UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22736
Columbia ETF Trust I
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: October 31
Date of reporting period: October 31, 2021
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.
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
Annual
Report
October
31,
2021
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
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
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
shareholder
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
2021
Columbia
Sustainable
International
Equity
Income
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Columbia
Sustainable
U.S.
Equity
Income
ETF
Fund
at
a
Glance
7
Manager
Discussion
of
Fund
Performance
9
Understanding
Your
Fund’s
Expenses
11
Portfolio
of
Investments
12
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
32
Federal
Income
Tax
Information
33
Trustees
and
Officers
34
Approval
of
Investment
Management
Services
Agreement
42
Additional
Information
45
FUND
AT
A
GLANCE
Columbia
Sustainable
International
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
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
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
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
22
developed
market
country
indices:
Australia,
Austria,
Belgium,
Canada,
Denmark,
Finland,
France,
Germany,
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2021)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
32.24
6.84
7.69
Net
Asset
Value
06/13/16
31.60
6.20
6.56
{
Beta
Advantage
}
®
Sustainable
International
Equity
Income
100
Index
(Net)
32.85
6.86
7.22
MSCI
World
ex
USA
Value
Index
(Net)
40.88
6.66
7.10
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
4
Strategic
Beta
ETFs
|
Annual
Report
2021
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2021)
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.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Country
breakdown
(%)
(at
October
31,
2021
)
Australia
10
.1
Belgium
0
.8
Canada
6
.7
China
1
.2
Denmark
1
.2
France
5
.9
Hong
Kong
6
.9
Ireland
0
.6
Italy
3
.0
Japan
44
.7
Netherlands
3
.4
Singapore
1
.9
Spain
2
.2
Sweden
3
.6
United
Kingdom
6
.4
United
States
(a)
1
.4
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.
Equity
sector
breakdown
(%)
(at
October
31,
2021)
Industrials
20
.2
Financials
18
.2
Communication
Services
9
.7
Materials
9
.3
Information
Technology
7
.4
Consumer
Staples
7
.3
Utilities
7
.2
Real
Estate
6
.6
Consumer
Discretionary
5
.9
Health
Care
5
.1
Energy
3
.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
International
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
5
For
the
12-month
period
that
ended
October
31,
2021,
the
Fund
returned
31.60%
based
on
net
asset
value
(NAV)
and
32.24%
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
32.85%
during
the
same
period.
To
compare,
the
MSCI
World
ex
USA
Value
Index
(Net)
returned
40.88%
for
the
same
period.
The
Fund
had
a
NAV
of
$21.08
on
October
31,
2020
and
ended
the
annual
period
on
October
31,
2021
with
a
NAV
of
$26.94.
The
Fund’s
market
price
on
October
31,
2021
was
$27.23
per
share.
Market
overview
As
the
annual
period
began
with
the
last
two
months
of
2020,
international
equities
rallied
strongly
on
the
development
of
a
number
of
COVID-19
vaccines
that
boasted
tremendous
efficacy
rates,
which,
in
turn,
engendered
hope
for
a
return
to
normal
business
activity.
Additionally,
coordinated
fiscal
and
monetary
policy
efforts
to
combat
the
devastating
effects
of
the
pandemic
on
the
global
economy
were
enacted.
Financial
conditions
were
eased
dramatically,
helping
to
preserve
economic
vitality
but
also
with
the
effect
of
boosting
equity
returns.
A
highly
contentious
U.S.
presidential
election
and
a
final
agreement
for
the
U.K.
to
leave
the
European
Union
were
not
enough
to
derail
market
enthusiasm.
International
equities
continued
to
gain
ground
during
the
first
quarter
of
2021,
as
the
gradual,
though
globally
uneven,
reopening
of
the
world
economy
boosted
sentiment,
activity
and
stock
prices.
Fiscal
and
monetary
support
remained
supportive
throughout
the
Eurozone,
U.K.
and
Japan.
However,
across
the
Eurozone,
COVID-19
vaccinations
lagged
their
U.K.
and
U.S.
peers,
and
a
new
round
of
lockdowns
were
implemented
in
several
countries
as
infection
rates
rose.
In
Japan,
a
delayed
vaccination
rollout
caused
the
country’s
stock
market
to
trail
its
peers.
Global
trade
was
stymied
when
a
counter
ship
ran
aground
in
the
Suez
Canal,
stressing
an
already
taxed
global
supply
chain.
The
second
calendar
quarter
of
2021
was
another
strong
quarter
for
international
equities,
bolstered
by
improving
global
economic
data,
fiscal
and
monetary
stimulus,
strong
corporate
earnings
and
higher
COVID-19
vaccination
rates.
A
combination
of
surging
commodity
prices,
pent-up
demand,
global
supply
chain
disruptions
and
stimulus-powered
economic
growth
continued
to
drive
inflation
expectations
higher,
driving
some
central
banks
to
raise
interest
rates
or
consider
tighter
monetary
policy.
European,
U.K.
and
Japanese
equities
overall
advanced.
The
positive
momentum
in
international
equity
markets
then
stalled
in
the
third
quarter
of
2021,
declining
for
the
first
time
in
six
quarters,
when
measured
in
U.S.
dollar
terms.
Markets
contended
with
pandemic
uncertainty
as
the
Delta
variant
took
hold.
Moderating
economic
growth,
imminent
prospects
of
monetary
policy
tightening
and
persistent
supply-chain
dislocations
also
amplified
the
risk
of
sustained
inflation
and
pressured
equity
market
performance.
A
debt
crisis
at
one
of
China’s
largest
property
developers
destabilized
financial
markets
and
a
looming
energy
supply
crunch
in
Europe
and
Asia
further
weighed
on
international
equity
markets
in
September.
Many
of
the
concerns
that
dominated
the
international
equity
markets
in
September
ebbed
somewhat
in
October
2021,
pushing
the
MSCI
World
ex
USA
Value
Index
(Net)
back
into
positive
territory
for
the
month.
Favorable
third
calendar
quarter
corporate
earnings
reports
particularly
supported
the
European
and
U.K.
equity
markets.
The
Japanese
equity
market
declined
in
October
as
investors
digested
the
prospects
of
new
prime
minister
Kishida
ahead
of
the
general
election
that
took
place
on
October
31.
Within
the
MSCI
World
ex
USA
Value
Index
(Net),
energy,
financials
and
consumer
discretionary
were
the
best
performing
sectors,
each
posting
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
Health
care,
utilities
and
consumer
staples
were
the
weakest
performing
sectors,
though
each
still
generated
a
double-digit
positive
absolute
return
during
the
annual
period.
From
a
country
perspective,
Austria,
Luxembourg
and
the
Netherlands
were
the
strongest
performing
constituents
of
the
MSCI
World
ex
USA
Value
Index
(Net).
Austria
generated
a
triple-digit
positive
absolute
return,
and
Luxembourg
and
the
Netherlands
each
posted
a
robust
double-digit
positive
absolute
return
for
the
annual
period.
Macau
and
China
were
the
weakest
constituents
of
the
MSCI
World
ex
USA
Value
Index
(Net)
and
the
only
ones
to
post
a
negative
absolute
return
during
the
annual
period.
New
Zealand
generated
a
double-digit
positive
absolute
return
but
was
also
one
of
the
weakest
constituents
of
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
utilities
sector
detracted
from
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
annual
period.
The
real
estate
and
health
care
sectors
contributed
positively
but
the
least
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
6
Strategic
Beta
ETFs
|
Annual
Report
2021
From
a
country
perspective,
Index
constituents
in
Portugal
detracted
from
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net).
Index
constituents
in
Belgium
and
Sweden
contributed
positively
but
the
least
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
annual
period.
Relative
to
the
MSCI
World
ex
USA
Value
Index
(Net),
overweight
positions
in
Australian
utilities
company
AGL
Energy
Ltd.
and
Japanese
diversified
conglomerate
Yamada
Holdings
Co.,
Ltd.
and
an
out-of-benchmark
position
in
Australian
gold
exploration
company
Evolution
Mining
Ltd.
(1.26%,
1.35%
and
1.39%
of
Fund
net
assets
as
of
10/31/21,
respectively)
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
financials,
industrials
and
materials
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
annual
period.
From
a
country
perspective,
Index
constituents
in
Japan,
Canada
and
Spain
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
annual
period.
Relative
to
the
MSCI
World
ex
USA
Value
Index
(Net),
overweight
positions
in
Spain-based
bank
Banco
Bilbao
Vizcaya
Argentaria,
S.A.,
U.K.
groceries
retailer
Wm.
Morrison
Supermarkets
and
Denmark-based
jewelry
manufacturer
Pandora
A/S
(0.00%,
0.00%
and
0.00%
of
Fund
net
assets
as
of
10/31/21,
respectively)
contributed
most
positively.
During
the
annual
period,
Banco
Bilbao
Vizcaya
Argentaria
posted
a
triple-digit
positive
absolute
return,
and
Wm.
Morrison
Supermarkets
and
Pandora
A/S
each
generated
a
robust
double-digit
positive
absolute
return.
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.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
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
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
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.
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
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.
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
who
have
contributed
to
this
report.
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
2021
7
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2021)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
50.13
13.67
13.78
Net
Asset
Value
06/13/16
49.08
13.61
13.68
{
Beta
Advantage
}
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
50.04
14.05
14.10
MSCI
USA
Value
Index
(Gross)
42.72
12.38
12.01
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
8
Strategic
Beta
ETFs
|
Annual
Report
2021
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2021)
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.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Portfolio
breakdown
(%)
(at
October
31,
2021
)
Common
Stocks
99.6
Money
Market
Fund
0.4
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,
2021)
Financials
17
.4
Industrials
14
.7
Energy
11
.2
Information
Technology
10
.5
Utilities
9
.6
Consumer
Staples
9
.6
Consumer
Discretionary
9
.3
Health
Care
7
.2
Materials
6
.6
Communication
Services
3
.9
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
2021
9
For
the
12-month
period
that
ended
October
31,
2021,
the
Fund
returned
49.08%
based
on
net
asset
value
(NAV)
and
50.13%
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
50.04%
during
the
same
period.
To
compare,
the
MSCI
USA
Value
Index
(Gross)
returned
42.72%
for
the
same
period.
The
Fund
had
a
NAV
of
$25.42
on
October
31,
2020
and
ended
the
annual
period
on
October
31,
2021
with
a
NAV
of
$36.97.
The
Fund’s
market
price
on
October
31,
2021
was
$37.07
per
share.
Market
overview
U.S.
equities
gained
in
the
last
two
months
of
2020,
when
the
annual
period
began.
Investors
were
greatly
encouraged
by
the
release
of
COVID-19
vaccines,
which
raised
hopes
the
economy
could
gradually
return
to
normal
in
2021.
The
resolution
of
the
U.S.
presidential
election
was
another
positive,
removing
a
source
of
uncertainty
that
had
weighed
on
the
markets
in
September
and
October.
Not
least,
investors
were
cheered
by
indications
the
U.S.
Federal
Reserve
(Fed)
would
keep
interest
rates
near
zero
indefinitely.
The
first
quarter
of
2021
then
saw
the
Democrat
sweep
of
the
Georgia
run-off
elections
shift
market
focus
past
politics
and
onto
U.S.
fiscal
stimulus
and
COVID-19
vaccine
developments.
In
early
March,
$1.9
trillion
of
stimulus
was
delivered
with
the
signing
of
a
COVID-19
relief
bill.
Market
optimism
for
economic
reopening
was
reinforced
with
the
approval
of
a
third
COVID-19
vaccine.
The
first
quarter
also
saw
another
strong
corporate
earnings
season,
supporting
the
pro-cyclical
market
rotation
that
had
begun
in
November
2020
and
continued
through
the
first
quarter
of
2021.
For
the
second
consecutive
quarter,
value-oriented
stocks
outperformed
growth-oriented
stocks.
U.S.
equities
posted
solid
returns
in
the
second
calendar
quarter,
with
economic
reopening
momentum,
notable
corporate
earnings
surprises,
central
bank
liquidity
and
strong
equity
inflows
all
playing
a
part
in
driving
markets
higher.
Several
headline
benchmarks
posted
then-all-time
highs
despite
tight
labor
markets
and
supply
chain
disruptions
contributing
to
higher
inflation.
Debate
around
whether
such
inflation
would
be
transitory
or
persist
for
longer
dominated
headlines.
After
peaking
in
mid-May,
10-year
U.S.
Treasury
yields
declined,
leading
some
to
believe
inflation
concerns
had
peaked,
resulting
in
a
rotation
back
into
more
growth-oriented
stocks.
U.S.
equities
then
eked
out
only
a
modestly
positive
return
for
the
third
quarter
of
2021,
as
the
ongoing
rally
in
July
and
August
shifted
to
a
notable
sell-off
in
September,
interrupting
seven
consecutive
months
of
gains
and
marking
the
largest
monthly
decline
since
September
2020.
Risk-off
sentiment
was
driven
by
worries
around
the
timing
of
Fed
tapering
and
the
durability
of
earnings
growth
amid
persistent
inflation
and
supply
chain
disruptions.
Investors
were
also
concerned
about
federal
debt
and
roadblocks
to
additional
stimulus.
On
the
other
hand,
expectations
for
accommodative
monetary
policy
and
an
ongoing
economic
boost
from
pent-up
demand
helped
balance
these
headwinds.
Growth
stocks
notched
a
second
consecutive
quarter
of
outperformance
relative
to
value
stocks.
U.S.
equities
then
rebounded
strongly
in
October,
recording
its
best
monthly
gain
in
2021
to
date
on
optimism
regarding
the
third
quarter
corporate
earnings
season.
For
the
most
part,
investors
shrugged
off
the
tug
of
war
in
Congress
on
proposed
infrastructure
and
social
spending
legislation
and
the
potential
impact
of
rising
inflation.
Within
the
broad
U.S.
equity
market,
small-cap
stocks
performed
best,
followed
by
mid-cap
stocks
and
then
large-cap
stocks.
Value
stocks
outpaced
growth
stocks
across
the
capitalization
spectrum,
though
the
margin
of
differentiation
among
large-cap
stocks
was
quite
narrow.
Within
the
MSCI
USA
Value
Index
(Gross),
energy,
financials
and
real
estate
were
the
best
performing
sectors,
with
energy
generating
a
triple-digit
positive
absolute
return
and
financial
and
real
estate
each
posting
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
Utilities,
communication
services
and
consumer
staples
were
the
weakest
sectors
in
the
MSCI
USA
Value
Index
(Gross),
though
each
still
generated
a
double-digit
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
communication
services,
consumer
staples
and
health
care
sectors
contributed
the
least
to
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross).
Relative
to
the
MSCI
USA
Value
Index
(Gross),
overweight
positions
in
mineral
properties
developer
Newmont
Corp.
and
global
money
transfer
services
provider
The
Western
Union
Co.
and
an
underweight
position
in
semiconductor
bellwether
Intel
Corp.
(1.29%,
1.08%
and
1.11%
of
Fund
net
assets
as
of
10/31/21,
respectively)
detracted
most.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
10
Strategic
Beta
ETFs
|
Annual
Report
2021
Newmont
Corp.
and
The
Western
Union
Co.
each
generated
a
double-digit
negative
absolute
return
during
the
annual
period,
while
Intel
Corp.
posted
a
double-digit
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
financials,
energy
and
industrials
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross)
during
the
annual
period.
Relative
to
the
MSCI
USA
Value
Index
(Gross),
overweight
positions
in
integrated
oil
and
gas
company
ConocoPhillips,
diversified
carbon-steel
producer
and
metals
recycler
Steel
Dynamics,
Inc.
and
temporary
and
permanent
staffing
services
provider
Robert
Half
International,
Inc.
(1.42%,
0.56%
and
1.20%
of
Fund
net
assets
as
of
10/31/21,
respectively)
contributed
most
positively.
Each
generated
a
triple-digit
positive
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.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
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
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
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.
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
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.
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
who
have
contributed
to
this
report.
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
2021
11
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2021
—
October
31,
2021
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Sustainable
International
Equity
Income
ETF
1,000.00
1,000.00
999.10
1,022.89
2.32
2.35
0.46
Columbia
Sustainable
U.S.
Equity
Income
ETF
1,000.00
1,000.00
1,040.20
1,023.44
1.80
1.79
0.35
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
International
Equity
Income
ETF
October
31,
2021
(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.
12
Strategic
Beta
ETFs
|
Annual
Report
2021
Common
Stocks
98.9%
Issuer
Shares
Value
($)
Australia 10.1%
AGL
Energy
Ltd.
15,689
67,405
Aurizon
Holdings
Ltd.
26,517
67,120
Computershare
Ltd.
6,417
90,420
Evolution
Mining
Ltd.
27,337
74,534
Fortescue
Metals
Group
Ltd.
4,394
45,974
Newcrest
Mining
Ltd.
2,024
37,838
Rio
Tinto
Ltd.
933
63,273
Sonic
Healthcare
Ltd.
1,472
44,258
Telstra
Corp.
Ltd.
18,036
51,749
Total
542,571
Belgium 0.8%
Ageas
SA/NV
905
44,092
Canada 6.6%
Atco
Ltd.
Class
I
1,203
40,762
Barrick
Gold
Corp.
1,906
34,920
Canadian
Tire
Corp.
Ltd.
Class
A
250
35,452
George
Weston
Ltd.
266
28,696
Kirkland
Lake
Gold
Ltd.
1,163
48,948
Magna
International,
Inc.
406
32,973
Manulife
Financial
Corp.
2,788
54,228
Open
Text
Corp.
568
28,566
Quebecor,
Inc.
Class
B
2,079
52,900
Total
357,445
China 1.2%
BOC
Hong
Kong
Holdings
Ltd.
20,791
66,015
Denmark 1.2%
AP
Moller
-
Maersk
A/S
Class
A
23
63,043
France 5.8%
Arkema
SA
335
45,824
Carrefour
SA
3,490
63,228
Publicis
Groupe
SA
946
63,430
SEB
SA
249
38,987
Thales
SA
542
49,965
Vinci
SA
494
52,806
Total
314,240
Hong
Kong 6.8%
AIA
Group
Ltd.
2,689
30,367
CLP
Holdings
Ltd.
6,205
60,741
HKT
Trust
&
HKT
Ltd.
48,964
66,468
Power
Assets
Holdings
Ltd.
11,039
67,335
Sun
Hung
Kai
Properties
Ltd.
5,538
73,683
Swire
Properties
Ltd.
25,332
67,897
Total
366,491
Ireland 0.6%
CRH
PLC
630
30,242
Italy 3.0%
Enel
SpA
4,116
34,467
Prysmian
SpA
947
35,836
Telecom
Italia
Spa-RSP
153,029
58,175
Terna
-
Rete
Elettrica
Nazionale
4,604
34,323
Total
162,801
Japan 44.4%
Asahi
Group
Holdings
Ltd.
1,375
62,187
Astellas
Pharma,
Inc.
4,654
78,244
Bridgestone
Corp.
1,044
45,953
Brother
Industries
Ltd.
3,630
69,974
Chiba
Bank
Ltd.
(The)
10,515
65,105
Daiwa
House
Industry
Co.
Ltd.
2,505
82,405
ENEOS
Holdings,
Inc.
21,264
85,709
FUJIFILM
Holdings
Corp.
402
31,028
Hitachi
Ltd.
784
45,063
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Honda
Motor
Co.
Ltd.
1,999
58,712
Hulic
Co.
Ltd.
3,584
34,355
ITOCHU
Corp.
2,581
73,384
Kajima
Corp.
4,715
57,891
KDDI
Corp.
1,379
42,667
Lawson,
Inc.
1,398
67,555
Lixil
Corp.
2,325
59,621
Marubeni
Corp.
9,402
79,256
Medipal
Holdings
Corp.
2,753
49,616
Mitsubishi
Chemical
Holdings
Corp.
6,603
54,590
Mitsubishi
Corp.
2,314
73,301
Mitsubishi
HC
Capital,
Inc.
9,432
47,150
Mitsui
Fudosan
Co.
Ltd.
1,311
29,876
NEC
Corp.
1,193
60,892
Nippon
Telegraph
&
Telephone
Corp.
1,648
46,076
Nomura
Holdings,
Inc.
