
Strategic
Beta
ETFs
|
Annual
Report
2019
*
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.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Interested
trustee
affiliated
with
Investment
Manager*
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
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
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010
and
February
2012,
respectively;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012
previously
Chief
Executive
Officer,
U.S.
Asset
Management
&
President,
Annuities,
May
2010
-
September
2012);
Director
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
RiverSource
Distributors,
Inc.
since
2006;
Director,
Threadneedle
Asset
Management
Holdings,
SARL
since
2014;
President
and
Chief
Executive
Officer,
Ameriprise
Certificate
Company,
2006
-
August
2012.
192
Chairman
of
the
Board,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010;
former
Director,
Ameriprise
Certificate
Company,
August
2006
-
January
2013
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
51
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr. Truscott,
who
is
Senior
Vice
President,
the
Funds’
other
officers
are:
Fund
officers
Name,
address,
and
year
of
birth
Position
and
year
first
appointed
to
position
for
any
Fund
in
the
Columbia
Funds
complex
or
a
predecessor
thereof
Principal
occupation(s)
during
the
past
five
years
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1970
President
and
Principal
Executive
Officer
(2015)
Vice
President
and
Lead
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
January
2015
(previously
Vice
President
and
Chief
Counsel,
January
2010
–
December
2014);
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Michael
G.
Clarke
225
Franklin
Street
Boston,
MA
02110
Born
1969
Chief
Financial
Officer
(Principal
Financial
Officer)(2009)
and
Senior
Vice
President
(2019)
Vice
President —
Accounting
and
Tax,
Columbia
Management
Investment
Advisers,
LLC,
since
May 2010;
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002
(previously,
Treasurer
and
Chief
Accounting
Officer,
January 2009-January 2019
and
December 2015-January 2019,
respectively).
Marybeth
Pilat
225
Franklin
Street
Boston,
MA
02110
Born
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
Paul
B.
Goucher
485
Lexington
Avenue
New
York,
NY
10017
Born
1968
Senior
Vice
President
(2011),
and
Assistant
Secretary
(2008)
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
January
2017
(previously
Vice
President
and
Lead
Chief
Counsel,
November
2008
–
January
2017
and
January
2013
–
January
2017,
respectively);
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
March
2015
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
March
2015).
Thomas
P.
McGuire
225
Franklin
Street
Boston,
MA
02110
Born
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
since
September
2010.
Colin
Moore
225
Franklin
Street
Boston,
MA
02110
Born
1958
Senior
Vice
President
(2010)
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Ameriprise
Financial,
Inc.,
since
July
2013;
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Columbia
Management
Investment
Advisers,
LLC
since
July
2013.
Ryan
C.
Larrenaga
225
Franklin
Street
Boston,
MA
02110
Born
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017),
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
225
Franklin
Street
Boston,
MA
02110
Born
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010.
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October
2014;
Vice
President
&
Resolution
Officer,
Ameriprise
Trust
Company
since
August
2009.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
52
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Threadneedle
or
the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
(each,
an
ETF
and
collectively,
the
ETFs).
Under
an
investment
management
services
agreement
(collectively,
the
IMS
Agreement),
Columbia
Threadneedle
provides
investment
advice
and
other
services
to
each
ETF
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Funds).
On
an
annual
basis,
the
Board
of
Trustees
(the
Board)
of
each
ETF,
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
Columbia
Threadneedle
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
in
November
2018
and
January,
March,
April
and
June
2019,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
organization,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
a
comprehensive
response
to
items
of
information
requested
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel)
in
a
letter
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
Many
of
the
materials
presented
at
these
meetings
were
first
supplied
in
draft
form
to
designated
independent
Board
representatives,
i.e.,
Independent
Legal
Counsel,
Fund
Counsel,
the
Chair
of
the
Board
(who
is
an
Independent
Trustee)
and
the
Chair
of
the
Contracts
Committee
(who
is
an
Independent
Trustee),
and
the
final
materials
were
revised
to
include
information
reflective
of
discussion
and
subsequent
requests
made
by
the
Contracts
Committee.
In
addition,
throughout
the
year,
the
Board
(or
its
committees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
Columbia
Threadneedle
addressing
the
services
Columbia
Threadneedle
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
17-19,
2019
in-person
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board's
consideration
of
investment
management
services
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
Following
an
analysis
and
discussion
of
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
Columbia
Threadneedle
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
Columbia
Threadneedle,
as
well
as
its
history,
reputation,
expertise,
resources
and
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
Columbia
Threadneedle,
including,
in
particular,
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2019
initiatives.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
Columbia
Threadneedle
to
each
ETF,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
Columbia
Threadneedle's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
In
connection
with
the
Board's
evaluation
of
the
overall
package
of
services
provided
by
Columbia
Threadneedle,
the
Board
also
considered
the
nature,
quality
and
range
of
administrative
oversight
services
provided
to
the
ETFs
by
Columbia
Threadneedle,
as
well
as
the
achievements
in
2018
in
the
performance
of
administrative
services,
and
noted
the
various
enhancements
anticipated
for
2019.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
ETFs
and
Columbia
Threadneedle’s
compliance
program.
In
addition,
the
Board
reviewed
the
financial
condition
of
Columbia
Threadneedle
and
its
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement,
observing
the
financial
strength
of
Ameriprise
Financial,
with
its
relatively
strong
cash
position
and
solid
balance
sheet.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
53
The
Board
also
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement
(including
the
relatively
broad
scope
of
services
required
to
be
performed
by
Columbia
Threadneedle),
noting
that
no
material
changes
are
proposed
from
the
form
of
agreement
previously
approved.
They
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
ETFs
under
the
IMS
Agreement.
It
was
also
observed
that
the
services
being
performed
under
the
IMS
Agreement
were
of
a
reasonably
high
quality.
Based
on
the
foregoing,
and
based
on
other
information
received
(both
oral
and
written,
including
the
information
on
investment
performance
referenced
below)
and
other
considerations,
the
Board
concluded
that
Columbia
Threadneedle
is
in
a
position
to
continue
to
provide
a
high
quality
and
level
of
services
to
the
ETFs
Investment
performance
For
purposes
of
evaluating
the
nature,
extent
and
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
carefully
reviewed
the
investment
performance
of
each
ETF.
In
this
regard,
the
Board
considered
detailed
reports
providing
the
results
of
analyses
performed
by
an
independent
organization
showing,
for
various
periods
(including
since
manager
inception),
the
performance
of
each
ETF
(particularly
relative
to
the
index
of
which
the
ETF
seeks
to
replicate
performance)
and
its
net
assets.
The
Board
observed
the
passive
nature
of
the
ETFs
and
reviewed
index
tracking
error
data
for
each
of
the
ETFs.
The
Board
observed
that
each
ETF’s
performance
met
expectations.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
Columbia
Threadneedle
from
its
relationship
with
the
ETFs
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
In
considering
the
proposed
level
of
fees
under
the
IMS
Agreement,
the
Board
accorded
particular
weight
to
the
unified/all-inclusive
fee
structure
utilized
by
each
ETF.
In
this
regard,
they
observed
that
many
of
the
competitors
of
the
ETFs
have
adopted
similar
unified/all-inclusive
fee
structures.
The
Trustees
also
considered
the
proposed
significant
reduction
in
the
contractual
investment
management
services
fee
for
Columbia
EM
Core
ex-China
ETF.
More
generally,
the
Board
accorded
particular
weight
to
the
notion
that
the
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Fund
(with
certain
defined
exceptions)
are
generally
in
line
with
the
"pricing
philosophy"
currently
in
effect
(i.e.,
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe).
The
Board
observed
that
each
of
the
ETFs’
unified
fee
rates
was
approximately
equal
to
or
lower
than
the
median
expenses
paid
by
funds
in
each
ETF’s
comparative
peer
universe.
Based
on
its
review,
the
Board
concluded
that
each
ETF’s
investment
management
services
fee
was
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
that
each
ETF
receives.
The
Board
also
considered
the
profitability
of
Columbia
Threadneedle
in
connection
with
providing
investment
management
services
to
each
ETF.
In
this
regard,
the
Independent
Trustees
referred
to
their
detailed
analysis
of
the
Profitability
Report,
discussing
the
profitability
to
Columbia
Threadneedle
and
Ameriprise
Financial
from
managing
the
Funds,
including
the
ETFs.
The
Board
considered
that
in
2018
the
Board
had
concluded
that
2017
profitability
was
reasonable
and
that
the
2019
information
shows
that
the
profitability
generated
by
Columbia
Threadneedle
in
2018
only
slightly
increased
from
2017
levels.
The
Board
also
noted
the
report
from
the
Board's
independent
fee
consultant,
JDL
Consultants,
LLC,
and
its
conclusion
that
2018
Columbia
Threadneedle
profitability
relative
to
industry
competitors
was
reasonable.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
Columbia
Threadneedle
or
its
affiliates
in
connection
with
managing
the
Funds,
including
the
ETFs,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
ETFs
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
The
Board
concluded
that
profitability
levels
were
reasonable.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
54
Strategic
Beta
ETFs
|
Annual
Report
2019
Economies
of
scale
to
be
realized
The
Board
also
considered
the
economies
of
scale
that
might
be
realized
by
the
ETFs
as
their
net
asset
levels
grow
and
took
note
of
the
extent
to
which
each
ETF’s
shareholders
might
also
benefit
from
such
growth.
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unified
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/
outflows.
Based
on
the
foregoing,
the
Board,
including
all
of
the
Independent
Trustees,
concluded
that
the
investment
management
services
fees
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided.
In
reaching
this
conclusion,
no
single
factor
was
determinative.
On
June
19,
2019,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement..
Strategic
Beta
ETFs
|
Annual
Report
2019
55
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Funds
file
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-Q
or
Form
N-PORT
(available
for
filings
after
March
31,
2020).
The
Funds’
Form
N-Q
or
Form
N-PORT
is
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-Q
or
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
225
Franklin
Street
Boston,
MA
02110
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA,
02110
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/
etfs
.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2019
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Annual
Report
October
31,
2019
Not
FDIC
Insured
•
No
bank
guarantee
•
May
lose
value
Columbia
Diversified
Fixed
Income
Allocation
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
will
no
longer
be
sent
by
mail,
unless
you
specifically
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Annual
Report
2019
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Understanding
Your
Fund’s
Expenses
7
Frequency
Distribution
of
Premiums
and
Discounts
8
Portfolio
of
Investments
9
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statement
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Notes
to
Financial
Statements
21
Report
of
Independent
Registered
Public
Accounting
Firm
29
Federal
Income
Tax
Information
30
Trustees
and
Officers
31
Approval
of
Investment
Management
Services
Agreement
36
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Funds
file
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT,
and
for
reporting
periods
ended
prior
to
March
31,
2019,
on
Form
N-Q.
The
Funds’
Form
N-Q
and
Form
N-PORT
filings
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-Q
or
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
225
Franklin
Street
Boston,
MA
02110
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Strategic
Beta
ETFs
|
Annual
Report
2019
3
Portfolio
management
Gene
Tannuzzo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2017
David
Janssen,
CFA
Portfolio
Manager
Managed
Fund
since
2017
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Multi-Sector
Bond
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
New
York
Stock
Exchange
(NYSE)
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Multi-Sector
Bond
Index
is
a
rules-based
multi-sector
strategic
beta
approach
to
measuring
the
performance
of
the
debt
market
through
representation
of
six
sectors,
each
focused
on
yield,
quality,
and
liquidity
of
the
particular
eligible
universe.
The
index
will
have
exposure
to
the
following
six
sectors
of
the
debt
market:
U.S.
Treasury
securities;
global
ex-U.S.
treasury
securities;
U.S.
agency
mortgage-backed
securities;
U.S.
corporate
investment-grade
bonds;
U.S.
corporate
high-yield
bonds;
and
emerging
markets
sovereign
debt.
The
Fund
uses
a
representative
approach
which
will
result
in
the
Fund
holding
a
smaller
number
of
securities
than
are
in
the
underlying
index.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2019)
Inception
1
Year
Life
Market
Price
10/12/17
14.78
5.46
Net
Asset
Value
10/12/17
14.21
5.31
{
Beta
Advantage®
}
Multi-Sector
Bond
Index
14.10
5.36
FUND
AT
A
GLANCE
(continued)
4
Strategic
Beta
ETFs
|
Annual
Report
2019
Performance
of
a
hypothetical
$10,000
investment
(October
12,
2017
—
October
31,
2019)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Quality
breakdown
(%)
(at
October
31,
2019)
AAA
rating
23.1
BBB
rating
23.2
BB
rating
21.1
B
rating
8.5
Not
rated
24.1
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments
(excluding
Money
Market
Funds).
Bond
ratings
apply
to
the
underlying
holdings
of
the
Fund
and
not
the
Fund
itself
and
are
divided
into
categories
ranging
from
highest
to
lowest
credit
quality,
determined
by
using
the
middle
rating
of
Moody's,
S&P
and
Fitch,
after
dropping
the
highest
and
lowest
available
ratings.
When
ratings
are
available
from
only
two
rating
agencies,
the
lower
rating
is
used.
When
a
rating
is
available
from
only
one
agency,
that
rating
is
used.
When
a
bond
is
not
rated
by
any
rating
agency,
it
is
designated
as
"Not
rated."
Credit
quality
ratings
assigned
by
a
rating
agency
are
subjective
opinions,
not
statements
of
fact,
and
are
subject
to
change,
including
daily.
The
ratings
assigned
by
credit
rating
agencies
are
but
one
of
the
considerations
that
the
Investment
Manager
and/or
Fund's
subadviser
incorporates
into
its
credit
analysis
process,
along
with
such
other
issuer-specific
factors
as
cash
flows,
capital
structure
and
leverage
ratios,
ability
to
de-leverage
(repay)
through
free
cash
flow,
quality
of
management,
market
positioning
and
access
to
capital,
as
well
as
such
security-specific
factors
as
the
terms
of
the
security
(e.g.,
interest
rate
and
time
to
maturity)
and
the
amount
and
type
of
any
collateral.
For
information
on
the
rating
methodology
of
each
agency,
please
go
to:
www.moodys.com,
www.fitchratings.com
or
www.standardandpoors.
com/home/en/us.
Portfolio
breakdown
(%)
(at
October
31,
2019
)
Corporate
Bonds
47.7
Foreign
Government
Obligations
18.8
U.S.
Treasury
Obligations
18.4
U.S.
Government
&
Agency
Obligations
13.5
Money
Market
Fund
1.6
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Strategic
Beta
ETFs
|
Annual
Report
2019
5
For
the
12-month
period
that
ended
October
31,
2019,
the
Fund
returned
14.21%
based
on
net
asset
value
(NAV)
and
14.78%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
14.10%
during
the
same
period.
For
comparison,
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
returned
11.51%
for
the
same
period.
The
Fund
had
an
NAV
of
$18.86
on
October
31,
2018
and
ended
the
annual
period
on
October
31,
2019
with
an
NAV
of
$20.78.
The
Fund’s
market
price
on
October
31,
2019
was
$20.84
per
share.
Fixed-income
markets
buoyed
by
slowing
economic
growth
and
rising
global
trade
tensions
As
the
annual
period
started
in
the
last
two
months
of
2018,
fixed-income
markets
were
volatile,
with
the
yield
on
the
10-
year
U.S.
Treasury
reaching
a
seven-year
high
in
November
before
a
quickly
shifting
environment
sent
yields
meaningfully
lower
by
the
end
of
the
calendar
year
amidst
a
broad
risk-off
tone.
(Remember,
there
is
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
rise
when
yields
decrease
and
vice
versa.)
Reports
of
solid
U.S.
economic
growth
had
reduced
demand
for
government
debt
in
November,
but
sentiment
changed
amid
tumbling
stock
prices
as
well
as
increasing
worries
about
slowing
global
economic
growth
and
the
impact
of
the
U.S.-China
trade
dispute.
Uncertainty
about
the
path
of
Federal
Reserve
(Fed)
monetary
policy
also
contributed
to
interest
rate
volatility.
Near
the
end
of
November,
Fed
Chair
Powell
indicated
interest
rates
were
“just
below”
the
neutral
level,
leading
some
to
believe
the
central
bank
would
soon
stop
raising
rates.
However,
slowing
global
economic
growth
and
a
burgeoning
of
idiosyncratic
risks,
such
as
Brexit
and
trade
tensions,
did
little
to
deter
the
Fed
from
raising
its
targeted
federal
funds
rate
at
its
December
2018
meeting.
In
these
months,
the
highest
quality
segments
of
the
fixed-income
market
produced
the
strongest
returns,
while
corporate
bonds
recorded
losses.
Risk
sentiment
rebounded
in
the
first
quarter
of
2019.
With
Fed
Chair
Powell
signaling
patience
with
respect
to
future
interest
rate
increases,
markets
took
the
view
the
Fed
was
likely
to
remain
on
hold
in
2019.
However,
the
final
weeks
of
the
quarter
saw
strength
in
credit-sensitive
segments
ease
on
renewed
uncertainty
about
the
outlook
for
global
economic
growth.
Still,
for
the
quarter
overall,
investment-grade
corporate
bonds
led
performance
within
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index,
outpaced
by
high-yield
corporate
bonds,
which
rebounded
from
the
prior
quarter’s
steep
losses.
U.S.
Treasuries
delivered
positive,
albeit
more
modest,
returns.
U.S.
fixed-income
markets
delivered
broad-based
positive
returns
in
the
second
quarter
of
2019.
Entering
the
quarter,
the
Fed
indicated
that
further
interest
rate
increases
were
on
hold
given
continued
below-target
inflation
and
weak
global
economic
growth.
Credit
sentiment
wavered
in
May,
as
the
U.S.
President
announced
plans
to
impose
a
25%
tariff
on
$200
billion
in
imports
from
China.
In
the
wake
of
this
escalation
in
trade
wars,
expectations
increasingly
shifted
toward
interest
rate
cuts
before
the
end
of
2019.
The
change
in
the
outlook
for
Fed
policy
fueled
a
strong
rally
in
bonds
in
the
final
weeks
of
the
quarter.
U.S.
Treasury
yields
plummeted
dramatically.
Corporate
bonds
led
performance
within
the
investment-grade
market.
Securitized
assets
posted
positive
returns
but
lagged
corporate
bonds
and
U.S.
Treasuries.
High-yield
corporate
bonds
trailed
their
investment-grade
counterparts,
as
weakening
oil
prices
negatively
affected
prospects
for
energy-related
issuers.
In
the
third
quarter
of
2019,
fixed-income
markets
delivered
broad-based
positive
returns
on
declining
interest
rates.
Much
of
the
market’s
focus
was
on
Fed
policy
against
a
backdrop
of
persistent
trade
tensions
and
slowing
global
manufacturing.
The
Fed
cut
interest
rates
in
July
and
September,
its
first
interest
rate
cuts
since
2008.
Accommodative
central
bank
policies
and
negative
rates
across
many
other
developed
countries
helped
to
fuel
volatility
in
the
U.S.
Treasury
market.
The
10-year
U.S.
Treasury
yield
touched
a
high
of
2.14%
in
mid-July.
Then,
August
2019
saw
the
escalating
U.S.-China
trade
dispute
trigger
a
flight
to
quality
that
sent
U.S.
Treasury
yields
to
their
lowest
levels
since
the
2016
presidential
election.
Additionally,
fears
of
recession
were
stoked,
as
the
U.S.
yield
curve
inverted
between
its
two-
and
10-year
maturity
segments
for
the
first
time
in
this
economic
cycle.
Sentiment
briefly
recovered
going
into
September,
but
as
the
month
progressed
geopolitical
headlines
around
oil,
Brexit
and
impeachment
generated
renewed
volatility
in
credit-sensitive
assets.
For
the
quarter,
U.S.
Treasuries
delivered
strong
returns
as
yields
moved
lower
across
the
spectrum
of
maturities.
Corporate
bonds
led
performance
within
the
investment-grade
market,
benefiting
from
declining
U.S.
Treasury
yields
and
the
Fed’s
increasingly
accommodative
stance.
Less
interest
rate-sensitive
securitized
assets
posted
positive
returns
but
lagged
corporate
bonds
and
U.S.
Treasuries.
High-yield
corporate
bonds
again
trailed
their
investment-grade
counterparts.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
6
Strategic
Beta
ETFs
|
Annual
Report
2019
In
October
2019,
U.S.
Treasury
yields
continued
to
decline,
with
monetary
policy
tilting
more
accommodative
with
the
Fed’s
third
interest
rate
cut
in
four
months
and
the
U.S.
dollar
softening.
During
the
month,
the
yield
on
the
10-year
U.S.
Treasury
retreated
slightly,
while
yields
on
the
shorter
end
of
the
spectrum
of
maturities
dipped,
edging
the
yield
curve
out
of
its
inversion
and
into
a
“normal”
position,
as
measured
by
the
two-
to
10-year
spread,
or
yield
differential.
Corporate
bonds
and
securitized
assets
posted
positive
returns
for
the
month.
Index
outpaced
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
during
annual
period
Of
the
six
sectors
in
which
the
Fund
invests,
Index
constituents
in
U.S.
Treasuries,
emerging
markets
sovereign
and
quasi-sovereign
debt
and
U.S.
high-yield
corporate
debt
contributed
positively
to
the
Index’s
results
relative
to
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
during
the
annual
period.
Index
constituents
in
global
non-U.S.
dollar-
denominated
sovereign
debt
and
U.S.
agency
mortgage-backed
securities
detracted
from
the
Index’s
results
relative
to
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
during
the
annual
period.
Index
constituents
in
U.S.
investment-grade
corporate
debt
had
a
rather
neutral
effect
on
the
Index’s
relative
results
during
the
annual
period.
The
Fund
had
a
weighted
average
duration
of
5.78
years,
a
weighted
average
maturity
of
8.68
years,
a
weighted
average
yield
to
maturity
of
3.26%
and
a
weighted
average
coupon
of
4.73%
as
of
October
31,
2019.
The
30-day
SEC
yield
of
the
Fund
at
the
end
of
the
annual
period
was
2.83%.
Fixed
income
securities
Involve
interest
rate,
credit,
inflation,
illiquidity
and
reinvestment
risks.
Interest
rate
risk
is
the
risk
that
fixed
income
securities
will
decline
in
value
because
of
changes
in
interest
rates.
Generally,
the
value
of
debt
securities
falls
as
interest
rates
rise.
Fixed
income
securities
differ
in
their
sensitivities
to
changes
in
interest
rates.
Fixed
income
securities
with
longer
effective
durations
tend
to
be
more
sensitive
to
changes
in
interest
rates,
usually
making
them
more
volatile
than
securities
with
shorter
effective
durations.
Effective
duration
is
determined
by
a
number
of
factors
including
coupon
rate,
whether
the
coupon
is
fixed
or
floating,
time
to
maturity,
call
or
put
features,
and
various
repayment
features.
Below
investment-grade
securities,
or
“junk
bonds,”
are
more
likely
to
pose
a
credit
risk,
as
the
issuers
of
these
securities
are
more
likely
to
have
problems
making
interest
and
principal
payments
than
issuers
of
higher-rated
securities.
Lower-rated
securities
may
be
more
susceptible
to
real
or
perceived
adverse
economic
and
competitive
industry
conditions
than
higher-grade
securities,
and
prices
of
these
securities
may
be
more
sensitive
to
adverse
economic
downturns
or
individual
corporate
developments.
If
the
issuer
of
the
securities
defaults,
the
ETF
may
incur
additional
expenses
to
seek
recovery.
Generally,
rising
interest
rates
tend
to
extend
the
duration
of
fixed
rate
mortgage-related
securities,
making
them
more
sensitive
to
changes
in
interest
rates.
As
a
result,
in
a
period
of
rising
interest
rates,
if
the
ETF
holds
mortgage-related
securities,
it
may
exhibit
additional
volatility.
In
addition,
adjustable
and
fixed
rate
mortgage-related
securities
are
subject
to
prepayment
risk.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund’s
use
of
a
“representative
sampling”
approach
in
seeking
to
track
the
performance
of
its
index
(investing
in
only
some
of
the
components
of
the
index
that
collectively
are
believed
to
have
an
investment
profile
similar
to
that
of
the
index)
may
not
allow
the
Fund
to
track
its
index
with
the
same
degree
of
accuracy
as
would
an
investment
vehicle
replicating
the
entire
Index.
In
addition
to
the
multi-sector
bond
strategies
employed,
the
Fund
may
invest
in
other
securities,
including
private
placements.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
Foreign
currency
risks
involve
risk
of
capital
loss
from
unfavorable
fluctuation
in
currency
values,
from
differences
in
generally
accepted
accounting
principles,
from
economic
or
political
instability
in
other
nations
or
increased
volatility
and
lower
trading
volume.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2019
7
As
a
shareholder
of
the
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
October
31,
2019.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2019
—
October
31,
2019
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Diversified
Fixed
Income
Allocation
ETF
1,000.00
1,000.00
1,064.30
1,023.79
1.46
1.43
0.28
FREQUENCY
DISTRIBUTION
OF
PREMIUMS
AND
DISCOUNTS
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2019
The
table
that
follows
presents
information
about
the
differences
between
the
daily
market
price
on
secondary
markets
for
shares
of
the
Fund
and
that
Fund’s
net
asset
value.
Net
asset
value,
or
“NAV”,
is
the
price
per
share
at
which
the
Fund
issues
and
redeems
shares.
It
is
calculated
in
accordance
with
the
standard
formula
for
valuing
fund
shares.
The
“Market
Price”
of
the
Fund
generally
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
stock
exchange
on
which
the
shares
of
the
Fund
are
listed
for
trading,
as
of
the
time
that
the
Fund’s
NAV
is
calculated.
The
Fund’s
Market
Price
may
be
at,
above
or
below
its
NAV.