11,838
57,101
Nomura
Real
Estate
Holdings,
Inc.
2,651
64,377
ORIX
Corp.
2,423
47,918
Osaka
Gas
Co.
Ltd.
2,122
34,168
Resona
Holdings,
Inc.
17,822
66,896
Santen
Pharmaceutical
Co.
Ltd.
3,547
49,803
SCSK
Corp.
2,952
59,545
Shionogi
&
Co.
Ltd.
749
48,655
Shizuoka
Bank
Ltd.
(The)
7,288
58,611
Sompo
Holdings,
Inc.
1,129
48,992
Sumitomo
Corp.
5,542
78,592
Sumitomo
Metal
Mining
Co.
Ltd.
1,478
57,331
Sumitomo
Mitsui
Financial
Group,
Inc.
1,622
52,931
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,382
45,499
Suntory
Beverage
&
Food
Ltd.
787
30,472
T&D
Holdings,
Inc.
5,627
72,148
Toyota
Tsusho
Corp.
1,066
46,090
Yamada
Holdings
Co.
Ltd.
18,880
72,026
Total
2,391,765
Netherlands 3.3%
Koninklijke
Ahold
Delhaize
NV
2,374
77,282
NN
Group
NV
1,440
77,189
Wolters
Kluwer
NV
246
25,804
Total
180,275
Singapore 1.9%
Singapore
Technologies
Engineering
Ltd.
23,342
66,296
United
Overseas
Bank
Ltd.
1,762
34,952
Total
101,248
Spain 2.2%
Iberdrola
SA
3,853
45,548
Telefonica
SA
16,187
70,518
Total
116,066
Sweden 3.6%
Lundin
Energy
AB
1,995
78,792
SKF
AB
Class
B
2,513
58,227
Telefonaktiebolaget
LM
Ericsson
Class
B
5,149
56,355
Total
193,374
United
Kingdom 6.3%
3i
Group
PLC
1,945
36,366
Aviva
PLC
12,150
65,736
Berkeley
Group
Holdings
PLC
479
28,594
Bunzl
PLC
978
36,223
DCC
PLC
571
47,791
J
Sainsbury
PLC
14,913
61,203
Vodafone
Group
PLC
43,521
64,453
Total
340,366
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
13
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
United
States 1.1%
Ferguson
PLC
225
33,911
Schneider
Electric
SE
163
28,087
Total
61,998
Total
Common
Stocks
(Cost
$5,083,190)
5,332,032
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(a)
15,568
15,568
Total
Money
Market
Funds
(Cost
$15,568)
15,568
Total
Investments
in
Securities
(Cost
$5,098,758)
5,347,600
Other
Assets
&
Liabilities,
Net
41,307
Net
Assets
5,388,907
(a)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2021.
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.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2021
Fair
Value
Measurements
(continued)
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Australia
542,571
–
–
542,571
Belgium
44,092
–
–
44,092
Canada
357,445
–
–
357,445
China
66,015
–
–
66,015
Denmark
63,043
–
–
63,043
France
314,240
–
–
314,240
Hong
Kong
366,491
–
–
366,491
Ireland
30,242
–
–
30,242
Italy
162,801
–
–
162,801
Japan
2,391,765
–
–
2,391,765
Netherlands
180,275
–
–
180,275
Singapore
101,248
–
–
101,248
Spain
116,066
–
–
116,066
Sweden
193,374
–
–
193,374
United
Kingdom
340,366
–
–
340,366
United
States
61,998
–
–
61,998
Total
Common
Stocks
5,332,032
–
–
5,332,032
Money
Market
Funds
15,568
–
–
15,568
Total
Investments
in
Securities
5,347,600
–
–
5,347,600
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2021
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
15
Common
Stocks
99.4%
Issuer
Shares
Value
($)
Communication
Services 3.9%
Diversified
Telecommunication
Services
1.4%
Lumen
Technologies,
Inc.
6,353
75,347
Media
2.5%
Interpublic
Group
of
Cos.,
Inc.
(The)
1,269
46,407
Omnicom
Group,
Inc.
862
58,685
ViacomCBS,
Inc.
Class
B
953
34,518
Total
139,610
Total
Communication
Services
214,957
Consumer
Discretionary 9.2%
Auto
Components
0.6%
BorgWarner,
Inc.
712
32,090
Distributors
1.4%
Genuine
Parts
Co.
571
74,864
Household
Durables
0.7%
PulteGroup,
Inc.
864
41,541
Leisure
Products
0.9%
Hasbro,
Inc.
511
48,933
Multiline
Retail
0.5%
Target
Corp.
115
29,856
Specialty
Retail
5.1%
Advance
Auto
Parts,
Inc.
320
72,166
Best
Buy
Co.,
Inc.
695
84,957
Home
Depot,
Inc.
(The)
129
47,955
Lowe's
Cos.,
Inc.
194
45,361
Tractor
Supply
Co.
158
34,313
Total
284,752
Total
Consumer
Discretionary
512,036
Consumer
Staples 9.5%
Food
&
Staples
Retailing
2.3%
Kroger
Co.
(The)
1,219
48,784
Walgreens
Boots
Alliance,
Inc.
1,684
79,182
Total
127,966
Food
Products
6.6%
Campbell
Soup
Co.
1,742
69,593
Conagra
Brands,
Inc.
2,308
74,318
General
Mills,
Inc.
1,038
64,148
JM
Smucker
Co.
(The)
475
58,359
Lamb
Weston
Holdings,
Inc.
526
29,693
Tyson
Foods,
Inc.
Class
A
857
68,534
Total
364,645
Household
Products
0.6%
Church
&
Dwight
Co.,
Inc.
412
35,992
Total
Consumer
Staples
528,603
Energy 11.2%
Energy
Equipment
&
Services
0.8%
Baker
Hughes
Co.
1,791
44,918
Oil,
Gas
&
Consumable
Fuels
10.4%
Chevron
Corp.
616
70,526
ConocoPhillips
1,057
78,736
Exxon
Mobil
Corp.
828
53,381
Kinder
Morgan,
Inc.
4,601
77,067
Marathon
Petroleum
Corp.
923
60,853
ONEOK,
Inc.
1,288
81,943
Valero
Energy
Corp.
858
66,349
Williams
Cos.,
Inc.
(The)
3,038
85,337
Total
574,192
Total
Energy
619,110
Financials 17.3%
Banks
3.8%
Bank
of
America
Corp.
1,273
60,824
Citigroup,
Inc.
1,062
73,448
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Citizens
Financial
Group,
Inc.
1,631
77,277
Total
211,549
Capital
Markets
5.4%
Bank
of
New
York
Mellon
Corp.
(The)
695
41,144
Charles
Schwab
Corp.
(The)
381
31,253
Goldman
Sachs
Group,
Inc.
(The)
157
64,896
Morgan
Stanley
674
69,274
Raymond
James
Financial,
Inc.
474
46,732
State
Street
Corp.
435
42,869
Total
296,168
Consumer
Finance
1.0%
Ally
Financial,
Inc.
1,145
54,662
Diversified
Financial
Services
0.8%
Voya
Financial,
Inc.
664
46,327
Insurance
6.3%
Aflac,
Inc.
1,020
54,743
Allstate
Corp.
(The)
526
65,050
Hartford
Financial
Services
Group,
Inc.
(The)
703
51,270
Lincoln
National
Corp.
618
44,589
Progressive
Corp.
(The)
788
74,766
Prudential
Financial,
Inc.
544
59,867
Total
350,285
Total
Financials
958,991
Health
Care 7.1%
Biotechnology
2.9%
AbbVie,
Inc.
502
57,564
Amgen,
Inc.
242
50,087
Gilead
Sciences,
Inc.
848
55,018
Total
162,669
Health
Care
Providers
&
Services
4.2%
AmerisourceBergen
Corp.
276
33,677
Anthem,
Inc.
126
54,826
Cardinal
Health,
Inc.
1,174
56,129
CVS
Health
Corp.
556
49,640
Quest
Diagnostics,
Inc.
270
39,631
Total
233,903
Total
Health
Care
396,572
Industrials 14.6%
Aerospace
&
Defense
3.5%
Huntington
Ingalls
Industries,
Inc.
392
79,470
Northrop
Grumman
Corp.
179
63,942
Raytheon
Technologies
Corp.
575
51,095
Total
194,507
Building
Products
4.5%
A
O
Smith
Corp.
484
35,366
Allegion
PLC
231
29,637
Fortune
Brands
Home
&
Security,
Inc.
410
41,574
Masco
Corp.
1,067
69,942
Owens
Corning
494
46,144
Trane
Technologies
PLC
148
26,778
Total
249,441
Machinery
3.4%
Cummins,
Inc.
332
79,627
Parker-Hannifin
Corp.
116
34,404
Snap-on,
Inc.
365
74,179
Total
188,210
Professional
Services
3.2%
Booz
Allen
Hamilton
Holding
Corp.
814
70,704
Leidos
Holdings,
Inc.
396
39,592
Robert
Half
International,
Inc.
588
66,486
Total
176,782
Total
Industrials
808,940
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2021
Notes
to
Portfolio
of
Investments
(a)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2021.
(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
year
ended
October
31,
2021
are
as
follows:
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Information
Technology 10.5%
Communications
Equipment
1.5%
Juniper
Networks,
Inc.
1,744
51,483
Motorola
Solutions,
Inc.
134
33,311
Total
84,794
IT
Services
3.9%
Accenture
PLC
Class
A
107
38,391
Cognizant
Technology
Solutions
Corp.
Class
A
696
54,351
International
Business
Machines
Corp.
503
62,925
Western
Union
Co.
(The)
3,275
59,670
Total
215,337
Semiconductors
&
Semiconductor
Equipment
1.6%
Intel
Corp.
1,251
61,299
Skyworks
Solutions,
Inc.
165
27,576
Total
88,875
Software
1.1%
Oracle
Corp.
601
57,660
Technology
Hardware,
Storage
&
Peripherals
2.4%
HP,
Inc.
2,805
85,076
NetApp,
Inc.
544
48,579
Total
133,655
Total
Information
Technology
580,321
Materials 6.5%
Chemicals
2.7%
Celanese
Corp.
378
61,051
LyondellBasell
Industries
NV
Class
A
564
52,351
PPG
Industries,
Inc.
241
38,697
Total
152,099
Containers
&
Packaging
2.0%
International
Paper
Co.
1,165
57,866
Packaging
Corp.
of
America
371
50,964
Total
108,830
Metals
&
Mining
1.8%
Newmont
Corp.
1,322
71,388
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Steel
Dynamics,
Inc.
467
30,859
Total
102,247
Total
Materials
363,176
Utilities 9.6%
Electric
Utilities
4.0%
Alliant
Energy
Corp.
484
27,380
Edison
International
1,367
86,025
Entergy
Corp.
582
59,958
Exelon
Corp.
906
48,190
Total
221,553
Gas
Utilities
2.1%
Atmos
Energy
Corp.
529
48,732
UGI
Corp.
1,547
67,155
Total
115,887
Multi-Utilities
3.0%
DTE
Energy
Co.
408
46,247
Public
Service
Enterprise
Group,
Inc.
771
49,190
Sempra
Energy
558
71,217
Total
166,654
Water
Utilities
0.5%
American
Water
Works
Co.,
Inc.
152
26,475
Total
Utilities
530,569
Total
Common
Stocks
(Cost
$4,870,851)
5,513,275
Issuer
Shares
Value
($)
Money
Market
Funds
0.4%
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(a)
23,002
23,002
Total
Money
Market
Funds
(Cost
$23,002)
23,002
Total
Investments
in
Securities
(Cost
$4,893,853)
5,536,277
(b)
Other
Assets
&
Liabilities,
Net
8,782
Net
Assets
5,545,059
Affiliated
Issuer
Beginning
of
period($)
Purchases($)
Sales($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
End
of
period($)
Realized
gain/(loss)
($)
Dividends($)
End
of
period
shares
Ameriprise
Financial,
Inc.
40,207
30,557
(62,033)
(8,731)
–
35,193
1,005
–
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
214,957
–
–
214,957
Consumer
Discretionary
512,036
–
–
512,036
Consumer
Staples
528,603
–
–
528,603
Energy
619,110
–
–
619,110
Financials
958,991
–
–
958,991
Health
Care
396,572
–
–
396,572
Industrials
808,940
–
–
808,940
Information
Technology
580,321
–
–
580,321
Materials
363,176
–
–
363,176
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2021
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Utilities
530,569
–
–
530,569
Total
Common
Stocks
5,513,275
–
–
5,513,275
Money
Market
Funds
23,002
–
–
23,002
Total
Investments
in
Securities
5,536,277
–
–
5,536,277
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
19
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$5,098,758
and
$4,893,853,
respectively)
$5,347,600
$5,536,277
Receivable
for:
Investments
sold
51,680
–
Dividends
29,397
10,418
Reclaims
receivable
13,995
–
Total
assets
5,442,672
5,546,695
Liabilities
Payable
for:
Due
to
custodian
50,043
–
Investment
management
fees
2,081
1,636
Investments
purchased
1,641
–
Total
liabilities
53,765
1,636
Net
assets
applicable
to
outstanding
capital
stock
$5,388,907
$5,545,059
Represented
by:
Paid-in
capital
$5,919,955
$4,779,675
Total
distributable
earnings
(loss)
(531,048)
765,384
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$5,388,907
$5,545,059
Shares
outstanding
200,000
150,000
Net
asset
value
per
share
$26.94
$36.97
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2021
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$209,315
$170,737
Dividends
-
affiliated
issuers
–
1,005
Foreign
taxes
withheld
(20,000)
–
Total
income
189,315
171,742
Expenses:
Investment
management
fees
24,201
20,806
Overdraft
expense
210
–
Total
expenses
24,411
20,806
Net
Investment
Income
164,904
150,936
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
425,630
432,278
Investments
-
affiliated
issuers
–
15,680
In-kind
transactions
-
unaffiliated
issuers
–
1,104,645
In-kind
transactions
affiliated
issuers
–
19,513
Foreign
currency
translations
(6,013)
–
Net
realized
gain
419,617
1,572,116
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
748,353
754,206
Investments
-
affiliated
issuers
–
(8,731)
Foreign
currency
translations
(1,049)
–
Net
change
in
unrealized
appreciation
747,304
745,475
Net
realized
and
unrealized
gain
1,166,921
2,317,591
Net
Increase
in
net
assets
resulting
from
operations
$1,331,825
$2,468,527
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
2021
21
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Operations
Net
investment
income
$164,904
$140,562
$150,936
$153,928
Net
realized
gain
(loss)
419,617
(492,241)
1,572,116
(335,721)
Net
change
in
unrealized
appreciation
(depreciation)
747,304
(449,222)
745,475
(353,169)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
1,331,825
(800,901)
2,468,527
(534,962)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(158,794)
(138,912)
(154,053)
(162,454)
Shareholder
transactions
Proceeds
from
shares
sold
–
–
3,117,247
1,490,583
Cost
of
shares
redeemed
(1,104)
–
(4,971,142)
–
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(1,104)
–
(1,853,895)
1,490,583
Increase
(decrease)
in
net
assets
1,171,927
(939,813)
460,579
793,167
Net
Assets:
Net
assets
beginning
of
year
4,216,980
5,156,793
5,084,480
4,291,313
Net
assets
at
end
of
year
$5,388,907
$4,216,980
$5,545,059
$5,084,480
Capital
stock
activity
Shares
outstanding,
beginning
of
year
200,040
200,040
200,045
150,045
Subscriptions
–
–
100,000
50,000
Redemptions
(40)
–
(150,045)
–
Shares
outstanding,
end
of
year
200,000
200,040
150,000
200,045
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
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
International
Equity
Income
ETF
Year
Ended
October
31
,
2021
2020
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
year
$21.08
$25.78
$26.68
$30.59
$25.34
Income
(loss)
from
investment
operations:
Net
investment
income
0.82
0.70
0.87
0.92
0.76
Net
realized
and
unrealized
gain
(loss)
5.83
(4.71)
0.50
(3.32)
5.47
Total
from
investment
operations
6.65
(4.01)
1.37
(2.40)
6.23
Less
distributions
to
shareholders:
Net
investment
income
(0.79)
(0.69)
(1.01)
(0.94)
(0.65)
Net
realized
gains
–
–
(1.26)
(0.57)
(0.33)
Total
distribution
to
shareholders
(0.79)
(0.69)
(2.27)
(1.51)
(0.98)
Net
asset
value,
end
of
year
$26.94
$21.08
$25.78
$26.68
$30.59
Total
Return
at
NAV
31.60%
(15.68)%
6.05%
(8.25)%
25.13%
Total
Return
at
Market
32.24%
(15.02)%
8.74%
(9.30)%
25.58%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.45%
(b)
0.45%
(b)
0.45%
(b)
0.45%
0.45%
Total
net
expenses
(a)(c)
0.45%
(b)
0.45%
(b)
0.45%
(b)
0.45%
0.45%
Net
investment
income
3.07%
3.08%
3.43%
3.11%
2.71%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$5,389
$4,217
$5,157
$13,343
$12,239
Portfolio
turnover
90%
98%
76%
82%
87%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
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
2021
23
Columbia
Sustainable
U.S.
Equity
Income
ETF
Year
Ended
October
31
,
2021
2020
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
year
$25.42
$28.60
$28.25
$30.30
$25.86
Income
(loss)
from
investment
operations:
Net
investment
income
0.86
0.78
0.80
0.77
0.73
Net
realized
and
unrealized
gain
(loss)
11.53
(3.15)
1.44
0.64
4.72
Total
from
investment
operations
12.39
(2.37)
2.24
1.41
5.45
Less
distributions
to
shareholders:
Net
investment
income
(0.84)
(0.74)
(0.78)
(0.75)
(0.67)
Net
realized
gains
–
(0.07)
(1.11)
(2.71)
(0.34)
Total
distribution
to
shareholders
(0.84)
(0.81)
(1.89)
(3.46)
(1.01)
Net
asset
value,
end
of
year
$36.97
$25.42
$28.60
$28.25
$30.30
Total
Return
at
NAV
49.08%
(8.18)%
9.19%
4.35%
21.36%
Total
Return
at
Market
50.13%
(8.64)%
9.04%
4.51%
21.40%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.35%
0.35%
0.35%
(b)
0.35%
0.35%
Total
net
expenses
(a)(c)
0.35%
0.35%
0.35%
(b)
0.35%
0.35%
Net
investment
income
2.55%
2.98%
2.94%
2.55%
2.53%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$5,545
$5,084
$4,291
$4,239
$3,031
Portfolio
turnover
77%
77%
56%
61%
55%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
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,
2021
24
Strategic
Beta
ETFs
|
Annual
Report
2021
Note
1.
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
International
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF.
Each
Fund
is
diversified.
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.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
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,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
25
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
an
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,
2021
26
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
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
for
the
six
months
ended
October
31,
2021
amounted
to
the
amount
shown
in
the
table
below
as
a
percentage
of
average
daily
net
assets
of
each
Fund:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Sustainable
International
Equity
Income
ETF
0.45
Columbia
Sustainable
U.S.
Equity
Income
ETF
0.35
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
27
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.
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
deferred
amount
is
adjusted
for
market
value
changes
and
remains
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
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2021,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
foreign
currency
transactions,
passive
foreign
investment
company
(PFIC)
holdings,
re-characterization
of
distributions
for
investments,
capital
loss
carryforwards
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
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.
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
Sustainable
International
Equity
Income
ETF
(2,614)
2,614
-
Columbia
Sustainable
U.S.
Equity
Income
ETF
(7,580)
(1,079,557)
1,087,137
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Sustainable
International
Equity
Income
ETF
158,794
-
158,794
138,912
-
138,912
Columbia
Sustainable
U.S.
Equity
Income
ETF
154,053
-
154,053
147,869
14,585
162,454
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
28
Strategic
Beta
ETFs
|
Annual
Report
2021
At
October
31,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2021,
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,
2021,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2021,
capital
loss
carryforwards
utilized,
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.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2021,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2021,
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,
2021,
the
in-kind
redemptions
were
as
follows:
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Sustainable
International
Equity
Income
ETF
50,948
-
(798,296)
216,300
Columbia
Sustainable
U.S.
Equity
Income
ETF
146,249
-
-
619,135
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Sustainable
International
Equity
Income
ETF
5,131,300
505,334
(289,034)
216,300
Columbia
Sustainable
U.S.
Equity
Income
ETF
4,917,142
771,415
(152,280)
619,135
Fund
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
Sustainable
International
Equity
Income
ETF
-
798,296
798,296
-
Columbia
Sustainable
U.S.
Equity
Income
ETF
-
-
-
329,496
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Sustainable
International
Equity
Income
ETF
4,692,368
4,703,218
Columbia
Sustainable
U.S.
Equity
Income
ETF
4,368,654
4,350,269
Funds
Contributions
($)
Columbia
Sustainable
International
Equity
Income
ETF
-
Columbia
Sustainable
U.S.
Equity
Income
ETF
3,101,211
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
29
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
28,
2021
amendment
and
restatement,
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
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
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
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
October
unless
extended
or
renewed.
Prior
to
the
October
28,
2021
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-
month
London
Interbank
Offered
Rate
(LIBOR)
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2021.
Note
8.
Significant
risks
Foreign
securities
and
emerging
market
countries
risk
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
(including,
for
example,
military
confrontations,
war,
terrorism,
natural
disasters
and
disease
pandemics),
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
International
Equity
Income
ETF
concentrates
its
investment
exposure
to
any
one
or
a
few
specific
countries,
the
Fund
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.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Geographic
focus
risk
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.
The
Fund’s
NAV
may
be
more
volatile
than
the
NAV
of
a
more
geographically
diversified
fund.
Asia
Pacific
Region.
Columbia
Sustainable
International
Equity
Income
ETF
is
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
in
the
Asia
Pacific
region.
Many
of
the
countries
in
the
region
are
considered
underdeveloped
or
developing,
including
from
a
political,
economic
and/or
social
perspective,
and
may
have
relatively
unstable
governments
and
economies
based
on
limited
business,
industries
and/or
natural
resources
or
commodities.
Events
in
any
one
country
within
the
region
may
impact
other
countries
in
the
region
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Sustainable
International
Equity
Income
ETF
-
-
-
Columbia
Sustainable
U.S.
Equity
Income
ETF
(3,846,234)
4,970,392
1,124,158
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
30
Strategic
Beta
ETFs
|
Annual
Report
2021
or
the
region
as
a
whole.
As
a
result,
events
in
the
region
will
generally
have
a
greater
effect
on
the
Fund
than
if
the
Fund
was
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Fund’s
investments
and
losses
for
the
Fund.
Also,
securities
of
some
companies
in
the
region
can
be
less
liquid
than
U.S.
or
other
foreign
securities,
potentially
making
it
difficult
for
the
Fund
to
sell
such
securities
at
a
desirable
time
and
price.
Japan.
Columbia
Sustainable
International
Equity
Income
ETF
is
particularly
susceptible
to
the
social,
political,
economic,
regulatory
and
other
conditions
or
events
that
may
affect
Japan’s
economy.
The
Japanese
economy
is
heavily
dependent
upon
international
trade,
including,
among
other
things,
the
export
of
finished
goods
and
the
import
of
oil
and
other
commodities
and
raw
materials.
Because
of
its
trade
dependence,
the
Japanese
economy
is
particularly
exposed
to
the
risks
of
currency
fluctuation,
foreign
trade
policy
and
regional
and
global
economic
disruption,
including
the
risk
of
increased
tariffs,
embargoes,
and
other
trade
limitations
or
factors.
Strained
relationships
between
Japan
and
its
neighboring
countries,
including
China,
South
Korea
and
North
Korea,
based
on
historical
grievances,
territorial
disputes,
and
defense
concerns,
may
also
cause
uncertainty
in
Japanese
markets.
As
a
result,
additional
tariffs,
other
trade
barriers,
or
boycotts
may
have
an
adverse
impact
on
the
Japanese
economy.
Japanese
government
policy
has
been
characterized
by
economic
regulation,
intervention,
protectionism
and
large
government
deficits.
The
Japanese
economy
is
also
challenged
by
an
unstable
financial
services
sector,
highly
leveraged
corporate
balance
sheets
and
extensive
cross-ownership
among
major
corporations.
Structural
social
and
labor
market
changes,
including
an
aging
workforce,
population
decline
and
traditional
aversion
to
labor
mobility
may
adversely
affect
Japan’s
economic
competitiveness
and
growth
potential.
The
potential
for
natural
disasters,
such
as
earthquakes,
volcanic
eruptions,
typhoons
and
tsunamis,
could
also
have
significant
negative
effects
on
Japan’s
economy.
As
a
result
of
the
Fund’s
investment
in
Japanese
securities,
the
Fund’s
NAV
may
be
more
volatile
than
the
NAV
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Japan
fall
out
of
favor,
it
may
cause
the
Fund
to
underperform
other
funds
that
do
not
focus
their
investments
in
Japan.
Industrials
risk
Columbia
Sustainable
International
Equity
Income
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
industrials
sector
than
if
it
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.
Market
and
environment
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
COVID-19
pandemic
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
31
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
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
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
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
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
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Funds.
32
Strategic
Beta
ETFs
|
Annual
Report
2021
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Sustainable
U.S.
Equity
Income
ETF
and
Columbia
Sustainable
International
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
U.S.
Equity
Income
ETF
and
Columbia
Sustainable
International
Equity
Income
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2021,
the
related
statements
of
operations
for
the
year
ended
October
31,
2021,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2021
(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,
2021,
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,
2021
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2021
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,
2021
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
21,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2021
33
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2021
.
Shareholders
will
be
notified
in
early
2022
of
the
amounts
for
use
in
preparing
2021
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.
Fund
DRD
QDI
Columbia
Sustainable
International
Equity
Income
ETF
0.00%
75.27%
Columbia
Sustainable
U.S.
Equity
Income
ETF
57.45%
59.00%
Fund
Columbia
Sustainable
International
Equity
Income
ETF
$158,794
Columbia
Sustainable
U.S.
Equity
Income
ETF
154,053
Columbia
Sustainable
International
Equity
Income
ETF
Foreign
Taxes
Paid
$20,000
Foreign
Taxes
Paid
Per
Share
.10
Foreign
Source
Income
208,404
Foreign
Source
Income
Per
Share
1.04
34
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
171
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,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
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
171
Trustee,
BlueCross
BlueShield
of
Minnesota
since
2009
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee, 2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017
–
July
2017;
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020)
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
35
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
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;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
171
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
since
2019
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
169
Director,
EQT
Corporation
(natural
gas
producer)
since
2019;
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company)
since
2020
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
(a)
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
169
Director,
The
Autism
Project
since
March
2015;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
(a)
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
2001-2004
169
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
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
171
Trustee,
MA
Taxpayers
Foundation
since
1997;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010;
Board
of
Directors,
The
MA
Business
Roundtable
2003-2019
TRUSTEES
AND
OFFICERS
(continued)
36
Strategic
Beta
ETFs
|
Annual
Report
2021
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
171
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
169
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
169
None
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
169
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
37
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
Dean
Witter
Reynolds,
Inc.,
1976-1980
171
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
Anthony
M.
Santomero
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1946
Trustee
2008
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
171
Trustee,
Penn
Mutual
Life
Insurance
Company
since
March
2008;
Director,
RenaissanceRe
Holdings
Ltd.
since
May
2008;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
171
Director,
BlueCross
BlueShield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
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;
Chair
of
Daniel-Mickel
Foundation
TRUSTEES
AND
OFFICERS
(continued)
38
Strategic
Beta
ETFs
|
Annual
Report
2021
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Santomero
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
(a)
J.
Kevin
Connaughton
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
March
1,
2016.
Natalie
A.
Trunow
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
September
1,
2016.
Olive
M.
Darragh
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
June
10,
2019.
Shareholders
of
the
Funds
elected
Mr.
Connaughton
and
Mses.
Darragh
and
Trunow
as
Trustees
of
CFST,
CFST
I,
CFST
II,
CET
I,
CET
II,
and
CFVST
II
effective
January
1,
2021,
and
of
CFVIT,
effective
July
1,
2020.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
(a)
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
since
January
2016;
Non-executive
Member
of
the
Investment
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services)
since
August
2018;
Advisor,
Paradigm
Asset
Management
since
November
2016;
Director
of
Investments,
Casey
Family
Programs,
April
2016-September
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008
-
January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
169
Director,
Health
Services
for
Children
with
Special
Needs,
Inc.;
Director,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions);
Independent
Director,
Investment
Committee,
Sarona
Asset
Management
Sandra
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
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
171
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
39
*
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.
(a)
Mr.
Beckman
serves
as
the
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
(since
2021).
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
Columbia
Funds
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
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
November
2021
(a)
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
(since
April
2015);
officer
of
Columbia
Funds
and
affiliated
funds
since
2020.
171
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018
TRUSTEES
AND
OFFICERS
(continued)
40
Strategic
Beta
ETFs
|
Annual
Report
2021
The
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
Trusts
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.
Beckman
who
is
the
President
and
Principal
Executive
Officer,
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
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2019
(previously
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
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.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
September
2010
–
September
2020.
Colin
Moore
290
Congress
Street
Boston,
MA
02210
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
290
Congress
Street
Boston,
MA
02210
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);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
41
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
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
42
Strategic
Beta
ETFs
|
Annual
Report
2021
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Sustainable
International
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF
(each,
an
ETF
and
collectively,
the
ETFs).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
ETFs
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
in
November
and
December
2020
and
March,
April
and
June
2021,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
a
comprehensive
response
to
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
in
a
letter
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
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
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
ETF
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Oversight
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
15,
2021
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
advisory
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
ETFs
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
ETFs
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
ETFs’
management
fees
and
total
expenses,
including
information
comparing
the
ETFs’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
ETFs.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
43
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2021
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
ETFs,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided.
In
connection
with
the
Board's
evaluation
of
the
overall
package
of
services
provided
by
the
Investment
Manager,
the
Board
also
considered
the
nature,
quality
and
range
of
administrative
services
provided
to
the
ETFs
by
the
Investment
Manager,
as
well
as
the
achievements
in
2020
in
the
performance
of
administrative
services,
and
noted
the
various
enhancements
anticipated
for
2021.
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
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
are
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Columbia
Funds
under
the
ETF
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
ETFs
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
In
this
connection,
the
Board
carefully
reviewed
the
investment
performance
of
the
ETFs,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
ETFs,
(ii)
the
performance
of
a
benchmark
index,
(iii)
the
percentage
ranking
of
the
ETFs
among
their
comparison
groups,
(iv)
the
ETFs’
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
ETFs
and
(vi)
index
tracking
error
data
of
each
ETF.
The
Board
observed
the
ETF’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
ETFs’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally
and
the
Investment
Manager’s
willingness
to
take
steps
intended
to
improve
each
ETF’s
performance.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
ETFs
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
44
Strategic
Beta
ETFs
|
Annual
Report
2021
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
ETFs
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unified/all-inclusive
fee
structure
utilized
by
each
ETF,
observing
that
many
of
the
competitors
of
the
ETFs
have
adopted
similar
unified/all-inclusive
fee
structures,
as
well
as
data
showing
the
ETFs’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
ETF
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
ETF
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
each
ETF’s
total
expense
ratio
approximated
the
peer
universe's
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
ETFs,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
ETFs.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
ETFs.
The
Board
considered
that
in
2020
the
Board
had
considered
2019
profitability
and
that
the
2021
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2020
increased
slightly
from
2019
levels.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
ETFs,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
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.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
ETFs
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
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
the
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
15,
2021,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
Strategic
Beta
ETFs
|
Annual
Report
2021
45
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
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds'
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
Each
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
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.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
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
290
Congress
Street
Boston,
MA
02210
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
Annual
Report
October
31,
2021
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
Fund’s
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Fund’s
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
Fund
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
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
2021
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Understanding
Your
Fund’s
Expenses
7
Portfolio
of
Investments
8
Statement
of
Assets
and
Liabilities
23
Statement
of
Operations
24
Statement
of
Changes
in
Net
Assets
25
Financial
Highlights
26
Notes
to
Financial
Statements
27
Report
of
Independent
Registered
Public
Accounting
Firm
35
Federal
Income
Tax
Information
36
Trustees
and
Officers
37
Approval
of
Investment
Management
Services
Agreement
45
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
the
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
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
The
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Fund
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
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.
FUND
AT
A
GLANCE
Columbia
Diversified
Fixed
Income
Allocation
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
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.
The
Bloomberg
U.S.
Aggregate
Bond
Index
is
a
broad-based
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market,
including
Treasuries,
government-related
and
corporate
securities,
mortgage-backed
securities
(agency
fixed-rate
and
hybrid
adjustable-rate
mortgage
passthroughs),
asset-backed
securities,
and
commercial
mortgage-backed
securities.
Effective
August
24,
2021,
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
was
re-branded
as
the
Bloomberg
U.S.
Aggregate
Bond
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2021)
Inception
1
Year
Life
Market
Price
10/12/17
1.97
4.64
Net
Asset
Value
10/12/17
2.16
4.62
{
Beta
Advantage®
}
Multi-Sector
Bond
Index
2.36
4.84
Bloomberg
U.S.
Aggregate
Bond
Index
-0.48
3.61
FUND
AT
A
GLANCE
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
4
Strategic
Beta
ETFs
|
Annual
Report
2021
Performance
of
a
hypothetical
$10,000
investment
(October
12,
2017
—
October
31,
2021)
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.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Quality
breakdown
(%)
(at
October
31,
2021)
AAA
rating
35.6
AA
rating
2.1
A
rating
1.4
BBB
rating
24.7
BB
rating
23.8
B
rating
11.6
Not
rated
0.8
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
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.
If
a
security
is
not
rated
but
has
a
rating
by
Kroll
and/or
DBRS,
the
same
methodology
is
applied
to
those
bonds
that
would
otherwise
be
not
rated.
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.
Portfolio
breakdown
(%)
(at
October
31,
2021
)
Corporate
Bonds
45.1
Foreign
Government
Obligations
20.9
U.S.
Government
&
Agency
Obligations
13.3
U.S.
Treasury
Obligations
15.4
Money
Market
Fund
5.3
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
2021
5
For
the
12-month
period
that
ended
October
31,
2021,
the
Fund
returned
2.16%
based
on
net
asset
value
(NAV)
and
1.97%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
2.36%
during
the
same
period.
To
compare,
the
Bloomberg
U.S.
Aggregate
Bond
Index
returned
-0.48%
for
the
same
period.
The
Fund
had
a
NAV
of
$21.36
on
October
31,
2020
and
ended
the
annual
period
on
October
31,
2021
with
a
NAV
of
$21.29.
The
Fund’s
market
price
on
October
31,
2021
was
$21.31
per
share.
Market
overview
As
the
annual
period
began
in
the
last
two
months
of
2020,
fixed
income
market
performance
was
mixed,
with
most
spread,
or
non-government
bond,
sectors
outperforming
U.S.
Treasuries.
Market
sentiment
lifted
following
encouraging
efficacy
results
for
several
COVID-19
vaccines.
Risk
sentiment
was
bolstered
by
the
resolution
of
the
U.S.
presidential
election
and
another
round
of
fiscal
stimulus
provided
by
the
U.S.
government.
The
U.S.
Federal
Reserve
(Fed)
stated
it
would
continue
to
increase
its
asset
holdings
“until
substantial
further
progress
has
been
made
toward
the
Committee’s
maximum
employment
and
price
stability
goals.”
The
bond
market
then
retreated
in
the
first
quarter
of
2021,
as
rising
longer-term
interest
rates
proved
a
headwind
to
performance.
(There
is
generally
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
rise
when
yields
decrease
and
vice
versa.)
The
rollout
of
multiple
COVID-19
vaccines
increased
confidence
that
relatively
normal
economic
activity
would
soon
resume.
However,
against
a
backdrop
of
rising
commodity
prices,
fears
rose
that
the
Fed
would
feel
compelled
to
move
up
the
timeline
for
tightening
monetary
policy
to
stave
off
higher
inflation.
In
March,
Fed
Chair
Powell
sought
to
ease
concerns
by
stating
economic
recovery
was
far
from
complete.
For
the
quarter,
returns
for
longer
maturity
U.S.
Treasuries
were
in
sharply
negative
territory.
Corporate
bonds
also
posted
negative
returns,
affected
by
rising
interest
rates.
Securitized
assets
held
up
better
given
their
lower
interest
rate
sensitivity
but
still
finished
with
a
modest
negative
return.
High-yield
corporate
bonds,
primarily
driven
by
credit
sentiment,
eked
out
a
modestly
positive
return
for
the
quarter.
The
bond
market
then
stabilized
during
the
second
quarter.
Economic
data
suggested
that
growth,
while
remaining
healthy,
may
ease
in
the
latter
half
of
2021,
which
removed
some
of
the
upward
pressure
on
inflation
and
interest
rates.
In
addition,
the
Fed
affirmed
its
intention
to
keep
short-term
interest
rates
near
zero
for
several
more
quarters,
while
signaling
it
could
begin
to
taper
its
bond
purchases
by
year
end.
Against
this
backdrop,
the
yield
on
the
10-year
U.S.
Treasury,
which
is
often
used
as
a
barometer
of
growth
and
inflation
expectations,
fell.
In
turn,
returns
for
longer
maturity
U.S.
Treasuries
were
notably
positive.
Corporate
bonds,
both
investment
grade
and
high
yield,
outperformed
U.S.
Treasuries,
supported
by
declining
U.S.
Treasury
yields
and
firm
credit
sentiment
given
strong
company
earnings.
Returns
for
securitized
assets
were
marginally
positive
for
the
quarter.
Bond
market
sentiment
then
wavered
in
the
third
quarter
of
2021
as
investors
began
to
factor
in
a
less
favorable
interest
rate
regime
on
the
part
of
the
Fed.
This
occurred
against
a
backdrop
of
exceptionally
strong
economic
growth
and
the
highest
inflation
in
decades,
which
was
driven
in
part
by
ongoing
post-pandemic
global
supply-chain
bottlenecks.
Signaling
around
a
shift
in
Fed
policy
towards
tapering
down
its
bond
purchases
before
calendar
year-end
and
the
start
of
increasing
short-term
interest
rates
as
soon
as
late
2022,
which
would
be
earlier
than
anticipated,
led
to
rising
yields
for
longer
term
U.S.
Treasuries
in
September.
Overall,
the
U.S.
fixed-income
market
was
essentially
flat
for
the
third
quarter,
with
returns
hovering
around
zero
for
U.S.
Treasuries,
corporate
bonds
and
securitized
assets
alike.
High-yield
corporate
bonds
posted
slightly
higher,
but
still
modest
returns
for
the
quarter.
October
saw
a
significant
increase
in
volatility
in
fixed-income
markets.
Increasingly,
high
energy
prices
and
ongoing
disruptions
in
the
global
supply
chain
caused
investors
to
focus
on
the
possibility
of
longer-term
inflationary
pressures.
Markets
priced
in
a
faster
pace
of
tightening
from
central
banks,
which
caused
the
gap
between
short-term
and
long-term
bond
yields
to
narrow
significantly.
The
U.S.
fixed-income
market
posted
modestly
negative
returns
for
the
month,
with
investment-grade
corporate
bonds
and
Treasury
inflation
protected
securities
among
the
only
sectors
to
generate
positive
returns
in
October.
The
Fund’s
notable
detractors
during
the
period
Of
the
six
sectors
in
which
the
Fund
invests,
Index
constituents
in
U.S.
Treasuries,
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
U.S.
Aggregate
Bond
Index
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
6
Strategic
Beta
ETFs
|
Annual
Report
2021
The
Fund
had
a
weighted
average
duration
of
6.96
years,
a
weighted
average
maturity
of
8.66
years,
a
weighted
average
yield
to
maturity
of
2.78%
and
a
weighted
average
coupon
of
3.53%
as
of
October
31,
2021.
The
30-day
SEC
yield
of
the
Fund
at
the
end
of
the
annual
period
was
2.20%.