The
NAV
of
the
Fund
will
fluctuate
with
changes
in
the
market
value
of
its
portfolio
holdings.
The
Market
Price
of
the
Fund
will
fluctuate
in
accordance
with
changes
in
its
NAV,
as
well
as
market
supply
and
demand.
Premiums
or
discounts
are
the
differences
(expressed
as
a
percentage)
between
the
NAV
and
Market
Price
of
the
Fund
on
a
given
day,
generally
at
the
time
NAV
is
calculated.
A
premium
is
the
amount
that
the
Fund
is
trading
above
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
A
discount
is
the
amount
that
the
Fund
is
trading
below
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
The
following
information
shows
the
frequency
distributions
of
premiums
and
discounts
for
the
Fund.
The
information
shown
for
the
Fund
is
for
the
period
from
inception
date
of
such
Fund
through
October
31,
2019.
Each
line
in
the
table
shows
the
number
of
trading
days
in
which
the
Fund
traded
within
the
premium/discount
range
indicated.
All
data
presented
here
represents
past
performance,
which
cannot
be
used
to
predict
future
results.
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
12,
2017
–
October
31,
2019
0
–
49.9
355
153
50
-99.9
3
5
100
–
199.9
1
0
>200
0
0
Total
359
158
PORTFOLIO
OF
INVESTMENTS
October
31,
2019
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
9
Corporate
Bonds
53.0%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.1%
L3Harris
Technologies,
Inc.
3.850%,
12/15/26
(a)
150,000
161,000
Northrop
Grumman
Corp.
3.250%,
01/15/28
484,000
506,916
TransDigm
,
Inc.
6.250%,
03/15/26
(a)
1,403,000
1,502,926
Total
2,170,842
Apartment
REIT
0.1%
American
Homes
4
Rent
LP
4.900%,
02/15/29
100,000
113,542
Automotive
1.1%
Allison
Transmission,
Inc.
5.000%,
10/01/24
(a)
515,000
527,806
Fiat
Chrysler
Automobiles
NV
5.250%,
04/15/23
380,000
406,011
Ford
Motor
Co.
4.346%,
12/08/26
205,000
206,389
General
Motors
Financial
Co.,
Inc.
4.350%,
01/17/27
100,000
103,213
Goodyear
Tire
&
Rubber
Co.
(The)
5.125%,
11/15/23
440,000
446,151
Panther
BF
Aggregator
2
LP
/
Panther
Finance
Co.,
Inc.
6.250%,
05/15/26
(a)
365,000
386,256
Total
2,075,826
Banking
1.6%
Bank
of
Montreal
3.803%,
12/15/32
(b)
372,000
387,706
Barclays
PLC
4.836%,
05/09/28
700,000
746,980
4.972%,
(3-month
USD
LIBOR
+
1.902%),
05/16/29
(c)
250,000
281,785
5.200%,
05/12/26
150,000
163,182
Capital
One
Financial
Corp.
3.750%,
07/28/26
200,000
210,438
Deutsche
Bank
AG/New
York
NY
4.875%,
12/01/32
(b)
200,000
182,986
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(a)
575,000
615,143
Royal
Bank
of
Scotland
Group
PLC
4.892%,
(3-month
USD
LIBOR
+
1.754%),
05/18/29
(c)
200,000
224,628
Santander
Holdings
USA,
Inc.
4.400%,
07/13/27
150,000
161,051
Westpac
Banking
Corp.
Series
GMTN,
4.322%,
11/23/31
(b)
100,000
106,444
Total
3,080,343
Brokerage/Asset
Managers/Exchanges
0.3%
Jefferies
Group
LLC
/
Jefferies
Group
Capital
Finance,
Inc.
4.850%,
01/15/27
605,000
647,818
Building
Materials
0.3%
Standard
Industries,
Inc.
6.000%,
10/15/25
(a)
612,000
643,601
Cable
and
Satellite
3.2%
Altice
Financing
SA
6.625%,
02/15/23
(a)
200,000
205,367
7.500%,
05/15/26
(a)
550,000
585,420
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
05/01/27
(a)
565,000
595,271
5.750%,
02/15/26
(a)
1,760,000
1,861,513
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.200%,
03/15/28
283,000
300,094
CSC
Holdings
LLC
5.500%,
05/15/26
(a)
200,000
211,222
6.500%,
02/01/29
(a)
400,000
447,488
Intelsat
Jackson
Holdings
SA
8.000%,
02/15/24
(a)
505,000
519,546
Sirius
XM
Radio,
Inc.
5.000%,
08/01/27
(a)
599,000
628,909
UPCB
Finance
IV
Ltd.
5.375%,
01/15/25
(a)
200,000
206,220
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(a)
400,000
425,002
Ziggo
BV
5.500%,
01/15/27
(a)
200,000
210,622
Total
6,196,674
Chemicals
0.5%
Chemours
Co.
(The)
6.625%,
05/15/23
158,000
157,289
DuPont
de
Nemours,
Inc.
4.725%,
11/15/28
255,000
290,981
SASOL
Financing
USA
LLC
6.500%,
09/27/28
200,000
223,697
Sherwin-Williams
Co.
(The)
2.950%,
08/15/29
290,000
293,478
Total
965,445
Construction
Machinery
0.7%
H&E
Equipment
Services,
Inc.
5.625%,
09/01/25
150,000
157,652
United
Rentals
North
America,
Inc.
4.875%,
01/15/28
1,114,000
1,150,038
Total
1,307,690
Consumer
Cyclical
Services
0.9%
Expedia
Group,
Inc.
3.800%,
02/15/28
1,085,000
1,138,632
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
5.750%,
04/15/26
(a)
220,000
225,707
Staples,
Inc.
7.500%,
04/15/26
(a)
290,000
301,913
Total
1,666,252
Consumer
Products
0.3%
Mattel,
Inc.
6.750%,
12/31/25
(a)
147,000
153,884
Spectrum
Brands,
Inc.
5.750%,
07/15/25
335,000
349,850
Total
503,734
Diversified
Manufacturing
0.5%
Carlisle
Cos.,
Inc.
3.750%,
12/01/27
260,000
274,555
Johnson
Controls
International
PLC
3.900%,
02/14/26
73,000
78,066
Roper
Technologies,
Inc.
3.800%,
12/15/26
137,000
147,319
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2019
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
United
Technologies
Corp.
3.950%,
08/16/25
166,000
181,813
4.125%,
11/16/28
150,000
170,184
Wabtec
Corp.
4.950%,
09/15/28
100,000
110,267
Total
962,204
Electric
1.5%
American
Electric
Power
Co.,
Inc.
Series
J,
4.300%,
12/01/28
190,000
215,297
Calpine
Corp.
5.250%,
06/01/26
(a)
305,000
317,045
Dominion
Energy,
Inc.
4.250%,
06/01/28
100,000
111,791
DTE
Energy
Co.
3.800%,
03/15/27
100,000
107,047
Duke
Energy
Corp.
3.150%,
08/15/27
136,000
141,825
Edison
International
5.750%,
06/15/27
195,000
211,711
FirstEnergy
Corp.
Series
B,
3.900%,
07/15/27
100,000
107,612
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
05/01/27
100,000
106,449
NRG
Energy,
Inc.
6.625%,
01/15/27
1,032,000
1,122,108
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
358,000
370,682
Xcel
Energy,
Inc.
4.000%,
06/15/28
100,000
110,332
Total
2,921,899
Environmental
0.1%
Waste
Connections,
Inc.
4.250%,
12/01/28
110,000
124,262
Waste
Management,
Inc.
3.450%,
06/15/29
100,000
108,045
Total
232,307
Finance
Companies
1.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.650%,
07/21/27
150,000
153,866
Navient
Corp.
6.500%,
06/15/22
416,000
447,200
Quicken
Loans,
Inc.
5.750%,
05/01/25
(a)
1,173,000
1,209,632
Springleaf
Finance
Corp.
7.125%,
03/15/26
960,000
1,095,389
Total
2,906,087
Food
and
Beverage
2.7%
Anheuser-Busch
InBev
Worldwide,
Inc.
4.750%,
01/23/29
1,154,000
1,340,646
Aramark
Services,
Inc.
5.000%,
02/01/28
(a)
505,000
527,655
B&G
Foods,
Inc.
5.250%,
04/01/25
150,000
153,132
General
Mills,
Inc.
4.200%,
04/17/28
375,000
420,350
JBS
USA
LUX
SA
/
JBS
USA
Food
Co
/
JBS
USA
Finance,
Inc.
5.500%,
01/15/30
(a)
150,000
161,496
6.500%,
04/15/29
(a)
295,000
328,409
Keurig
Dr
Pepper,
Inc.
4.597%,
05/25/28
137,000
155,534
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Kraft
Heinz
Foods
Co.
4.625%,
01/30/29
150,000
163,848
Lamb
Weston
Holdings,
Inc.
4.625%,
11/01/24
(a)
157,000
165,551
Performance
Food
Group,
Inc.
5.500%,
10/15/27
(a)
100,000
105,991
Pilgrim's
Pride
Corp.
5.750%,
03/15/25
(a)
546,000
566,555
Post
Holdings,
Inc.
5.750%,
03/01/27
(a)
903,000
960,571
Tyson
Foods,
Inc.
4.350%,
03/01/29
100,000
113,879
Total
5,163,617
Foreign
Agencies
8.8%
Bank
of
China
Ltd.
Series
REGS,
5.000%,
11/13/24
700,000
765,785
CNAC
HK
Finbridge
Co.,
Ltd.
4.125%,
07/19/27
600,000
632,159
5.125%,
03/14/28
200,000
223,996
DP
World
Crescent
Ltd.
Series
EMTN,
3.875%,
07/18/29
530,000
537,008
Ecopetrol
SA
4.125%,
01/16/25
966,000
1,015,267
5.375%,
06/26/26
1,814,000
2,035,372
Gazprom
OAO
Via
Gaz
Capital
SA
Series
REGS,
8.625%,
04/28/34
1,196,000
1,714,526
Huarong
Finance
2017
Co.,
Ltd.
Series
EMTN,
4.250%,
11/07/27
300,000
314,624
Huarong
Finance
II
Co.,
Ltd.
Series
EMTN,
5.500%,
01/16/25
200,000
221,249
Industrial
&
Commercial
Bank
of
China
Ltd.
Series
REGS,
4.875%,
09/21/25
400,000
440,809
Israel
Electric
Corp.
Ltd.
Series
6,
5.000%,
11/12/24
(a)
480,000
529,510
KazMunayGas
National
Co.
JSC
Series
REGS,
5.375%,
04/24/30
530,000
610,977
Oil
and
Gas
Holding
Co.
BSCC
(The)
Series
REGS,
7.500%,
10/25/27
400,000
446,698
Perusahaan
Listrik
Negara
PT
Series
REGS,
4.125%,
05/15/27
440,000
461,016
Series
REGS,
5.450%,
05/21/28
200,000
229,459
Petrobras
Global
Finance
BV
5.093%,
01/15/30
(a)
615,000
651,687
5.999%,
01/27/28
1,420,000
1,596,951
7.375%,
01/17/27
932,000
1,129,012
Petroleos
Mexicanos
6.500%,
03/13/27
1,230,000
1,304,179
6.840%,
01/23/30
(a)
570,000
608,197
6.875%,
08/04/26
922,000
1,009,145
Southern
Gas
Corridor
CJSC
Series
REGS,
6.875%,
03/24/26
425,000
495,656
Total
16,973,282
Gaming
1.6%
Eldorado
Resorts,
Inc.
6.000%,
04/01/25
160,000
168,645
International
Game
Technology
PLC
6.250%,
02/15/22
(a)
370,000
391,426
6.500%,
02/15/25
(a)
300,000
334,223
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co.-
Issuer,
Inc.
5.625%,
05/01/24
344,000
380,146
MGM
Resorts
International
5.750%,
06/15/25
150,000
166,302
6.000%,
03/15/23
634,000
700,229
Scientific
Games
International,
Inc.
5.000%,
10/15/25
(a)
187,000
192,460
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
5.250%,
05/15/27
(a)
320,000
333,826
5.500%,
03/01/25
(a)
463,000
493,204
Total
3,160,461
Health
Care
3.0%
Avantor
,
Inc.
6.000%,
10/01/24
(a)
252,000
269,339
Becton
Dickinson
and
Co.
3.700%,
06/06/27
257,000
276,201
Cardinal
Health,
Inc.
3.410%,
06/15/27
150,000
152,687
Cigna
Corp.
4.375%,
10/15/28
166,000
183,044
CVS
Health
Corp.
4.300%,
03/25/28
1,323,000
1,434,907
DaVita,
Inc.
5.125%,
07/15/24
270,000
276,220
HCA,
Inc.
5.375%,
02/01/25
341,000
374,734
5.875%,
02/15/26
685,000
770,457
Hologic
,
Inc.
4.375%,
10/15/25
(a)
275,000
282,024
IQVIA,
Inc.
5.000%,
10/15/26
(a)
200,000
211,592
Laboratory
Corp.
of
America
Holdings
3.600%,
09/01/27
150,000
159,411
MEDNAX,
Inc.
6.250%,
01/15/27
(a)
200,000
198,022
Tenet
Healthcare
Corp.
4.625%,
07/15/24
1,098,000
1,132,293
Total
5,720,931
Healthcare
Insurance
0.7%
Anthem,
Inc.
4.101%,
03/01/28
210,000
228,162
Centene
Corp.
4.750%,
01/15/25
400,000
414,205
5.375%,
06/01/26
(a)
455,000
481,140
WellCare
Health
Plans,
Inc.
5.250%,
04/01/25
180,000
188,588
Total
1,312,095
Healthcare
REIT
0.3%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
4.625%,
08/01/29
200,000
208,372
5.000%,
10/15/27
158,000
167,082
Ventas
Realty
LP
4.400%,
01/15/29
137,000
152,962
Total
528,416
Home
Construction
0.1%
Lennar
Corp.
4.750%,
11/29/27
216,000
233,399
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Independent
Energy
1.2%
Antero
Resources
Corp.
5.125%,
12/01/22
258,000
193,601
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.
10.000%,
04/01/22
(a)
300,000
285,903
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
146,000
154,467
Cimarex
Energy
Co.
4.375%,
03/15/29
150,000
156,483
Concho
Resources,
Inc.
4.300%,
08/15/28
175,000
188,811
CrownRock
LP
/
CrownRock
Finance,
Inc.
5.625%,
10/15/25
(a)
300,000
293,611
Diamondback
Energy,
Inc.
4.750%,
11/01/24
465,000
479,874
Matador
Resources
Co.
5.875%,
09/15/26
250,000
240,035
Southwestern
Energy
Co.
6.200%,
01/23/25
150,000
131,274
Whiting
Petroleum
Corp.
6.625%,
01/15/26
441,000
272,956
Total
2,397,015
Integrated
Energy
0.6%
Cenovus
Energy,
Inc.
4.250%,
04/15/27
1,115,000
1,170,782
Leisure
0.1%
Six
Flags
Entertainment
Corp.
4.875%,
07/31/24
(a)
200,000
206,477
Life
Insurance
0.3%
American
International
Group,
Inc.
4.200%,
04/01/28
150,000
165,178
AXA
Equitable
Holdings,
Inc.
4.350%,
04/20/28
100,000
107,458
Brighthouse
Financial,
Inc.
3.700%,
06/22/27
137,000
134,532
Lincoln
National
Corp.
3.050%,
01/15/30
100,000
100,357
Prudential
Financial,
Inc.
5.700%,
(3-month
USD
LIBOR
+
2.665%),
09/15/48
(c)
130,000
147,373
Total
654,898
Lodging
0.9%
Hilton
Domestic
Operating
Co.,
Inc.
5.125%,
05/01/26
724,000
764,409
Hilton
Worldwide
Finance
LLC
/
Hilton
Worldwide
Finance
Corp.
4.625%,
04/01/25
180,000
185,123
Hyatt
Hotels
Corp.
4.375%,
09/15/28
666,000
725,473
Total
1,675,005
Media
and
Entertainment
2.1%
Activision
Blizzard,
Inc.
3.400%,
06/15/27
100,000
104,430
Clear
Channel
Worldwide
Holdings,
Inc.
5.125%,
08/15/27
(a)
300,000
312,724
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
5.375%,
08/15/26
(a)
691,000
722,510
6.625%,
08/15/27
(a)
450,000
463,991
Discovery
Communications
LLC
3.950%,
03/20/28
150,000
158,100
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2019
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Moody's
Corp.
4.250%,
02/01/29
100,000
113,691
Netflix,
Inc.
5.875%,
11/15/28
960,000
1,057,936
Univision
Communications,
Inc.
5.125%,
02/15/25
(a)
1,118,000
1,093,181
Total
4,026,563
Metals
and
Mining
0.8%
ArcelorMittal
4.250%,
07/16/29
200,000
203,347
Arconic
,
Inc.
5.125%,
10/01/24
150,000
160,879
Freeport-McMoRan,
Inc.
4.550%,
11/14/24
370,000
384,647
Novelis
Corp.
5.875%,
09/30/26
(a)
806,000
847,480
Total
1,596,353
Midstream
1.7%
Cheniere
Corpus
Christi
Holdings
LLC
5.125%,
06/30/27
527,000
568,461
Cheniere
Energy
Partners
LP
4.500%,
10/01/29
(a)
200,000
203,873
5.250%,
10/01/25
455,000
471,904
DCP
Midstream
Operating
LP
5.375%,
07/15/25
425,000
446,461
Energy
Transfer
Operating
LP
5.250%,
04/15/29
80,000
89,916
Enterprise
Products
Operating
LLC
4.150%,
10/16/28
150,000
166,060
MPLX
LP
4.125%,
03/01/27
211,000
221,703
ONEOK,
Inc.
4.350%,
03/15/29
160,000
170,800
Sabine
Pass
Liquefaction
LLC
5.000%,
03/15/27
240,000
263,710
Sunoco
LP
/
Sunoco
Finance
Corp.
4.875%,
01/15/23
200,000
205,261
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
5.875%,
04/15/26
295,000
308,277
Williams
Co.,
Inc.
(The)
3.750%,
06/15/27
200,000
208,359
Total
3,324,785
Natural
Gas
0.2%
NiSource,
Inc.
3.490%,
05/15/27
100,000
105,201
Sempra
Energy
3.400%,
02/01/28
237,000
242,960
Total
348,161
Office
REIT
0.5%
Boston
Properties
LP
4.500%,
12/01/28
909,000
1,035,566
Other
Financial
Institutions
0.3%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
6.250%,
02/01/22
187,000
191,965
6.250%,
05/15/26
425,000
450,677
Total
642,642
Other
Industry
0.2%
AECOM
5.125%,
03/15/27
200,000
211,142
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Howard
Hughes
Corp.
(The)
5.375%,
03/15/25
(a)
158,000
164,382
Total
375,524
Other
REIT
0.5%
Brookfield
Property
REIT
Inc
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5.750%,
05/15/26
(a)
365,000
381,091
Digital
Realty
Trust
LP
3.600%,
07/01/29
235,000
246,833
ESH
Hospitality,
Inc.
5.250%,
05/01/25
(a)
260,000
268,248
Total
896,172
Packaging
0.8%
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.625%,
05/15/23
(a)
200,000
204,558
Ball
Corp.
5.250%,
07/01/25
236,000
262,571
Berry
Global,
Inc.
4.875%,
07/15/26
(a)
335,000
352,149
Mauser
Packaging
Solutions
Holding
Co.
5.500%,
04/15/24
(a)
335,000
344,726
Reynolds
Group
Issuer,
Inc.
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
Lu
5.125%,
07/15/23
(a)
200,000
205,123
Trivium
Packaging
Finance
BV
5.500%,
08/15/26
(a)
200,000
209,473
Total
1,578,600
Paper
0.1%
Fibria
Overseas
Finance
Ltd.
5.500%,
01/17/27
100,000
109,012
WRKCo
,
Inc.
4.900%,
03/15/29
60,000
68,868
Total
177,880
Pharmaceuticals
1.1%
AbbVie,
Inc.
4.250%,
11/14/28
100,000
108,757
Bausch
Health
Cos.,
Inc.
7.000%,
03/15/24
(a)
904,000
947,373
Celgene
Corp.
3.900%,
02/20/28
380,000
416,271
Mylan,
Inc.
4.550%,
04/15/28
185,000
198,108
Par
Pharmaceutical,
Inc.
7.500%,
04/01/27
(a)
200,000
191,194
Takeda
Pharmaceutical
Co.
Ltd.
5.000%,
11/26/28
(a)
200,000
234,705
Total
2,096,408
Property
&
Casualty
0.2%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
8.125%,
02/15/24
(a)
160,000
169,787
CNA
Financial
Corp.
3.900%,
05/01/29
100,000
108,409
Willis
North
America,
Inc.
4.500%,
09/15/28
150,000
167,131
Total
445,327
Railroads
0.3%
CSX
Corp.
3.250%,
06/01/27
260,000
274,316
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Union
Pacific
Corp.
3.700%,
03/01/29
330,000
360,888
Total
635,204
Refining
0.2%
Marathon
Petroleum
Corp.
3.800%,
04/01/28
200,000
210,803
Valero
Energy
Corp.
4.350%,
06/01/28
100,000
108,962
Total
319,765
Restaurants
0.9%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.250%,
05/15/24
(a)
536,000
550,102
5.000%,
10/15/25
(a)
300,000
309,652
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
5.250%,
06/01/26
(a)
551,000
583,432
McDonald's
Corp.
Series
MTN,
2.625%,
09/01/29
100,000
100,427
Starbucks
Corp.
4.000%,
11/15/28
200,000
223,802
Total
1,767,415
Retail
REIT
0.2%
Kimco
Realty
Corp.
3.800%,
04/01/27
100,000
106,679
National
Retail
Properties,
Inc.
4.300%,
10/15/28
150,000
167,210
VEREIT
Operating
Partnership
LP
3.950%,
08/15/27
100,000
106,055
Total
379,944
Retailers
0.8%
Dollar
General
Corp.
3.875%,
04/15/27
287,000
309,112
Dollar
Tree,
Inc.
4.000%,
05/15/25
100,000
107,327
Hanesbrands,
Inc.
4.875%,
05/15/26
(a)
396,000
418,376
Lowe's
Cos.,
Inc.
3.650%,
04/05/29
160,000
172,007
O'Reilly
Automotive,
Inc.
4.350%,
06/01/28
100,000
112,128
PetSmart,
Inc.
5.875%,
06/01/25
(a)
378,000
372,912
Total
1,491,862
Supermarkets
0.1%
Kroger
Co.
(The)
3.700%,
08/01/27
125,000
132,770
Technology
3.4%
Amphenol
Corp.
2.800%,
02/15/30
100,000
98,729
Arrow
Electronics,
Inc.
3.250%,
09/08/24
146,000
148,730
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
760,000
767,649
CommScope
,
Inc.
5.500%,
03/01/24
(a)
300,000
304,405
6.000%,
03/01/26
(a)
295,000
303,086
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
(a)
225,000
244,074
5.875%,
06/15/21
(a)
523,000
531,468
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Equinix
,
Inc.
5.375%,
05/15/27
407,000
441,642
Fidelity
National
Information
Services,
Inc.
Series
10Y,
4.250%,
05/15/28
100,000
111,897
Fiserv,
Inc.
3.500%,
07/01/29
200,000
211,453
Iron
Mountain,
Inc.
5.250%,
03/15/28
(a)
331,000
347,997
Keysight
Technologies,
Inc.
3.000%,
10/30/29
50,000
50,044
Lam
Research
Corp.
4.000%,
03/15/29
160,000
176,771
NXP
BV
/
NXP
Funding
LLC
5.550%,
12/01/28
(a)
70,000
81,101
Open
Text
Corp.
5.875%,
06/01/26
(a)
230,000
245,734
Qorvo
,
Inc.
5.500%,
07/15/26
200,000
213,769
Refinitiv
US
Holdings,
Inc.
6.250%,
05/15/26
(a)
150,000
163,033
SS&C
Technologies,
Inc.
5.500%,
09/30/27
(a)
1,139,000
1,215,533
Symantec
Corp.
5.000%,
04/15/25
(a)
108,000
110,613
VMware,
Inc.
3.900%,
08/21/27
100,000
103,464
Western
Digital
Corp.
4.750%,
02/15/26
595,000
607,651
Xerox
Corp.
4.125%,
03/15/23
200,000
203,974
Total
6,682,817
Tobacco
0.5%
Altria
Group,
Inc.
4.800%,
02/14/29
465,000
509,853
BAT
Capital
Corp.
3.557%,
08/15/27
405,000
408,422
Total
918,275
Transportation
Services
0.6%
FedEx
Corp.
3.400%,
02/15/28
150,000
154,454
Hertz
Corp.
(The)
7.625%,
06/01/22
(a)
315,000
327,834
XPO
Logistics,
Inc.
6.750%,
08/15/24
(a)
616,000
669,160
Total
1,151,448
Wireless
2.0%
Altice
France
SA/France
8.125%,
02/01/27
(a)
450,000
499,002
Crown
Castle
International
Corp.
3.650%,
09/01/27
195,000
206,796
SBA
Communications
Corp.
4.875%,
09/01/24
350,000
363,522
Sprint
Corp.
7.625%,
02/15/25
515,000
566,631
7.875%,
09/15/23
737,000
813,563
T-Mobile
USA,
Inc.
6.500%,
01/15/26
1,165,000
1,248,641
Vodafone
Group
PLC
7.000%,
04/04/79
(b)
100,000
115,584
Total
3,813,739
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2019
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wirelines
1.5%
Altice
France
SA
7.375%,
05/01/26
(a)
370,000
396,177
American
Tower
Corp.