The
Fund’s
notable
contributors
during
the
period
Of
the
six
sectors
in
which
the
Fund
invests,
Index
constituents
in
U.S.
high-yield
corporate
debt,
emerging
markets
sovereign
and
quasi-sovereign
debt
and
U.S.
investment-grade
corporate
debt
contributed
positively
to
the
Index’s
results
relative
to
the
Bloomberg
U.S.
Aggregate
Bond
Index
during
the
annual
period.
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
who
have
contributed
to
this
report.
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
2021
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2021
—
October
31,
2021
Beginning
account
value
($)
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
1,010.20
1,023.79
1.42
1.43
0.28
PORTFOLIO
OF
INVESTMENTS
October
31,
2021
(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.
8
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
50.8%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.3%
Arconic
Corp.
6.125%,
02/15/28
(a)
1,000,000
1,055,046
Boeing
Co.
(The)
5.040%,
05/01/27
440,000
499,917
5.150%,
05/01/30
1,820,000
2,124,018
Howmet
Aerospace,
Inc.
6.875%,
05/01/25
1,214,000
1,407,732
Huntington
Ingalls
Industries,
Inc.
3.483%,
12/01/27
200,000
213,270
L3Harris
Technologies,
Inc.
3.850%,
12/15/26
158,000
173,431
4.400%,
06/15/28
400,000
456,177
Northrop
Grumman
Corp.
3.250%,
01/15/28
719,000
774,039
Oshkosh
Corp.
3.100%,
03/01/30
504,000
525,550
Rolls-Royce
PLC
5.750%,
10/15/27
(a)
700,000
777,224
Spirit
AeroSystems,
Inc.
7.500%,
04/15/25
(a)
1,139,000
1,202,622
Teledyne
Technologies,
Inc.
2.750%,
04/01/31
500,000
510,113
Textron,
Inc.
3.000%,
06/01/30
462,000
481,790
3.900%,
09/17/29
12,000
13,287
TransDigm,
Inc.
6.250%,
03/15/26
(a)
3,566,000
3,724,830
8.000%,
12/15/25
(a)
1,414,000
1,503,974
Total
15,443,020
Airlines
1.4%
American
Airlines,
Inc.
11.750%,
07/15/25
(a)
2,018,000
2,499,875
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
1,580,000
1,656,890
5.750%,
04/20/29
(a)
2,040,000
2,195,732
Delta
Air
Lines,
Inc.
2.900%,
10/28/24
100,000
102,044
3.625%,
03/15/22
768,000
772,926
3.750%,
10/28/29
1,140,000
1,157,200
7.375%,
01/15/26
440,000
517,282
Hawaiian
Brand
Intellectual
Property
Ltd.
/
HawaiianMiles
Loyalty
Ltd.
5.750%,
01/20/26
(a)
1,400,000
1,470,000
Southwest
Airlines
Co.
2.625%,
02/10/30
513,000
518,630
5.125%,
06/15/27
623,000
718,757
Spirit
Loyalty
Cayman
Ltd.
/
Spirit
IP
Cayman
Ltd.
8.000%,
09/20/25
(a)
409,000
457,862
United
Airlines,
Inc.
4.375%,
04/15/26
(a)
1,980,000
2,050,140
4.625%,
04/15/29
(a)
2,360,000
2,433,721
Total
16,551,059
Apartment
REIT
0.1%
American
Homes
4
Rent
LP
4.900%,
02/15/29
342,000
397,758
Essex
Portfolio
LP
3.000%,
01/15/30
218,000
228,778
Invitation
Homes
Operating
Partnership
LP
2.000%,
08/15/31
500,000
474,228
Mid-America
Apartments
LP
3.950%,
03/15/29
140,000
157,529
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
UDR,
Inc.
3.000%,
08/15/31
240,000
249,461
Series
MTN,
3.200%,
01/15/30
220,000
234,827
Total
1,742,581
Automotive
0.9%
Allison
Transmission,
Inc.
3.750%,
01/30/31
(a)
1,140,000
1,095,619
Aptiv
PLC
4.350%,
03/15/29
100,000
113,912
BorgWarner,
Inc.
2.650%,
07/01/27
200,000
208,128
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.250%,
05/15/26
(a)
581,000
607,903
Ford
Motor
Co.
4.346%,
12/08/26
55,000
58,841
8.500%,
04/21/23
2,207,000
2,418,426
9.000%,
04/22/25
3,439,000
4,135,783
General
Motors
Co.
6.800%,
10/01/27
360,000
443,603
General
Motors
Financial
Co.,
Inc.
3.600%,
06/21/30
504,000
535,809
4.350%,
04/09/25
140,000
152,178
Goodyear
Tire
&
Rubber
Co.
(The)
5.000%,
07/15/29
(a)
725,000
764,668
Lear
Corp.
4.250%,
05/15/29
100,000
111,681
Total
10,646,551
Banking
1.5%
Ally
Financial,
Inc.
5.750%,
11/20/25
1,267,000
1,437,265
Banco
Santander
SA
2.749%,
12/03/30
400,000
393,706
Bank
of
America
Corp.
2.482%,
(US
5
Year
CMT
T-Note
+
1.200%),
09/21/36
(b)
800,000
777,722
Bank
of
Montreal
3.803%,
(USD
5
Year
Swap
+
1.432%),
12/15/32
(b)
375,000
404,840
Barclays
PLC
4.836%,
05/09/28
700,000
779,850
4.972%,
(3-month
USD
LIBOR
+
1.902%),
05/16/29
(b)
250,000
288,540
Capital
One
Financial
Corp.
3.750%,
07/28/26
64,000
69,183
3.800%,
01/31/28
430,000
474,306
Citizens
Financial
Group,
Inc.
2.638%,
09/30/32
414,000
413,818
3.250%,
04/30/30
100,000
106,547
Deutsche
Bank
AG
4.500%,
04/01/25
500,000
536,035
Deutsche
Bank
AG/New
York
NY
3.035%,
(SOFRRATE
+
1.718%),
05/28/32
(b)
750,000
756,439
3.547%,
(SOFRRATE
+
3.043%),
09/18/31
(b)
300,000
317,547
3.729%,
(SOFRRATE
+
2.757%),
01/14/32
(b)
1,400,000
1,435,945
4.875%,
12/01/32
200,000
217,424
Discover
Bank
Series
BKNT,
4.650%,
09/13/28
400,000
461,542
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
9
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Fifth
Third
Bancorp
2.550%,
05/05/27
672,000
697,205
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(a)
1,075,000
1,193,692
KeyCorp
Series
MTN,
2.250%,
04/06/27
738,000
754,718
Series
MTN,
2.550%,
10/01/29
242,000
249,582
Morgan
Stanley
2.484%,
(SOFRRATE
+
1.360%),
09/16/36
(b)
600,000
583,542
NatWest
Group
PLC
4.445%,
(3-month
USD
LIBOR
+
1.871%),
05/08/30
(b)
500,000
566,884
4.892%,
(3-month
USD
LIBOR
+
1.754%),
05/18/29
(b)
200,000
230,712
Santander
Holdings
USA,
Inc.
4.400%,
07/13/27
557,000
619,812
Sumitomo
Mitsui
Financial
Group,
Inc.
2.142%,
09/23/30
168,000
161,388
3.202%,
09/17/29
90,000
94,207
SVB
Financial
Group
3.125%,
06/05/30
200,000
212,253
Synchrony
Financial
5.150%,
03/19/29
265,000
308,628
UniCredit
SpA
5.459%,
06/30/35
(a)
2,100,000
2,298,730
7.296%,
04/02/34
(a)
800,000
961,660
Westpac
Banking
Corp.
2.668%,
11/15/35
339,000
330,706
4.110%,
07/24/34
160,000
173,022
Series
GMTN,
4.322%,
(USD
5
Year
Swap
+
2.236%),
11/23/31
(b)
150,000
163,425
Total
18,470,875
Brokerage/Asset
Managers/Exchanges
0.6%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
100,000
106,499
CI
Financial
Corp.
3.200%,
12/17/30
440,000
450,711
Coinbase
Global,
Inc.
3.375%,
10/01/28
(a)
600,000
578,250
3.625%,
10/01/31
(a)
450,000
428,782
Intercontinental
Exchange,
Inc.
1.850%,
09/15/32
143,000
134,368
2.100%,
06/15/30
964,000
951,073
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.000%,
08/15/28
(a)
1,000,000
1,014,288
Jefferies
Group
LLC
2.750%,
10/15/32
150,000
148,655
Jefferies
Group
LLC
/
Jefferies
Group
Capital
Finance,
Inc.
4.850%,
01/15/27
278,000
318,289
Lazard
Group
LLC
4.375%,
03/11/29
424,000
479,049
LPL
Holdings,
Inc.
4.000%,
03/15/29
(a)
1,120,000
1,145,313
Nasdaq,
Inc.
1.650%,
01/15/31
480,000
449,065
Nomura
Holdings,
Inc.
2.679%,
07/16/30
200,000
200,257
3.103%,
01/16/30
200,000
206,446
Raymond
James
Financial,
Inc.
4.650%,
04/01/30
404,000
474,780
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Stifel
Financial
Corp.
4.000%,
05/15/30
180,000
198,791
Total
7,284,616
Building
Materials
0.4%
Builders
FirstSource,
Inc.
4.250%,
02/01/32
(a)
747,000
753,689
Fortune
Brands
Home
&
Security,
Inc.
3.250%,
09/15/29
180,000
193,150
Martin
Marietta
Materials,
Inc.
2.400%,
07/15/31
500,000
499,234
3.500%,
12/15/27
230,000
249,474
Masco
Corp.
2.000%,
02/15/31
380,000
365,184
Owens
Corning
3.875%,
06/01/30
200,000
219,413
Standard
Industries,
Inc.
3.375%,
01/15/31
(a)
939,000
871,376
4.375%,
07/15/30
(a)
925,000
928,260
Vulcan
Materials
Co.
3.500%,
06/01/30
216,000
235,360
Total
4,315,140
Cable
and
Satellite
1.9%
Altice
Financing
SA
5.000%,
01/15/28
(a)
2,400,000
2,312,040
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.750%,
03/01/30
(a)
3,450,000
3,566,021
5.125%,
05/01/27
(a)
2,538,000
2,632,919
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.800%,
04/01/31
814,000
810,009
4.200%,
03/15/28
418,000
464,670
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.750%,
10/01/26
(a)
1,800,000
1,866,423
CSC
Holdings
LLC
4.500%,
11/15/31
(a)
2,000,000
1,940,569
6.500%,
02/01/29
(a)
1,050,000
1,125,659
LCPR
Senior
Secured
Financing
DAC
6.750%,
10/15/27
(a)
950,000
1,002,352
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
4.500%,
09/15/26
(a)
830,000
843,469
Sirius
XM
Radio,
Inc.
5.000%,
08/01/27
(a)
2,845,000
2,973,092
Telenet
Finance
Luxembourg
Notes
Sarl
5.500%,
03/01/28
(a)
200,000
208,568
UPC
Broadband
Finco
BV
4.875%,
07/15/31
(a)
1,600,000
1,627,193
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(a)
1,100,000
1,158,900
Ziggo
BV
4.875%,
01/15/30
(a)
1,000,000
1,015,693
Total
23,547,577
Chemicals
0.3%
Avantor
Funding,
Inc.
4.625%,
07/15/28
(a)
1,000,000
1,037,599
Cabot
Corp.
4.000%,
07/01/29
180,000
195,467
Dow
Chemical
Co.
(The)
2.100%,
11/15/30
160,000
157,330
4.800%,
11/30/28
245,000
288,086
DuPont
de
Nemours,
Inc.
4.725%,
11/15/28
666,000
778,011
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
FMC
Corp.
3.450%,
10/01/29
310,000
333,653
Huntsman
International
LLC
2.950%,
06/15/31
50,000
51,027
LYB
International
Finance
III
LLC
2.250%,
10/01/30
100,000
99,477
NewMarket
Corp.
2.700%,
03/18/31
100,000
99,226
Nutrien
Ltd.
2.950%,
05/13/30
160,000
168,164
4.200%,
04/01/29
322,000
365,165
RPM
International,
Inc.
4.550%,
03/01/29
140,000
159,538
Sherwin-Williams
Co.
(The)
2.950%,
08/15/29
390,000
412,483
Westlake
Chemical
Corp.
3.375%,
06/15/30
114,000
121,873
Total
4,267,099
Construction
Machinery
0.4%
H&E
Equipment
Services,
Inc.
3.875%,
12/15/28
(a)
1,120,000
1,115,796
SRM
Escrow
Issuer
LLC
6.000%,
11/01/28
(a)
1,154,000
1,202,144
United
Rentals
North
America,
Inc.
3.875%,
02/15/31
1,060,000
1,067,342
4.875%,
01/15/28
1,299,000
1,371,747
Total
4,757,029
Consumer
Cyclical
Services
0.9%
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
6.625%,
07/15/26
(a)
357,000
375,456
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp./Atlas
Luxco
4
Sarl
4.625%,
06/01/28
(a)
3,000,000
2,977,010
Compass
Group
Diversified
Holdings
LLC
5.250%,
04/15/29
(a)
900,000
935,795
eBay,
Inc.
2.600%,
05/10/31
480,000
485,580
2.700%,
03/11/30
50,000
51,346
Expedia
Group,
Inc.
2.950%,
03/15/31
50,000
50,445
3.250%,
02/15/30
100,000
102,943
4.625%,
08/01/27
504,000
564,540
IHS
Markit
Ltd.
4.250%,
05/01/29
1,126,000
1,284,155
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(a)
1,492,000
1,429,914
5.750%,
04/15/26
(a)
1,234,000
1,319,720
Service
Corp
International
3.375%,
08/15/30
600,000
590,833
Staples,
Inc.
7.500%,
04/15/26
(a)
1,373,000
1,390,484
Total
11,558,221
Consumer
Products
0.3%
Clorox
Co.
(The)
3.900%,
05/15/28
100,000
112,331
Hasbro,
Inc.
3.550%,
11/19/26
100,000
107,794
3.900%,
11/19/29
376,000
412,776
Newell
Brands,
Inc.
4.700%,
04/01/26
2,059,000
2,255,446
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Whirlpool
Corp.
2.400%,
05/15/31
380,000
379,577
4.750%,
02/26/29
63,000
73,197
Total
3,341,121
Diversified
Manufacturing
0.8%
Carlisle
Cos.,
Inc.
3.750%,
12/01/27
260,000
283,527
Carrier
Global
Corp.
2.722%,
02/15/30
1,130,000
1,159,412
Flowserve
Corp.
3.500%,
10/01/30
128,000
133,916
General
Electric
Co.
3.625%,
05/01/30
820,000
918,169
Griffon
Corp.
5.750%,
03/01/28
760,000
794,712
Johnson
Controls
International
PLC
3.900%,
02/14/26
73,000
79,631
Raytheon
Technologies
Corp.
4.125%,
11/16/28
1,028,000
1,165,027
Roper
Technologies,
Inc.
3.800%,
12/15/26
185,000
202,872
TK
Elevator
US
Newco,
Inc.
5.250%,
07/15/27
(a)
1,150,000
1,172,164
Trane
Technologies
Luxembourg
Finance
SA
3.800%,
03/21/29
218,000
241,212
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(a)
800,000
851,081
7.250%,
06/15/28
(a)
1,717,000
1,895,606
Westinghouse
Air
Brake
Technologies
Corp.
4.950%,
09/15/28
584,000
670,284
Xylem,
Inc.
2.250%,
01/30/31
160,000
159,703
Total
9,727,316
Electric
1.9%
AES
Corp.
(The)
2.450%,
01/15/31
500,000
489,992
Ameren
Corp.
3.500%,
01/15/31
160,000
173,601
American
Electric
Power
Co.,
Inc.
Series
J,
4.300%,
12/01/28
495,000
559,773
Avangrid,
Inc.
3.800%,
06/01/29
214,000
237,909
Calpine
Corp.
4.500%,
02/15/28
(a)
1,065,000
1,078,579
5.125%,
03/15/28
(a)
1,020,000
1,017,457
Clearway
Energy
Operating
LLC
3.750%,
02/15/31
(a)
1,880,000
1,876,336
4.750%,
03/15/28
(a)
580,000
613,275
CMS
Energy
Corp.
4.750%,
(US
5
Year
CMT
T-Note
+
4.116%),
06/01/50
(b)
240,000
267,818
Dominion
Energy,
Inc.
Series
C,
2.250%,
08/15/31
500,000
493,531
Series
C,
3.375%,
04/01/30
92,000
98,929
4.250%,
06/01/28
268,000
302,526
DTE
Energy
Co.
Series
C,
3.400%,
06/15/29
451,000
484,794
Duke
Energy
Corp.
2.450%,
06/01/30
752,000
754,344
3.150%,
08/15/27
136,000
144,820
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Edison
International
5.750%,
06/15/27
263,000
301,686
Entergy
Corp.
2.400%,
06/15/31
380,000
374,284
Evergy,
Inc.
2.900%,
09/15/29
200,000
208,611
Eversource
Energy
Series
R,
1.650%,
08/15/30
490,000
462,381
Exelon
Corp.
4.050%,
04/15/30
240,000
270,055
FirstEnergy
Corp.
Series
B,
4.400%,
07/15/27
1,720,000
1,865,811
IPALCO
Enterprises,
Inc.
4.250%,
05/01/30
190,000
211,008
NextEra
Energy
Capital
Holdings,
Inc.
1.900%,
06/15/28
500,000
494,767
2.250%,
06/01/30
520,000
519,757
NRG
Energy,
Inc.
3.625%,
02/15/31
(a)
1,160,000
1,129,801
3.875%,
02/15/32
(a)
1,000,000
979,946
Pacific
Gas
and
Electric
Co.
2.500%,
02/01/31
1,330,000
1,268,610
4.550%,
07/01/30
670,000
729,831
PG&E
Corp.
5.000%,
07/01/28
584,000
607,131
5.250%,
07/01/30
1,400,000
1,463,126
Public
Service
Enterprise
Group,
Inc.
1.600%,
08/15/30
200,000
187,295
Puget
Energy,
Inc.
4.100%,
06/15/30
240,000
263,611
Southern
Co.
(The)
Series
A,
3.700%,
04/30/30
540,000
586,847
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
770,000
788,406
5.625%,
02/15/27
(a)
1,202,000
1,238,604
WEC
Energy
Group,
Inc.
1.800%,
10/15/30
200,000
190,884
Xcel
Energy,
Inc.
2.600%,
12/01/29
380,000
391,690
4.000%,
06/15/28
136,000
152,331
Total
23,280,157
Environmental
0.1%
Republic
Services,
Inc.
1.750%,
02/15/32
150,000
141,951
Waste
Connections,
Inc.
4.250%,
12/01/28
367,000
418,812
Waste
Management,
Inc.
1.150%,
03/15/28
500,000
476,748
1.500%,
03/15/31
200,000
187,609
Total
1,225,120
Finance
Companies
1.1%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%,
01/30/32
2,500,000
2,548,533
3.650%,
07/21/27
150,000
158,810
Air
Lease
Corp.
Series
GMTN,
3.750%,
06/01/26
550,000
588,623
Aircastle
Ltd.
4.250%,
06/15/26
90,000
97,555
Aon
Corp.
2.800%,
05/15/30
400,000
414,659
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ares
Capital
Corp.
3.875%,
01/15/26
190,000
201,570
First
American
Financial
Corp.
4.000%,
05/15/30
80,000
87,848
Fortress
Transportation
and
Infrastructure
Investors
LLC
6.500%,
10/01/25
(a)
580,000
597,011
GATX
Corp.
4.700%,
04/01/29
86,000
99,133
GE
Capital
Funding
LLC
4.400%,
05/15/30
400,000
467,879
Global
Aircraft
Leasing
Co.
Ltd.
6.500%,
09/15/24
(a),(c)
1,274,837
1,237,223
Golub
Capital
BDC,
Inc.
2.500%,
08/24/26
120,000
119,189
Main
Street
Capital
Corp.
3.000%,
07/14/26
80,000
80,801
Midcap
Financial
Issuer
Trust
6.500%,
05/01/28
(a)
400,000
415,833
Oaktree
Specialty
Lending
Corp.
2.700%,
01/15/27
150,000
148,982
OneMain
Finance
Corp.