3.550%,
07/15/27
272,000
286,835
AT&T,
Inc.
4.300%,
02/15/30
195,000
214,760
CenturyLink,
Inc.
Series
Y,
7.500%,
04/01/24
375,000
425,600
Level
3
Financing,
Inc.
5.375%,
08/15/22
532,000
534,108
Verizon
Communications,
Inc.
4.016%,
12/03/29
220,000
246,279
4.329%,
09/21/28
575,000
653,989
Vodafone
Group
PLC
4.375%,
05/30/28
195,000
216,545
Total
2,974,293
Total
Corporate
Bonds
(Cost
$98,954,886)
102,402,155
Foreign
Government
Obligations
(
d
)(
e
)
20.9%
Principal
Amount
($)
Value
($)
Australia
Government
Bond
Series
136,
4.750%,
04/21/27
AUD
3,666,000
3,205,991
Brazilian
Government
International
Bond
4.250%,
01/07/25
700,000
742,051
4.625%,
01/13/28
400,000
428,007
Canadian
Government
Bond
1.000%,
06/01/27
CAD
4,341,000
3,204,787
CITIC
Ltd.
Series
EMTN,
3.875%,
02/28/27
200,000
209,936
Series
EMTN,
3.700%,
06/14/26
200,000
207,196
Colombia
Government
International
Bond
3.875%,
04/25/27
750,000
796,487
4.500%,
03/15/29
200,000
222,992
Dominican
Republic
International
Bond
Series
REGS,
5.950%,
01/25/27
745,000
818,984
Export-Import
Bank
of
India
3.875%,
02/01/28
350,000
371,550
Guatemala
Government
Bond
Series
REGS,
4.875%,
02/13/28
230,000
245,182
Indonesia
Government
International
Bond
Series
REGS,
4.750%,
01/08/26
1,160,000
1,284,011
Italy
Buoni
Poliennali
Del
Tesoro
6.000%,
05/01/31
EUR
1,875,000
3,196,027
Kazakhstan
Government
International
Bond
Series
REGS,
5.125%,
07/21/25
695,000
788,091
Mexico
Government
International
Bond
4.150%,
03/28/27
1,030,000
1,103,270
New
Zealand
Government
Bond
Series
0429,
3.000%,
04/20/29
NZD
4,312,000
3,182,630
Norway
Government
Bond
Series
479,
1.750%,
02/17/27
(a)
NOK
27,820,000
3,121,641
Oman
Government
International
Bond
5.625%,
01/17/28
940,000
930,808
Panama
Government
International
Bond
3.875%,
03/17/28
550,000
598,677
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.150%,
03/29/27
900,000
963,479
Series
REGS,
4.325%,
05/28/25
250,000
268,364
Foreign
Government
Obligations
(d)(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Peruvian
Government
International
Bond
8.750%,
11/21/33
2,046,000
3,378,654
7.350%,
07/21/25
200,000
253,312
Philippine
Government
International
Bond
9.500%,
02/02/30
1,253,000
2,018,301
3.000%,
02/01/28
200,000
208,942
Republic
of
South
Africa
Government
International
Bond
5.875%,
09/16/25
600,000
655,681
4.300%,
10/12/28
200,000
193,023
Russian
Foreign
Bond
-
Eurobond
Series
REGS,
4.750%,
05/27/26
1,200,000
1,322,489
7.500%,
03/31/30
435,500
497,519
Sharjah
Sukuk
Program
Ltd.
Series
EMTN,
4.226%,
03/14/28
550,000
595,991
United
Kingdom
Gilt
4.750%,
12/07/30
GBP
1,754,000
3,271,516
Uruguay
Government
International
Bond
4.375%,
01/23/31
920,000
1,024,807
4.375%,
10/27/27
968,000
1,067,920
Total
Foreign
Government
Obligations
(Cost
$39,231,626)
40,378,316
U.S.
Treasury
Obligations
20.4%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bill
10.4%
1.643%,
01/02/20
4,600,000
4,587,961
1.797%,
12/12/19
2,500,000
2,495,788
1.888%,
11/29/19
2,300,000
2,297,386
1.942%,
11/07/19
1,571,000
1,570,630
1.946%,
11/21/19
1,200,000
1,199,000
1.951%,
12/05/19
2,500,000
2,496,503
2.061%,
12/19/19
5,500,000
5,489,450
Total
20,136,718
U.S.
Treasury
Bond
6.5%
2.875%,
05/15/49
2,576,000
2,969,645
3.000%,
05/15/42
923,000
1,066,353
3.375%,
05/15/44
2,057,000
2,534,610
3.375%,
11/15/48
2,558,000
3,223,480
3.750%,
11/15/43
2,049,300
2,664,730
Total
12,458,818
U.S.
Treasury
Note
3.5%
2.375%,
05/15/27
1,836,000
1,935,832
2.625%,
02/15/29
2,751,000
2,974,949
5.250%,
11/15/28
1,489,000
1,935,467
Total
6,846,248
Total
U.S.
Treasury
Obligations
(Cost
$38,150,859)
39,441,784
U.S.
Government
&
Agency
Obligations
14.9%
Principal
Amount
($)
Value
($)
Federal
National
Mortgage
Association
13.8%
3.000%,
11/15/46
(f)
2,120,000
2,154,204
3.500%,
11/15/45
(f)
8,405,000
8,629,571
3.500%,
04/01/49
356,798
367,025
4.000%,
11/15/45
(f)
7,695,000
7,985,366
4.000%,
09/01/47
1,009,890
1,059,150
4.000%,
03/01/48
1,923,737
2,019,337
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
15
Notes
to
Portfolio
of
Investments
U.S.
Government
&
Agency
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%,
05/01/49
317,689
329,485
4.500%,
11/15/45
(f)
3,905,000
4,107,267
Total
26,651,405
Federal
Home
Loan
Mortgage
Corporation
1.1%
3.500%,
08/01/47
2,170,889
2,251,545
Total
U.S.
Government
&
Agency
Obligations
(Cost
$28,787,177)
28,902,950
Money
Market
Funds
1.8%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
1.730%
(g)
3,433,692
3,433,692
Total
Money
Market
Funds
(Cost
$3,433,692)
3,433,692
Total
Investments
in
Securities
(Cost
$208,558,240)
214,558,897
Other
Assets
&
Liabilities,
Net
(21,332,214)
Net
Assets
193,226,683
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
SEC
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
The
Fund
may
invest
in
private
placements
determined
to
be
liquid
as
well
as
those
determined
to
be
illiquid.
Private
placements
may
be
determined
to
be
liquid
under
guidelines
established
by
the
Fund’s
Board
of
Trustees.
At
October
31,
2019,
the
net
value
of
these
securities
amounted
to
$39,002,944
which
represents
20.19%
of
net
assets.
(b)
Represents
a
variable
rate
security
with
a
step
coupon
where
the
rate
adjusts
according
to
a
schedule
for
a
series
of
periods,
typically
lower
for
an
initial
period
and
then
increasing
to
a
higher
coupon
rate
thereafter.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2019.
(c)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2019.
(d)
Principal
amounts
are
shown
in
United
States
Dollars
unless
otherwise
noted.
(e)
Principal
and
interest
may
not
be
guaranteed
by
the
government.
(f)
Represents
a
security
purchased
on
a
when-issued
basis.
(g)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2019.
Currency
Legend
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
Pound
Sterling
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2019
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2019:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Corporate
Bonds
–
102,402,155
–
102,402,155
Foreign
Government
Obligations
–
40,378,316
–
40,378,316
U.S.
Treasury
Obligations
39,441,784
–
–
39,441,784
U.S.
Government
&
Agency
Obligations
–
28,902,950
–
28,902,950
Money
Market
Funds
3,433,692
–
–
3,433,692
Total
Investments
in
Securities
42,875,476
171,683,421
–
214,558,897
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
17
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$208,558,240
)
$214,558,897
Foreign
currency
(cost
$943)
471
Receivable
for:
Interest
1,984,801
Investment
sold
191,098
Reclaims
receivable
9,336
Dividends
1,430
Total
assets
216,746,033
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
22,864,131
Investments
purchased
612,489
Investment
management
fees
42,730
Total
liabilities
23,519,350
Net
assets
applicable
to
outstanding
capital
stock
$193,226,683
Represented
by:
Paid-in
capital
$188,111,920
Total
distributable
earnings
(loss)
5,114,763
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$193,226,683
Shares
outstanding
9,300,050
Net
asset
value
per
share
$20.78
STATEMENT
OF
OPERATIONS
For
the
Year
Ended
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2019
Investment
Income:
Interest
$4,499,387
Dividends
-
unaffiliated
issuers
27,549
Foreign
taxes
withheld
(1,950)
Total
income
4,524,986
Expenses:
Investment
management
fees
325,180
Net
investment
income
4,199,806
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
308,934
In-kind
transactions
392,668
Foreign
currency
translations
5,756
Net
realized
gain
707,358
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
9,264,262
Foreign
currency
translations
2,046
Net
change
in
unrealized
appreciation
9,266,308
Net
realized
and
unrealized
gain
9,973,666
Net
increase
in
net
assets
resulting
from
operations
$14,173,472
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
19
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
Operations
Net
investment
income
$4,199,806
$2,880,732
Net
realized
gain
(loss)
707,358
(1,805,246)
Net
change
in
unrealized
appreciation
(depreciation)
9,266,308
(3,130,727)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
14,173,472
(2,055,241)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(3,975,229)
(2,667,212)
Shareholder
transactions
Proceeds
from
shares
sold
135,187,935
95,062,720
Cost
of
shares
redeemed
(37,043,384)
(35,372,937)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
98,144,551
59,689,783
Increase
in
net
assets
108,342,794
54,967,330
Net
Assets:
Net
assets
beginning
of
year
84,883,889
29,916,559
Net
assets
at
end
of
year
$193,226,683
$84,883,889
Capital
stock
activity
Shares
outstanding,
beginning
of
year
4,500,050
1,500,050
Subscriptions
6,700,000
4,850,000
Redemptions
(1,900,000)
(1,850,000)
Shares
outstanding,
end
of
year
9,300,050
4,500,050
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2019
The
following
table
is
intended
to
help
you
understand
the
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
The
price
used
to
calculate
Total
Return
at
Market
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
NYSE
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
October
31
,
2019
2018
2017
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$18.86
$19.94
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.72
0.67
0.03
Net
realized
and
unrealized
gain
(loss)
1.91
(1.13)
(0.09)
Total
from
investment
operations
2.63
(0.46)
(0
.06)
Less
distributions
to
shareholders:
Net
investment
income
(0.71)
(0.62)
–
Total
distribution
to
shareholders
(0.71)
(0.62)
–
Net
asset
value,
end
of
year
$20.78
$18.86
$19.94
Total
Return
at
NAV
14.21%
(2.32)%
(0.30)%
Total
Return
at
Market
14.78%
(2.68)%
(0.15)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.28%
0.28%
(c)
0.28%
(d)
Total
net
expenses
(b)(e)
0.28%
0.24%
(c)
–%
(d)
Net
investment
income
3.62%
3.49%
3.10%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$193,227
$84,884
$29,917
Portfolio
turnover
171%
140%
–%
(a)
The
Fund
commenced
operations
on
October
12,
2017.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2018
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Annualized
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
21
Organization
Columbia
Diversified
Fixed
Income
Allocation
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Funds’
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
by
pricing
services
approved
by
the
Board
of
Trustees
based
upon
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
cost
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
market
value.
Investments
in
open-end
investment
companies,
including
money
market
funds,
are
valued
at
their
latest
net
asset
value.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
22
Strategic
Beta
ETFs
|
Annual
Report
2019
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
regular
trading
on
the
New
York
Stock
Exchange.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Fund
does
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
To
be
announced
securities
The
Fund
may
trade
securities
on
a
To
Be
Announced
(TBA)
basis.
As
with
other
delayed-delivery
transactions,
a
seller
agrees
to
issue
a
TBA
security
at
a
future
date.
However,
the
seller
does
not
specify
the
particular
securities
to
be
delivered.
Instead,
the
Fund
agrees
to
accept
any
security
that
meets
specified
terms.
In
some
cases,
Master
Securities
Forward
Transaction
Agreements
(MSFTAs)
may
be
used
to
govern
transactions
of
certain
forward-settling
agency
mortgage-backed
securities,
such
as
delayed-delivery
and
TBAs,
between
the
Fund
and
counterparty.
The
MSFTA
maintains
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral
relating
to
such
transactions.
Mortgage
dollar
roll
transactions
The
Fund
may
enter
into
mortgage
“dollar
rolls”
in
which
the
Fund
sells
securities
for
delivery
in
the
current
month
and
simultaneously
contracts
with
the
same
counterparty
to
repurchase
similar
but
not
identical
securities
(same
type,
coupon
and
maturity)
on
a
specified
future
date.
During
the
roll
period,
the
Fund
loses
the
right
to
receive
principal
and
interest
paid
on
the
securities
sold.
However,
the
Fund
will
benefit
because
it
receives
negotiated
amounts
in
the
form
of
reductions
of
the
purchase
price
for
the
future
purchase
plus
the
interest
earned
on
the
cash
proceeds
of
the
securities
sold
until
the
settlement
date
of
the
forward
purchase.
The
Fund
records
the
incremental
difference
between
the
forward
purchase
and
sale
of
each
forward
roll
as
a
realized
gain
or
loss.
Unless
any
realized
gains
exceed
the
income,
capital
appreciation,
and
gain
or
loss
due
to
mortgage
prepayments
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
mortgage
dollar
roll,
the
use
of
this
technique
will
diminish
the
investment
performance
of
the
Fund
compared
to
what
the
performance
would
have
been
without
the
use
of
mortgage
dollar
rolls.
All
cash
proceeds
will
be
invested
in
instruments
that
are
permissible
investments
for
the
Fund.
The
Fund
identifies
cash
or
liquid
securities
in
an
amount
equal
to
the
forward
purchase
price.
For
financial
reporting
and
tax
purposes,
the
Fund
treats
“to
be
announced”
mortgage
dollar
rolls
as
two
separate
transactions,
one
involving
the
purchase
of
a
security
and
a
separate
transaction
involving
a
sale.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
the
Fund
is
obligated
to
repurchase
may
decline
below
the
repurchase
price,
or
that
the
counterparty
may
default
on
its
obligations.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
23
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-
issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectibility
of
interest
is
reasonably
assured.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
NAV
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
the
Fund
is
treated
as
a
separate
entity.
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Fund
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
24
Strategic
Beta
ETFs
|
Annual
Report
2019
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
Accounting
Standards
Update
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities
In
March
2017,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities.
ASU
No.
2017-08
updates
the
accounting
standards
to
shorten
the
amortization
period
for
certain
purchased
callable
debt
securities,
held
at
a
premium,
to
be
amortized
to
the
earliest
call
date.
The
update
applies
to
securities
with
explicit,
noncontingent
call
features
that
are
callable
at
fixed
prices
and
on
preset
dates.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2018
and
interim
periods
within
those
fiscal
years.
Management
does
not
expect
the
implementation
of
this
guidance
to
have
a
material
impact
on
the
financial
statement
amounts
and
footnote
disclosures.
Accounting
Standards
Update
2018-13
Disclosure
Framework —
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement
In
August
2018,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2018-13
Disclosure
Framework
-
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2019
and
interim
periods
within
those
fiscal
years,
with
early
adoption
permitted.
After
evaluation,
management
determined
to
adopt
the
ASU
effective
for
the
period
ended
July
31,
2019
and
all
subsequent
periods.
To
comply
with
the
ASU,
management
implemented
disclosure
changes
which
include
removal
of
the
amount
and
reasons
for
transfers
between
Level
1
and
Level
2
of
the
fair
value
hierarchy,
removal
of
the
policy
for
the
timing
of
transfers
between
levels,
removal
of
the
description
of
the
Level
3
valuation
processes,
as
well
as
modifications
to
the
measurement
uncertainty
disclosure.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
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
the
Fund’s
participation
in
inverse
floater
structures;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.28%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund
as
disclosed
in
the
Statement
of
Operations.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
25
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
liability
for
these
amounts
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Fund.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees,
however,
there
are
no
current
plans
to
impose
these
fees.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2019,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
foreign
currency
transactions,
capital
loss
carryforwards,
principal
and/or
interest
of
fixed
income
securities
and
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October 31,
2019,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October 31,
2019,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
Capital
($)
(234,532)
(42,054)
276,586
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
3,975,229
-
3,975,229
2,667,212
-
2,667,212
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
253,582
-
(1,062,561)
5,923,742
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
26
Strategic
Beta
ETFs
|
Annual
Report
2019
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2019,
may
be
available
to
reduce
taxable
income
arising
from
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Capital
loss
carryforwards
with
no
expiration
are
required
to
be
utilized
prior
to
any
capital
losses
which
carry
an
expiration
date.
As
a
result
of
this
ordering
rule,
capital
loss
carryforwards
which
carry
an
expiration
date
may
be
more
likely
to
expire
unused.
In
addition,
for
the
year
ended
October
31,
2019,
capital
loss
carryforwards
utilized
and
expired
unused,
if
any,
were
as
follows:
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$250,252,156
and
$200,615,950,
respectively,
for
the
year
ended
October
31,
2019,
of
which
$11,760,146
and
$6,904,453,
respectively,
were
U.S.
government
securities.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2019,
the
cost
basis
of
securities
contributed
was
$65,105,874.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2019,
the
in-kind
redemption
proceeds
from
sales
were
$17,329,246
and
the
net
realized
gain
was
$392,668.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
The
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$1
billion.
Interest
is
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
will
pay
a
commitment
fee
equal
to
its
pro
rata
share
of
the
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
208,635,155
6,465,071
(541,329)
5,923,742
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Expired
($)
625,379
437,182
1,062,561
636,747
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
27
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2019.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
securities
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower
rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
High-yield
investments
risk
Securities
and
other
debt
instruments
held
by
the
Fund
that
are
rated
below
investment
grade
(commonly
called
"high-
yield"
or
"junk"
bonds)
and
unrated
debt
instruments
of
comparable
quality
expose
the
Fund
to
a
greater
risk
of
loss
of
principal
and
income
than
a
fund
that
invests
solely
or
primarily
in
investment
grade
debt
instruments.
In
addition,
these
investments
have
greater
price
fluctuations,
are
less
liquid
and
are
more
likely
to
experience
a
default
than
higher-
rated
debt
instruments.
High-yield
debt
instruments
are
considered
to
be
predominantly
speculative
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
prevailing
interest
rates
rise,
the
values
of
debt
securities
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
securities
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
in
interest
rates.
Increasing
interest
rates
may
negatively
affect
the
value
of
debt
securities
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
net
asset
value
per
share.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
security,
the
greater
its
sensitivity
to
changes
in
interest
rates.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
a
lack
of
marketability
of
investments
which
may
make
it
difficult
to
sell
the
investment
at
a
desirable
time
or
price.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
adversely
affect
the
liquidity
of
the
Fund’s
investments.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
investments,
or
forego
another,
more
appealing
investment
opportunity.
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
A
less
liquid
market
can
lead
to
an
increase
in
Fund
redemptions,
which
may
negatively
impact
Fund
performance
and
net
asset
value
per
share,
including,
for
example,
if
the
Fund
is
forced
to
sell
securities
in
a
down
market.
Passive
Investment
Risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
underlying
index.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
underlying
index,
regardless
of
their
investment
merits.
The
Fund
does
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
an
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
28
Strategic
Beta
ETFs
|
Annual
Report
2019
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial.
Strategic
Beta
ETFs
|
Annual
Report
2019
29
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Diversified
Fixed
Income
Allocation
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Diversified
Fixed
Income
Allocation
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
referred
to
as
the
"Fund")
as
of
October
31,
2019,
the
related
statement
of
operations
for
the
year
ended
October
31,
2019,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2019,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2019
and
for
the
period
October
12,
2017
(commencement
of
operations)
through
October
31,
2017
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2019,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2019
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2019
and
for
the
period
October
12,
2017
(commencement
of
operations)
through
October
31,
2017
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2019
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
20,
2019
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
30
Strategic
Beta
ETFs
|
Annual
Report
2019
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2019
.
Shareholders
will
be
notified
in
early
2020
of
the
amounts
for
use
in
preparing
2019
income
tax
returns.
The
Fund
reports
the
following
for
ordinary
income
distributions:
Fund
Columbia
Diversified
Fixed
Income
Allocation
ETF
$3,975,229
Strategic
Beta
ETFs
|
Annual
Report
2019
31
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
Certain
Trustees
may
have
served
as
a
Trustee
to
other
Funds
in
the
Columbia
Funds
Complex
prior
to
the
date
set
forth
in
the
Position
Held
with
the
Trusts
and
Length
of
Service
column.
Under
current
Board
policy,
Trustees
not
affiliated
with
the
Investment
Manager
generally
may
serve
through
the
end
of
the
calendar
year
in
which
they
reach
either
the
mandatory
retirement
age
established
by
the
Board.
Independent
trustees
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
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
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
TRUSTEES
AND
OFFICERS
(continued)
32
Strategic
Beta
ETFs
|
Annual
Report
2019
Independent
trustees
(continued)
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
Edward
J.
Boudreau,
Jr.
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1944
Chair
of
the
Board
since
January
2018;
Trustee
since
April
2016
for
CET
I
and
September
2016
for
CET
II
Managing
Director,
E.J.
Boudreau
&
Associates
(consulting)
since
2000;
FINRA
Industry
Arbitrator,
2002
–
present;
Chairman
and
Chief
Executive
Officer,
John
Hancock
Investments
(asset
management),
Chairman
and
Interested
Trustee
for
open-end
and
closed-end
funds
offered
by
John
Hancock,
1989-2000;
John
Hancock
Mutual
Life
Insurance
Company,
including
Senior
Vice
President
and
Treasurer
and
Senior
Vice
President
Information
Technology,
1968-1988
121
Former
Trustee,
Boston
Museum
of
Science
(Chair
of
Finance
Committee),
1985-2013;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2005-2011
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,
Laurel
Road
Bank
(Audit
Committee)
since
2017
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
Directors,
The
MA
Business
Roundtable
since
2003;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street
Mail
Drop
BX32
05228,
Boston,
MA
02110
1954
Trustee
since
December
2017
for
each
Trust
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977
-
2016
119
Trustee,
Catholic
Schools
Foundation
since
2004
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1952
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,
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.
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
33
Independent
trustees
(continued)
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
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
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019
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;
Board
Chair,
Hollingsworth
Funds
since
2016;
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
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
TRUSTEES
AND
OFFICERS
(continued)
34
Strategic
Beta
ETFs
|
Annual
Report
2019
*
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.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Interested
trustee
affiliated
with
Investment
Manager*
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
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
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010
and
February
2012,
respectively;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012
previously
Chief
Executive
Officer,
U.S.
Asset
Management
&
President,
Annuities,
May
2010
-
September
2012);
Director
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
RiverSource
Distributors,
Inc.
since
2006;
Director,
Threadneedle
Asset
Management
Holdings,
SARL
since
2014;
President
and
Chief
Executive
Officer,
Ameriprise
Certificate
Company,
2006
-
August
2012.
192
Chairman
of
the
Board,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010;
former
Director,
Ameriprise
Certificate
Company,
August
2006
-
January
2013
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
35
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr. Truscott,
who
is
Senior
Vice
President,
the
Funds’
other
officers
are:
Fund
officers
Name,
address,
and
year
of
birth
Position
and
year
first
appointed
to
position
for
any
Fund
in
the
Columbia
Funds
complex
or
a
predecessor
thereof
Principal
occupation(s)
during
the
past
five
years
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1970
President
and
Principal
Executive
Officer
(2015)
Vice
President
and
Lead
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
January
2015
(previously
Vice
President
and
Chief
Counsel,
January
2010
–
December
2014);
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Michael
G.
Clarke
225
Franklin
Street
Boston,
MA
02110
Born
1969
Chief
Financial
Officer
(Principal
Financial
Officer)(2009)
and
Senior
Vice
President
(2019)
Vice
President —
Accounting
and
Tax,
Columbia
Management
Investment
Advisers,
LLC,
since
May 2010;
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002
(previously,
Treasurer
and
Chief
Accounting
Officer,
January 2009-January 2019
and
December 2015-January 2019,
respectively).
Marybeth
Pilat
225
Franklin
Street
Boston,
MA
02110
Born
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
Paul
B.
Goucher
485
Lexington
Avenue
New
York,
NY
10017
Born
1968
Senior
Vice
President
(2011),
and
Assistant
Secretary
(2008)
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
January
2017
(previously
Vice
President
and
Lead
Chief
Counsel,
November
2008
–
January
2017
and
January
2013
–
January
2017,
respectively);
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
March
2015
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
March
2015).
Thomas
P.
McGuire
225
Franklin
Street
Boston,
MA
02110
Born
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
since
September
2010.
Colin
Moore
225
Franklin
Street
Boston,
MA
02110
Born
1958
Senior
Vice
President
(2010)
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Ameriprise
Financial,
Inc.,
since
July
2013;
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Columbia
Management
Investment
Advisers,
LLC
since
July
2013.
Ryan
C.
Larrenaga
225
Franklin
Street
Boston,
MA
02110
Born
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017),
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
225
Franklin
Street
Boston,
MA
02110
Born
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010.
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October
2014;
Vice
President
&
Resolution
Officer,
Ameriprise
Trust
Company
since
August
2009.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
36
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Threadneedle
or
the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Diversified
Fixed
Income
Allocation
ETF
(the
ETF).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
Columbia
Threadneedle
provides
investment
advice
and
other
services
to
the
ETF
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Funds).
On
an
annual
basis,
the
Fund's
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
Columbia
Threadneedle
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
in
November
2018
and
January,
March,
April
and
June
2019,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
organization,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
a
comprehensive
response
to
items
of
information
requested
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel)
in
a
letter
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
Many
of
the
materials
presented
at
these
meetings
were
first
supplied
in
draft
form
to
designated
independent
Board
representatives,
i.e.,
Independent
Legal
Counsel,
Fund
Counsel,
the
Chair
of
the
Board
(who
is
an
Independent
Trustee)
and
the
Chair
of
the
Contracts
Committee
(who
is
an
Independent
Trustee),
and
the
final
materials
were
revised
to
include
information
reflective
of
discussion
and
subsequent
requests
made
by
the
Contracts
Committee.
In
addition,
throughout
the
year,
the
Board
(or
its
committees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
Columbia
Threadneedle
addressing
the
services
Columbia
Threadneedle
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
17-19,
2019
in-person
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board's
consideration
of
investment
management
services
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
Following
an
analysis
and
discussion
of
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
Columbia
Threadneedle
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
Columbia
Threadneedle,
as
well
as
its
history,
reputation,
expertise,
resources
and
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
Columbia
Threadneedle,
including,
in
particular,
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2019
initiatives.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
Columbia
Threadneedle
to
the
ETF,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
Columbia
Threadneedle's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
In
connection
with
the
Board's
evaluation
of
the
overall
package
of
services
provided
by
Columbia
Threadneedle,
the
Board
also
considered
the
nature,
quality
and
range
of
administrative
oversight
services
provided
to
the
ETF
by
Columbia
Threadneedle,
as
well
as
the
achievements
in
2018
in
the
performance
of
administrative
services,
and
noted
the
various
enhancements
anticipated
for
2019.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
ETF
and
Columbia
Threadneedle’s
compliance
program.
The
Board
also
considered
Columbia
Threadneedle’s
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon.
In
addition,
the
Board
reviewed
the
financial
condition
of
Columbia
Threadneedle
and
its
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement,
observing
the
financial
strength
of
Ameriprise
Financial,
with
its
relatively
strong
cash
position
and
solid
balance
sheet.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
37
The
Board
also
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement
(including
the
relatively
broad
scope
of
services
required
to
be
performed
by
Columbia
Threadneedle),
noting
that
no
material
changes
are
proposed
from
the
form
of
agreement
previously
approved.
They
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
ETF
under
the
IMS
Agreement.
It
was
also
observed
that
the
services
being
performed
under
the
IMS
Agreement
were
of
a
reasonably
high
quality.
Based
on
the
foregoing,
and
based
on
other
information
received
(both
oral
and
written,
including
the
information
on
investment
performance
referenced
below)
and
other
considerations,
the
Board
concluded
that
Columbia
Threadneedle
is
in
a
position
to
continue
to
provide
a
high
quality
and
level
of
services
to
the
ETF.
Investment
performance
For
purposes
of
evaluating
the
nature,
extent
and
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
carefully
reviewed
the
investment
performance
of
the
ETF.
In
this
regard,
the
Board
considered
detailed
reports
providing
the
results
of
analyses
performed
by
an
independent
organization
showing,
for
various
periods
(including
since
manager
inception),
the
performance
of
the
ETF
(particularly
relative
to
the
index
of
which
the
ETF
seeks
to
replicate
performance)
and
its
net
assets.
The
Board
also
reviewed
index
tracking
error
data
for
the
ETF.
The
Board
observed
that
the
ETF’s
performance
was
substantially
consistent
with
the
performance
of
its
index.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
Columbia
Threadneedle
from
its
relationship
with
the
ETFs
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
In
considering
the
proposed
level
of
fees
under
the
IMS
Agreement,
the
Board
accorded
particular
weight
to
the
unified/all-inclusive
fee
structure
utilized
by
the
ETF.
In
this
regard,
they
observed
that
many
of
the
competitors
of
the
ETF
have
adopted
similar
unified/all-inclusive
fee
structures.
More
generally,
the
Board
accorded
particular
weight
to
the
notion
that
the
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Fund
(with
certain
defined
exceptions)
are
generally
in
line
with
the
"pricing
philosophy"
currently
in
effect
(i.e.,
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe).
The
Board
observed
that,
as
expected,
the
ETF’s
unified
fee
rates
was
lower
than
the
expense
ratios
of
the
open-end,
actively
managed
Columbia
Funds
invested
in
similar
asset
classes.
Based
on
its
review,
the
Board
concluded
that
the
ETF’s
investment
management
services
fee
was
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
that
the
ETF
receives.
The
Board
also
considered
the
profitability
of
Columbia
Threadneedle
and
its
affiliates
in
connection
with
Columbia
Threadneedle
providing
investment
management
services
to
the
ETF.
In
this
regard,
the
Independent
Trustees
referred
to
their
detailed
analysis
of
the
Profitability
Report,
discussing
the
profitability
to
Columbia
Threadneedle
and
Ameriprise
Financial
from
managing
the
Funds,
including
the
ETF.
The
Board
considered
that
in
2018
the
Board
had
concluded
that
2017
profitability
was
reasonable
and
that
the
2019
information
shows
that
the
profitability
generated
by
Columbia
Threadneedle
in
2018
only
slightly
increased
from
2017
levels.
The
Board
also
noted
JDL’s
report
and
its
conclusion
that
2018
Columbia
Threadneedle
profitability
relative
to
industry
competitors
was
reasonable.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
Columbia
Threadneedle
or
its
affiliates
in
connection
with
managing
the
Funds,
including
the
ETF,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
ETF
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
The
Board
concluded
that
profitability
levels
were
reasonable.
Economies
of
scale
to
be
realized
The
Board
also
considered
the
economies
of
scale
that
might
be
realized
by
the
ETF
as
its
net
asset
level
grows
and
took
note
of
the
extent
to
which
the
ETF’s
shareholders
might
also
benefit
from
such
growth.
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unified
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
38
Strategic
Beta
ETFs
|
Annual
Report
2019
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/
outflows.
Based
on
the
foregoing,
the
Board,
including
all
of
the
Independent
Trustees,
concluded
that
the
investment
management
services
fees
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided.
In
reaching
this
conclusion,
no
single
factor
was
determinative.
On
June
19,
2019,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA,
02110
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/
etfs
.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2019
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Annual
Report
October
31,
2019
Not
FDIC
Insured
•
No
bank
guarantee
•
May
lose
value
Columbia
Multi-Sector
Municipal
Income
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
will
no
longer
be
sent
by
mail,
unless
you
specifically
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Annual
Report
2019
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Understanding
Your
Fund’s
Expenses
7
Frequency
Distribution
of
Premiums
and
Discounts
8
Portfolio
of
Investments
9
Statement
of
Assets
and
Liabilities
15
Statement
of
Operations
16
Statement
of
Changes
in
Net
Assets
17
Financial
Highlights
18
Notes
to
Financial
Statements
19
Report
of
Independent
Registered
Public
Accounting
Firm
25
Federal
Income
Tax
Information
26
Trustees
and
Officers
27
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Funds
file
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT,
and
for
reporting
periods
ended
prior
to
March
31,
2020,
on
Form
N-Q.
The
Funds’
Form
N-Q
and
Form
N-PORT
filings
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-Q
or
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
225
Franklin
Street
Boston,
MA
02110
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Strategic
Beta
ETFs
|
Annual
Report
2019
3
Portfolio
management
Catherine
Stienstra
Lead
Portfolio
Manager
Managed
Fund
since
2018
Anders
Myhran,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
New
York
Stock
Exchange
(NYSE)
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
is
a
rules-based
multi-sector
strategic
beta
approach
to
measuring
the
performance
of
the
U.S.
tax-exempt
bond
market
which
is
composed
of
bonds
issued
by
or
on
behalf
of
state
or
local
governments
whose
interest
is
exempt
from
regular
federal
income
tax
(but
may
be
subject
to
the
alternative
minimum
tax),
through
representation
of
five
sectors
of
the
municipal
debt
market
in
the
Index,
with
a
focus
on
yield,
quality,
maturity,
liquidity,
and
interest
rate
sensitivity
of
the
particular
eligible
universe.
The
Index
includes
publicly
issued
U.S.
dollar
denominated,
fixed
rate
municipal
bonds.
California
bonds,
Guam
bonds,
Puerto
Rico
bonds,
U.S.
Virgin
Island
bonds,
other
U.S.
territories,
commonwealths
and
possessions,
pre-refunded
bonds,
insured
bonds,
floaters,
callable
bonds
with
less
than
1
year
to
call,
tobacco
bonds,
and
derivatives
are
all
excluded
from
the
Index.
The
five
fixed
sectors
with
their
respective
weightings
are
as
follows:
Municipal
Core
Revenue
Sector
(45%);
Municipal
Health
Care
Sector
(20%);
Municipal
High-Quality
Revenue
Sector
(15%);
The
Municipal
Core
General
Obligation
Sector
(10%);
and
the
Municipal
High
Yield
Sector
(10%).
Each
sector
of
the
Index
is
constructed
with
rules
specific
to
the
sector
to
provide
a
better
balance
of
quality,
yield
and
liquidity.
The
rules
for
each
sector
can
be
found
in
the
Fund’s
prospectus.
It
is
not
possible
to
invest
directly
in
an
index.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2019)
Inception
1
Year
Life
Market
Price
10/10/18
10.24
10.09
Net
Asset
Value
10/10/18
10.42
9.91
{
Beta
Advantage®
}
Multi-Sector
Municipal
Bond
Index
10.28
9.73
FUND
AT
A
GLANCE
(continued)
4
Strategic
Beta
ETFs
|
Annual
Report
2019
Performance
of
a
hypothetical
$10,000
investment
(October
10,
2018
—
October
31,
2019)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Quality
breakdown
(%)
(at
October
31,
2019)
AAA
rating
7.1
AA
rating
34.3
A
rating
37.7
BBB
rating
11.3
BB
rating
9.6
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments
(excluding
Money
Market
Funds).
Bond
ratings
apply
to
the
underlying
holdings
of
the
Fund
and
not
the
Fund
itself
and
are
divided
into
categories
ranging
from
highest
to
lowest
credit
quality,
determined
by
using
the
middle
rating
of
Moody's,
S&P
and
Fitch,
after
dropping
the
highest
and
lowest
available
ratings.
When
ratings
are
available
from
only
two
rating
agencies,
the
lower
rating
is
used.
When
a
rating
is
available
from
only
one
agency,
that
rating
is
used.
When
a
bond
is
not
rated
by
any
rating
agency,
it
is
designated
as
"Not
rated."
Credit
quality
ratings
assigned
by
a
rating
agency
are
subjective
opinions,
not
statements
of
fact,
and
are
subject
to
change,
including
daily.
The
ratings
assigned
by
credit
rating
agencies
are
but
one
of
the
considerations
that
the
Investment
Manager
and/or
Fund's
subadviser
incorporates
into
its
credit
analysis
process,
along
with
such
other
issuer-specific
factors
as
cash
flows,
capital
structure
and
leverage
ratios,
ability
to
de-leverage
(repay)
through
free
cash
flow,
quality
of
management,
market
positioning
and
access
to
capital,
as
well
as
such
security-specific
factors
as
the
terms
of
the
security
(e.g.,
interest
rate
and
time
to
maturity)
and
the
amount
and
type
of
any
collateral.
For
information
on
the
rating
methodology
of
each
agency,
please
go
to:
www.moodys.com,
www.fitchratings.com
or
www.standardandpoors.
com/home/en/us.
Top
ten
states/territories
(%)
(at
October
31,
2019)
Texas
12
.4
New
Jersey
12
.2
New
York
8
.6
Illinois
7
.7
Pennsylvania
6
.0
Florida
5
.9
Kentucky
4
.9
Washington
3
.9
Michigan
3
.7
Colorado
3
.4
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Multi-Sector
Municipal
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
5
For
the
12-month
period
that
ended
October
31,
2019,
the
Fund
returned
10.42%
based
on
net
asset
value
(NAV)
and
10.24%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
10.28%
during
the
same
period.
For
comparison,
the
Bloomberg
Barclays
Municipal
Bond
Index
returned
9.42%
for
the
same
period.
The
Fund
had
an
NAV
of
$20.02
on
October
31,
2018
and
ended
the
annual
period
on
October
31,
2019
with
an
NAV
of
$21.56.
The
Fund’s
market
price
on
October
31,
2019
was
$21.60
per
share.
Municipal
bond
markets
buoyed
by
slowing
economic
growth
and
rising
global
trade
tensions
As
the
annual
period
started
in
the
last
two
months
of
2018,
municipal
bond
yields
fell
alongside
U.S.
Treasuries
amid
a
broad
risk-off
tone
driven
by
slowing
global
economic
growth
and
a
burgeoning
of
idiosyncratic
risks,
such
as
Brexit
uncertainty
and
trade
wars.
(There
is
generally
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
rise
when
yields
decrease
and
vice
versa.)
Intermediate
maturities
and
higher
quality
bonds
outperformed.
Conversely,
high-yield
tobacco
bonds
faced
pressure,
after
the
U.S.
Food
and
Drug
Administration
proposed
measures
to
implement
a
ban
on
menthol
cigarettes.
Market
technicals,
or
supply/demand
factors,
were
mixed,
with
supply
relatively
constrained
due
to
a
combination
of
volatility
and
the
typical
slowdown
in
issuance
as
the
year-end
holidays
approached.
Mutual
funds
experienced
outflows
for
much
of
the
fourth
quarter
of
2018
but
enjoyed
a
modest
reversal
toward
the
end
of
the
year
given
positive
performance.
Municipal
bond
yields
pushed
lower
during
the
first
quarter
of
2019,
as
investors
began
pricing
in
a
higher
probability
of
a
global
economic
slowdown.
The
U.S.
Federal
Reserve
(Fed)
left
the
targeted
federal
funds
rate
unchanged
and
removed
forward
guidance
for
any
hikes
in
2019.
Without
the
specter
of
rising
interest
rates,
municipal
bonds
generated
their
best
performance
during
the
quarter
since
the
first
quarter
of
2014.
Longer
maturities
outperformed
as
did
high-yield
municipals.
Market
technicals
were
positive,
as
mutual
funds
saw
significant
inflows,
posting
the
best
start
to
a
year
since
the
data
series
began
in
1992.
With
supply
only
modestly
ahead
of
2018’s
pace
of
issuance,
inflows
pushed
yields
lower
and
spreads,
or
yield
differentials
to
U.S.
Treasuries,
tighter
across
most
of
the
municipal
bond
market.
Heightened
market
volatility
in
the
second
quarter
of
2019
saw
U.S.
Treasury
yields
plummet
dramatically,
led
lower
by
concerns
over
slowing
economic
growth
and
rising
global
trade
tensions.
Although
municipal
bonds
lagged
U.S.
Treasuries
in
the
second
quarter,
returns
were
high
enough
for
the
municipal
bond
market
to
notch
its
best
first
half
since
2014.
Longer
maturities
outperformed,
and
high-yield
municipals
outperformed
investment-grade
municipals.
Volatility
continued
to
roil
the
fixed-income
markets
during
the
third
quarter,
as
the
themes
that
drove
yields
lower
in
the
second
quarter
remained
in
place.
With
global
economic
data
materially
weakening
and
trade
tensions
between
the
U.S.
and
China
weighing
on
sentiment,
the
Fed
reversed
course
by
providing
two
interest
rate
cuts
during
the
quarter
—
its
first
interest
rate
cuts
since
2008.
Municipal
bonds
were
not
immune
to
this
volatility.
While
municipal
market
performance
remained
positive
for
the
quarter,
September
2019
was
the
first
month
of
negative
total
returns
in
2019
to
date.
Longer
maturities
and
high-yield
municipals
still
performed
best.
Issuers
were
able
to
take
advantage
of
lower
rates,
and
supply
was
higher
by
7%
from
the
third
quarter
of
2018.
However,
with
rather
persistent
fund
inflows
since
the
beginning
of
2019,
a
marginal
increase
in
municipal
supply
did
not
materially
cheapen
valuations.
Taxable
municipal
issuance
also
saw
an
uptick,
with
issuers
using
taxable
debt
to
refund
outstanding
tax-exempt
paper.
In
October
2019,
U.S.
Treasury
yields
continued
to
fall,
with
monetary
policy
tilting
more
accommodative
and
the
U.S.
dollar
softening.
The
Fed
cut
interest
rates
for
the
third
time
in
four
months.
Municipal
bond
total
returns
returned
to
positive
territory
for
the
month.
There
continued
to
be
strong
demand
for
municipals
from
mutual
fund
investors,
with
43
consecutive
weeks
of
positive
net
cash
flow
as
of
the
end
of
October.
Notably,
$75.1
billion
of
net
assets
flowed
into
municipal
funds
year-to-date
through
October
31,
2019,
the
highest
level
since
such
data
began
being
reported
in
1992.
Supply
also
picked
up,
with
year-to-date
through
October
31,
2019
issuance
reaching
$330.4
billion,
nearly
matching
the
$338.9
billion
for
all
of
2018.
This
supply
phenomenon
was
affected
largely
by
a
surge
in
taxable
municipal
offerings,
as
the
highly
compressed
yield
environment
made
taxable
advance
refundings
of
tax-exempt
bonds
economical.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Multi-Sector
Municipal
Income
ETF
6
Strategic
Beta
ETFs
|
Annual
Report
2019
Index
performance
driven
by
hospital
and
transportation
sectors
during
annual
period
Index
constituents
in
the
hospital,
transportation
and
water
sectors
contributed
most
positively
to
the
Index’s
results
on
an
absolute
basis
during
the
annual
period.
Index
constituents
in
the
housing
and
multi-family
housing
sectors
contributed
least
to
the
Index’s
results
on
an
absolute
basis
during
the
annual
period.
The
Fund
had
a
weighted
average
duration
of
5.47
years,
a
weighted
average
maturity
of
10.14
years,
an
average
yield
to
maturity
of
2.73%
and
an
average
coupon
of
4.48%
as
of
October
31,
2019.
The
30-day
SEC
yield
of
the
Fund
at
the
end
of
the
annual
period
was
1.72%.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
Fixed-income
securities
present
credit
risk,
which
includes
issuer
default
risk.
The
Fund
is
subject
to
municipal
securities
risk,
which
includes
the
risk
that
the
value
of
such
securities
may
be
affected
by
state
tax,
legislative,
regulatory,
demographic
or
political
conditions/factors,
as
well
as
a
state’s
financial,
economic
or
other
conditions/factors.
The
Fund
may
invest
materially
in
a
single
issuer
and,
therefore,
be
more
exposed
to
the
risk
of
loss
than
a
fund
that
invests
more
broadly.
Prepayment
and
extension
risk
exists
because
the
timing
of
payments
on
a
loan,
bond
or
other
investment
may
accelerate
when
interest
rates
fall
or
decelerate
when
interest
rates
rise
which
may
reduce
investment
opportunities
and
potential
returns.
A
rise
in
interest
rates
may
result
in
a
price
decline
of
fixed-income
instruments
held
by
the
Fund,
negatively
impacting
its
performance
and
NAV.
Falling
rates
may
result
in
the
Fund
investing
in
lower
yielding
debt
instruments,
lowering
the
Fund’s
income
and
yield.
These
risks
may
be
heightened
for
longer
maturity
and
duration
securities.
Non-investment-grade
(high-yield
or
junk)
securities
present
greater
price
volatility
and
more
risk
to
principal
and
income
than
higher
rated
securities.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund’s
use
of
a
“representative
sampling”
approach
in
seeking
to
track
the
performance
of
its
index
(investing
in
only
some
of
the
components
of
the
index
that
collectively
are
believed
to
have
an
investment
profile
similar
to
that
of
the
index)
may
not
allow
the
Fund
to
track
its
index
with
the
same
degree
of
accuracy
as
would
an
investment
vehicle
replicating
the
entire
Index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
and,
correspondingly,
the
Fund
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
asset
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund’s
portfolio
turnover,
as
it
seeks
to
track
its
index,
may
cause
an
adverse
expense
impact,
decreasing
the
Fund’s
returns
relative
to
the
index,
which
does
not
bear
transactions
expenses.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
including
if
creation
and
redemptions
units
are
not
affected
on
an
in-kind
basis,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
Market
or
other
(e.g.,
interest
rate)
environments
may
adversely
affect
the
liquidity
of
fund
investments,
negatively
impacting
their
price.
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
holding,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2019
7
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
October
31,
2019.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2019
—
October
31,
2019
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Multi-Sector
Municipal
Income
ETF
1,000.00
1,000.00
1,039.50
1,024.00
1.23
1.22
0.24
FREQUENCY
DISTRIBUTION
OF
PREMIUMS
AND
DISCOUNTS
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2019
The
table
that
follows
presents
information
about
the
differences
between
the
daily
market
price
on
secondary
markets
for
shares
of
the
Fund
and
that
Fund’s
net
asset
value.
Net
asset
value,
or
“NAV”,
is
the
price
per
share
at
which
the
Fund
issues
and
redeems
shares.
It
is
calculated
in
accordance
with
the
standard
formula
for
valuing
fund
shares.
The
“Market
Price”
of
the
Fund
generally
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
stock
exchange
on
which
the
shares
of
the
Fund
are
listed
for
trading,
as
of
the
time
that
the
Fund’s
NAV
is
calculated.
The
Fund’s
Market
Price
may
be
at,
above
or
below
its
NAV.
The
NAV
of
the
Fund
will
fluctuate
with
changes
in
the
market
value
of
its
portfolio
holdings.
The
Market
Price
of
the
Fund
will
fluctuate
in
accordance
with
changes
in
its
NAV,
as
well
as
market
supply
and
demand.
Premiums
or
discounts
are
the
differences
(expressed
as
a
percentage)
between
the
NAV
and
Market
Price
of
a
Fund
on
a
given
day,
generally
at
the
time
NAV
is
calculated.
A
premium
is
the
amount
that
a
Fund
is
trading
above
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
A
discount
is
the
amount
that
a
Fund
is
trading
below
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
The
following
information
shows
the
frequency
distributions
of
premiums
and
discounts
for
the
Fund.
The
information
shown
for
the
Fund
is
for
the
period
from
inception
date
of
such
Fund
through
October
31,
2019.
Each
line
in
the
table
shows
the
number
of
trading
days
in
which
the
Fund
traded
within
the
premium/discount
range
indicated.
All
data
presented
here
represents
past
performance,
which
cannot
be
used
to
predict
future
results.
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Multi-Sector
Municipal
Income
ETF
October
10,
2018
–
October
31,
2019
0
–
49.9
197
33
50
-99.9
37
0
100
–
199.9
0
0
>200
0
0
Total
234
33
PORTFOLIO
OF
INVESTMENTS
October
31,
2019
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
9
Municipal
Bonds
96.6%
Issue
Description
Principal
Amount
($)
Value
($)
Alaska
0.4%
Alaska
Housing
Finance
Corp.
Series
D
Revenue
Bonds
5.000%,
12/01/26
100,000
116,839
Colorado
3.3%
City
&
County
of
Denver
Co.
Revenue
Bonds
5.000%,
10/01/32
100,000
109,197
City
&
County
of
Denver
Co.
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
11/15/27
250,000
275,330
5.000%,
12/01/27
160,000
197,237
Denver
City
&
County
School
District
No
1
4.000%,
12/01/26
100,000
105,723
Regional
Transportation
District
Revenue
Bonds
5.000%,
06/01/26
160,000
191,158
Total
Colorado
878,645
Connecticut
1.0%
State
of
Connecticut
Special
Tax
Revenue,
Series
A
Revenue
Bonds
5.000%,
08/01/28
150,000
177,316
5.000%,
01/01/29
75,000
93,774
Total
Connecticut
271,090
District
of
Columbia
1.8%
Metropolitan
Washington
Airports
Authority
Revenue
Bonds
5.000%,
10/01/29,
Series
A
125,000
144,145
5.000%,
10/01/30
200,000
243,672
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Series
B
Revenue
Bonds
0.000%,
10/01/30
(a)
130,000
98,253
Total
District
of
Columbia
486,070
Florida
5.7%
Brevard
County
Health
Facilities
Authority
Revenue
Bonds
4.000%,
04/01/36
140,000
149,093
Capital
Trust
Agency,
Inc.