6.125%,
03/15/24
50,000
53,180
7.125%,
03/15/26
2,311,000
2,624,559
Owl
Rock
Capital
Corp.
2.625%,
01/15/27
380,000
375,406
3.400%,
07/15/26
348,000
357,710
PartnerRe
Finance
B
LLC
4.500%,
(US
5
Year
CMT
T-Note
+
3.815%),
10/01/50
(b)
120,000
128,183
Rocket
Mortgage
LLC
5.250%,
01/15/28
(a)
1,020,000
1,093,498
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.875%,
03/01/31
(a)
1,281,000
1,265,105
Sixth
Street
Specialty
Lending,
Inc.
2.500%,
08/01/26
120,000
120,518
Total
13,281,808
Food
and
Beverage
2.1%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
4.700%,
02/01/36
594,000
718,488
Anheuser-Busch
InBev
Worldwide,
Inc.
3.500%,
06/01/30
3,000,000
3,285,214
Aramark
Services,
Inc.
5.000%,
02/01/28
(a)
2,093,000
2,149,566
B&G
Foods,
Inc.
5.250%,
04/01/25
1,100,000
1,125,770
Campbell
Soup
Co.
2.375%,
04/24/30
184,000
183,952
Conagra
Brands,
Inc.
4.850%,
11/01/28
384,000
448,142
Constellation
Brands,
Inc.
3.150%,
08/01/29
200,000
212,460
Flowers
Foods,
Inc.
2.400%,
03/15/31
120,000
118,609
General
Mills,
Inc.
4.200%,
04/17/28
455,000
515,163
Ingredion,
Inc.
2.900%,
06/01/30
455,000
472,735
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
5.500%,
01/15/30
(a)
1,074,000
1,176,030
6.500%,
04/15/29
(a)
1,295,000
1,437,963
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
JM
Smucker
Co.
(The)
2.375%,
03/15/30
120,000
121,078
Keurig
Dr
Pepper,
Inc.
4.597%,
05/25/28
464,000
534,000
Kraft
Heinz
Foods
Co.
3.000%,
06/01/26
3,128,000
3,262,925
Lamb
Weston
Holdings,
Inc.
4.625%,
11/01/24
(a)
877,000
898,323
4.875%,
11/01/26
(a)
702,000
720,078
McCormick
&
Co.,
Inc.
1.850%,
02/15/31
45,000
43,176
2.500%,
04/15/30
532,000
540,999
Mondelez
International,
Inc.
2.750%,
04/13/30
380,000
395,623
Performance
Food
Group,
Inc.
5.500%,
10/15/27
(a)
1,117,000
1,167,916
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
(a)
1,110,000
1,171,337
5.875%,
09/30/27
(a)
1,020,000
1,075,050
Post
Holdings,
Inc.
4.500%,
09/15/31
(a)
3,286,000
3,225,212
Sysco
Corp.
5.950%,
04/01/30
352,000
445,935
Tyson
Foods,
Inc.
4.350%,
03/01/29
560,000
644,229
Total
26,089,973
Foreign
Agencies
6.3%
CNAC
HK
Finbridge
Co.
Ltd.
4.125%,
07/19/27
1,400,000
1,512,456
5.125%,
03/14/28
2,200,000
2,501,912
Comision
Federal
de
Electricidad
Series
REGS,
3.348%,
02/09/31
3,036,000
2,933,480
DP
World
Crescent
Ltd.
Series
EMTN,
3.875%,
07/18/29
900,000
959,279
Series
REGS,
4.848%,
09/26/28
3,350,000
3,767,556
Ecopetrol
SA
5.375%,
06/26/26
1,800,000
1,950,689
6.875%,
04/29/30
4,076,000
4,705,147
Equate
Petrochemical
BV
Series
REGS,
2.625%,
04/28/28
4,449,000
4,440,351
Gazprom
OAO
Via
Gaz
Capital
SA
Series
REGS,
8.625%,
04/28/34
5,284,000
7,613,636
Gazprom
PJSC
via
Gaz
Finance
PLC
Series
REGS,
2.950%,
01/27/29
200,000
195,569
Huarong
Finance
2017
Co.
Ltd.
Series
EMTN,
4.250%,
11/07/27
1,700,000
1,613,010
Huarong
Finance
II
Co.
Ltd.
Series
EMTN,
4.625%,
06/03/26
700,000
685,795
Indonesia
Asahan
Aluminium
Persero
PT
Series
REGS,
5.450%,
05/15/30
2,300,000
2,635,078
Series
REGS,
6.530%,
11/15/28
800,000
964,867
KazMunayGas
National
Co.
JSC
Series
REGS,
4.750%,
04/19/27
1,000,000
1,112,357
Series
REGS,
5.375%,
04/24/30
3,630,000
4,270,264
Pertamina
Persero
PT
Series
REGS,
2.300%,
02/09/31
1,115,000
1,062,918
Series
REGS,
3.650%,
07/30/29
1,600,000
1,704,856
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
4.125%,
05/15/27
640,000
690,532
Series
REGS,
5.450%,
05/21/28
2,700,000
3,122,655
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Petrobras
Global
Finance
BV
5.093%,
01/15/30
4,305,000
4,394,618
5.600%,
01/03/31
4,020,000
4,211,501
5.999%,
01/27/28
2,301,000
2,509,518
Petroleos
Mexicanos
6.500%,
03/13/27
5,617,000
5,987,723
6.840%,
01/23/30
7,207,000
7,529,806
Power
Finance
Corp.
Ltd.
Series
REGS,
3.950%,
04/23/30
1,230,000
1,268,931
4.500%,
06/18/29
2,000,000
2,131,719
Total
76,476,223
Gaming
1.2%
Caesars
Entertainment,
Inc.
6.250%,
07/01/25
(a)
2,130,000
2,242,066
Caesars
Resort
Collection
LLC
/
CRC
Finco,
Inc.
5.750%,
07/01/25
(a)
1,255,000
1,318,446
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
4.000%,
01/15/30
531,000
564,193
Las
Vegas
Sands
Corp.
3.900%,
08/08/29
447,000
453,089
Melco
Resorts
Finance
Ltd.
Series
REGS,
4.875%,
06/06/25
700,000
691,574
5.375%,
12/04/29
(a)
1,200,000
1,181,183
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co.-
Issuer,
Inc.
5.625%,
05/01/24
624,000
677,191
Sands
China
Ltd.
5.400%,
08/08/28
300,000
324,529
Scientific
Games
International,
Inc.
5.000%,
10/15/25
(a)
1,165,000
1,200,252
Studio
City
Finance
Ltd.
5.000%,
01/15/29
(a)
1,000,000
905,410
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
4.250%,
12/01/26
(a)
744,000
771,040
4.625%,
12/01/29
(a)
980,000
1,046,547
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
5.250%,
05/15/27
(a)
1,040,000
1,053,552
Wynn
Macau
Ltd.
5.125%,
12/15/29
(a)
900,000
811,904
5.625%,
08/26/28
(a)
1,000,000
921,906
Total
14,162,882
Health
Care
2.7%
Agilent
Technologies,
Inc.
2.300%,
03/12/31
400,000
397,366
AmerisourceBergen
Corp.
2.700%,
03/15/31
200,000
203,394
Becton
Dickinson
and
Co.
1.957%,
02/11/31
300,000
290,697
3.700%,
06/06/27
19,000
20,740
Boston
Scientific
Corp.
2.650%,
06/01/30
710,000
726,617
Cardinal
Health,
Inc.
3.410%,
06/15/27
60,000
64,753
CHS/Community
Health
Systems,
Inc.
5.625%,
03/15/27
(a)
2,434,000
2,547,684
8.000%,
03/15/26
(a)
500,000
528,212
Cigna
Corp.
2.400%,
03/15/30
340,000
343,311
4.375%,
10/15/28
1,230,000
1,409,847
CommonSpirit
Health
2.782%,
10/01/30
90,000
92,279
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.347%,
10/01/29
120,000
127,714
CVS
Health
Corp.
3.250%,
08/15/29
1,500,000
1,602,236
DaVita,
Inc.
3.750%,
02/15/31
(a)
1,884,000
1,785,852
4.625%,
06/01/30
(a)
2,666,000
2,681,237
DH
Europe
Finance
II
Sarl
2.600%,
11/15/29
500,000
518,918
HCA,
Inc.
2.375%,
07/15/31
500,000
488,668
3.500%,
09/01/30
1,686,000
1,775,288
4.125%,
06/15/29
488,000
540,834
5.625%,
09/01/28
2,242,000
2,636,680
5.875%,
02/15/26
1,021,000
1,162,880
Hologic,
Inc.
3.250%,
02/15/29
(a)
1,280,000
1,270,603
Illumina,
Inc.
2.550%,
03/23/31
760,000
761,027
IQVIA,
Inc.
5.000%,
10/15/26
(a)
200,000
205,792
5.000%,
05/15/27
(a)
900,000
933,007
Laboratory
Corp.
of
America
Holdings
2.950%,
12/01/29
76,000
79,751
3.600%,
09/01/27
190,000
206,213
MEDNAX,
Inc.
6.250%,
01/15/27
(a)
1,693,000
1,777,140
Mozart
Debt
Merger
Sub,
Inc.
3.875%,
04/01/29
(a)
1,500,000
1,492,792
Ochsner
LSU
Health
System
of
North
Louisiana
Series
2021,
2.510%,
05/15/31
190,000
185,848
PerkinElmer,
Inc.
2.550%,
03/15/31
120,000
121,574
3.300%,
09/15/29
400,000
428,268
Quest
Diagnostics,
Inc.
2.800%,
06/30/31
500,000
517,930
Sabra
Health
Care
LP
3.900%,
10/15/29
200,000
209,141
Smith
&
Nephew
PLC
2.032%,
10/14/30
180,000
174,864
Stryker
Corp.
1.950%,
06/15/30
610,000
599,804
Tenet
Healthcare
Corp.
4.875%,
01/01/26
(a)
680,000
699,206
6.250%,
02/01/27
(a)
2,250,000
2,336,864
Thermo
Fisher
Scientific,
Inc.
2.000%,
10/15/31
500,000
488,998
4.497%,
03/25/30
85,000
100,054
Universal
Health
Services,
Inc.
2.650%,
10/15/30
(a)
500,000
496,618
Zimmer
Biomet
Holdings,
Inc.
3.550%,
03/20/30
336,000
365,030
Total
33,395,731
Healthcare
Insurance
0.6%
Anthem,
Inc.
2.550%,
03/15/31
500,000
510,329
Centene
Corp.
4.250%,
12/15/27
1,909,000
1,999,729
4.625%,
12/15/29
3,917,000
4,230,993
Humana,
Inc.
2.150%,
02/03/32
500,000
484,157
Total
7,225,208
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Healthcare
REIT
0.6%
Diversified
Healthcare
Trust
9.750%,
06/15/25
620,000
673,489
Healthcare
Realty
Trust,
Inc.
2.400%,
03/15/30
256,000
256,479
Healthcare
Trust
of
America
Holdings
LP
3.100%,
02/15/30
696,000
721,058
Healthpeak
Properties,
Inc.
3.000%,
01/15/30
150,000
157,798
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
3.500%,
03/15/31
1,260,000
1,270,752
4.625%,
08/01/29
685,000
725,352
5.000%,
10/15/27
764,000
804,065
National
Health
Investors,
Inc.
3.000%,
02/01/31
364,000
349,317
Omega
Healthcare
Investors,
Inc.
3.250%,
04/15/33
380,000
374,559
3.625%,
10/01/29
276,000
288,308
Ventas
Realty
LP
3.000%,
01/15/30
260,000
269,891
4.400%,
01/15/29
297,000
337,884
Welltower,
Inc.
2.800%,
06/01/31
500,000
512,935
Total
6,741,887
Home
Construction
0.1%
DR
Horton,
Inc.
1.400%,
10/15/27
100,000
97,038
Lennar
Corp.
4.750%,
11/29/27
825,000
940,756
NVR,
Inc.
3.000%,
05/15/30
90,000
93,708
Total
1,131,502
Independent
Energy
1.8%
Apache
Corp.
4.375%,
10/15/28
1,200,000
1,289,207
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
44,000
47,714
Comstock
Resources,
Inc.
5.875%,
01/15/30
(a)
1,405,000
1,461,407
6.750%,
03/01/29
(a)
484,000
520,170
ConocoPhillips
4.300%,
08/15/28
(a)
316,000
361,747
Continental
Resources,
Inc.
4.375%,
01/15/28
1,490,000
1,626,043
5.750%,
01/15/31
(a)
860,000
1,030,225
Coterra
Energy,
Inc.
4.375%,
03/15/29
(a)
230,000
261,068
CrownRock
LP
/
CrownRock
Finance,
Inc.
5.625%,
10/15/25
(a)
1,007,000
1,030,459
Devon
Energy
Corp.
4.500%,
01/15/30
(a)
512,000
556,581
Diamondback
Energy,
Inc.
3.500%,
12/01/29
520,000
554,706
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
5.750%,
01/30/28
(a)
1,594,000
1,673,092
EQT
Corp.
3.900%,
10/01/27
1,920,000
2,046,858
6.625%,
02/01/25
500,000
562,618
MEG
Energy
Corp.
7.125%,
02/01/27
(a)
981,000
1,030,732
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Neptune
Energy
Bondco
PLC
6.625%,
05/15/25
(a)
200,000
204,290
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(a)
2,404,000
2,337,710
Occidental
Petroleum
Corp.
2.900%,
08/15/24
2,025,000
2,062,423
3.500%,
08/15/29
661,000
670,802
6.625%,
09/01/30
1,000,000
1,225,387
Pioneer
Natural
Resources
Co.
2.150%,
01/15/31
640,000
618,505
Range
Resources
Corp.
9.250%,
02/01/26
500,000
541,401
Total
21,713,145
Industrials
0.0%
Canadian
Pacific
Railway
Co.
2.050%,
03/05/30
100,000
98,303
Industy
0.0%
Otis
Worldwide
Corp.
2.565%,
02/15/30
456,000
464,317
Integrated
Energy
0.2%
Cenovus
Energy,
Inc.
4.250%,
04/15/27
1,608,000
1,766,145
Chevron
USA,
Inc.
3.250%,
10/15/29
4,000
4,382
New
Fortress
Energy,
Inc.
6.750%,
09/15/25
(a)
1,300,000
1,266,767
Total
3,037,294
Leisure
1.0%
Carnival
Corp.
5.750%,
03/01/27
(a)
5,734,000
5,834,323
9.875%,
08/01/27
(a)
396,000
456,392
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op
5.500%,
05/01/25
(a)
900,000
935,987
Live
Nation
Entertainment,
Inc.
6.500%,
05/15/27
(a)
970,000
1,064,262
Royal
Caribbean
Cruises
Ltd.
5.500%,
04/01/28
(a)
972,000
987,846
9.125%,
06/15/23
(a)
540,000
586,453
10.875%,
06/01/23
(a)
920,000
1,029,936
11.500%,
06/01/25
(a)
780,000
887,975
Total
11,783,174
Life
Insurance
0.3%
American
International
Group,
Inc.
3.400%,
06/30/30
468,000
506,825
4.200%,
04/01/28
335,000
378,718
Athene
Holding
Ltd.
3.500%,
01/15/31
200,000
213,486
6.150%,
04/03/30
192,000
239,291
Brighthouse
Financial,
Inc.
3.700%,
06/22/27
212,000
229,781
CNO
Financial
Group,
Inc.
5.250%,
05/30/29
304,000
354,823
Globe
Life,
Inc.
2.150%,
08/15/30
200,000
196,878
Lincoln
National
Corp.
3.050%,
01/15/30
320,000
337,510
Prudential
Financial,
Inc.
5.700%,
(3-month
USD
LIBOR
+
2.665%),
09/15/48
(b)
350,000
399,882
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Reinsurance
Group
of
America,
Inc.
3.900%,
05/15/29
440,000
488,195
Total
3,345,389
Lodging
0.3%
Choice
Hotels
International,
Inc.
3.700%,
01/15/31
200,000
213,358
Hilton
Domestic
Operating
Co.,
Inc.
3.625%,
02/15/32
(a)
2,295,000
2,240,899
Hyatt
Hotels
Corp.
4.375%,
09/15/28
666,000
730,391
Marriott
International,
Inc.
Series
FF,
4.625%,
06/15/30
614,000
699,297
Total
3,883,945
Materials
0.1%
Acuity
Brands
Lighting,
Inc.
2.150%,
12/15/30
90,000
87,523
Cleveland-Cliffs,
Inc.
9.875%,
10/17/25
(a)
544,000
622,573
Total
710,096
Media
and
Entertainment
1.7%
Activision
Blizzard,
Inc.
1.350%,
09/15/30
371,000
341,918
3.400%,
06/15/27
20,000
21,624
AMC
Networks,
Inc.
4.250%,
02/15/29
240,000
236,494
Clear
Channel
Worldwide
Holdings,
Inc.
5.125%,
08/15/27
(a)
1,107,000
1,136,073
Discovery
Communications
LLC
3.950%,
03/20/28
445,000
490,060
4.125%,
05/15/29
512,000
568,850
Electronic
Arts,
Inc.
1.850%,
02/15/31
240,000
230,641
Fox
Corp.
3.500%,
04/08/30
436,000
472,896
4.709%,
01/25/29
80,000
92,424
Interpublic
Group
of
Cos.,
Inc.
(The)
4.750%,
03/30/30
40,000
46,953
Netflix,
Inc.
4.875%,
04/15/28
676,000
775,022
5.875%,
11/15/28
2,866,000
3,489,810
News
Corp.
3.875%,
05/15/29
(a)
1,672,000
1,701,524
Nexstar
Media,
Inc.
4.750%,
11/01/28
(a)
2,950,000
3,013,003
5.625%,
07/15/27
(a)
90,000
94,924
Nielsen
Finance
LLC
/
Nielsen
Finance
Co.
5.625%,
10/01/28
(a)
1,665,000
1,732,525
RELX
Capital,
Inc.
3.000%,
05/22/30
200,000
211,007
4.000%,
03/18/29
582,000
650,199
TEGNA,
Inc.
4.625%,
03/15/28
800,000
807,872
5.000%,
09/15/29
1,325,000
1,342,008
Univision
Communications,
Inc.
4.500%,
05/01/29
(a)
1,225,000
1,238,704
6.625%,
06/01/27
(a)
1,290,000
1,396,102
ViacomCBS,
Inc.
4.950%,
01/15/31
626,000
742,821
Total
20,833,454
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Media
Cable
0.3%
DIRECTV
Holdings
LLC
/
DIRECTV
Financing
Co.,
Inc.
5.875%,
08/15/27
(a)
1,700,000
1,764,360
LCPR
Senior
Secured
Financing
DAC
5.125%,
07/15/29
(a)
800,000
810,680
Sirius
XM
Radio,
Inc.
4.000%,
07/15/28
(a)
500,000
503,366
Total
3,078,406
Metals
and
Mining
0.7%
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(a)
934,000
993,525
FMG
Resources
August
2006
Pty
Ltd.
4.375%,
04/01/31
(a)
2,344,000
2,381,828
Freeport-McMoRan,
Inc.
4.625%,
08/01/30
1,490,000
1,612,016
Newmont
Corp.
2.250%,
10/01/30
617,000
607,516
2.800%,
10/01/29
228,000
234,844
Novelis
Corp.
4.750%,
01/30/30
(a)
1,120,000
1,163,891
Nucor
Corp.
2.700%,
06/01/30
480,000
495,225
Reliance
Steel
&
Aluminum
Co.
2.150%,
08/15/30
100,000
97,379
Steel
Dynamics,
Inc.
3.250%,
01/15/31
310,000
329,248
3.450%,
04/15/30
380,000
408,236
Vale
Overseas
Ltd.
3.750%,
07/08/30
414,000
422,865
Total
8,746,573
Midstream
2.4%
Boardwalk
Pipelines
LP
3.400%,
02/15/31
300,000
312,145
Cheniere
Corpus
Christi
Holdings
LLC
3.700%,
11/15/29
100,000
107,520
Cheniere
Energy
Partners
LP
4.000%,
03/01/31
(a)
1,760,000
1,831,424
4.500%,
10/01/29
1,679,000
1,792,698
Cheniere
Energy,
Inc.