Series
A
Revenue
Bonds
5.250%,
12/01/43
(b)
150,000
159,399
City
of
Gainesville
FL
Utilities
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/25
100,000
120,742
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
Series
B
Revenue
Bonds
5.250%,
10/01/22
210,000
233,472
Florida
Municipal
Power
Agency
Series
A
Revenue
Bonds
5.000%,
10/01/28
125,000
151,512
Orange
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/39
100,000
117,488
Palm
Beach
County
School
District
Series
B
Revenue
Bonds
5.000%,
08/01/28
170,000
217,608
School
Board
of
Miami-Dade
County
(The)
Series
A
Revenue
Bonds
5.000%,
05/01/32
135,000
156,753
Volusia
County
School
Board
Series
B
Revenue
Bonds
5.000%,
08/01/30
200,000
231,496
Total
Florida
1,537,563
Georgia
1.8%
State
of
Georgia
4.000%,
02/01/26,
Series
A-2
215,000
239,284
5.000%,
07/01/28,
Series
F
200,000
249,406
Total
Georgia
488,690
Hawaii
0.9%
State
of
Hawaii
Series
EO
5.000%,
08/01/26
200,000
233,936
Illinois
7.4%
Chicago
Board
of
Education
0.000%,
12/01/29,
Series
A
(a)
185,000
136,469
5.250%,
12/01/39,
Series
C
235,000
258,159
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.000%,
01/01/28,
Series
B
160,000
186,565
5.000%,
01/01/29,
Series
C
200,000
237,426
City
of
Chicago
IL
Wastewater
Transmission
Revenue
Series
C
Revenue
Bonds
5.000%,
01/01/24
230,000
260,510
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2019
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Illinois
Finance
Authority
Revenue
Bonds
4.000%,
01/01/25
200,000
226,182
4.125%,
11/15/37,
Series
A
235,000
250,040
Illinois
State
Toll
Highway
Authority
Series
A
Revenue
Bonds
4.000%,
12/01/31
210,000
231,869
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(a)
300,000
207,453
Total
Illinois
1,994,673
Indiana
1.5%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000
159,493
Indiana
Finance
Authority
Revenue
Bonds
5.000%,
06/01/39,
Series
A
125,000
130,950
1.080%,
11/01/39,
Series
D
100,000
100,000
Total
Indiana
390,443
Kansas
0.9%
Kansas
Development
Finance
Authority
Series
A
Revenue
Bonds
5.000%,
11/15/32
225,000
244,800
Kentucky
4.8%
Kentucky
Turnpike
Authority
Series
B
Revenue
Bonds
5.000%,
07/01/26
160,000
193,083
Louisville
&
Jefferson
County
Metropolitan
Sewer
District
Series
A
Revenue
Bonds
5.000%,
05/15/28
460,000
494,289
Louisville/Jefferson
County
Metropolitan
Government,
Series
A
Revenue
Bonds
5.000%,
10/01/30
290,000
344,946
4.000%,
10/01/35
235,000
255,412
Total
Kentucky
1,287,730
Louisiana
1.1%
Louisiana
Public
Facilities
Authority
Revenue
Bonds
5.000%,
06/01/27
140,000
160,782
State
of
Louisiana
Series
B
5.000%,
08/01/27
100,000
122,715
Total
Louisiana
283,497
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Maryland
3.2%
County
of
Frederick
Series
A
Revenue
Bonds
5.000%,
09/01/32
(b)
75,000
87,175
County
of
Howard
Series
B
5.000%,
02/15/28
225,000
281,443
Maryland
Economic
Development
Corp.
Series
A
Revenue
Bonds
5.000%,
03/31/24
105,000
111,741
Maryland
Health
&
Higher
Educational
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/41
100,000
111,171
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
100,000
122,938
Maryland
Water
Quality
Financing
Administration
Revolving
Loan
Fund
Revenue
Bonds
2.800%,
03/01/26
150,000
157,428
Total
Maryland
871,896
Massachusetts
1.7%
Massachusetts
Development
Finance
Agency,
Series
I
Revenue
Bonds
5.000%,
07/01/36
150,000
175,618
5.000%,
07/01/41
250,000
285,968
Total
Massachusetts
461,586
Michigan
3.6%
Michigan
Finance
Authority
Revenue
Bonds
5.000%,
08/01/28
300,000
346,335
3.125%,
12/01/35,
Series
A
100,000
103,800
5.000%,
12/01/42,
Series
A-MI
250,000
298,650
Michigan
State
Housing
Development
Authority
Series
C
Revenue
Bonds
3.900%,
12/01/33
200,000
218,788
Total
Michigan
967,573
Minnesota
1.9%
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
100,000
109,265
City
of
Minneapolis
Series
A
Revenue
Bonds
6.000%,
07/01/43
100,000
108,611
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
11
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Duluth
Housing
&
Redevelopment
Authority
Series
A
Revenue
Bonds
5.000%,
11/01/33
100,000
112,721
Minneapolis-St
Paul
Metropolitan
Airports
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/27
155,000
193,217
Total
Minnesota
523,814
Missouri
1.5%
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000
170,410
Missouri
Joint
Municipal
Electric
Utility
Commission
Series
A
Revenue
Bonds
4.000%,
12/01/32
100,000
111,175
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000
117,021
Total
Missouri
398,606
New
Jersey
11.8%
New
Jersey
Economic
Development
Authority
Revenue
Bonds
5.000%,
03/01/25,
Series
NN
300,000
330,444
4.000%,
11/01/25,
Series
B
200,000
220,334
5.000%,
03/01/26,
Series
NN
260,000
285,966
4.375%,
06/15/27,
Series
XX
120,000
132,642
5.500%,
09/01/27,
Series
N-1
120,000
147,990
5.500%,
06/15/29,
Series
BBB
195,000
232,522
6.000%,
07/01/32,
Series
A
200,000
205,194
New
Jersey
Health
Care
Facilities
Financing
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/32
225,000
250,117
New
Jersey
Housing
&
Mortgage
Finance
Agency
Series
D
Revenue
Bonds
4.000%,
04/01/25
225,000
247,439
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%,
12/15/27,
Series
A
(a)
300,000
241,389
5.250%,
06/15/32,
Series
C
100,000
112,651
5.000%,
12/15/32,
Series
A
200,000
234,810
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.250%,
01/01/30,
Series
A
170,000
228,169
5.000%,
01/01/31,
Series
E
260,000
314,538
Total
New
Jersey
3,184,205
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
New
York
8.3%
City
of
New
York
5.000%,
08/01/22,
Series
C
200,000
220,490
5.000%,
08/01/25,
Series
J
115,000
130,761
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%,
11/15/24,
Series
C
200,000
234,688
5.000%,
11/15/26,
Series
A2
275,000
337,133
5.000%,
11/15/31,
Series
C-1
365,000
450,527
New
York
City
Housing
Development
Corp.
Series
G-2-A
(Mandatory
Put
12/31/21)
Revenue
Bonds
2.000%,
11/01/57
100,000
100,440
New
York
State
Dormitory
Authority,
Series
A
Revenue
Bonds
5.000%,
07/01/26
300,000
341,784
5.000%,
07/01/33
100,000
121,417
New
York
State
Environmental
Facilities
Corp.
Revenue
Bonds
5.000%,
06/15/29
150,000
174,908
Port
Authority
of
New
York
&
New
Jersey
Series
207
Revenue
Bonds
5.000%,
09/15/25
115,000
136,753
Total
New
York
2,248,901
North
Carolina
2.7%
Charlotte-Mecklenburg
Hospital
Authority
(The)
Series
A
Revenue
Bonds
5.000%,
01/15/30
180,000
193,833
County
of
New
Hanover
Revenue
Bonds
5.000%,
10/01/29
230,000
278,305
North
Carolina
Medical
Care
Commission
Series
A
Revenue
Bonds
5.000%,
10/01/31
230,000
251,031
Total
North
Carolina
723,169
Ohio
1.9%
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Revenue
Bonds
5.000%,
06/01/23
200,000
226,632
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000
146,657
State
of
Ohio
Series
A
Revenue
Bonds
3.250%,
01/01/35
130,000
138,264
Total
Ohio
511,553
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2019
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Oklahoma
1.3%
Grand
River
Dam
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/30
200,000
242,414
Oklahoma
Turnpike
Authority
Series
A
Revenue
Bonds
3.750%,
01/01/33
100,000
111,401
Total
Oklahoma
353,815
Pennsylvania
5.8%
Berks
County
Municipal
Authority
Series
A
Revenue
Bonds
5.000%,
11/01/40
100,000
106,218
Chambersburg
Area
Municipal
Authority
Revenue
Bonds
5.500%,
10/01/33
150,000
161,153
Chester
County
Health
&
Education
Facilities
Authority
Revenue
Bonds
4.250%,
11/01/32
100,000
104,017
Commonwealth
of
Pennsylvania
Series
1
5.000%,
03/15/29
100,000
117,186
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.750%,
07/01/32
100,000
137,583
Geisinger
Authority
Series
A-2
Revenue
Bonds
5.000%,
02/15/39
150,000
176,799
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
Revenue
Bonds
5.000%,
07/01/33
100,000
116,654
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%,
06/01/28,
Series
B-2
200,000
244,556
6.000%,
12/01/30,
Series
E
100,000
129,523
Philadelphia
Authority
For
Industrial
Development
Series
2015
Revenue
Bonds
5.000%,
04/01/33
225,000
260,048
Total
Pennsylvania
1,553,737
Rhode
Island
0.4%
Rhode
Island
Commerce
Corp.
Series
B
Revenue
Bonds
5.000%,
06/15/31
100,000
119,323
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
South
Carolina
1.4%
Charleston
Educational
Excellence
Finance
Corp.
Revenue
Bonds
5.000%,
12/01/26
250,000
286,120
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(a)
120,000
98,335
Total
South
Carolina
384,455
Tennessee
1.1%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000
115,169
Memphis-Shelby
County
Industrial
Development
Board
Series
B
Revenue
Bonds
5.000%,
11/01/30
150,000
181,415
Total
Tennessee
296,584
Texas
12.0%
City
of
Austin
TX
Airport
System
Revenue
Revenue
Bonds
5.000%,
11/15/27
200,000
232,138
City
of
Dallas
5.000%,
02/15/23
100,000
111,831
City
of
Houston
Series
A
5.000%,
03/01/26
200,000
242,772
City
of
Houston
TX
Combined
Utility
System
Revenue
Series
B
Revenue
Bonds
5.000%,
11/15/27
130,000
160,367
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/26
200,000
243,542
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Series
A
Revenue
Bonds
4.000%,
08/15/40
225,000
247,950
North
Texas
Municipal
Water
District
Water
System
Revenue
Revenue
Bonds
5.000%,
09/01/28
250,000
296,323
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
13
Notes
to
Portfolio
of
Investments
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
North
Texas
Tollway
Authority
Revenue
Bonds
5.000%,
01/01/24,
Series
B
235,000
261,900
5.000%,
01/01/27,
Series
A
530,000
625,525
San
Antonio
Water
System
Series
A
(Mandatory
Put
05/01/24)
Revenue
Bonds
2.625%,
05/01/49
300,000
316,965
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%,
11/15/29,
Series
A
110,000
130,913
5.000%,
05/15/37
100,000
109,418
Texas
Water
Development
Board
Series
A
Revenue
Bonds
5.000%,
04/15/27
200,000
250,138
Total
Texas
3,229,782
Utah
0.5%
Salt
Lake
City
Corp.
Airport
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000
123,170
Virginia
1.8%
City
of
Richmond
VA
Public
Utility
Revenue
Revenue
Bonds
5.000%,
01/15/27
220,000
268,800
Virginia
Resources
Authority
Series
B
Revenue
Bonds
4.000%,
10/01/27
185,000
207,032
Total
Virginia
475,832
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Washington
3.8%
State
of
Washington
Series
R-2012C
5.000%,
07/01/23
225,000
247,518
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%,
10/01/29,
Series
B
250,000
316,655
5.000%,
08/01/38,
Series
A-2
150,000
179,627
5.000%,
10/01/38,
Series
D
150,000
171,415
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(b)
100,000
112,392
Total
Washington
1,027,607
West
Virginia
0.6%
West
Virginia
Economic
Development
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/29
150,000
162,767
Wisconsin
0.7%
State
of
Wisconsin
Series
3
5.000%,
11/01/23
170,000
188,972
Total
Municipal
Bonds
(Cost
$24,647,068)
26,021,323
Money
Market
Funds
4.0%
Shares
Value
($)
Dreyfus
AMT-Free
Tax
Exempt
Cash
Management-
Institutional
Shares
1.068%
(c)
1,083,713
1,083,821
Total
Money
Market
Funds
(Cost
$1,083,821)
1,083,821
Total
Investments
in
Securities
(Cost
$25,730,889)
27,105,144
Other
Assets
&
Liabilities,
Net
(159,055)
Net
Assets
26,946,089
(a)
Zero
coupon
bond.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
SEC
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
The
Fund
may
invest
in
private
placements
determined
to
be
liquid
as
well
as
those
determined
to
be
illiquid.
Private
placements
may
be
determined
to
be
liquid
under
guidelines
established
by
the
Fund’s
Board
of
Trustees.
At
October
31,
2019,
the
net
value
of
these
securities
amounted
to
$358,966
which
represents
1.33%
of
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2019.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2019
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2019:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Municipal
Bonds
–
26,021,323
–
26,021,323
Money
Market
Funds
1,083,821
–
–
1,083,821
Total
Investments
in
Securities
1,083,821
26,021,323
–
27,105,144
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
15
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$25,730,889
)
$27,105,144
Receivable
for:
Interest
319,353
Total
assets
27,424,497
Liabilities
Payable
for:
Investments
purchased
473,304
Investment
management
fees
5,104
Total
liabilities
478,408
Net
assets
applicable
to
outstanding
capital
stock
$26,946,089
Represented
by:
Paid-in
capital
$25,471,875
Total
distributable
earnings
(loss)
1,474,214
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$26,946,089
Shares
outstanding
1,250,050
Net
asset
value
per
share
$21.56
STATEMENT
OF
OPERATIONS
For
the
Year
Ended
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2019
Investment
Income:
Interest
$632,851
Total
income
632,851
Expenses:
Investment
management
fees
55,327
Net
investment
income
577,524
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
37,739
Net
realized
gain
37,739
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,385,349
Net
change
in
unrealized
appreciation
1,385,349
Net
realized
and
unrealized
gain
1,423,088
Net
increase
in
net
assets
resulting
from
operations
$2,000,612
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
17
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
(a)
Operations
Net
investment
income
$577,524
$21,205
Net
realized
gain
37,739
–
Net
change
in
unrealized
appreciation
(depreciation)
1,385,349
(11,094)
Net
increase
in
net
assets
resulting
from
operations
2,000,612
10,111
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(536,509)
–
Shareholder
transactions
Proceeds
from
shares
sold
9,467,543
1,003,332
Net
increase
in
net
assets
resulting
from
shareholder
transactions
9,467,543
1,003,332
Increase
in
net
assets
10,931,646
1,013,443
Net
Assets:
Net
assets
beginning
of
year
16,014,443
15,001,000
Net
assets
at
end
of
year
$26,946,089
$16,014,443
Capital
stock
activity
Shares
outstanding,
beginning
of
year
800,050
750,050
Subscriptions
450,000
50,000
Shares
outstanding,
end
of
year
1,250,050
800,050
(a)
Based
on
operations
from
October
10,
2018
(commencement
of
operations)
through
the
stated
period
end.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2019
The
following
table
is
intended
to
help
you
understand
the
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
The
price
used
to
calculate
Total
Return
at
Market
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
NYSE
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
October
31
,
2019
2018
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$20
.02
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.56
0.03
Net
realized
and
unrealized
gain
(loss)
1.51
(0.01)
Total
from
investment
operations
2.07
0.02
Less
distributions
to
shareholders:
Net
investment
income
(0.53)
–
Total
distribution
to
shareholders
(0.53)
–
Net
asset
value,
end
of
year
$21.56
$20.02
Total
Return
at
NAV
10.42%
0.10%
Total
Return
at
Market
10.24%
0.45%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.26%
0.28%
(c)
Total
net
expenses
(b)(d)
0.26%
0.28%
(c)
Net
investment
income
2.67%
2.34%
(c)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$26,946
$16,014
Portfolio
turnover
20%
48%
(a)
The
Fund
commenced
operations
on
October
10,
2018.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Annualized
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
19
Organization
Columbia
Multi-Sector
Municipal
Income
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
by
pricing
services
approved
by
the
Board
of
Trustees
based
upon
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
cost
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
market
value.
Investments
in
open-end
investment
companies,
including
money
market
funds,
are
valued
at
their
latest
net
asset
value.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
20
Strategic
Beta
ETFs
|
Annual
Report
2019
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
NAV
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
the
Fund
is
treated
as
a
separate
entity.
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
Accounting
Standards
Update
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities
In
March
2017,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities.
ASU
No.
2017-08
updates
the
accounting
standards
to
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
21
shorten
the
amortization
period
for
certain
purchased
callable
debt
securities,
held
at
a
premium,
to
be
amortized
to
the
earliest
call
date.
The
update
applies
to
securities
with
explicit,
noncontingent
call
features
that
are
callable
at
fixed
prices
and
on
preset
dates.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2018
and
interim
periods
within
those
fiscal
years.
Management
does
not
expect
the
implementation
of
this
guidance
to
have
a
material
impact
on
the
financial
statement
amounts
and
footnote
disclosures.
Accounting
Standards
Update
2018-13
Disclosure
Framework —
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement
In
August
2018,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2018-13
Disclosure
Framework
-
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2019
and
interim
periods
within
those
fiscal
years,
with
early
adoption
permitted.
After
evaluation,
management
determined
to
adopt
the
ASU
effective
for
the
period
ended
July
31,
2019
and
all
subsequent
periods.
To
comply
with
the
ASU,
management
implemented
disclosure
changes
which
include
removal
of
the
amount
and
reasons
for
transfers
between
Level
1
and
Level
2
of
the
fair
value
hierarchy,
removal
of
the
policy
for
the
timing
of
transfers
between
levels,
removal
of
the
description
of
the
Level
3
valuation
processes,
as
well
as
modifications
to
the
measurement
uncertainty
disclosure.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
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
the
Fund’s
participation
in
inverse
floater
structures;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
Effective
June
1,
2019,
the
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.23%
of
the
Fund’s
average
daily
net
assets.
Prior
to
such
date
the
investment
management
fee
was
equal
to
0.28%
of
the
Fund’s
average
daily
net
assets.
The
investment
management
fee
for
the
year
ended
October
31,
2019
was
equal
to
0.26%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund
as
disclosed
in
the
Statement
of
Operations.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
liability
for
these
amounts
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Fund.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
22
Strategic
Beta
ETFs
|
Annual
Report
2019
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees,
however,
there
are
no
current
plans
to
impose
these
fees.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
Fund
did
not
have
any
permanent
differences;
therefore
no
reclassifications
were
made.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2019,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2019,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$14,262,723
and
$4,213,610,
respectively,
for
the
year
ended
October
31,
2019.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Year
Ended
October
31,
2019
Year
Ended
October
31,
2018
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
72
536,437
-
536,509
-
-
-
-
Undistributed
ordinary
income
($)
Undistributed
tax-exempt
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
39,168
60,791
-
-
1,374,255
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
25,730,889
1,375,816
(1,561)
1,374,255
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
23
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
The
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$1
billion.
Interest
is
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
will
pay
a
commitment
fee
equal
to
its
pro
rata
share
of
the
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2019.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
securities
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower
rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instrument.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
prevailing
interest
rates
rise,
the
values
of
debt
securities
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
securities
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
in
interest
rates.
Increasing
interest
rates
may
negatively
affect
the
value
of
debt
securities
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
net
asset
value
per
share.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
security,
the
greater
its
sensitivity
to
changes
in
interest
rates.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
a
lack
of
marketability
of
investments
which
may
make
it
difficult
to
sell
the
investment
at
a
desirable
time
or
price.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
adversely
affect
the
liquidity
of
the
Fund’s
investments.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
investments,
or
forego
another,
more
appealing
investment
opportunity.
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
A
less
liquid
market
can
lead
to
an
increase
in
Fund
redemptions,
which
may
negatively
impact
Fund
performance
and
net
asset
value
per
share,
including,
for
example,
if
the
Fund
is
forced
to
sell
securities
in
a
down
market.
Municipal
securities
risk
Securities
issued
by
a
particular
state
and
its
instrumentalities
are
subject
to
the
risk
of
unfavorable
developments
in
such
state.
A
municipal
security
can
be
significantly
affected
by
adverse
tax,
legislative,
regulatory,
demographic
or
political
changes
as
well
as
changes
in
a
particular
state’s
(state
and
its
instrumentalities’)
financial,
economic
or
other
condition
and
prospects.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
underlying
index.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
underlying
index,
regardless
of
their
investment
merits.
The
Fund
does
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
an
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
24
Strategic
Beta
ETFs
|
Annual
Report
2019
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial.
Strategic
Beta
ETFs
|
Annual
Report
2019
25
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Multi-Sector
Municipal
Income
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Multi-Sector
Municipal
Income
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
referred
to
as
the
"Fund")
as
of
October
31,
2019,
the
related
statement
of
operations
for
the
year
ended
October
31,
2019
and
the
statement
of
changes
in
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2019
and
for
the
period
October
10,
2018
(commencement
of
operations)
through
October
31,
2018,
including
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2019,
the
results
of
its
operations
for
the
year
ended
October
31,
2019,
and
the
changes
in
its
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2019
and
for
the
period
October
10,
2018
(commencement
of
operations)
through
October
31,
2018
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2019
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December 20,
2019
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
26
Strategic
Beta
ETFs
|
Annual
Report
2019
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2019
.
Shareholders
will
be
notified
in
early
2020
of
the
amounts
for
use
in
preparing
2019
income
tax
returns.
Exempt-interest
dividends.
The
percentage
of
net
investment
income
distributed
during
the
fiscal
year
that
qualifies
as
exempt-interest
dividends
for
federal
income
tax
purposes.
A
portion
of
the
income
may
be
subject
to
federal
alternative
minimum
tax.
Exempt-
interest
dividends
99.99%
Strategic
Beta
ETFs
|
Annual
Report
2019
27
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
Certain
Trustees
may
have
served
as
a
Trustee
to
other
Funds
in
the
Columbia
Funds
Complex
prior
to
the
date
set
forth
in
the
Position
Held
with
the
Trusts
and
Length
of
Service
column.
Under
current
Board
policy,
Trustees
not
affiliated
with
the
Investment
Manager
generally
may
serve
through
the
end
of
the
calendar
year
in
which
they
reach
either
the
mandatory
retirement
age
established
by
the
Board.
Independent
trustees
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
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
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
TRUSTEES
AND
OFFICERS
(continued)
28
Strategic
Beta
ETFs
|
Annual
Report
2019
Independent
trustees
(continued)
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
Edward
J.
Boudreau,
Jr.
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1944
Chair
of
the
Board
since
January
2018;
Trustee
since
April
2016
for
CET
I
and
September
2016
for
CET
II
Managing
Director,
E.J.
Boudreau
&
Associates
(consulting)
since
2000;
FINRA
Industry
Arbitrator,
2002
–
present;
Chairman
and
Chief
Executive
Officer,
John
Hancock
Investments
(asset
management),
Chairman
and
Interested
Trustee
for
open-end
and
closed-end
funds
offered
by
John
Hancock,
1989-2000;
John
Hancock
Mutual
Life
Insurance
Company,
including
Senior
Vice
President
and
Treasurer
and
Senior
Vice
President
Information
Technology,
1968-1988
121
Former
Trustee,
Boston
Museum
of
Science
(Chair
of
Finance
Committee),
1985-2013;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2005-2011
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,
Laurel
Road
Bank
(Audit
Committee)
since
2017
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
Directors,
The
MA
Business
Roundtable
since
2003;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street
Mail
Drop
BX32
05228,
Boston,
MA
02110
1954
Trustee
since
December
2017
for
each
Trust
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977
-
2016
119
Trustee,
Catholic
Schools
Foundation
since
2004
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1952
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,
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.
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
29
Independent
trustees
(continued)
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
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
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019
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;
Board
Chair,
Hollingsworth
Funds
since
2016;
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
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
TRUSTEES
AND
OFFICERS
(continued)
30
Strategic
Beta
ETFs
|
Annual
Report
2019
*
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.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Interested
trustee
affiliated
with
Investment
Manager*
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
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
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010
and
February
2012,
respectively;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012
previously
Chief
Executive
Officer,
U.S.
Asset
Management
&
President,
Annuities,
May
2010
-
September
2012);
Director
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
RiverSource
Distributors,
Inc.
since
2006;
Director,
Threadneedle
Asset
Management
Holdings,
SARL
since
2014;
President
and
Chief
Executive
Officer,
Ameriprise
Certificate
Company,
2006
-
August
2012.
192
Chairman
of
the
Board,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010;
former
Director,
Ameriprise
Certificate
Company,
August
2006
-
January
2013
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
31
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr. Truscott,
who
is
Senior
Vice
President,
the
Funds’
other
officers
are:
Fund
officers
Name,
address,
and
year
of
birth
Position
and
year
first
appointed
to
position
for
any
Fund
in
the
Columbia
Funds
complex
or
a
predecessor
thereof
Principal
occupation(s)
during
the
past
five
years
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1970
President
and
Principal
Executive
Officer
(2015)
Vice
President
and
Lead
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
January
2015
(previously
Vice
President
and
Chief
Counsel,
January
2010
–
December
2014);
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Michael
G.
Clarke
225
Franklin
Street
Boston,
MA
02110
Born
1969
Chief
Financial
Officer
(Principal
Financial
Officer)(2009)
and
Senior
Vice
President
(2019)
Vice
President —
Accounting
and
Tax,
Columbia
Management
Investment
Advisers,
LLC,
since
May 2010;
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002
(previously,
Treasurer
and
Chief
Accounting
Officer,
January 2009-January 2019
and
December 2015-January 2019,
respectively).
Marybeth
Pilat
225
Franklin
Street
Boston,
MA
02110
Born
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
Paul
B.
Goucher
485
Lexington
Avenue
New
York,
NY
10017
Born
1968
Senior
Vice
President
(2011),
and
Assistant
Secretary
(2008)
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
January
2017
(previously
Vice
President
and
Lead
Chief
Counsel,
November
2008
–
January
2017
and
January
2013
–
January
2017,
respectively);
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
March
2015
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
March
2015).
Thomas
P.
McGuire
225
Franklin
Street
Boston,
MA
02110
Born
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
since
September
2010.
Colin
Moore
225
Franklin
Street
Boston,
MA
02110
Born
1958
Senior
Vice
President
(2010)
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Ameriprise
Financial,
Inc.,
since
July
2013;
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Columbia
Management
Investment
Advisers,
LLC
since
July
2013.
Ryan
C.
Larrenaga
225
Franklin
Street
Boston,
MA
02110
Born
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017),
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
225
Franklin
Street
Boston,
MA
02110
Born
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010.
Lyn
Kephart
-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October
2014;
Vice
President
&
Resolution
Officer,
Ameriprise
Trust
Company
since
August
2009.
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA,
02110
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/
etfs
.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2019
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Annual
Report
October
31,
2019
Not
FDIC
Insured
•
No
bank
guarantee
•
May
lose
value
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
will
no
longer
be
sent
by
mail,
unless
you
specifically
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Research
Enhanced
Core
ETF
Fund
at
a
Glance
3
Columbia
Research
Enhanced
Value
ETF
Fund
at
a
Glance
4
Understanding
Your
Fund’s
Expenses
5
Frequency
Distribution
of
Premiums
and
Discounts
6
Portfolio
of
Investments
7
Statement
of
Assets
and
Liabilities
19
Statement
of
Operations
20
Statement
of
Changes
in
Net
Assets
21
Financial
Highlights
22
Notes
to
Financial
Statements
24
Report
of
Independent
Registered
Public
Accounting
Firm
31
Federal
Income
Tax
Information
32
Trustees
and
Officers
33
Approval
of
Investment
Management
Services
Agreement
38
Additional
Information
40
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
Strategic
Beta
ETFs
|
Annual
Report
2019
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
August
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
August
2019
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage®
Research
Enhanced
U.S.
Equity
Index.
Top
ten
holdings
(%)
(at
October
31,
2019)
Apple,
Inc.
5
.6
Microsoft
Corp.
5
.5
Amazon.com,
Inc.
4
.4
JPMorgan
Chase
&
Co.
3
.3
Johnson
&
Johnson
2
.4
Facebook,
Inc.
Class
A
2
.3
Bank
of
America
Corp.
2
.2
Chevron
Corp.
2
.1
Alphabet,
Inc.
Class
C
2
.0
Alphabet,
Inc.
Class
A
2
.0
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
Equity
sector
breakdown
(%)
(at
October
31,
2019)
Information
Technology
22
.4
Health
Care
13
.7
Financials
13
.1
Communication
Services
10
.4
Consumer
Discretionary
10
.0
Industrials
9
.2
Consumer
Staples
6
.9
Energy
4
.3
Real
Estate
4
.0
Utilities
3
.2
Materials
2
.8
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Value
ETF
4
Strategic
Beta
ETFs
|
Annual
Report
2019
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
August
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
August
2019
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage®
Research
Enhanced
U.S.
Value
Index.
Top
ten
holdings
(%)
(at
October
31,
2019)
JPMorgan
Chase
&
Co.
4
.8
Chevron
Corp.
4
.0
Bank
of
America
Corp.
4
.0
Johnson
&
Johnson
3
.5
Home
Depot,
Inc.
(The)
3
.2
AT&T,
Inc.
2
.8
Verizon
Communications,
Inc.
2
.6
Citigroup,
Inc.
2
.5
Procter
&
Gamble
Co.
(The)
2
.4
Merck
&
Co.,
Inc.
2
.2
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
Equity
sector
breakdown
(%)
(at
October
31,
2019)
Financials
22
.6
Health
Care
12
.9
Industrials
9
.4
Consumer
Staples
9
.3
Communication
Services
8
.6
Energy
8
.5
Utilities
6
.7
Consumer
Discretionary
6
.2
Information
Technology
5
.7
Real
Estate
5
.6
Materials
4
.5
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2019
5
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
October
31,
2019.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
(a)
Based
on
operations
from
September
25,
2019
(commencement
of
operations)
through
the
stated
period
end.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2019
—
October
31,
2019
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Research
Enhanced
Core
ETF
1,000.00
1,000.00
1,025.20
(a)
1,024.45
0.15
(a)
0.77
0.15
(a)
Columbia
Research
Enhanced
Value
ETF
1,000.00
1,000.00
1,020.20
(a)
1,024.25
0.19
(a)
0.97
0.19
(a)
FREQUENCY
DISTRIBUTION
OF
PREMIUMS
AND
DISCOUNTS
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2019
The
tables
that
follow
present
information
about
the
differences
between
the
daily
market
price
on
secondary
markets
for
shares
of
a
Fund
and
that
Fund’s
net
asset
value.
Net
asset
value,
or
“NAV”,
is
the
price
per
share
at
which
each
Fund
issues
and
redeems
shares.
It
is
calculated
in
accordance
with
the
standard
formula
for
valuing
fund
shares.
The
“Market
Price”
of
each
Fund
generally
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
stock
exchange
on
which
the
shares
of
such
Fund
are
listed
for
trading,
as
of
the
time
that
the
Fund’s
NAV
is
calculated.
Each
Fund’s
Market
Price
may
be
at,
above
or
below
its
NAV.
The
NAV
of
each
Fund
will
fluctuate
with
changes
in
the
market
value
of
its
portfolio
holdings.
The
Market
Price
of
each
Fund
will
fluctuate
in
accordance
with
changes
in
its
NAV,
as
well
as
market
supply
and
demand.
Premiums
or
discounts
are
the
differences
(expressed
as
a
percentage)
between
the
NAV
and
Market
Price
of
a
Fund
on
a
given
day,
generally
at
the
time
NAV
is
calculated.
A
premium
is
the
amount
that
a
Fund
is
trading
above
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
A
discount
is
the
amount
that
a
Fund
is
trading
below
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
The
following
information
shows
the
frequency
distributions
of
premiums
and
discounts
for
each
of
the
Funds.
The
information
shown
for
each
Fund
is
for
the
period
from
inception
date
of
such
Fund
through
October
31,
2019.
Each
line
in
the
table
shows
the
number
of
trading
days
in
which
the
Fund
traded
within
the
premium/discount
range
indicated.
All
data
presented
here
represents
past
performance,
which
cannot
be
used
to
predict
future
results.
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Research
Enhanced
Core
ETF
September
25,
2019
–
October
31,
2019
0
–
49.9
27
0
50
-99.9
0
0
100
–
199.9
0
0
>200
0
0
Total
27
0
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Research
Enhanced
Value
ETF
September
25,
2019
–
October
31,
2019
0
–
49.9
26
1
50
-99.9
0
0
100
-199.9
0
0
>
200
0
0
Total
26
1
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
October
31,
2019
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
7
+
Common
Stocks
99
.8
%
Issuer
Shares
Value
($)
Communication
Services 10.4%
Diversified
Telecommunication
Services
2.7%
AT&T,
Inc.
1,790
68,897
CenturyLink,
Inc.
265
3,429
Verizon
Communications,
Inc.
1,060
64,098
Total
136,424
Entertainment
0.1%
Electronic
Arts,
Inc.
(a)
70
6,748
Interactive
Media
&
Services
6.3%
Alphabet,
Inc.
Class
A
(a)
79
99,445
Alphabet,
Inc.
Class
C
(a)
80
100,809
Facebook,
Inc.
Class
A
(a)
600
114,990
Match
Group,
Inc.
15
1,095
TripAdvisor,
Inc.
(a)
25
1,010
Total
317,349
Media
1.3%
AMC
Networks,
Inc.
Class
A
(a)
10
435
Comcast
Corp.
Class
A
1,175
52,664
Discovery,
Inc.
Class
A
(a)
40
1,078
Discovery,
Inc.
Class
C
(a)
90
2,272
Interpublic
Group
of
Cos.,
Inc.
(The)
95
2,066
Nexstar
Media
Group,
Inc.
Class
A
10
973
Omnicom
Group,
Inc.
55
4,245
Sinclair
Broadcast
Group,
Inc.
Class
A
15
598
Total
64,331
Wireless
Telecommunication
Services
0.0%
Sprint
Corp.
(a)
150
932
Telephone
&
Data
Systems,
Inc.
25
652
Total
1,584
Total
Communication
Services
526,436
Consumer
Discretionary 10.0%
Auto
Components
0.1%
Gentex
Corp.
75
2,104
Lear
Corp.
20
2,355
Total
4,459
Automobiles
0.2%
Ford
Motor
Co.
1,160
9,964
Distributors
0.1%
Genuine
Parts
Co.
45
4,616
Diversified
Consumer
Services
0.1%
frontdoor,
Inc.
(a)
25
1,206
H&R
Block,
Inc.
60
1,500
Service
Corp.
International
55
2,501
Total
5,207
Hotels,
Restaurants
&
Leisure
1.3%
Darden
Restaurants,
Inc.
35
3,929
Hilton
Worldwide
Holdings,
Inc.
85
8,242
Las
Vegas
Sands
Corp.
105
6,493
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
60
3,046
Royal
Caribbean
Cruises
Ltd.
50
5,442
Starbucks
Corp.
365
30,864
Wyndham
Destinations,
Inc.
25
1,160
Yum
China
Holdings,
Inc.
110
4,675
Total
63,851
Household
Durables
0.3%
Garmin
Ltd.
45
4,219
NVR,
Inc.
(a)
1
3,637
Common
Stocks
(continued)
Issuer
Shares
Value
($)
PulteGroup,
Inc.
80
3,139
Toll
Brothers,
Inc.
40
1,591
Whirlpool
Corp.
20
3,042
Total
15,628
Internet
&
Direct
Marketing
Retail
4.7%
Amazon.com,
Inc.
(a)
126
223,859
eBay,
Inc.
245
8,636
Etsy,
Inc.
(a)
40
1,780
Expedia
Group,
Inc.
40
5,466
Qurate
Retail,
Inc.
Series
A
(a)
115
1,097
Total
240,838
Multiline
Retail
0.0%
Kohl's
Corp.
50
2,563
Specialty
Retail
2.3%
Advance
Auto
Parts,
Inc.
20
3,250
AutoZone,
Inc.
(a)
8
9,155
Home
Depot,
Inc.
(The)
335
78,584
L
Brands,
Inc.
65
1,108
O'Reilly
Automotive,
Inc.
(a)
24
10,452
Ross
Stores,
Inc.
115
12,612
Total
115,161
Textiles,
Apparel
&
Luxury
Goods
0.9%
NIKE,
Inc.
Class
B
380
34,029
Ralph
Lauren
Corp.
15
1,441
Skechers
U.S.A.,
Inc.
Class
A
(a)
40
1,495
Under
Armour,
Inc.
Class
A
(a)
60
1,239
Under
Armour,
Inc.
Class
C
(a)
60
1,110
VF
Corp.
95
7,817
Total
47,131
Total
Consumer
Discretionary
509,418
Consumer
Staples 6.9%
Beverages
1.1%
PepsiCo,
Inc.
405
55,554
Food
&
Staples
Retailing
1.5%
Kroger
Co.
(The)
230
5,667
Sprouts
Farmers
Market,
Inc.
(a)
35
679
Sysco
Corp.
135
10,783
Walgreens
Boots
Alliance,
Inc.
210
11,504
Walmart,
Inc.
400
46,904
Total
75,537
Food
Products
0.8%
Campbell
Soup
Co.
50
2,315
General
Mills,
Inc.
175
8,900
Ingredion,
Inc.
20
1,580
JM
Smucker
Co.
(The)
35
3,699
Mondelez
International,
Inc.
Class
A
415
21,767
Total
38,261
Household
Products
2.3%
Colgate-Palmolive
Co.
245
16,807
Kimberly-Clark
Corp.
100
13,288
Procter
&
Gamble
Co.
(The)
715
89,025
Total
119,120
Personal
Products
0.0%
Herbalife
Nutrition
Ltd.
(a)
30
1,340
Nu
Skin
Enterprises,
Inc.
Class
A
15
669
Total
2,009
Tobacco
1.2%
Altria
Group,
Inc.
540
24,186
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Strategic
Beta
ETFs
|
Annual
Report
2019
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Philip
Morris
International,
Inc.
445
36,241
Total
60,427
Total
Consumer
Staples
350,908
Energy 4.3%
Energy
Equipment
&
Services
0.1%
National
Oilwell
Varco,
Inc.
170
3,846
Patterson-UTI
Energy,
Inc.
95
790
Total
4,636
Oil,
Gas
&
Consumable
Fuels
4.2%
Apache
Corp.
180
3,899
Cabot
Oil
&
Gas
Corp.
195
3,635
Chevron
Corp.
895
103,945
ConocoPhillips
515
28,428
Continental
Resources,
Inc.
(a)
40
1,179
Devon
Energy
Corp.
185
3,752
EOG
Resources,
Inc.
270
18,714
EQT
Corp.
115
1,235
HollyFrontier
Corp.
70
3,846
Marathon
Oil
Corp.
370
4,266
Marathon
Petroleum
Corp.
290
18,545
PBF
Energy,
Inc.
Class
A
50
1,614
Range
Resources
Corp.
95
383
Valero
Energy
Corp.
185
17,941
Total
211,382
Total
Energy
216,018
Financials 13.1%
Banks
7.5%
Bank
of
America
Corp.
3,490
109,132
CIT
Group,
Inc.
40
1,716
Citigroup,
Inc.
935
67,189
Citizens
Financial
Group,
Inc.
190
6,680
Comerica,
Inc.
60
3,925
Fifth
Third
Bancorp
305
8,869
First
Horizon
National
Corp.
130
2,076
JPMorgan
Chase
&
Co.
1,330
166,144
Popular,
Inc.
40
2,178
Regions
Financial
Corp.
415
6,682
SVB
Financial
Group
(a)
20
4,430
Zions
Bancorp
NA
70
3,393
Total
382,414
Capital
Markets
1.9%
Ameriprise
Financial,
Inc.
(b)
55
8,299
Bank
of
New
York
Mellon
Corp.
(The)
350
16,363
Eaton
Vance
Corp.
45
2,052
FactSet
Research
Systems,
Inc.
15
3,803
Franklin
Resources,
Inc.
120
3,306
Intercontinental
Exchange,
Inc.
240
22,637
Invesco
Ltd.
170
2,859
Janus
Henderson
Group
PLC
70
1,619
LPL
Financial
Holdings,
Inc.
35
2,829
Morgan
Stanley
505
23,255
MSCI,
Inc.
35
8,210
Total
95,232
Consumer
Finance
1.0%
Ally
Financial,
Inc.
160
4,901
Capital
One
Financial
Corp.
200
18,650
Discover
Financial
Services
135
10,835
Navient
Corp.
85
1,170
OneMain
Holdings,
Inc.
25
1,000
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Santander
Consumer
USA
Holdings,
Inc.
45
1,129
SLM
Corp.
175
1,477
Synchrony
Financial
280
9,904
Total
49,066
Diversified
Financial
Services
0.2%
AXA
Equitable
Holdings,
Inc.
125
2,700
Jefferies
Financial
Group,
Inc.
110
2,054
Voya
Financial,
Inc.
60
3,237
Total
7,991
Insurance
2.5%
Allstate
Corp.
(The)
140
14,899
American
National
Insurance
Co.
5
600
Aon
PLC
100
19,316
Brighthouse
Financial,
Inc.
(a)
50
1,888
Brown
&
Brown,
Inc.
100
3,768
CNA
Financial
Corp.
10
448
First
American
Financial
Corp.
50
3,089
Hartford
Financial
Services
Group,
Inc.
(The)
155
8,847
Lincoln
National
Corp.
85
4,801
Marsh
&
McLennan
Cos.,
Inc.
210
21,760
MetLife,
Inc.
335
15,674
Old
Republic
International
Corp.
120
2,681
Principal
Financial
Group,
Inc.
115
6,139
Prudential
Financial,
Inc.
170
15,494
Reinsurance
Group
of
America,
Inc.
25
4,062
Unum
Group
85
2,341
Total
125,807
Thrifts
&
Mortgage
Finance
0.0%
MGIC
Investment
Corp.
155
2,125
Total
Financials
662,635
Health
Care 13.6%
Biotechnology
2.4%
AbbVie,
Inc.
290
23,069
Agios
Pharmaceuticals,
Inc.
(a)
10
301
Alexion
Pharmaceuticals,
Inc.
(a)
40
4,216
Alkermes
PLC
(a)
30
586
Alnylam
Pharmaceuticals,
Inc.
(a)
20
1,735
Amgen,
Inc.
110
23,458
Biogen,
Inc.
(a)
35
10,455
BioMarin
Pharmaceutical,
Inc.
(a)
35
2,562
Bluebird
Bio,
Inc.
(a)
10
810
Celgene
Corp.
(a)
135
14,584
Exact
Sciences
Corp.
(a)
25
2,175
Exelixis,
Inc.
(a)
55
850
Gilead
Sciences,
Inc.
235
14,972
Incyte
Corp.
(a)
35
2,937
Ionis
Pharmaceuticals,
Inc.
(a)
25
1,393
Moderna,
Inc.
(a)
35
586
Neurocrine
Biosciences,
Inc.
(a)
15
1,492
Regeneron
Pharmaceuticals,
Inc.
(a)
15
4,594
Sage
Therapeutics,
Inc.
(a)
10
1,357
Sarepta
Therapeutics,
Inc.
(a)
10
831
Seattle
Genetics,
Inc.
(a)
20
2,148
United
Therapeutics
Corp.
(a)
10
898
Vertex
Pharmaceuticals,
Inc.
(a)
45
8,797
Total
124,806
Health
Care
Equipment
&
Supplies
2.7%
Abbott
Laboratories
585
48,912
Baxter
International,
Inc.
160
12,272
DENTSPLY
SIRONA,
Inc.
75
4,108
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
9
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Hill-Rom
Holdings,
Inc.
20
2,094
Hologic,
Inc.
(a)
90
4,348
Medtronic
PLC
460
50,094
STERIS
PLC
25
3,539
Zimmer
Biomet
Holdings,
Inc.
70
9,676
Total
135,043
Health
Care
Providers
&
Services
1.1%
AmerisourceBergen
Corp.
50
4,269
Anthem,
Inc.
90
24,217
Cardinal
Health,
Inc.
95
4,698
HCA
Healthcare,
Inc.
85
11,351
Henry
Schein,
Inc.
(a)
50
3,129
McKesson
Corp.
60
7,980
MEDNAX,
Inc.
(a)
25
549
Premier,
Inc.
Class
A
(a)
15
489
Total
56,682
Health
Care
Technology
0.1%
Veeva
Systems,
Inc.
Class
A
(a)
45
6,382
Life
Sciences
Tools
&
Services
0.2%
IQVIA
Holdings,
Inc.
(a)
60
8,665
PRA
Health
Sciences,
Inc.
(a)
20
1,954
Total
10,619
Pharmaceuticals
7.1%
Allergan
PLC
85
14,969
Bristol-Myers
Squibb
Co.
595
34,135
Eli
Lilly
&
Co.
300
34,185
Horizon
Therapeutics
PLC
(a)
35
1,012
Jazz
Pharmaceuticals
PLC
(a)
18
2,261
Johnson
&
Johnson
905
119,496
Merck
&
Co.,
Inc.
870
75,394
Mylan
NV
(a)
165
3,160
Nektar
Therapeutics
(a)
30
514
Perrigo
Co.
PLC
40
2,121
Pfizer,
Inc.
1,875
71,944
Total
359,191
Total
Health
Care
692,723
Industrials 9.1%
Aerospace
&
Defense
1.8%
Boeing
Co.
(The)
195
66,282
HEICO
Corp.
15
1,850
HEICO
Corp.
Class
A
25
2,382
L3Harris
Technologies,
Inc.
85
17,536
Spirit
AeroSystems
Holdings,
Inc.
Class
A
35
2,864
Total
90,914
Air
Freight
&
Logistics
0.1%
CH
Robinson
Worldwide,
Inc.
50
3,782
Airlines
0.6%
Delta
Air
Lines,
Inc.
210
11,567
Southwest
Airlines
Co.
175
9,823
United
Airlines
Holdings,
Inc.
(a)
85
7,721
Total
29,111
Building
Products
0.1%
Masco
Corp.
100
4,625
Resideo
Technologies,
Inc.
(a)
45
429
Total
5,054
Commercial
Services
&
Supplies
0.3%
ADT,
Inc.
40
310
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Waste
Management,
Inc.
155
17,392
Total
17,702
Electrical
Equipment
0.6%
Eaton
Corp.
PLC
155
13,502
Emerson
Electric
Co.
220
15,433
GrafTech
International
Ltd.
25
302
Hubbell,
Inc.
20
2,834
Regal
Beloit
Corp.
15
1,111
Total
33,182
Industrial
Conglomerates
1.8%
3M
Co.
205
33,823
Honeywell
International,
Inc.
260
44,910
Roper
Technologies,
Inc.
35
11,793
Total
90,526
Machinery
1.9%
AGCO
Corp.
20
1,534
Allison
Transmission
Holdings,
Inc.
40
1,744
Caterpillar,
Inc.
195
26,871
Cummins,
Inc.
55
9,486
Dover
Corp.
50
5,195
Flowserve
Corp.
45
2,198
Fortive
Corp.
105
7,245
Gardner
Denver
Holdings,
Inc.
(a)
45
1,432
Illinois
Tool
Works,
Inc.
120
20,230
ITT,
Inc.
30
1,784
Oshkosh
Corp.
25
2,135
Parker-Hannifin
Corp.
45
8,257
Snap-on,
Inc.
20
3,253
Timken
Co.
(The)
25
1,225
Woodward,
Inc.
20
2,133
Total
94,722
Professional
Services
0.3%
ManpowerGroup,
Inc.
20
1,818
Nielsen
Holdings
PLC
135
2,722
Robert
Half
International,
Inc.
40
2,291
Verisk
Analytics,
Inc.
55
7,958
Total
14,789
Road
&
Rail
1.6%
CSX
Corp.
280
19,676
Landstar
System,
Inc.
15
1,697
Norfolk
Southern
Corp.
95
17,290
Union
Pacific
Corp.
255
42,192
Total
80,855
Trading
Companies
&
Distributors
0.0%
HD
Supply
Holdings,
Inc.
(a)
60
2,373
WESCO
International,
Inc.
(a)
15
752
Total
3,125
Transportation
Infrastructure
0.0%
Macquarie
Infrastructure
Corp.
25
1,079
Total
Industrials
464,841
Information
Technology 22.4%
Communications
Equipment
1.3%
Arista
Networks,
Inc.
(a)
15
3,669
Cisco
Systems,
Inc.
1,120
53,211
F5
Networks,
Inc.
(a)
15
2,161
Motorola
Solutions,
Inc.
40
6,653
Total
65,694
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2019
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Electronic
Equipment,
Instruments
&
Components
0.1%
FLIR
Systems,
Inc.
35
1,805
Zebra
Technologies
Corp.
Class
A
(a)
13
3,092
Total
4,897
IT
Services
4.6%
Accenture
PLC
Class
A
160
29,667
Automatic
Data
Processing,
Inc.
110
17,845
CACI
International,
Inc.
Class
A
(a)
5
1,119
GoDaddy,
Inc.
Class
A
(a)
45
2,926
Mastercard,
Inc.
Class
A
225
62,282
Paychex,
Inc.
85
7,110
PayPal
Holdings,
Inc.
(a)
300
31,230
VeriSign,
Inc.
(a)
25
4,751
Visa,
Inc.
Class
A
435
77,804
Total
234,734
Semiconductors
&
Semiconductor
Equipment
1.8%
Analog
Devices,
Inc.
95
10,130
Broadcom,
Inc.
90
26,356
Lam
Research
Corp.
35
9,486
Micron
Technology,
Inc.
(a)
240
11,412
ON
Semiconductor
Corp.
(a)
100
2,040
Qorvo,
Inc.
(a)
30
2,426
Teradyne,
Inc.
40
2,449
Texas
Instruments,
Inc.
230
27,138
Total
91,437
Software
8.8%
Adobe,
Inc.
(a)
125
34,741
ANSYS,
Inc.
(a)
20
4,403
Aspen
Technology,
Inc.
(a)
15
1,727
Atlassian
Corp.
PLC
Class
A
(a)
25
3,020
Autodesk,
Inc.
(a)
60
8,842
Cadence
Design
Systems,
Inc.
(a)
70
4,574
Fortinet,
Inc.
(a)
35
2,855
HubSpot,
Inc.
(a)
10
1,551
Intuit,
Inc.
60
15,450
LogMeIn,
Inc.
10
657
Microsoft
Corp.
1,935
277,421
NortonLifeLock,
Inc.
(a)
140
3,203
Oracle
Corp.
555
30,242
Palo
Alto
Networks,
Inc.
(a)
25
5,685
Paycom
Software,
Inc.
(a)
10
2,115
Paylocity
Holding
Corp.
(a)
10
1,026
Proofpoint,
Inc.
(a)
15
1,730
salesforce.com,
Inc.
(a)
210
32,863
ServiceNow,
Inc.
(a)
49
12,116
SolarWinds
Corp.
(a)
10
189
VMware,
Inc.
Class
A
20
3,165
Total
447,575
Technology
Hardware,
Storage
&
Peripherals
5.8%
Apple,
Inc.
1,135
282,342
HP,
Inc.
375
6,514
NetApp,
Inc.
60
3,353
Xerox
Holdings
Corp.
45
1,527
Total
293,736
Total
Information
Technology
1,138,073
Materials 2.8%
Chemicals
1.8%
Celanese
Corp.
85
10,298
CF
Industries
Holdings,
Inc.
150
6,802
Chemours
Co.
(The)
115
1,887
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Dow,
Inc.
510
25,750
Huntsman
Corp.
145
3,209
LyondellBasell
Industries
NV
Class
A
185
16,595
Olin
Corp.
110
2,017
PPG
Industries,
Inc.
165
20,645
Valvoline,
Inc.
125
2,667
Total
89,870
Containers
&
Packaging
0.6%
International
Paper
Co.
275
12,012
Packaging
Corp.
of
America
65
7,115
Sealed
Air
Corp.
105
4,386
Silgan
Holdings,
Inc.
50
1,538
Sonoco
Products
Co.
70
4,039
Total
29,090
Metals
&
Mining
0.4%
Nucor
Corp.
205
11,039
Reliance
Steel
&
Aluminum
Co.
45
5,222
Steel
Dynamics,
Inc.
140
4,250
United
States
Steel
Corp.
115
1,324
Total
21,835
Paper
&
Forest
Products
0.0%
Domtar
Corp.