4.625%,
10/15/28
1,800,000
1,889,899
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.500%,
06/15/31
(a)
750,000
783,281
DCP
Midstream
Operating
LP
5.375%,
07/15/25
655,000
725,946
DT
Midstream,
Inc.
4.125%,
06/15/29
(a)
1,000,000
1,007,822
4.375%,
06/15/31
(a)
400,000
405,963
Enable
Midstream
Partners
LP
4.950%,
05/15/28
392,000
438,404
Enbridge,
Inc.
3.125%,
11/15/29
724,000
765,873
Energy
Transfer
LP
5.250%,
04/15/29
894,000
1,036,754
Enterprise
Products
Operating
LLC
2.800%,
01/31/30
420,000
436,600
4.150%,
10/16/28
219,000
247,444
EQM
Midstream
Partners
LP
4.750%,
07/15/23
443,000
466,389
4.750%,
01/15/31
(a)
740,000
766,217
6.500%,
07/01/27
(a)
1,474,000
1,640,195
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
8.000%,
01/15/27
300,000
301,517
Kinder
Morgan,
Inc.
2.000%,
02/15/31
380,000
361,417
MPLX
LP
2.650%,
08/15/30
500,000
497,609
4.125%,
03/01/27
331,000
364,957
National
Fuel
Gas
Co.
2.950%,
03/01/31
300,000
303,046
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
7.500%,
02/01/26
(a)
2,924,000
2,968,529
ONEOK,
Inc.
4.350%,
03/15/29
168,000
186,983
Phillips
66
Partners
LP
3.150%,
12/15/29
120,000
125,194
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
3.550%,
12/15/29
225,000
234,752
3.800%,
09/15/30
500,000
528,498
Sabine
Pass
Liquefaction
LLC
4.500%,
05/15/30
340,000
387,203
5.000%,
03/15/27
116,000
131,648
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
4.000%,
01/15/32
(a)
1,286,000
1,326,529
4.875%,
02/01/31
1,470,000
1,585,117
TransCanada
PipeLines
Ltd.
4.250%,
05/15/28
496,000
560,138
Venture
Global
Calcasieu
Pass
LLC
3.875%,
08/15/29
(a)
400,000
407,417
4.125%,
08/15/31
(a)
630,000
652,577
Western
Midstream
Operating
LP
4.350%,
02/01/25
600,000
629,796
5.300%,
02/01/30
1,730,000
1,896,107
Williams
Cos.,
Inc.
(The)
2.600%,
03/15/31
240,000
240,070
3.750%,
06/15/27
320,000
348,390
Total
28,692,068
Natural
Gas
0.1%
NiSource,
Inc.
3.490%,
05/15/27
464,000
501,933
3.600%,
05/01/30
240,000
261,748
Sempra
Energy
3.400%,
02/01/28
627,000
674,439
Total
1,438,120
Office
REIT
0.2%
Boston
Properties
LP
3.250%,
01/30/31
732,000
767,838
Corporate
Office
Properties
LP
2.000%,
01/15/29
500,000
484,045
Highwoods
Realty
LP
2.600%,
02/01/31
80,000
80,114
Kilroy
Realty
LP
3.050%,
02/15/30
228,000
237,730
Office
Properties
Income
Trust
2.400%,
02/01/27
45,000
43,983
Piedmont
Operating
Partnership
LP
3.150%,
08/15/30
250,000
255,876
Total
1,869,586
Oil
Field
Services
0.0%
NOV,
Inc.
3.600%,
12/01/29
300,000
316,071
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Other
Financial
Institutions
0.3%
Blackstone
Secured
Lending
Fund
2.125%,
02/15/27
(a)
300,000
293,779
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
5.250%,
05/15/27
800,000
831,551
6.250%,
05/15/26
1,589,000
1,664,137
Nationstar
Mortgage
Holdings,
Inc.
5.500%,
08/15/28
(a)
510,000
522,451
Total
3,311,918
Other
Industry
0.1%
AECOM
5.125%,
03/15/27
995,000
1,097,731
Rexford
Industrial
Realty
LP
2.125%,
12/01/30
120,000
115,265
Total
1,212,996
Other
REIT
0.6%
American
Campus
Communities
Operating
Partnership
LP
2.850%,
02/01/30
112,000
115,098
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5.750%,
05/15/26
(a)
1,146,000
1,185,134
CubeSmart
LP
2.000%,
02/15/31
50,000
48,465
4.375%,
02/15/29
260,000
294,999
CyrusOne
LP
/
CyrusOne
Finance
Corp.
2.150%,
11/01/30
790,000
752,383
3.450%,
11/15/29
390,000
408,249
Digital
Realty
Trust
LP
3.600%,
07/01/29
346,000
376,129
Duke
Realty
LP
1.750%,
02/01/31
150,000
142,587
EPR
Properties
3.750%,
08/15/29
222,000
227,865
4.950%,
04/15/28
304,000
333,393
Extra
Space
Storage
LP
2.550%,
06/01/31
150,000
149,326
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.375%,
06/15/26
(a)
855,000
852,539
Host
Hotels
&
Resorts
LP
Series
H,
3.375%,
12/15/29
408,000
418,041
Lexington
Realty
Trust
2.700%,
09/15/30
236,000
236,553
Life
Storage
LP
2.200%,
10/15/30
240,000
235,881
Safehold
Operating
Partnership
LP
2.800%,
06/15/31
380,000
378,464
Service
Properties
Trust
4.350%,
10/01/24
750,000
755,799
WP
Carey,
Inc.
2.400%,
02/01/31
500,000
493,629
Total
7,404,534
Other
Utility
0.0%
American
Water
Capital
Corp.
3.750%,
09/01/28
145,000
161,758
Essential
Utilities,
Inc.
2.704%,
04/15/30
300,000
308,522
Total
470,280
Packaging
0.6%
Amcor
Flexibles
North
America,
Inc.
2.630%,
06/19/30
260,000
263,659
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4.000%,
09/01/29
(a)
1,600,000
1,593,025
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.125%,
08/15/26
(a)
800,000
816,201
Avery
Dennison
Corp.
2.650%,
04/30/30
444,000
451,815
Ball
Corp.
2.875%,
08/15/30
860,000
826,280
5.250%,
07/01/25
510,000
568,695
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
500,000
515,688
Mauser
Packaging
Solutions
Holding
Co.
5.500%,
04/15/24
(a)
989,000
990,018
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC/
Reynolds
Gro
4.000%,
10/15/27
(a)
1,400,000
1,369,486
Trivium
Packaging
Finance
BV
5.500%,
08/15/26
(a)
200,000
208,078
Total
7,602,945
Paper
0.3%
Mercer
International,
Inc.
5.125%,
02/01/29
792,000
787,393
Packaging
Corp.
of
America
3.000%,
12/15/29
608,000
639,988
Rayonier
LP
2.750%,
05/17/31
150,000
149,014
Suzano
Austria
GmbH
3.750%,
01/15/31
894,000
894,220
5.000%,
01/15/30
400,000
430,842
Weyerhaeuser
Co.
4.000%,
11/15/29
50,000
56,057
4.000%,
04/15/30
88,000
98,726
WRKCo,
Inc.
3.000%,
06/15/33
120,000
124,743
Total
3,180,983
Pharmaceuticals
1.6%
AbbVie,
Inc.
2.950%,
11/21/26
240,000
253,726
3.200%,
11/21/29
2,808,000
3,003,402
4.250%,
11/14/28
35,000
39,757
Amgen,
Inc.
2.200%,
02/21/27
910,000
928,429
3.200%,
11/02/27
100,000
107,175
Bausch
Health
Americas,
Inc.
8.500%,
01/31/27
(a)
455,000
484,178
Bausch
Health
Cos.,
Inc.
5.500%,
11/01/25
(a)
3,487,000
3,546,695
Biogen,
Inc.
2.250%,
05/01/30
520,000
511,876
Bristol-Myers
Squibb
Co.
3.900%,
02/20/28
64,000
71,945
Endo
Luxembourg
Finance
Co.
I
Sarl
/
Endo
US,
Inc.
6.125%,
04/01/29
(a)
3,069,000
3,022,759
Gilead
Sciences,
Inc.
1.200%,
10/01/27
460,000
443,547
1.650%,
10/01/30
300,000
286,837
Mylan,
Inc.
4.550%,
04/15/28
230,000
260,665
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(a)
2,000,000
2,027,082
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
17
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.125%,
04/30/31
(a)
1,840,000
1,897,785
Regeneron
Pharmaceuticals,
Inc.
1.750%,
09/15/30
420,000
396,674
Royalty
Pharma
PLC
1.750%,
09/02/27
320,000
313,770
2.200%,
09/02/30
100,000
96,888
Takeda
Pharmaceutical
Co.
Ltd.
2.050%,
03/31/30
1,200,000
1,171,730
5.000%,
11/26/28
200,000
236,566
Viatris,
Inc.
2.700%,
06/22/30
700,000
699,468
Zoetis,
Inc.
2.000%,
05/15/30
280,000
274,958
Total
20,075,912
Property
&
Casualty
0.3%
American
Financial
Group,
Inc.
5.250%,
04/02/30
156,000
188,019
Aon
Corp.
3.750%,
05/02/29
210,000
232,793
Assurant,
Inc.
2.650%,
01/15/32
760,000
748,138
Brown
&
Brown,
Inc.
2.375%,
03/15/31
100,000
98,682
4.500%,
03/15/29
160,000
181,730
CNA
Financial
Corp.
3.900%,
05/01/29
420,000
465,751
Enstar
Group
Ltd.
3.100%,
09/01/31
455,000
445,205
4.950%,
06/01/29
252,000
283,882
Fairfax
Financial
Holdings
Ltd.
3.375%,
03/03/31
(a)
300,000
309,832
Fidelity
National
Financial,
Inc.
2.450%,
03/15/31
160,000
158,661
3.400%,
06/15/30
260,000
277,209
Hanover
Insurance
Group,
Inc.
(The)
2.500%,
09/01/30
80,000
79,913
Markel
Corp.
3.350%,
09/17/29
330,000
356,361
Willis
North
America,
Inc.
4.500%,
09/15/28
381,000
431,985
Total
4,258,161
Railroads
0.0%
CSX
Corp.
3.250%,
06/01/27
197,000
211,794
Norfolk
Southern
Corp.
2.550%,
11/01/29
340,000
351,468
Total
563,262
Real
Estate
0.1%
Alexandria
Real
Estate
Equities,
Inc.
2.000%,
05/18/32
905,000
871,686
Refining
0.2%
HollyFrontier
Corp.
4.500%,
10/01/30
200,000
218,050
Marathon
Petroleum
Corp.
3.800%,
04/01/28
310,000
338,197
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
1,439,000
1,045,806
9.250%,
05/15/25
(a)
994,000
964,486
Valero
Energy
Corp.
4.350%,
06/01/28
227,000
254,326
Total
2,820,865
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Restaurants
0.5%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.875%,
01/15/28
(a)
725,000
723,226
4.000%,
10/15/30
(a)
2,280,000
2,211,821
McDonald's
Corp.
Series
MTN,
2.625%,
09/01/29
516,000
535,311
Starbucks
Corp.
2.550%,
11/15/30
440,000
449,329
3.550%,
08/15/29
100,000
110,081
4.000%,
11/15/28
64,000
72,367
Yum!
Brands,
Inc.
3.625%,
03/15/31
950,000
939,189
4.625%,
01/31/32
571,000
595,384
Total
5,636,708
Retail
0.0%
Genuine
Parts
Co.
1.875%,
11/01/30
160,000
151,791
Retail
REIT
0.3%
Agree
LP
2.900%,
10/01/30
90,000
92,466
Brixmor
Operating
Partnership
LP
4.050%,
07/01/30
360,000
397,469
4.125%,
05/15/29
290,000
323,841
Federal
Realty
Investment
Trust
3.500%,
06/01/30
500,000
539,781
Kimco
Realty
Corp.
2.700%,
10/01/30
50,000
51,345
National
Retail
Properties,
Inc.
4.300%,
10/15/28
150,000
169,482
Regency
Centers
LP
2.950%,
09/15/29
50,000
52,194
3.700%,
06/15/30
370,000
405,027
Retail
Properties
of
America,
Inc.
4.750%,
09/15/30
195,000
214,318
Spirit
Realty
LP
3.200%,
02/15/31
400,000
414,105
STORE
Capital
Corp.
2.750%,
11/18/30
240,000
240,000
VEREIT
Operating
Partnership
LP
2.850%,
12/15/32
240,000
248,564
3.100%,
12/15/29
50,000
53,134
3.400%,
01/15/28
50,000
53,669
3.950%,
08/15/27
18,000
19,923
Total
3,275,318
Retailers
0.7%
Advance
Auto
Parts,
Inc.
3.900%,
04/15/30
222,000
244,853
AutoZone,
Inc.
4.000%,
04/15/30
360,000
405,171
Bath
&
Body
Works,
Inc.
6.625%,
10/01/30
(a)
1,336,000
1,495,007
Best
Buy
Co.,
Inc.
1.950%,
10/01/30
380,000
366,545
Dollar
General
Corp.
3.500%,
04/03/30
540,000
588,249
3.875%,
04/15/27
37,000
40,890
Dollar
Tree,
Inc.
4.000%,
05/15/25
514,000
556,713
Hanesbrands,
Inc.
4.875%,
05/15/26
(a)
1,056,000
1,129,287
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Lowe's
Cos.,
Inc.
2.625%,
04/01/31
240,000
245,038
3.650%,
04/05/29
419,000
462,426
Michaels
Cos.,
Inc.
(The)
5.250%,
05/01/28
(a)
1,520,000
1,536,448
O'Reilly
Automotive,
Inc.
4.350%,
06/01/28
320,000
365,554
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.750%,
02/15/28
(a)
1,500,000
1,541,666
Ross
Stores,
Inc.
1.875%,
04/15/31
150,000
144,390
Total
9,122,237
Supermarkets
0.2%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.500%,
03/15/29
(a)
1,512,000
1,490,122
4.625%,
01/15/27
(a)
895,000
936,418
Kroger
Co.
(The)
3.700%,
08/01/27
199,000
218,312
Total
2,644,852
Technology
4.1%
Amphenol
Corp.
2.800%,
02/15/30
416,000
431,271
Arrow
Electronics,
Inc.
3.250%,
09/08/24
44,000
46,237
Avaya,
Inc.
6.125%,
09/15/28
(a)
1,556,000
1,620,106
Avnet,
Inc.
3.000%,
05/15/31
45,000
44,808
Black
Knight
InfoServ
LLC
3.625%,
09/01/28
(a)
700,000
697,331
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
1,055,000
1,143,054
Broadcom,
Inc.
3.469%,
04/15/34
(a)
1,150,000
1,184,605
Broadridge
Financial
Solutions,
Inc.
2.600%,
05/01/31
50,000
50,350
2.900%,
12/01/29
180,000
186,849
Citrix
Systems,
Inc.
3.300%,
03/01/30
145,000
147,089
Clarivate
Science
Holdings
Corp.
3.875%,
07/01/28
(a)
240,000
237,275
CommScope,
Inc.
4.750%,
09/01/29
(a)
1,500,000
1,471,287
6.000%,
03/01/26
(a)
1,223,000
1,266,761
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
581,000
662,420
5.300%,
10/01/29
500,000
601,328
Equinix,
Inc.
2.150%,
07/15/30
496,000
483,185
3.200%,
11/18/29
150,000
158,081
Fidelity
National
Information
Services,
Inc.
2.250%,
03/01/31
740,000
727,290
Fiserv,
Inc.
3.500%,
07/01/29
1,262,000
1,361,822
Flex
Ltd.
4.875%,
06/15/29
504,000
573,168
Fortinet,
Inc.
2.200%,
03/15/31
240,000
237,244
Global
Payments,
Inc.
3.200%,
08/15/29
926,000
968,528
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
HP,
Inc.
2.650%,
06/17/31
(a)
1,000,000
984,583
Imola
Merger
Corp.
4.750%,
05/15/29
(a)
2,774,000
2,850,624
Iron
Mountain,
Inc.
4.500%,
02/15/31
(a)
370,000
373,116
5.250%,
07/15/30
(a)
1,433,000
1,497,901
Jabil,
Inc.
3.000%,
01/15/31
250,000
255,408
Juniper
Networks,
Inc.
3.750%,
08/15/29
120,000
130,660
Keysight
Technologies,
Inc.
3.000%,
10/30/29
330,000
346,951
KLA
Corp.
4.100%,
03/15/29
100,000
113,534
Leidos,
Inc.
2.300%,
02/15/31
500,000
481,636
LogMeIn,
Inc.
5.500%,
09/01/27
(a)
1,269,000
1,271,002
Marvell
Technology,
Inc.
2.950%,
04/15/31
760,000
775,296
Microchip
Technology,
Inc.
4.250%,
09/01/25
780,000
811,025
Micron
Technology,
Inc.
4.185%,
02/15/27
76,000
83,796
4.663%,
02/15/30
610,000
697,925
Motorola
Solutions,
Inc.
4.600%,
05/23/29
380,000
437,493
MSCI,
Inc.
3.875%,
02/15/31
(a)
900,000
929,380
4.000%,
11/15/29
(a)
808,000
844,524
NCR
Corp.
5.125%,
04/15/29
(a)
2,014,000
2,060,111
NetApp,
Inc.
2.700%,
06/22/30
380,000
386,341
NortonLifeLock,
Inc.
5.000%,
04/15/25
(a)
1,322,000
1,339,538
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
3.400%,
05/01/30
(a)
510,000
546,982
4.300%,
06/18/29
(a)
80,000
90,166
Open
Text
Corp.
3.875%,
02/15/28
(a)
940,000
947,408
Open
Text
Holdings,
Inc.
4.125%,
02/15/30
(a)
1,160,000
1,179,681
Oracle
Corp.
2.875%,
03/25/31
2,000,000
2,048,705
Qorvo,
Inc.
4.375%,
10/15/29
934,000
1,003,474
Sabre
GLBL,
Inc.
7.375%,
09/01/25
(a)
1,250,000
1,330,912
Sensata
Technologies
BV
4.000%,
04/15/29
(a)
600,000
609,308
ServiceNow,
Inc.
1.400%,
09/01/30
656,000
612,582
Square,
Inc.
3.500%,
06/01/31
(a)
1,924,000
1,972,892
SS&C
Technologies,
Inc.
5.500%,
09/30/27
(a)
1,737,000
1,829,703
Verisk
Analytics,
Inc.
4.125%,
03/15/29
160,000
180,778
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
19
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
VMware,
Inc.
2.200%,
08/15/31
500,000
486,902
3.900%,
08/21/27
265,000
290,662
Vontier
Corp.
2.950%,
04/01/31
(a)
1,330,000
1,314,327
Western
Digital
Corp.
4.750%,
02/15/26
2,339,000
2,569,758
Western
Union
Co.
(The)
2.750%,
03/15/31
160,000
159,663
Xerox
Corp.
4.375%,
03/15/23
1,160,000
1,197,840
Total
49,342,676
Tobacco
0.4%
Altria
Group,
Inc.
4.800%,
02/14/29
1,150,000
1,310,801
BAT
Capital
Corp.
2.259%,
03/25/28
860,000
843,130
3.557%,
08/15/27
660,000
698,296
Vector
Group
Ltd.
5.750%,
02/01/29
(a)
1,510,000
1,506,335
Total
4,358,562
Transportation
Services
0.2%
FedEx
Corp.
2.400%,
05/15/31
500,000
501,213
3.400%,
02/15/28
290,000
316,265
GXO
Logistics,
Inc.
2.650%,
07/15/31
(a)
150,000
148,781
XPO
Logistics,
Inc.
6.250%,
05/01/25
(a)
984,000
1,036,686
Total
2,002,945
Wireless
1.9%
Altice
Financing
SA
5.750%,
08/15/29
(a)
500,000
492,431
Altice
France
SA
5.500%,
10/15/29
(a)
4,000,000
3,921,566
American
Tower
Corp.