45
1,638
Total
Materials
142,433
Real
Estate 4.0%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.8%
American
Tower
Corp.
225
49,068
Apartment
Investment
&
Management
Co.
Class
A
75
4,116
AvalonBay
Communities,
Inc.
70
15,236
Boston
Properties,
Inc.
80
10,976
Brandywine
Realty
Trust
90
1,375
Brixmor
Property
Group,
Inc.
150
3,303
Brookfield
Property
REIT,
Inc.
Class
A
35
662
Douglas
Emmett,
Inc.
80
3,466
Empire
State
Realty
Trust,
Inc.
Class
A
75
1,085
EPR
Properties
40
3,112
Equity
LifeStyle
Properties,
Inc.
80
5,595
Essex
Property
Trust,
Inc.
33
10,795
Healthpeak
Properties,
Inc.
(a)
245
9,217
Host
Hotels
&
Resorts,
Inc.
350
5,737
Kimco
Realty
Corp.
200
4,312
Lamar
Advertising
Co.
Class
A
45
3,601
Medical
Properties
Trust,
Inc.
225
4,664
Mid-America
Apartment
Communities,
Inc.
55
7,644
Omega
Healthcare
Investors,
Inc.
105
4,624
Park
Hotels
&
Resorts,
Inc.
120
2,790
Retail
Properties
of
America,
Inc.
Class
A
105
1,445
Service
Properties
Trust
80
2,024
Simon
Property
Group,
Inc.
155
23,355
SITE
Centers
Corp.
70
1,087
Spirit
Realty
Capital,
Inc.
45
2,243
Taubman
Centers,
Inc.
30
1,073
Ventas,
Inc.
185
12,044
Total
194,649
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.
Class
A
(a)
160
8,568
Total
Real
Estate
203,217
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
11
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
As
defined
in
the
Investment
Company
Act
of
1940,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
company’s
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2019
are
as
follows:
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2019.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Utilities 3.2%
Electric
Utilities
1.9%
American
Electric
Power
Co.,
Inc.
325
30,677
Edison
International
215
13,523
Exelon
Corp.
650
29,569
PG&E
Corp.
(a)
335
2,067
Pinnacle
West
Capital
Corp.
75
7,059
PPL
Corp.
470
15,740
Total
98,635
Gas
Utilities
0.2%
National
Fuel
Gas
Co.
55
2,492
UGI
Corp.
135
6,435
Total
8,927
Independent
Power
and
Renewable
Electricity
Producers
0.4%
AES
Corp.
(The)
420
7,161
NRG
Energy,
Inc.
160
6,419
Vistra
Energy
Corp.
285
7,704
Total
21,284
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Multi-Utilities
0.7%
Ameren
Corp.
160
12,432
Public
Service
Enterprise
Group,
Inc.
335
21,209
Total
33,641
Total
Utilities
162,487
Total
Common
Stocks
(Cost
$4,952,428)
5,069,189
Money
Market
Funds
0
.1
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
1.618%
(c)
(Cost
$5,676)
5,676
5,676
Total
Money
Market
Funds
(Cost
$5,676)
5,676
Total
Investments
in
Securities
(Cost
$4,958,104)
5,074,865
Other
Assets
&
Liabilities,
Net
4,226
Net
Assets
5,079,091
Issuer
Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Realized
gain/
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Dividend
—
affiliated
issuers
($)
Value
($)
Ameriprise
Financial,
Inc.
–
55
–
55
–
329
–
8,299
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2019
Fair
Value
Measurements
(continued)
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2019:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
526,436
–
–
526,436
Consumer
Discretionary
509,418
–
–
509,418
Consumer
Staples
350,908
–
–
350,908
Energy
216,018
–
–
216,018
Financials
662,635
–
–
662,635
Health
Care
692,723
–
–
692,723
Industrials
464,841
–
–
464,841
Information
Technology
1,138,073
–
–
1,138,073
Materials
142,433
–
–
142,433
Real
Estate
203,217
–
–
203,217
Utilities
162,487
–
–
162,487
Total
Common
Stocks
5,069,189
–
–
5,069,189
Money
Market
Funds
5,676
–
–
5,676
Total
Investments
in
Securities
5,074,865
–
–
5,074,865
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
October
31,
2019
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
13
Common
Stocks
98.4%
Issuer
Shares
Value
($)
Communication
Services 8.5%
Diversified
Telecommunication
Services
5.5%
AT&T,
Inc.
3,655
140,681
CenturyLink,
Inc.
540
6,988
Verizon
Communications,
Inc.
2,165
130,917
Total
278,586
Entertainment
0.3%
Electronic
Arts,
Inc.
(a)
140
13,496
Interactive
Media
&
Services
0.0%
TripAdvisor,
Inc.
(a)
55
2,222
Media
2.6%
Comcast
Corp.
Class
A
2,400
107,568
Discovery,
Inc.
Class
A
(a)
80
2,157
Discovery,
Inc.
Class
C
(a)
180
4,543
Interpublic
Group
of
Cos.,
Inc.
(The)
200
4,350
Nexstar
Media
Group,
Inc.
Class
A
25
2,432
Omnicom
Group,
Inc.
110
8,491
Sinclair
Broadcast
Group,
Inc.
Class
A
30
1,195
Total
130,736
Wireless
Telecommunication
Services
0.1%
Sprint
Corp.
(a)
305
1,894
Telephone
&
Data
Systems,
Inc.
55
1,435
Total
3,329
Total
Communication
Services
428,369
Consumer
Discretionary 6.1%
Auto
Components
0.2%
Gentex
Corp.
160
4,488
Lear
Corp.
40
4,711
Total
9,199
Automobiles
0.4%
Ford
Motor
Co.
2,410
20,702
Distributors
0.2%
Genuine
Parts
Co.
90
9,232
Diversified
Consumer
Services
0.3%
frontdoor,
Inc.
(a)
50
2,411
H&R
Block,
Inc.
120
2,999
Service
Corp.
International
110
5,003
ServiceMaster
Global
Holdings,
Inc.
(a)
90
3,634
Total
14,047
Hotels,
Restaurants
&
Leisure
0.8%
Las
Vegas
Sands
Corp.
215
13,296
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
130
6,599
Vail
Resorts,
Inc.
25
5,809
Wyndham
Destinations,
Inc.
55
2,552
Yum
China
Holdings,
Inc.
230
9,775
Total
38,031
Household
Durables
0.5%
Garmin
Ltd.
95
8,906
PulteGroup,
Inc.
160
6,278
Toll
Brothers,
Inc.
85
3,381
Whirlpool
Corp.
40
6,085
Total
24,650
Internet
&
Direct
Marketing
Retail
0.0%
Qurate
Retail,
Inc.
Series
A
(a)
240
2,290
Multiline
Retail
0.1%
Kohl's
Corp.
105
5,382
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Specialty
Retail
3.4%
Advance
Auto
Parts,
Inc.
45
7,312
Home
Depot,
Inc.
(The)
700
164,206
L
Brands,
Inc.
135
2,300
Total
173,818
Textiles,
Apparel
&
Luxury
Goods
0.2%
Ralph
Lauren
Corp.
35
3,362
Skechers
U.S.A.,
Inc.
Class
A
(a)
85
3,176
Under
Armour,
Inc.
Class
A
(a)
120
2,478
Under
Armour,
Inc.
Class
C
(a)
125
2,313
Total
11,329
Total
Consumer
Discretionary
308,680
Consumer
Staples 9.1%
Beverages
1.5%
PepsiCo,
Inc.
555
76,129
Food
&
Staples
Retailing
1.7%
Kroger
Co.
(The)
315
7,762
Sprouts
Farmers
Market,
Inc.
(a)
45
873
Walgreens
Boots
Alliance,
Inc.
285
15,612
Walmart,
Inc.
545
63,907
Total
88,154
Food
Products
1.0%
Campbell
Soup
Co.
65
3,010
General
Mills,
Inc.
235
11,952
Ingredion,
Inc.
25
1,975
JM
Smucker
Co.
(The)
45
4,756
Mondelez
International,
Inc.
Class
A
565
29,634
Total
51,327
Household
Products
3.2%
Colgate-Palmolive
Co.
330
22,638
Kimberly-Clark
Corp.
135
17,939
Procter
&
Gamble
Co.
(The)
970
120,775
Total
161,352
Personal
Products
0.1%
Herbalife
Nutrition
Ltd.
(a)
40
1,787
Nu
Skin
Enterprises,
Inc.
Class
A
20
891
Total
2,678
Tobacco
1.6%
Altria
Group,
Inc.
735
32,921
Philip
Morris
International,
Inc.
605
49,271
Total
82,192
Total
Consumer
Staples
461,832
Energy 8.4%
Energy
Equipment
&
Services
0.2%
National
Oilwell
Varco,
Inc.
340
7,691
Patterson-UTI
Energy,
Inc.
190
1,581
Total
9,272
Oil,
Gas
&
Consumable
Fuels
8.2%
Apache
Corp.
355
7,689
Cabot
Oil
&
Gas
Corp.
385
7,176
Chevron
Corp.
1,760
204,406
ConocoPhillips
1,010
55,752
Continental
Resources,
Inc.
(a)
75
2,210
Devon
Energy
Corp.
365
7,402
EOG
Resources,
Inc.
530
36,734
EQT
Corp.
225
2,417
HollyFrontier
Corp.
135
7,417
Marathon
Oil
Corp.
730
8,417
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2019
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Marathon
Petroleum
Corp.
570
36,452
PBF
Energy,
Inc.
Class
A
100
3,228
Range
Resources
Corp.
190
766
Valero
Energy
Corp.
365
35,398
Total
415,464
Total
Energy
424,736
Financials 22.2%
Banks
12.8%
Bank
of
America
Corp.
6,535
204,350
CIT
Group,
Inc.
70
3,002
Citigroup,
Inc.
1,755
126,114
Citizens
Financial
Group,
Inc.
350
12,306
Comerica,
Inc.
115
7,523
Fifth
Third
Bancorp
575
16,721
First
Horizon
National
Corp.
240
3,833
JPMorgan
Chase
&
Co.
1,941
242,470
Popular,
Inc.
75
4,085
Regions
Financial
Corp.
780
12,558
SVB
Financial
Group
(a)
40
8,859
Zions
Bancorp
NA
135
6,543
Total
648,364
Capital
Markets
3.0%
Ameriprise
Financial,
Inc.
(b)
105
15,843
Bank
of
New
York
Mellon
Corp.
(The)
660
30,855
Eaton
Vance
Corp.
85
3,876
Franklin
Resources,
Inc.
220
6,061
Intercontinental
Exchange,
Inc.
450
42,444
Invesco
Ltd.
315
5,299
Morgan
Stanley
945
43,517
SEI
Investments
Co.
100
5,992
Total
153,887
Consumer
Finance
1.8%
Ally
Financial,
Inc.
300
9,189
Capital
One
Financial
Corp.
375
34,969
Discover
Financial
Services
255
20,466
Navient
Corp.
160
2,203
OneMain
Holdings,
Inc.
50
2,000
Santander
Consumer
USA
Holdings,
Inc.
80
2,007
SLM
Corp.
320
2,701
Synchrony
Financial
525
18,569
Total
92,104
Diversified
Financial
Services
0.3%
AXA
Equitable
Holdings,
Inc.
235
5,076
Jefferies
Financial
Group,
Inc.
205
3,827
Voya
Financial,
Inc.
110
5,936
Total
14,839
Insurance
4.2%
Allstate
Corp.
(The)
260
27,669
American
National
Insurance
Co.
5
600
Brighthouse
Financial,
Inc.
(a)
90
3,398
Brown
&
Brown,
Inc.
185
6,971
CNA
Financial
Corp.
25
1,121
Hartford
Financial
Services
Group,
Inc.
(The)
290
16,553
Lincoln
National
Corp.
155
8,754
Marsh
&
McLennan
Cos.,
Inc.
395
40,930
MetLife,
Inc.
625
29,244
Old
Republic
International
Corp.
230
5,138
Principal
Financial
Group,
Inc.
220
11,744
Prudential
Financial,
Inc.
320
29,165
Reinsurance
Group
of
America,
Inc.
50
8,123
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Unum
Group
160
4,406
Willis
Towers
Watson
PLC
105
19,625
Total
213,441
Thrifts
&
Mortgage
Finance
0.1%
MGIC
Investment
Corp.
290
3,976
Total
Financials
1,126,611
Health
Care 12.7%
Biotechnology
1.3%
Agios
Pharmaceuticals,
Inc.
(a)
10
301
Alexion
Pharmaceuticals,
Inc.
(a)
40
4,216
Alkermes
PLC
(a)
30
586
Alnylam
Pharmaceuticals,
Inc.
(a)
20
1,735
Amgen,
Inc.
115
24,523
Biogen,
Inc.
(a)
35
10,455
Bluebird
Bio,
Inc.
(a)
10
810
Exelixis,
Inc.
(a)
55
850
Gilead
Sciences,
Inc.
245
15,609
Moderna,
Inc.
(a)
40
670
Regeneron
Pharmaceuticals,
Inc.
(a)
15
4,594
United
Therapeutics
Corp.
(a)
10
898
Total
65,247
Health
Care
Equipment
&
Supplies
0.5%
Hill-Rom
Holdings,
Inc.
35
3,664
Hologic,
Inc.
(a)
135
6,522
Zimmer
Biomet
Holdings,
Inc.
100
13,823
Total
24,009
Health
Care
Providers
&
Services
1.5%
Anthem,
Inc.
130
34,980
Cardinal
Health,
Inc.
140
6,923
HCA
Healthcare,
Inc.
125
16,693
Henry
Schein,
Inc.
(a)
75
4,694
McKesson
Corp.
90
11,970
MEDNAX,
Inc.
(a)
40
878
Premier,
Inc.
Class
A
(a)
25
815
Total
76,953
Pharmaceuticals
9.4%
Allergan
PLC
125
22,014
Bristol-Myers
Squibb
Co.
870
49,912
Horizon
Therapeutics
PLC
(a)
35
1,012
Jazz
Pharmaceuticals
PLC
(a)
25
3,141
Johnson
&
Johnson
1,325
174,953
Merck
&
Co.,
Inc.
1,270
110,058
Mylan
NV
(a)
240
4,596
Nektar
Therapeutics
(a)
30
514
Perrigo
Co.
PLC
60
3,181
Pfizer,
Inc.
2,745
105,325
Total
474,706
Total
Health
Care
640,915
Industrials 9.2%
Aerospace
&
Defense
0.6%
L3Harris
Technologies,
Inc.
135
27,852
Spirit
AeroSystems
Holdings,
Inc.
Class
A
60
4,909
Total
32,761
Air
Freight
&
Logistics
0.1%
CH
Robinson
Worldwide,
Inc.
80
6,051
Airlines
0.9%
Delta
Air
Lines,
Inc.
340
18,727
Southwest
Airlines
Co.
290
16,278
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
United
Airlines
Holdings,
Inc.
(a)
140
12,717
Total
47,722
Building
Products
0.2%
Masco
Corp.
165
7,631
Resideo
Technologies,
Inc.
(a)
70
667
Total
8,298
Commercial
Services
&
Supplies
0.6%
Waste
Management,
Inc.
255
28,614
Electrical
Equipment
1.1%
Eaton
Corp.
PLC
250
21,778
Emerson
Electric
Co.
360
25,254
GrafTech
International
Ltd.
35
423
Hubbell,
Inc.
30
4,251
Regal
Beloit
Corp.
25
1,851
Total
53,557
Industrial
Conglomerates
3.0%
3M
Co.
335
55,272
Honeywell
International,
Inc.
430
74,274
Roper
Technologies,
Inc.
60
20,217
Total
149,763
Machinery
1.2%
AGCO
Corp.
35
2,684
Cummins,
Inc.
90
15,523
Dover
Corp.
85
8,831
Flowserve
Corp.
75
3,663
Gardner
Denver
Holdings,
Inc.
(a)
75
2,387
ITT,
Inc.
50
2,973
Oshkosh
Corp.
40
3,415
Parker-Hannifin
Corp.
75
13,762
Snap-on,
Inc.
30
4,880
Timken
Co.
(The)
40
1,960
Woodward,
Inc.
30
3,200
Total
63,278
Professional
Services
0.1%
ManpowerGroup,
Inc.
35
3,182
Nielsen
Holdings
PLC
220
4,435
Total
7,617
Road
&
Rail
1.3%
CSX
Corp.
460
32,324
Landstar
System,
Inc.
25
2,829
Norfolk
Southern
Corp.
155
28,210
Total
63,363
Trading
Companies
&
Distributors
0.1%
HD
Supply
Holdings,
Inc.
(a)
100
3,954
WESCO
International,
Inc.
(a)
25
1,254
Total
5,208
Transportation
Infrastructure
0.0%
Macquarie
Infrastructure
Corp.
45
1,941
Total
Industrials
468,173
Information
Technology 5.7%
Communications
Equipment
1.0%
F5
Networks,
Inc.
(a)
65
9,365
Juniper
Networks,
Inc.
395
9,804
Motorola
Solutions,
Inc.
185
30,769
Total
49,938
Electronic
Equipment,
Instruments
&
Components
0.3%
FLIR
Systems,
Inc.
155
7,992
Common
Stocks
(continued)
Issuer
Shares
Value
($)
National
Instruments
Corp.
140
5,794
Total
13,786
IT
Services
1.0%
CACI
International,
Inc.
Class
A
(a)
30
6,712
DXC
Technology
Co.
295
8,163
Leidos
Holdings,
Inc.
155
13,366
VeriSign,
Inc.
(a)
120
22,802
Total
51,043
Semiconductors
&
Semiconductor
Equipment
1.3%
Lam
Research
Corp.
160
43,366
ON
Semiconductor
Corp.
(a)
450
9,180
Qorvo,
Inc.
(a)
130
10,512
Total
63,058
Software
1.4%
Autodesk,
Inc.
(a)
265
39,051
LogMeIn,
Inc.
55
3,612
NortonLifeLock,
Inc.
(a)
635
14,529
SolarWinds
Corp.
(a)
55
1,042
SS&C
Technologies
Holdings,
Inc.
260
13,523
Total
71,757
Technology
Hardware,
Storage
&
Peripherals
0.7%
HP,
Inc.
1,715
29,790
Xerox
Holdings
Corp.
210
7,125
Total
36,915
Total
Information
Technology
286,497
Materials 4.4%
Chemicals
2.6%
Celanese
Corp.
125
15,144
CF
Industries
Holdings,
Inc.
225
10,204
Chemours
Co.
(The)
175
2,872
Dow,
Inc.
760
38,372
Huntsman
Corp.
215
4,758
LyondellBasell
Industries
NV
Class
A
275
24,667
Olin
Corp.
165
3,026
PPG
Industries,
Inc.
240
30,029
Valvoline,
Inc.
190
4,055
Total
133,127
Containers
&
Packaging
1.1%
Avery
Dennison
Corp.
85
10,868
International
Paper
Co.
410
17,909
Packaging
Corp.
of
America
95
10,399
Sealed
Air
Corp.
155
6,474
Silgan
Holdings,
Inc.
80
2,462
Sonoco
Products
Co.
100
5,770
Total
53,882
Metals
&
Mining
0.6%
Nucor
Corp.
310
16,693
Reliance
Steel
&
Aluminum
Co.
65
7,542
Steel
Dynamics,
Inc.
210
6,376
United
States
Steel
Corp.
170
1,957
Total
32,568
Paper
&
Forest
Products
0.1%
Domtar
Corp.
65
2,365
Total
Materials
221,942
Real
Estate 5.5%
Equity
Real
Estate
Investment
Trusts
(REITs)
5.2%
Apartment
Investment
&
Management
Co.
Class
A
140
7,683
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2019
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
As
defined
in
the
Investment
Company
Act
of
1940,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
company’s
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
October
31,
2019
are
as
follows:
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2019.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
AvalonBay
Communities,
Inc.
130
28,296
Boston
Properties,
Inc.
150
20,580
Brandywine
Realty
Trust
165
2,521
Brixmor
Property
Group,
Inc.
280
6,166
Douglas
Emmett,
Inc.
155
6,715
Empire
State
Realty
Trust,
Inc.
Class
A
140
2,026
EPR
Properties
75
5,834
Essex
Property
Trust,
Inc.
60
19,628
Healthpeak
Properties,
Inc.
(a)
460
17,305
Host
Hotels
&
Resorts,
Inc.
660
10,817
Kimco
Realty
Corp.
380
8,193
Medical
Properties
Trust,
Inc.
425
8,810
Mid-America
Apartment
Communities,
Inc.
105
14,594
Omega
Healthcare
Investors,
Inc.
200
8,808
Park
Hotels
&
Resorts,
Inc.
225
5,231
Retail
Properties
of
America,
Inc.
Class
A
200
2,752
Service
Properties
Trust
150
3,795
Simon
Property
Group,
Inc.
290
43,697
SITE
Centers
Corp.
130
2,019
Spirit
Realty
Capital,
Inc.
85
4,236
STORE
Capital
Corp.
205
8,303
Taubman
Centers,
Inc.
55
1,968
Ventas,
Inc.
350
22,785
Total
262,762
Real
Estate
Management
&
Development
0.3%
CBRE
Group,
Inc.
Class
A
(a)
305
16,333
Total
Real
Estate
279,095
Utilities 6.6%
Electric
Utilities
4.0%
American
Electric
Power
Co.,
Inc.
670
63,241
Edison
International
445
27,991
Exelon
Corp.
1,330
60,502
PG&E
Corp.
(a)
690
4,257
Pinnacle
West
Capital
Corp.
150
14,118
PPL
Corp.
965
32,318
Total
202,427
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Gas
Utilities
0.3%
National
Fuel
Gas
Co.
110
4,984
UGI
Corp.
275
13,109
Total
18,093
Independent
Power
and
Renewable
Electricity
Producers
0.9%
AES
Corp.
(The)
865
14,748
NRG
Energy,
Inc.
330
13,240
Vistra
Energy
Corp.
590
15,948
Total
43,936
Multi-Utilities
1.4%
Ameren
Corp.
330
25,641
Public
Service
Enterprise
Group,
Inc.
685
43,367
Total
69,008
Total
Utilities
333,464
Total
Common
Stocks
(Cost
$4,896,174)
4,980,314
Exchange-Traded
Equity
Funds
1.4%
Issuer
Shares
Value
($)
Financials 1.4%
Financial
Select
Sector
SPDR
Fund
2,322
66,642
Total
Exchange-Traded
Equity
Funds
(Cost
$65,347)
66,642
Money
Market
Funds
0.1%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
1.618%
(c)
(Cost
$6,967)
6,967
6,967
Total
Money
Market
Funds
(Cost
$6,967)
6,967
Total
Investments
in
Securities
(Cost
$4,968,488)
5,053,923
Other
Assets
&
Liabilities,
Net
5,987
Net
Assets
5,059,910
Issuer
Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Realized
gain/
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Dividend
—
affiliated
issuers
($)
Value
($)
Ameriprise
Financial,
Inc.
–
105
–
105
–
628
–
15,843
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
17
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2019:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
428,369
–
–
428,369
Consumer
Discretionary
308,680
–
–
308,680
Consumer
Staples
461,832
–
–
461,832
Energy
424,736
–
–
424,736
Financials
1,126,611
–
–
1,126,611
Health
Care
640,915
–
–
640,915
Industrials
468,173
–
–
468,173
Information
Technology
286,497
–
–
286,497
Materials
221,942
–
–
221,942
Real
Estate
279,095
–
–
279,095
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2019
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Utilities
333,464
–
–
333,464
Total
Common
Stocks
4,980,314
–
–
4,980,314
Exchange-Traded
Equity
Funds
66,642
–
–
66,642
Money
Market
Funds
6,967
–
–
6,967
Total
Investments
in
Securities
5,053,923
–
–
5,053,923
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
19
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$4,950,134
and
$4,953,273,
respectively)
$5,066,566
$5,038,080
Affiliated
issuers
(cost
$7,970
and
$15,215,
respectively)
8,299
15,843
Receivable
for:
Dividends
4,859
6,785
Total
assets
5,079,724
5,060,708
Liabilities
Payable
for:
Investment
management
fees
633
798
Total
liabilities
633
798
Net
assets
applicable
to
outstanding
capital
stock
$5,079,091
$5,059,910
Represented
by:
Paid-in
capital
$4,953,473
$4,961,596
Total
distributable
earnings
(loss)
125,618
98,314
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$5,079,091
$5,059,910
Shares
outstanding
250,050
250,050
Net
asset
value
per
share
$20.31
$20.24
STATEMENT
OF
OPERATIONS
For
the
period
from
September
25,
2019
(commencement
of
operations)
through
October
31,
2019
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$9,687
$13,062
Total
income
9,687
13,062
Expenses:
Investment
management
fees
755
953
Net
investment
income
8,932
12,109
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(75)
770
Net
realized
gain
(loss)
(75)
770
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
116,432
84,807
Investments
-
affiliated
issuers
329
628
Net
change
in
unrealized
appreciation
116,761
85,435
Net
realized
and
unrealized
gain
116,686
86,205
Net
increase
in
net
assets
resulting
from
operations
$125,618
$98,314
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
21
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2019
(a)
Year
Ended
October
31,
2019
(a)
Operations
Net
investment
income
$8,932
$12,109
Net
realized
gain
(loss)
(75)
770
Net
change
in
unrealized
appreciation
116,761
85,435
Net
increase
in
net
assets
resulting
from
operations
125,618
98,314
Increase
in
net
assets
125,618
98,314
Net
Assets:
Net
assets
beginning
of
period
4,953,473
(b)
4,961,596
(c)
Net
assets
at
end
of
period
$5,079,091
$5,059,910
Capital
stock
activity
Shares
outstanding,
beginning
of
period
250,050
250,050
Shares
outstanding,
end
of
period
250,050
250,050
(a)
Based
on
operations
from
September
25,
2019
(commencement
of
operations)
through
the
stated
period
end.
(b)
Initial
cash
of
$1,000
and
securities
of
$5,000,000
were
contributed
on
September
24,
2019.
Prior
to
September
25,
2019
commencement
of
operations),
the
Fund
had
an
decrease
in
net
assets
of
$47,527
resulting
from
change
in
unrealized
depreciation
due
to
market
fluctuation
of
the
initial
securities
contributed.
(c)
Initial
cash
of
$1,000
and
securities
of
$5,000,000
were
contributed
on
September
24,
2019.
Prior
to
September
25,
2019
(commencement
of
operations),
the
Fund
had
a
decrease
in
net
assets
of
$39,404
resulting
from
change
in
unrealized
depreciation
due
to
market
fluctuation
of
the
initial
securities
contributed.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2019
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
The
price
used
to
calculate
Total
Return
at
Market
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
New
York
Stock
Exchange
(NYSE)
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Columbia
Research
Enhanced
Core
ETF
Year
Ended
October
31,
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$19.81
Income
(loss)
from
investment
operations:
Net
investment
income
0.04
Net
realized
and
unrealized
gain
0.46
Total
from
investment
operations
0
.50
Net
asset
value,
end
of
year
$20.31
Total
Return
at
NAV
2.52%
Total
Return
at
Market
2.63%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.15%
(c)
Total
net
expenses
(b)(d)
0.15%
(c)
Net
investment
income
1.77%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$5,079
Portfolio
turnover
0%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Annualized
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2019
23
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$
19
.84
Income
(loss)
from
investment
operations:
Net
investment
income
0
.05
Net
realized
and
unrealized
gain
0
.35
Total
from
investment
operations
0
.40
Net
asset
value,
end
of
year
$
20
.24
Total
Return
at
NAV
2
.02
%
Total
Return
at
Market
2
.02
%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0
.19
%
(c)
Total
net
expenses
(b)(d)
0
.19
%
(c)
Net
investment
income
2
.41
%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$
5,060
Portfolio
turnover
1
%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Annualized
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2019
24
Strategic
Beta
ETFs
|
Annual
Report
2019
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF.
Each
Fund
currently
operates
as
a
diversified
fund.
On
September
20,
2019,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
invested
$1,000
of
cash
in
each
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF,
which
represented
the
initial
capital
for
the
Fund
at
$20
per
share.
On
September
24,
2019,
Wells
Fargo
invested
$5,000,000
of
securities
in
each
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
at
$20
per
share.
Shares
of
the
Fund
were
first
offered
to
the
public
on
September
25,
2019.
These
financial
statements
cover
the
period
from
September
25,
2019
(commencement
of
operations)
through
October
31,
2019.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
(including
common
stocks,
preferred
stocks,
and
exchange
traded
funds)
listed
on
an
exchange
are
valued
at
the
last
closing
price
on
their
primary
exchange
(which,
in
the
case
of
foreign
securities,
may
be
a
foreign
exchange)
or,
if
a
closing
price
is
not
readily
available,
at
the
mean
of
the
closing
bid
and
asked
prices.
Over-the-counter
equity
securities
not
listed
on
any
national
exchange
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices.
Foreign
equity
securities
are
valued
based
on
the
closing
price
on
the
foreign
exchange
in
which
such
securities
are
primarily
traded.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
25
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies,
including
money
market
funds,
are
valued
at
their
latest
net
asset
value.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translation
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
26
Strategic
Beta
ETFs
|
Annual
Report
2019
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
NAV
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
Accounting
Standards
Update
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities
In
March
2017,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities.
ASU
No.
2017-08
updates
the
accounting
standards
to
shorten
the
amortization
period
for
certain
purchased
callable
debt
securities,
held
at
a
premium,
to
be
amortized
to
the
earliest
call
date.
The
update
applies
to
securities
with
explicit,
noncontingent
call
features
that
are
callable
at
fixed
prices
and
on
preset
dates.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2018
and
interim
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
27
periods
within
those
fiscal
years.
Management
does
not
expect
the
implementation
of
this
guidance
to
have
a
material
impact
on
the
financial
statement
amounts
and
footnote
disclosures.
Accounting
Standards
Update
2018-13
Disclosure
Framework —
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement
In
August
2018,
the
Financial
Accounting
Standards
Board
issued
Accounting
Standards
Update
(ASU)
No.
2018-13
Disclosure
Framework
-
Changes
to
the
Disclosure
Requirements
for
Fair
Value
Measurement.
The
standard
is
effective
for
annual
periods
beginning
after
December
15,
2019
and
interim
periods
within
those
fiscal
years,
with
early
adoption
permitted.
After
evaluation,
management
determined
to
adopt
the
ASU
effective
for
the
period
ended
July
31,
2019
and
all
subsequent
periods.
To
comply
with
the
ASU,
management
implemented
disclosure
changes
which
include
removal
of
the
amount
and
reasons
for
transfers
between
Level
1
and
Level
2
of
the
fair
value
hierarchy,
removal
of
the
policy
for
the
timing
of
transfers
between
levels,
removal
of
the
description
of
the
Level
3
valuation
processes,
as
well
as
modifications
to
the
measurement
uncertainty
disclosure.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any;
brokerage
fees
and
commissions,
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds
as
disclosed
in
the
Statement
of
Operations.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
liability
for
these
amounts
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Fund.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Research
Enhanced
Core
ETF
0.15
Columbia
Research
Enhanced
Value
ETF
0.19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
28
Strategic
Beta
ETFs
|
Annual
Report
2019
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees,
however,
there
are
no
current
plans
to
impose
these
fees.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2019,
these
differences
are
primarily
due
to
differing
treatments
for
re-characterization
of
distributions
for
investments.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
applicable
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made.
For
the
year
ended
October
31,
2019,
there
were
no
distributions.
At
October
31,
2019,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2019,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management's
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds'
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2019,
were
as
follows:
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
Research
Enhanced
Core
ETF
(124)
124
-
Columbia
Research
Enhanced
Value
ETF
(240)
240
-
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
8,743
49
-
116,826
Columbia
Research
Enhanced
Value
ETF
12,640
115
-
85,559
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
4,958,039
182,491
(65,665)
116,826
Columbia
Research
Enhanced
Value
ETF
4,968,364
165,049
(79,490)
85,559
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
Strategic
Beta
ETFs
|
Annual
Report
2019
29
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2019,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2019,
the
in-kind
redemptions
were
as
follows:
Line
of
credit
Effective
December
3,
2019,
each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Funds
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
The
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$1
billion.
Interest
is
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
December
unless
extended
or
renewed.
Significant
risks
Financial
concentration
risk
Columbia
Research
Enhanced
Value
ETF
has
concentrated
investments
in
the
financials
sector.
Because
companies
in
the
financials
sector
are
subject
to
extensive
governmental
regulation,
which
may
adversely
affect
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain,
these
factors
may
adversely
affect
Fund
performance.
Passive
Investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
underlying
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
underlying
index,
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
an
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Funds
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
5,490
5,450
Columbia
Research
Enhanced
Value
ETF
65,603
65,440
Funds
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
4,952,463
Columbia
Research
Enhanced
Value
ETF
4,960,588
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
-
-
-
Columbia
Research
Enhanced
Value
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2019
30
Strategic
Beta
ETFs
|
Annual
Report
2019
Technology
and
technology-related
investment
risk
Columbia
Research
Enhanced
Core
ETF
may
be
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector,
as
well
as
other
technology-related
sectors
(collectively,
the
technology
sectors)
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
technology
sectors
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
in
Note
7
above,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial.
Strategic
Beta
ETFs
|
Annual
Report
2019
31
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2019,
and
the
related
statements
of
operations
and
changes
in
net
assets,
including
the
related
notes,
and
the
financial
highlights
for
the
period
September
25,
2019
(commencement
of
operations)
through
October
31,
2019
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2019,
and
the
results
of
each
of
their
operations,
changes
in
each
of
their
net
assets
and
each
of
the
financial
highlights
for
the
period
September
25,
2019
(commencement
of
operations)
through
October
31,
2019
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2019
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
20,
2019
We
have
served
as
auditors
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
32
Strategic
Beta
ETFs
|
Annual
Report
2019
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2019
.
Shareholders
will
be
notified
in
early
2020
of
the
amounts
for
use
in
preparing
2019
income
tax
returns.
The
Funds
designate
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Funds
Columbia
Research
Enhanced
Core
ETF
$51
Columbia
Research
Enhanced
Value
ETF
$121
Strategic
Beta
ETFs
|
Annual
Report
2019
33
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
Certain
Trustees
may
have
served
as
a
Trustee
to
other
Funds
in
the
Columbia
Funds
Complex
prior
to
the
date
set
forth
in
the
Position
Held
with
the
Trusts
and
Length
of
Service
column.
Under
current
Board
policy,
Trustees
not
affiliated
with
the
Investment
Manager
generally
may
serve
through
the
end
of
the
calendar
year
in
which
they
reach
either
the
mandatory
retirement
age
established
by
the
Board.
Independent
trustees
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
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
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
TRUSTEES
AND
OFFICERS
(continued)
34
Strategic
Beta
ETFs
|
Annual
Report
2019
Independent
trustees
(continued)
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
Edward
J.
Boudreau,
Jr.
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1944
Chair
of
the
Board
since
January
2018;
Trustee
since
April
2016
for
CET
I
and
September
2016
for
CET
II
Managing
Director,
E.J.
Boudreau
&
Associates
(consulting)
since
2000;
FINRA
Industry
Arbitrator,
2002
–
present;
Chairman
and
Chief
Executive
Officer,
John
Hancock
Investments
(asset
management),
Chairman
and
Interested
Trustee
for
open-end
and
closed-end
funds
offered
by
John
Hancock,
1989-2000;
John
Hancock
Mutual
Life
Insurance
Company,
including
Senior
Vice
President
and
Treasurer
and
Senior
Vice
President
Information
Technology,
1968-1988
121
Former
Trustee,
Boston
Museum
of
Science
(Chair
of
Finance
Committee),
1985-2013;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2005-2011
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,
Laurel
Road
Bank
(Audit
Committee)
since
2017
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
Directors,
The
MA
Business
Roundtable
since
2003;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street
Mail
Drop
BX32
05228,
Boston,
MA
02110
1954
Trustee
since
December
2017
for
each
Trust
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977
-
2016
119
Trustee,
Catholic
Schools
Foundation
since
2004
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1952
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,
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.
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
35
Independent
trustees
(continued)
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
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
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019
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;
Board
Chair,
Hollingsworth
Funds
since
2016;
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
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
TRUSTEES
AND
OFFICERS
(continued)
36
Strategic
Beta
ETFs
|
Annual
Report
2019
*
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.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Interested
trustee
affiliated
with
Investment
Manager*
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
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
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010
and
February
2012,
respectively;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012
previously
Chief
Executive
Officer,
U.S.
Asset
Management
&
President,
Annuities,
May
2010
-
September
2012);
Director
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
RiverSource
Distributors,
Inc.
since
2006;
Director,
Threadneedle
Asset
Management
Holdings,
SARL
since
2014;
President
and
Chief
Executive
Officer,
Ameriprise
Certificate
Company,
2006
-
August
2012.
192
Chairman
of
the
Board,
Columbia
Management
Investment
Advisers,
LLC
since
May
2010;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
May
2010;
former
Director,
Ameriprise
Certificate
Company,
August
2006
-
January
2013
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
37
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr. Truscott,
who
is
Senior
Vice
President,
the
Funds’
other
officers
are:
Fund
officers
Name,
address,
and
year
of
birth
Position
and
year
first
appointed
to
position
for
any
Fund
in
the
Columbia
Funds
complex
or
a
predecessor
thereof
Principal
occupation(s)
during
the
past
five
years
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1970
President
and
Principal
Executive
Officer
(2015)
Vice
President
and
Lead
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
January
2015
(previously
Vice
President
and
Chief
Counsel,
January
2010
–
December
2014);
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Michael
G.
Clarke
225
Franklin
Street
Boston,
MA
02110
Born
1969
Chief
Financial
Officer
(Principal
Financial
Officer)(2009)
and
Senior
Vice
President
(2019)
Vice
President —
Accounting
and
Tax,
Columbia
Management
Investment
Advisers,
LLC,
since
May 2010;
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002
(previously,
Treasurer
and
Chief
Accounting
Officer,
January 2009-January 2019
and
December 2015-January 2019,
respectively).
Marybeth
Pilat
225
Franklin
Street
Boston,
MA
02110
Born
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
Paul
B.
Goucher
485
Lexington
Avenue
New
York,
NY
10017
Born
1968
Senior
Vice
President
(2011),
and
Assistant
Secretary
(2008)
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
January
2017
(previously
Vice
President
and
Lead
Chief
Counsel,
November
2008
–
January
2017
and
January
2013
–
January
2017,
respectively);
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
March
2015
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
March
2015).
Thomas
P.
McGuire
225
Franklin
Street
Boston,
MA
02110
Born
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
since
September
2010.
Colin
Moore
225
Franklin
Street
Boston,
MA
02110
Born
1958
Senior
Vice
President
(2010)
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Ameriprise
Financial,
Inc.,
since
July
2013;
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Columbia
Management
Investment
Advisers,
LLC
since
July
2013.
Ryan
C.
Larrenaga
225
Franklin
Street
Boston,
MA
02110
Born
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017),
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
225
Franklin
Street
Boston,
MA
02110
Born
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010.
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October
2014;
Vice
President
&
Resolution
Officer,
Ameriprise
Trust
Company
since
August
2009.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
38
Strategic
Beta
ETFs
|
Annual
Report
2019
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Threadneedle
or
the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(each,
an
ETF
and
collectively,
the
ETFs).
Under
each
investment
management
services
agreement
(each,
an
IMS
Agreement,
and
collectively,
the
IMS
Agreements),
Columbia
Threadneedle
provides
investment
advice
and
other
services
to
each
ETF
and
other
funds
distributed
by
Columbia
Management
Investment
Distributors,
Inc.
(collectively,
the
Funds).
The
ETFs’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
at
its
June
17-19,
2019
in-person
Board
meeting
(the
June
Meeting),
considered
approval
of
each
IMS
Agreement.
At
the
June
Meeting,
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel)
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
each
IMS
Agreement
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Board
took
into
account
the
variety
of
written
materials
and
oral
presentations
it
and
its
Contracts
Committee
received
at
the
June
Meeting
and
at
its
April
16-18,
2019
Meeting
(the
April
Meeting)
in
connection
with
its
evaluation
of
the
services
proposed
to
be
provided
by
Columbia
Threadneedle.
The
Board
also
accorded
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
approve
each
IMS
Agreement.
Following
an
analysis
and
discussion
of
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
each
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
Columbia
Threadneedle
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
Columbia
Threadneedle,
as
well
as
its
history,
reputation,
expertise,
resources
and
capabilities,
and
the
qualifications
of
its
personnel,
including
the
firm’s
experience
with
the
existing
ETFs
as
well
as
other
passively
managed
funds.
The
Board
also
discussed
the
compliance
program
of
Columbia
Threadneedle,
and
observed
that
the
program
had
previously
been
reviewed
by
the
ETFs’
Chief
Compliance
Officer
(CCO)
and
the
Board.
The
Board
also
recalled
its
review
of
the
financial
condition
of
Columbia
Threadneedle
both
at
the
April
and
June
Meetings
and
its
ability
to
carry
out
its
responsibilities
under
each
IMS
Agreement.
In
connection
with
the
Board's
evaluation
of
the
overall
package
of
services
to
be
provided
by
Columbia
Threadneedle
to
the
ETFs,
the
Board
considered
the
oversight
of
the
administrative
and
transfer
agency
services
to
be
provided
by
The
Bank
of
New
York
Mellon
(BNY)
(which
was
previously
discussed
with
respect
to
its
services
currently
being
provided
to
the
existing
ETFs).
It
was
observed
that
Columbia
Threadneedle
currently
oversees
the
relationship
with
BNY,
as
BNY
also
provides
administrative
and
transfer
agency
services
to
the
other
Columbia
ETFs
overseen
by
the
Board
under
substantially
identical
agreements.
The
Board
also
discussed
the
acceptability
of
the
terms
of
each
IMS
Agreement,
including
the
relatively
broad
scope
of
services
required
to
be
performed
by
Columbia
Threadneedle.
Investment
performance
The
Board
noted
that
a
review
of
investment
performance
is
a
key
factor
in
evaluating
the
nature,
extent
and
quality
of
services
provided
under
investment
management
services
agreements.
It
was
noted
that
since
the
ETFs
had
not
yet
commenced
operations,
they
do
not
have
their
own
track
records
as
of
yet.
The
Board
observed
though
the
back-tested
positive
performance
of
each
ETF’s
newly
constructed
index
(each,
an
Index,
and
collectively,
the
Indexes)
provided
at
the
April
Meeting,
the
performance
of
which
is
sought
to
be
replicated
by
the
ETFs.
The
Board
also
observed
the
passive
nature
of
the
ETFs
and
the
development
of
the
Indexes.
The
Board
further
observed
that
the
objective
of
each
of
the
ETFs
is
to
seek
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
its
Index,
and
that
there
will
be
full
disclosure
to
the
market
of
the
composition
of
the
Indexes
and
any
changes
thereto.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2019
39
Based
on
the
foregoing,
and
based
on
other
information
received
(both
oral
and
written),
the
Board
concluded
that
Columbia
Threadneedle
is
in
a
position
to
provide
a
high
quality
and
level
of
service
to
the
ETFs.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
Columbia
Threadneedle
from
its
relationship
with
the
ETFs
The
Board
reviewed
comparative
fees
and
the
costs
of
services
to
be
provided
under
each
IMS
Agreement.
In
considering
the
proposed
level
of
fees
under
each
IMS
Agreement,
the
Board
accorded
particular
weight
to
the
unified/all-inclusive
fee
structure
proposed
for
the
ETFs.
In
this
regard,
the
Board
observed
that
many
of
the
potential
competitors
of
the
ETFs
have
adopted
similar
unified/all-inclusive
fee
structures.
The
Board
also
observed
that
the
proposed
fee
rates
are
below
category
median
and
directly
in
line
with
the
corresponding
broad
beta
iShares
Russell
ETFs
(tracking
the
starting
universes
on
which
the
ETFs’
Indexes
construction
methodology
is
applied).
It
was
further
observed
that
any
12b-1
fees
to
be
paid
by
the
ETFs
would
fall
outside
the
unified
fee.
The
Board
considered
the
expected
profitability
of
Columbia
Threadneedle
and
its
affiliates
in
connection
with
Columbia
Threadneedle
providing
investment
management
services
to
the
ETFs.
The
Board
noted
that
the
fees
to
be
paid
by
the
ETFs
should
permit
Columbia
Threadneedle
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
The
Board
observed
Columbia
Threadneedle’s
representation
that
it
does
not
expect
any
meaningful
profitability
to
be
generated
from
the
ETFs
in
the
first
few
years
of
operations.
The
Board
also
considered
its
prior
review
of
Columbia
Threadneedle’s
profitability
from
other
retail
Funds
and
the
Board’s
conclusion
that
the
profitability
levels
were
reasonable.
Economies
of
scale
to
be
realized
The
Board
also
considered
the
economies
of
scale
that
may
be
realized
by
Columbia
Threadneedle
and
its
affiliates
as
the
ETFs
grow
and
took
note
of
the
extent
to
which
shareholders
might
also
benefit
from
such
growth.
The
Board
considered
that
each
IMS
Agreement
provides
for
a
relatively
low,
flat
unified
fee
level
that
does
not
include
pre-
established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Based
on
these
and
other
considerations,
including
that
the
ETFs
were
newly
organized,
the
Board
generally
concluded
that
it
was
premature
to
consider
any
economies
of
scale
for
the
ETFs.
Based
on
the
foregoing,
the
Board,
including
all
of
the
Independent
Trustees,
concluded
that
the
proposed
investment
management
services
fees
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
expected
to
be
provided.
In
reaching
this
conclusion,
no
single
factor
was
determinative.
On
June
19,
2019,
the
Board,
including
all
of
the
Independent
Trustees,
approved
each
IMS
Agreement.
40
Strategic
Beta
ETFs
|
Annual
Report
2019
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Funds
file
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-Q
or
Form
N-PORT
(available
for
filings
after
March
31,
2020).
The
Funds’
Form
N-Q
or
Form
N-PORT
is
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-Q
or
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
225
Franklin
Street
Boston,
MA
02110
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA,
02110
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/
etfs
.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2019
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Item 2. Code of Ethics.
|
(a)
|
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
|
|
(b)
|
During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
|
|
(c)
|
During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
|
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that Brian J. Gallagher, Pamela G. Carlton, Anthony M. Santomero, and Sandra L. Yeager, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Gallagher, Ms. Carlton, Mr. Santomero, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the seven series of the registrant whose reports to stockholders are included in this annual filing. Fee information for fiscal year end 2018 includes fees one fund that commenced operations during the period. Fee information for fiscal year end 2019 includes fees two funds that commenced operations during the period
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows:
|
|
|
|
2019
|
2018
|
|
$77,500
|
$60,300
|
Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows:
Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.
During the fiscal years ended October 31, 2019 and October 31, 2018, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows:
|
|
|
|
2019
|
2018
|
|
$39,600
|
$32,800
|
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended October 31, 2019 and October 31, 2018, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows:
All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
During the fiscal years ended October 31, 2019 and October 31, 2018, there were no Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
|
|
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
|
The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) 100% of the services performed for items (b) through (d) above during 2019 and 2018 were pre-approved by the registrant’s Audit Committee.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2019 and October 31, 2018 are approximately as follows:
|
|
|
|
2019
|
2018
|
|
$39,625
|
$32,900
|
(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
(a) The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. The Board’s independent Trustees, Brian J. Gallagher, Pamela G. Carlton, Anthony Santomero, and Sandra L. Yeager are all members of the Audit Committee.
(b) Not Applicable.
Item 6. Investments
|
(a)
|
The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
|
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
|
(c)
|
The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
|
|
(d)
|
There was no change in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
(registrant)
|
|
Columbia ETF Trust I
|
|
|
By (Signature and Title)
|
/s/ Christopher O. Petersen
|
|
|
|
|
|
Christopher O. Petersen, President and Principal Executive Officer
|
|
Date
|
|
December 20, 2019
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By (Signature and Title)
|
/s/ Christopher O. Petersen
|
|
|
|
|
Christopher O. Petersen, President and Principal Executive Officer
|
|
Date
|
|
December 20, 2019
|
|
By (Signature and Title)
|
/s/ Michael G. Clarke
|
|
|
|
|
Michael G. Clarke, Chief Financial Officer
|
|
Date
|
|
December 20, 2019
|
Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers
|
|
COLUMBIA FUNDS
|
|
|
|
|
|
Applicable Regulatory Authority
|
|
Section 406 of the Sarbanes-Oxley Act of 2002;
|
|
|
|
Item 2 of Form N-CSR
|
|
Related Policies
|
|
Overview and Implementation of Compliance Program
|
|
|
|
Policy
|
|
Requires Annual Board Approval
|
|
No but Covered Officers Must provide annual
|
|
|
|
certification
|
|
Last Reviewed by AMC
|
|
July 2019
|
Overview and Statement
Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:
•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and
•Any amendments to, or waivers from, the code of ethics relating to such officers.
The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.
This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.
Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:
I.Covered Officers/Purpose of the Code
This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:
•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;
•Compliance with applicable laws and governmental rules and regulations;
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
|
Proprietary and Confidential
|
Page 1 of 9
|
Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers
•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
•Accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.
II.Administration of the Code
The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.
The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code
Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.
III.Managing Conflicts of Interest
A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.
Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
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Proprietary and Confidential
|
Page 2 of 9
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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers
Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.
This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.
Each Covered Officer must:
•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;
•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;
•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and
•Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.
If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
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Proprietary and Confidential
|
Page 3 of 9
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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers
Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:
•Service as a director on the board of a public or private company or service as a public official;
•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;
•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and
•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.
IV. Disclosure and Compliance
It is the responsibility of each Covered Officer:
•To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;
•To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;
•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and
•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers
V.Reporting and Accountability by Covered Officers Each Covered Officer must:
•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;
•Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;
•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and
•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.
The Fund will follow the policy set forth below in investigating and enforcing this Code:
•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;
•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;
•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit
Committee;
•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and
•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.
VI. Other Policies
This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers
Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.
VII. Disclosure of Amendments to the Code
Any amendments will, to the extent required, be disclosed in accordance with law.
VIII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.
IX. Internal Use
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
Reporting Requirements
Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.
The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.
If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.
All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.
The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.
Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
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Fund Policy: Code of Ethics for Principal Executive / Senior Financial Officers
Monitoring/Oversight/Escalation
The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.
Recordkeeping
All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
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Appendix A
INITIAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: ________________________________________________
(please print)
______________________________________________________________________________
Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!
Appendix B
ANNUAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.
______________________________________________________________
______________________________________________________________
______________________________________________________________
I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: ________________________________________________
(please print)
______________________________________________________________________________
Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!
1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.
I, Christopher O. Petersen, certify that:
1.I have reviewed this report on Form N-CSR of Columbia ETF Trust I;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: December 20, 2019
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__/s/ Christopher O. Petersen_______________
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Christopher O. Petersen, President and Principal
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Executive Officer
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I, Michael G. Clarke, certify that:
1.I have reviewed this report on Form N-CSR of Columbia ETF Trust I;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: December 20, 2019
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_/s/ Michael G. Clarke________________
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Michael G. Clarke, Chief Financial Officer
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