1.875%,
10/15/30
250,000
237,835
2.750%,
01/15/27
342,000
355,421
3.800%,
08/15/29
125,000
137,429
Crown
Castle
International
Corp.
2.100%,
04/01/31
500,000
479,392
3.650%,
09/01/27
245,000
265,774
SBA
Communications
Corp.
3.125%,
02/01/29
(a)
1,640,000
1,574,741
3.875%,
02/15/27
1,010,000
1,041,140
Sprint
Corp.
7.625%,
03/01/26
1,618,000
1,941,823
T-Mobile
USA,
Inc.
3.500%,
04/15/31
910,000
943,376
3.750%,
04/15/27
697,000
756,495
3.875%,
04/15/30
3,154,000
3,450,360
4.750%,
02/01/28
1,800,000
1,899,900
VEON
Holdings
BV
3.375%,
11/25/27
(a)
1,700,000
1,698,880
Vmed
O2
UK
Financing
I
PLC
4.750%,
07/15/31
(a)
800,000
804,258
VMware,
Inc.
4.700%,
05/15/30
100,000
116,700
Vodafone
Group
PLC
7.000%,
04/04/79
2,088,000
2,522,766
Total
22,640,287
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wirelines
1.8%
AT&T,
Inc.
2.550%,
12/01/33
1,650,000
1,600,212
4.300%,
02/15/30
1,191,000
1,352,668
Frontier
Communications
Holdings
LLC
5.000%,
05/01/28
(a)
660,000
673,302
5.875%,
10/15/27
(a)
2,544,000
2,674,098
Iliad
Holding
SAS
7.000%,
10/15/28
(a)
1,500,000
1,545,137
Level
3
Financing,
Inc.
4.250%,
07/01/28
(a)
1,020,000
1,010,055
4.625%,
09/15/27
(a)
950,000
974,176
Lumen
Technologies,
Inc.
4.000%,
02/15/27
(a)
700,000
702,821
5.125%,
12/15/26
(a)
2,255,000
2,309,421
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC
7.875%,
02/15/25
(a)
1,650,000
1,737,073
Verizon
Communications,
Inc.
2.355%,
03/15/32
(a)
2,000,000
1,969,590
2.550%,
03/21/31
1,420,000
1,431,927
Vodafone
Group
PLC
4.375%,
05/30/28
1,022,000
1,164,987
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
7.750%,
08/15/28
(a)
1,240,000
1,312,131
Zayo
Group
Holdings,
Inc.
4.000%,
03/01/27
(a)
1,564,000
1,518,688
Total
21,976,286
Total
Corporate
Bonds
(Cost
$612,332,212)
617,597,841
Foreign
Government
Obligations
(d),(e)
23.5%
Principal
Amount
($)
Value
($)
Australia
Government
Bond
Series
138,
3.250%,
04/21/29
AUD
7,619,000
6,334,788
Series
160,
1.000%,
12/21/30
AUD
4,038,000
2,811,052
Series
155,
2.500%,
05/21/30
AUD
5,362,000
4,246,338
Brazilian
Government
International
Bond
4.625%,
01/13/28
1,800,000
1,846,639
3.875%,
06/12/30
11,125,000
10,391,846
Canadian
Government
Bond
1.250%,
06/01/30
CAD
17,285,000
13,488,461
CITIC
Ltd.
Series
EMTN,
3.700%,
06/14/26
200,000
212,446
Series
EMTN,
3.875%,
02/28/27
200,000
214,829
Colombia
Government
International
Bond
4.500%,
03/15/29
3,800,000
4,017,418
3.125%,
04/15/31
7,330,000
6,866,487
Dominican
Republic
International
Bond
Series
REGS,
5.950%,
01/25/27
1,245,000
1,389,524
Series
REGS,
4.500%,
01/30/30
4,100,000
4,144,992
Series
REGS,
4.875%,
09/23/32
5,412,000
5,490,403
Export-Import
Bank
of
India
Series
REGS,
3.875%,
02/01/28
3,350,000
3,593,010
Series
REGS,
3.250%,
01/15/30
627,000
637,226
French
Republic
Government
Bond
OAT
5.750%,
10/25/32
EUR
1,724,000
3,185,954
1.500%,
05/25/31
EUR
7,738,000
10,054,044
Guatemala
Government
Bond
Series
REGS,
4.875%,
02/13/28
3,180,000
3,450,502
Indonesia
Government
International
Bond
3.850%,
10/15/30
3,207,000
3,575,726
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2021
Foreign
Government
Obligations
(d),(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Series
REGS,
4.750%,
01/08/26
1,160,000
1,306,675
Series
REGS,
8.500%,
10/12/35
2,927,000
4,614,570
Italy
Buoni
Poliennali
Del
Tesoro
5.250%,
11/01/29
EUR
903,000
1,401,072
6.000%,
05/01/31
EUR
6,908,000
11,580,891
Ivory
Coast
Government
International
Bond
Series
REGS,
6.125%,
06/15/33
2,400,000
2,518,707
Series
REGS,
6.375%,
03/03/28
2,000,000
2,186,187
Japan
Government
Ten
Year
Bond
Series
358,
0.100%,
03/20/30
JPY
573,900,000
5,069,415
Series
360,
0.100%,
09/20/30
JPY
465,100,000
4,102,384
Series
359,
0.100%,
06/20/30
JPY
206,000,000
1,819,068
Series
362,
0.100%,
03/20/31
JPY
61,500,000
541,115
Japan
Government
Twenty
Year
Bond
Series
128,
1.900%,
06/20/31
JPY
30,000,000
309,021
Series
123,
2.100%,
12/20/30
JPY
38,000,000
395,558
Series
140,
1.700%,
09/20/32
JPY
28,000,000
286,883
Series
145,
1.700%,
06/20/33
JPY
69,000,000
711,962
Mexico
Government
International
Bond
4.500%,
04/22/29
1,100,000
1,230,845
3.250%,
04/16/30
3,100,000
3,166,708
2.659%,
05/24/31
3,632,000
3,502,322
New
Zealand
Government
Bond
Series
0429,
3.000%,
04/20/29
NZD
17,928,000
13,279,929
Norway
Government
Bond
Series
482,
1.375%,
08/19/30
(a)
NOK
119,830,000
13,815,163
Oman
Government
International
Bond
Series
REGS,
6.000%,
08/01/29
2,000,000
2,145,728
Series
REGS,
4.750%,
06/15/26
200,000
205,708
Series
REGS,
5.625%,
01/17/28
8,083,000
8,509,995
Panama
Government
International
Bond
6.700%,
01/26/36
5,766,000
7,692,137
2.252%,
09/29/32
4,384,000
4,130,115
Paraguay
Government
International
Bond
4.950%,
04/28/31
(a)
800,000
896,980
Series
REGS,
4.950%,
04/28/31
1,600,000
1,793,959
Series
REGS,
2.739%,
01/29/33
1,000,000
961,841
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.150%,
03/29/27
6,440,000
7,173,040
Peruvian
Government
International
Bond
8.750%,
11/21/33
4,047,000
6,269,861
2.783%,
01/23/31
9,699,000
9,669,621
Philippine
Government
International
Bond
9.500%,
02/02/30
5,674,000
8,790,251
3.000%,
02/01/28
2,800,000
2,986,629
Republic
of
South
Africa
Government
International
Bond
4.300%,
10/12/28
3,840,000
3,875,733
4.850%,
09/30/29
4,650,000
4,770,480
Russian
Foreign
Bond
-
Eurobond
Series
REGS,
4.375%,
03/21/29
4,600,000
5,186,011
Series
REGS,
5.100%,
03/28/35
8,800,000
10,527,357
Sharjah
Sukuk
Program
Ltd.
3.234%,
10/23/29
500,000
506,317
Series
EMTN,
4.226%,
03/14/28
4,000,000
4,304,621
Sweden
Government
Bond
Series
1056,
2.250%,
06/01/32
SEK
17,020,000
2,363,133
Series
1062,
0.125%,
05/12/31
(a)
SEK
76,130,000
8,670,337
Series
1061,
0.750%,
11/12/29
(a)
SEK
22,800,000
2,743,969
United
Kingdom
Gilt
4.750%,
12/07/30
GBP
3,719,000
6,775,174
Foreign
Government
Obligations
(d),(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
0.875%,
10/22/29
GBP
4,991,000
6,822,223
Uruguay
Government
International
Bond
4.375%,
10/27/27
3,373,000
3,843,880
4.375%,
01/23/31
5,218,000
6,024,254
Total
Foreign
Government
Obligations
(Cost
$289,490,957)
285,429,514
U.S.
Government
&
Agency
Obligations
15.0%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
13.3%
1.500%,
11/15/51
9,700,000
9,392,707
2.000%,
11/15/51
78,290,000
78,274,708
2.500%,
12/15/51
43,970,000
45,050,356
3.000%,
11/15/51
(f)
12,200,000
12,729,461
3.500%,
11/15/51
5,529,000
5,843,030
4.000%,
11/15/51
5,195,000
5,562,293
4.500%,
11/15/51
(f)
4,055,000
4,383,202
Total
161,235,757
Federal
Home
Loan
Mortgage
Corporation
1.3%
2.500%,
08/01/50
6,799,106
6,987,463
3.000%,
01/01/50
347,989
363,028
3.000%,
02/01/50
355,021
370,558
3.000%,
08/01/50
5,209,111
5,432,590
3.500%,
08/01/47
656,611
697,863
3.500%,
08/01/49
206,548
217,961
3.500%,
09/01/49
249,885
263,682
3.500%,
10/01/49
278,236
293,639
3.500%,
11/01/49
267,958
282,771
3.500%,
02/01/50
319,580
337,075
4.000%,
08/01/49
244,849
261,676
4.000%,
09/01/49
276,936
295,974
Total
15,804,280
Federal
National
Mortgage
Association
0.4%
3.000%,
12/01/49
333,331
348,030
3.000%,
01/01/50
428,281
447,799
3.000%,
01/01/50
347,627
363,111
3.000%,
02/01/50
341,847
356,786
3.000%,
03/01/50
357,404
373,033
3.500%,
04/01/49
76,936
81,256
3.500%,
08/01/49
217,309
229,205
3.500%,
09/01/49
377,409
398,628
3.500%,
09/01/49
240,137
253,575
3.500%,
10/01/49
263,121
277,525
3.500%,
12/01/49
307,290
324,469
3.500%,
02/01/50
317,362
334,736
4.000%,
09/01/47
310,579
334,538
4.000%,
03/01/48
565,168
607,904
4.000%,
05/01/49
69,250
74,083
Total
4,804,678
Total
U.S.
Government
&
Agency
Obligations
(Cost
$181,499,447)
181,844,715
U.S.
Treasury
Obligations
17.4%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bill
7.4%
0.041%,
01/27/22
5,000,000
4,999,374
0.048%,
12/30/21
25,000,000
24,996,848
0.048%,
01/06/22
25,000,000
24,997,047
0.048%,
01/13/22
25,000,000
24,996,975
0.049%,
03/31/22
5,000,000
4,998,867
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
21
Notes
to
Portfolio
of
Investments
U.S.
Treasury
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
0.482%,
03/24/22
5,000,000
4,998,830
Total
89,987,941
U.S.
Treasury
Bond
6.1%
1.125%,
05/15/40
260,000
225,306
1.750%,
08/15/41
1,349,000
1,298,834
1.875%,
02/15/41
19,988,000
19,663,195
1.875%,
02/15/51
29,678,000
29,200,370
2.000%,
08/15/51
4,194,000
4,255,599
2.250%,
05/15/41
487,000
508,839
2.375%,
11/15/49
2,562,000
2,803,389
2.375%,
05/15/51
6,269,000
6,892,961
3.000%,
05/15/42
1,629,000
1,913,312
3.375%,
05/15/44
2,230,000
2,796,211
3.375%,
11/15/48
2,110,000
2,753,550
3.750%,
11/15/43
1,273,300
1,675,185
Total
73,986,751
U.S.
Treasury
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
U.S.
Treasury
Note
3.9%
1.125%,
02/15/31
24,670,000
23,810,405
1.250%,
08/15/31
10,393,000
10,099,073
1.625%,
05/15/31
9,093,000
9,161,197
2.625%,
02/15/29
4,013,000
4,334,667
Total
47,405,342
Total
U.S.
Treasury
Obligations
(Cost
$207,745,848)
211,380,034
Money
Market
Funds
5.9%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
0.030%
(g)
72,066,815
72,066,815
Total
Money
Market
Funds
(Cost
$72,066,815)
72,066,815
Total
Investments
in
Securities
(Cost
$1,363,135,279)
1,368,318,919
Other
Assets
&
Liabilities,
Net
(152,807,983)
Net
Assets
1,215,510,936
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2021,
the
total
value
of
these
securities
amounted
to
$295,640,693,
which
represents
24.32%
of
total
net
assets.
(b)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2021.
(c)
Payment-in-kind
security.
Interest
can
be
paid
by
issuing
additional
par
of
the
security
or
in
cash.
(d)
Principal
amounts
are
shown
in
United
States
Dollars
unless
otherwise
noted.
(e)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(f)
Represents
a
security
purchased
on
a
when-issued
basis.
(g)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2021.
Abbreviation
Legend
LIBOR
London
Interbank
Offered
Rates
PJSC
Private
Joint
Stock
Company
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
Currency
Legend
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
Pound
Sterling
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
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:
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2021
Fair
Value
Measurements
(continued)
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Corporate
Bonds
–
617,597,841
–
617,597,841
Foreign
Government
Obligations
–
285,429,514
–
285,429,514
U.S.
Government
&
Agency
Obligations
–
181,844,715
–
181,844,715
U.S.
Treasury
Obligations
211,380,034
–
–
211,380,034
Money
Market
Funds
72,066,815
–
–
72,066,815
Total
Investments
in
Securities
283,446,849
1,084,872,070
–
1,368,318,919
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,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
23
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$1,363,135,279)
$1,368,318,919
Foreign
currency
(cost
$3,719)
3,001
Receivable
for:
Investments
sold
on
a
delayed
delivery
basis
45,043,408
Interest
9,485,857
Investments
sold
2,675,372
Dividends
43,620
Reclaims
receivable
11,680
Total
assets
1,425,581,857
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
206,086,462
Investments
purchased
3,696,066
Investment
management
fees
288,393
Total
liabilities
210,070,921
Net
assets
applicable
to
outstanding
capital
stock
$1,215,510,936
Represented
by:
Paid-in
capital
$1,217,378,613
Total
distributable
earnings
(loss)
(1,867,677)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$1,215,510,936
Shares
outstanding
57,100,000
Net
asset
value
per
share
$21.29
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2021
Investment
Income:
Interest
$26,005,469
Dividends
-
unaffiliated
issuers
48,932
Foreign
taxes
withheld
(153,181)
Total
income
25,901,220
Expenses:
Investment
management
fees
2,772,311
Net
Investment
Income
23,128,909
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(5,897,365)
In-kind
transactions
1,104,827
Foreign
currency
translations
(5,252)
Net
realized
loss
(4,797,790)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(7,556,525)
Foreign
currency
translations
(2,717)
Net
change
in
unrealized
depreciation
(7,559,242)
Net
realized
and
unrealized
loss
(12,357,032)
Net
Increase
in
net
assets
resulting
from
operations
$10,771,877
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
2021
25
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Operations
Net
investment
income
$23,128,909
$9,507,934
Net
realized
loss
(4,797,790)
(2,915,456)
Net
change
in
unrealized
appreciation
(depreciation)
(7,559,242)
6,738,128
Net
increase
in
net
assets
resulting
from
operations
10,771,877
13,330,606
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(23,545,137)
(8,838,484)
Shareholder
transactions
Proceeds
from
shares
sold
698,714,370
377,579,960
Cost
of
shares
redeemed
(6,489,712)
(39,239,227)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
692,224,658
338,340,733
Increase
in
net
assets
679,451,398
342,832,855
Net
Assets:
Net
assets
beginning
of
year
536,059,538
193,226,683
Net
assets
at
end
of
year
$1,215,510,936
$536,059,538
Capital
stock
activity
Shares
outstanding,
beginning
of
year
25,100,050
9,300,050
Subscriptions
32,300,000
17,900,000
Redemptions
(300,050)
(2,100,000)
Shares
outstanding,
end
of
year
57,100,000
25,100,050
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
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
,
2017
(a)
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$21.36
$20.78
$18.86
$19.94
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.50
0.60
0.72
0.67
0.03
Net
realized
and
unrealized
gain
(loss)
(0.04)
0.57
1.91
(1.13)
(0.09)
Total
from
investment
operations
0.46
1.17
2.63
(0.46)
(0.06)
Less
distributions
to
shareholders:
Net
investment
income
(0.53)
(0.59)
(0.71)
(0.62)
–
Total
distribution
to
shareholders
(0.53)
(0.59)
(0.71)
(0.62)
–
Net
asset
value,
end
of
year
$21.29
$21.36
$20.78
$18.86
$19.94
Total
Return
at
NAV
2.16%
5.71%
14.21%
(2.32)%
(0.30)%
Total
Return
at
Market
1.97%
5.69%
14.78%
(2.68)%
(0.15)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.28%
0.28%
0.28%
0.28%
(c)
0.28%
(d)
Total
net
expenses
(b)(e)
0.28%
0.28%
0.28%
0.24%
(c)
–%
(d)
Net
investment
income
2.34%
2.87%
3.62%
3.49%
3.10%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$1,215,511
$536,060
$193,227
$84,884
$29,917
Portfolio
turnover
171%
156%
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,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
27
Note
1.
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.
Note
2.
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
(ASC946).
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
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
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,
2021
28
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
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
may
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
may
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,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
29
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
collectability
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
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.
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,
2021
30
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
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.
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
deferred
amount
is
adjusted
for
market
value
changes
and
remains
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.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
31
At
October
31,
2021,
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,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2021,
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,
2021,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2021,
capital
loss
carryforwards
utilized,
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.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$1,880,840,402
and
$1,668,168,702,
respectively,
for
the
year
ended
October
31,
2021,
of
which
$90,238,503
and
$74,375,825,
respectively,
were
U.S.
government
securities.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
1,648,938
(2,749,306)
1,100,368
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
23,545,137
-
23,545,137
8,838,484
-
8,838,484
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
($)
2,474,499
-
(8,284,937)
3,942,761
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
($)
1,364,376,158
20,004,504
(16,061,743)
3,942,761
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
8,284,937
-
8,284,937
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
32
Strategic
Beta
ETFs
|
Annual
Report
2021
Note
6.
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,
2021,
the
cost
basis
of
securities
contributed
was
$487,911,293.
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,
2021,
the
in-kind
redemption
cost
basis
was
$5,322,154,
the
proceeds
from
sales
were
$6,426,981
and
the
net
realized
gain
was
$1,104,827.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
28,
2021
amendment
and
restatement,
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
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
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
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
October
unless
extended
or
renewed.
Prior
to
the
October
28,
2021
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-
month
London
Interbank
Offered
Rate
(LIBOR)
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2021.
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
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
instruments
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
instruments
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Higher
periods
of
inflation
could
lead
such
authorities
to
raise
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
33
In
general,
the
longer
the
maturity
or
duration
of
a
debt
security,
the
greater
its
sensitivity
to
changes
in
interest
rates.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
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.
Market
and
environment
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
The
COVID-19
pandemic
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Fund
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Fund’s
ability
to
achieve
its
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
tracking
index.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
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
a
tracking
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,
2021
34
Strategic
Beta
ETFs
|
Annual
Report
2021
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
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
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Fund.
Strategic
Beta
ETFs
|
Annual
Report
2021
35
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
Opinion
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,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2021,
the
related
statement
of
operations
for
the
year
ended
October
31,
2021,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2021
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,
2021,
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,
2021
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2021
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
Opinion
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,
2021
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
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
21,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
36
Strategic
Beta
ETFs
|
Annual
Report
2021
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
202
1
.
Shareholders
will
be
notified
in
early
202
2
of
the
amounts
for
use
in
preparing
202
1
income
tax
returns.
The
Fund
reports
the
following
for
ordinary
income
distributions:
Fund
Columbia
Diversified
Fixed
Income
Allocation
ETF
$23,545,137
Strategic
Beta
ETFs
|
Annual
Report
2021
37
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.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
171
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,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
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
171
Trustee,
BlueCross
BlueShield
of
Minnesota
since
2009
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee, 2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017
–
July
2017;
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020)
TRUSTEES
AND
OFFICERS
(continued)
38
Strategic
Beta
ETFs
|
Annual
Report
2021
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
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;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
171
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
since
2019
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
169
Director,
EQT
Corporation
(natural
gas
producer)
since
2019;
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company)
since
2020
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
(a)
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
169
Director,
The
Autism
Project
since
March
2015;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
(a)
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
2001-2004
169
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
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
171
Trustee,
MA
Taxpayers
Foundation
since
1997;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010;
Board
of
Directors,
The
MA
Business
Roundtable
2003-2019
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
39
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
171
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
169
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
169
None
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
169
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
TRUSTEES
AND
OFFICERS
(continued)
40
Strategic
Beta
ETFs
|
Annual
Report
2021
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
Dean
Witter
Reynolds,
Inc.,
1976-1980
171
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
Anthony
M.
Santomero
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1946
Trustee
2008
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
171
Trustee,
Penn
Mutual
Life
Insurance
Company
since
March
2008;
Director,
RenaissanceRe
Holdings
Ltd.
since
May
2008;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
171
Director,
BlueCross
BlueShield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
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;
Chair
of
Daniel-Mickel
Foundation
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
41
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Santomero
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
(a)
J.
Kevin
Connaughton
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
March
1,
2016.
Natalie
A.
Trunow
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
September
1,
2016.
Olive
M.
Darragh
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
June
10,
2019.
Shareholders
of
the
Funds
elected
Mr.
Connaughton
and
Mses.
Darragh
and
Trunow
as
Trustees
of
CFST,
CFST
I,
CFST
II,
CET
I,
CET
II,
and
CFVST
II
effective
January
1,
2021,
and
of
CFVIT,
effective
July
1,
2020.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
(a)
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
since
January
2016;
Non-executive
Member
of
the
Investment
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services)
since
August
2018;
Advisor,
Paradigm
Asset
Management
since
November
2016;
Director
of
Investments,
Casey
Family
Programs,
April
2016-September
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008
-
January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
169
Director,
Health
Services
for
Children
with
Special
Needs,
Inc.;
Director,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions);
Independent
Director,
Investment
Committee,
Sarona
Asset
Management
Sandra
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
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
171
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
42
Strategic
Beta
ETFs
|
Annual
Report
2021
*
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.
(a)
Mr.
Beckman
serves
as
the
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
(since
2021).
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
Columbia
Funds
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
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
November
2021
(a)
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
(since
April
2015);
officer
of
Columbia
Funds
and
affiliated
funds
since
2020.
171
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
43
The
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
Trusts
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.
Beckman
who
is
the
President
and
Principal
Executive
Officer,
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
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2019
(previously
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
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.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
September
2010
–
September
2020.
Colin
Moore
290
Congress
Street
Boston,
MA
02210
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
290
Congress
Street
Boston,
MA
02210
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);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
TRUSTEES
AND
OFFICERS
(continued)
44
Strategic
Beta
ETFs
|
Annual
Report
2021
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
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
Strategic
Beta
ETFs
|
Annual
Report
2021
45
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Diversified
Fixed
Income
Allocation
ETF
(the
Fund).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Fund
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
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.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
in
November
and
December
2020
and
March,
April
and
June
2021,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
a
comprehensive
response
to
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
in
a
letter
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
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
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Oversight
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
15,
2021
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
advisory
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Fund
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Fund
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
Fund’s
management
fees
and
total
expenses,
including
information
comparing
the
Fund’s
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
46
Strategic
Beta
ETFs
|
Annual
Report
2021
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2021
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Fund,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided.
In
connection
with
the
Board's
evaluation
of
the
overall
package
of
services
provided
by
the
Investment
Manager,
the
Board
also
considered
the
nature,
quality
and
range
of
administrative
services
provided
to
the
Fund
by
the
Investment
Manager,
as
well
as
the
achievements
in
2020
in
the
performance
of
administrative
services,
and
noted
the
various
enhancements
anticipated
for
2021.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
are
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Columbia
Funds
under
the
Fund
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
In
this
connection,
the
Board
carefully
reviewed
the
investment
performance
of
the
Fund,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Fund,
(ii)
the
performance
of
a
benchmark
index,
(iii)
the
percentage
ranking
of
the
Fund
among
its
comparison
group,
(iv)
the
Fund’s
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
Fund
and
(vi)
index
tracking
error
data
of
the
Fund.
The
Board
observed
the
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unified/all-inclusive
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unified/all-inclusive
fee
structures,
as
well
as
data
showing
the
Fund’s
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
47
Lipper
comparison
universe.
The
Board
took
into
account
that
the
Fund's
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
approximated
the
peer
universe's
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Fund,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Fund.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
in
2020
the
Board
had
considered
2019
profitability
and
that
the
2021
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2020
increased
slightly
from
2019
levels.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Fund
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
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
the
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
15,
2021,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
Annual
Report
October
31,
2021
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
Fund’s
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Fund’s
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
Fund
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
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
2021
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Understanding
Your
Fund’s
Expenses
7
Portfolio
of
Investments
8
Statement
of
Assets
and
Liabilities
21
Statement
of
Operations
22
Statement
of
Changes
in
Net
Assets
23
Financial
Highlights
24
Notes
to
Financial
Statements
25
Report
of
Independent
Registered
Public
Accounting
Firm
32
Federal
Income
Tax
Information
33
Trustees
and
Officers
34
Approval
of
Investment
Management
Services
Agreement
42
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
the
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
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
The
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Fund
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
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
2021
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
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.
The
Bloomberg
Municipal
Bond
Index
is
an
unmanaged
index
considered
representative
of
the
broad
market
for
investment-grade,
tax-exempt
bonds
with
a
maturity
of
at
least
one
year.
Effective
August
24,
2021,
the
Bloomberg
Barclays
Municipal
Bond
Index
was
re-branded
as
the
Bloomberg
Municipal
Bond
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2021)
Inception
1
Year
Life
Market
Price
10/10/18
3.85
6.08
Net
Asset
Value
10/10/18
4.11
5.98
{
Beta
Advantage®
}
Multi-Sector
Municipal
Bond
Index
4.10
5.75
Bloomberg
Municipal
Bond
Index
2.64
5.09
FUND
AT
A
GLANCE
(continued)
4
Strategic
Beta
ETFs
|
Annual
Report
2021
Performance
of
a
hypothetical
$10,000
investment
(October
10,
2018
—
October
31,
2021)
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.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Quality
breakdown
(%)
(at
October
31,
2021)
AAA
rating
8.2
AA
rating
32.9
A
rating
36.6
BBB
rating
14.3
BB
rating
6.8
B
rating
0.9
CCC
rating
0.1
Not
rated
0.2
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
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.
If
a
security
is
not
rated
but
has
a
rating
by
Kroll
and/or
DBRS,
the
same
methodology
is
applied
to
those
bonds
that
would
otherwise
be
not
rated.
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.
Top
ten
states/territories
(%)
(at
October
31,
2021)
New
York
17
.1
New
Jersey
11
.6
Texas
8
.5
Illinois
8
.3
Pennsylvania
6
.5
Florida
5
.5
Connecticut
3
.9
Ohio
3
.7
Colorado
3
.7
Michigan
3
.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.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Multi-Sector
Municipal
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
5
For
the
12-month
period
that
ended
October
31,
2021,
the
Fund
returned
4.11%
based
on
net
asset
value
(NAV)
and
3.85%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
4.10%
during
the
same
period.
To
compare,
the
Bloomberg
Municipal
Bond
Index
returned
2.64%
for
the
same
period.
The
Fund
had
an
NAV
of
$21.83
on
October
31,
2020
and
ended
the
annual
period
on
October
31,
2021
with
an
NAV
of
$22.30.
The
Fund’s
market
price
on
October
31,
2021
was
$22.37
per
share.
Market
overview
As
the
annual
period
began
in
the
last
two
months
of
2020,
positive
news
regarding
COVID-19
vaccine
approvals
sparked
a
renewed
bid
for
risk
assets,
including
municipal
bonds.
After
having
flooded
the
market
with
pre-election
supply
that
pushed
municipal
total
returns
into
negative
territory
in
October
2020,
municipal
bond
investors
were
left
with
limited
new
issuance
to
meet
demand
in
November
and
December,
which
helped
end
the
calendar
year
on
a
positive
note.
January
2021
began
the
new
year
with
a
continuation
of
the
strong
municipal
bond
performance
that
closed
2020.
Despite
the
gradual
upward
march
of
U.S.
Treasury
yields,
lighter
supply
and
tighter
spreads,
or
yield
differentials
to
U.S.
Treasuries,
drove
outperformance
of
municipal
bonds
compared
to
U.S.
Treasuries
in
January.
By
mid-February,
however,
municipal
bonds
succumbed
to
the
upward
pull
of
U.S.
Treasury
yields,
with
only
the
shortest
maturities
avoiding
substantial
yield
hikes.
(Remember,
there
is
generally
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
rise
when
yields
decrease
and
vice
versa.)
However,
negative
total
returns
brought
on
by
higher
yields
did
not
spark
an
outflow
cycle.
Rather,
municipal
bond
investors
took
the
opportunity
to
put
cash
to
work
at
higher
yield
levels,
and
by
the
end
of
March,
yields
had
retraced
modestly
lower,
reviving
outperformance
versus
U.S.
Treasuries.
Still,
the
municipal
bond
market
overall
posted
a
slightly
negative
return
for
the
first
quarter
overall.
Municipal
bonds
were
one
of
the
best
performing
U.S.
fixed-income
sectors
during
the
second
quarter
of
2021.
Municipal
bond
performance
was
supported
by
record
inflows,
improving
credit
fundamentals
and
substantial
fiscal
stimulus
from
the
federal
government.
Federal
stimulus
via
the
$1.9
trillion
American
Rescue
Plan,
passed
in
late
March
2021,
included
direct
assistance
of
$350
billion
for
state
and
local
governments
and
additional
funding
for
education,
transportation
and
public
health,
which
provided
some
measure
of
indirect
support
for
other
portions
of
the
municipal
bond
market.
Tax
revenues
turned
projected
deficits
during
the
pandemic
into
actual
surpluses
for
many
state
and
local
governments.
Additionally,
an
uptick
in
economic
activity
thanks
to
accelerated
COVID-19
vaccination
efforts,
also
supported
improvement
in
municipal
credit
fundamentals.
Further,
while
new
issue
tax-exempt
supply
was
nearly
10%
ahead
of
the
prior
year
as
of
the
end
of
June
2021,
supply
failed
to
keep
pace
with
robust
demand,
and
new
deals
were
met
with
strong
interest.
The
third
calendar
quarter
began
with
a
Delta-variant-driven
resurgence
in
COVID-19
cases
weighing
on
investors’
minds.
Initially,
the
expectation
of
slower
economic
growth
pushed
U.S.
Treasury
yields
lower.
Undeterred,
the
U.S.
Federal
Reserve
(Fed)
indicated
the
tapering
of
asset
purchases
would
likely
begin
“soon”
but
gave
no
timeline
for
the
start
of
interest
rate
hikes.
These
indications
of
tightening
monetary
policy
in
the
near
term,
along
with
supply
chain
disruptions
and
energy
shortages,
pressured
inflation
and
interest
rates
higher.
All
told,
interest
rates
were
volatile,
leading
most
fixed-income
sectors
to
negative
returns
for
the
quarter,
including
municipal
bonds.
Continued
strong
inflows
were
supportive
of
municipal
bonds,
but
seasonal
factors
dampened
new
issuance
in
the
third
quarter,
with
a
substantial
drop
in
taxable
supply.
Notably,
post-COVID-19
tax
revenue
performance
in
most
locales
continued
to
outpace
expectations,
improving
credit
fundamentals
and
leaving
many
municipal
issuers
in
a
healthy
fiscal
position.
Municipal
bonds
experienced
their
third
consecutive
month
of
negative
performance
in
October
2021
amid
ongoing
interest
rate
volatility,
as
the
market
priced
in
expectations
of
tightening
monetary
policy
by
the
Fed.
Modest
underperformance
versus
U.S.
Treasuries
resulted
from
market
expectations
that
infrastructure
legislation
might
have
less
of
an
impact
on
the
sector
than
initially
thought.
Issuance
was
below
historical
norms
for
the
month,
and
taxable
issuance
accounted
for
28%
of
supply,
the
largest
proportion
since
February
2021.
This
below
average
tax-exempt
issuance
was
counterbalanced
by
a
slowdown
in
demand,
though
fund
flows
remained
positive.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
health
care,
lease,
transportation
and
local
sectors
contributed
most
positively
to
the
Fund’s
results
on
an
absolute
basis
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Multi-Sector
Municipal
Income
ETF
6
Strategic
Beta
ETFs
|
Annual
Report
2021
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
state,
special
tax,
“other”
and
housing
sectors
contributed
least
to
the
Fund’s
results
on
an
absolute
basis
during
the
annual
period.
The
Fund
had
a
weighted
average
duration
of
8.30
years,
a
weighted
average
maturity
of
11.04
years,
an
average
yield
to
maturity
of
2.48%
and
an
average
coupon
of
4.33%
as
of
October
31,
2021.
The
30-day
SEC
yield
of
the
Fund
at
the
end
of
the
annual
period
was
1.02%.
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
transaction
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
who
have
contributed
to
this
report.
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
2021
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2021—
October
31,
2021
Beginning
account
value
($)
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
1,002.00
1,024.05
1.16
1.17
0.23
PORTFOLIO
OF
INVESTMENTS
October
31,
2021
(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.
8
Strategic
Beta
ETFs
|
Annual
Report
2021
Municipal
Bonds
98.9%
Issue
Description
Principal
Amount
($)
Value
($)
Alabama
0.8%
County
of
Jefferson
AL
Sewer
Revenue
Series
E
Revenue
Bonds
0.000%,
10/01/33
(a)
250,000
118,674
Health
Care
Authority
of
The
City
of
Huntsville
(The)
Series
B1
Revenue
Bonds
5.000%,
06/01/38
400,000
497,924
UAB
Medicine
Finance
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/35
235,000
277,545
4.000%,
09/01/36
275,000
306,280
Total
Alabama
1,200,423
Alaska
0.1%
Borough
of
Matanuska-Susitna
Revenue
Bonds
5.000%,
09/01/32
100,000
115,470
Arizona
1.4%
Arizona
Health
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
12/01/39
325,000
366,189
5.000%,
01/01/44
335,000
364,615
Arizona
Industrial
Development
Authority
Series
A
Revenue
Bonds
3.000%,
02/01/45
110,000
113,656
City
of
Mesa
AZ
Utility
System
Revenue
Revenue
Bonds
3.250%,
07/01/29
150,000
160,803
City
of
Phoenix
Civic
Improvement
Corp.
Series
B
Revenue
Bonds
4.000%,
07/01/28
150,000
164,298
Maricopa
County
Industrial
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
01/01/35
205,000
245,540
4.000%,
01/01/38
220,000
246,807
State
of
Arizona
Series
A
Revenue
Bonds
5.000%,
10/01/28
250,000
315,575
Total
Arizona
1,977,483
California
0.1%
Department
of
Veterans
Affairs
Veteran's
Farm
&
Home
Purchase
Program
Series
A
Revenue
Bonds
2.100%,
12/01/35
150,000
149,354
Colorado
3.6%
Adams
12
Five
Star
Schools
Series
B
5.000%,
12/15/27
155,000
187,904
City
&
County
of
Denver
Revenue
Bonds
5.000%,
10/01/32
100,000
104,913
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
&
County
of
Denver
CO
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
12/01/26
270,000
324,601
5.000%,
12/01/27
160,000
196,500
5.000%,
11/15/29
325,000
395,911
5.000%,
12/01/29
285,000
355,530
5.000%,
12/01/30
150,000
193,422
Colorado
Health
Facilities
Authority
Revenue
Bonds
5.000%
08/01/35,
Series
A-2
200,000
250,218
4.000%
08/01/38,
Series
A-1
225,000
257,433
5.000%
11/01/39,
Series
A
180,000
224,491
5.000%
11/15/41,
Series
A
250,000
320,963
5.000%
01/01/44,
Series
A
385,000
419,366
5.000%
08/01/44,
Series
A-2
200,000
245,858
Colorado
Housing
and
Finance
Authority
Series
L
Revenue
Bonds
1.650%,
05/01/29
(b)
250,000
249,043
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(a)
140,000
105,507
Regional
Transportation
District
Revenue
Bonds
5.000%,
06/01/26
260,000
299,734
5.000%,
06/01/27
165,000
188,687
State
of
Colorado,
Series
A
Revenue
Bonds
5.000%,
12/15/33
150,000
194,329
3.000%,
12/15/37
250,000
272,385
Woodmoor
Water
&
Sanitation
District
No
1
Revenue
Bonds
5.000%,
12/01/28
300,000
379,298
Total
Colorado
5,166,093
Connecticut
3.8%
Connecticut
Housing
Finance
Authority
Revenue
Bonds
2.875%
11/15/30,
Series
A-1
200,000
208,160
2.000%
11/15/36,
Series
B-3
250,000
243,677
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
A
320,000
401,778
5.000%
07/01/33,
Series
A
235,000
295,357
5.000%
07/01/35,
Series
A
150,000
187,453
4.000%
07/01/38,
Series
A
200,000
226,716
5.000%
07/01/42,
Series
J
150,000
154,367
5.000%
12/01/45
275,000
318,545
State
of
Connecticut
Clean
Water
Fund
-
State
Revolving
Fund
Series
A
Revenue
Bonds
5.000%,
03/01/27
225,000
257,153
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%
09/01/26,
Series
A
225,000
270,322
5.000%
08/01/28,
Series
A
350,000
405,552
5.000%
01/01/29,
Series
A
340,000
421,086
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
9
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
09/01/30,
Series
A
135,000
161,430
5.000%
10/01/31,
Series
B
125,000
156,240
5.000%
01/01/33,
Series
A
260,000
320,354
5.000%
05/01/33,
Series
A
300,000
391,968
5.000%
09/01/34,
Series
A
175,000
196,221
5.000%
05/01/35,
Series
A
450,000
586,995
4.000%
05/01/36,
Series
A
185,000
220,232
Total
Connecticut
5,423,606
Delaware
0.5%
Delaware
State
Health
Facilities
Authority,
Series
A
Revenue
Bonds
4.000%,
07/01/40
200,000
225,128
5.000%,
10/01/40
215,000
268,563
5.000%,
10/01/45
125,000
154,660
Total
Delaware
648,351
District
of
Columbia
1.8%
District
of
Columbia
Revenue
Bonds
5.000%
04/01/33
200,000
238,950
5.000%
04/01/36
125,000
148,634
4.000%
07/15/40
130,000
142,607
5.000%
07/15/40
140,000
162,261
District
of
Columbia
5.000%
10/15/25,
Series
A
125,000
146,838
District
of
Columbia
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/29
250,000
296,162
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/29,
Series
A
125,000
140,407
5.000%
10/01/30
200,000
242,266
5.000%
10/01/33,
Series
A
450,000
579,079
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%
10/01/30,
Series
B
(a)
130,000
110,174
0.000%
10/01/37,
Series
A
(a)
500,000
285,394
Total
District
of
Columbia
2,492,772
Florida
5.4%
Alachua
County
Health
Facilities
Authority
Series
B-1
Revenue
Bonds
5.000%,
12/01/34
150,000
190,037
Brevard
County
Health
Facilities
Authority
Revenue
Bonds
4.000%,
04/01/36
140,000
150,677
Capital
Trust
Agency,
Inc.
Series
A
Revenue
Bonds
5.250%,
12/01/43
(c)
150,000
174,527
Central
Florida
Expressway
Authority
Series
D
Revenue
Bonds
5.000%,
07/01/34
400,000
523,596
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Gainesville
FL
Utilities
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
10/01/28
125,000
154,545
5.000%,
10/01/31
225,000
277,286
5.000%,
10/01/32
125,000
153,837
City
of
Tampa
Series
B
Revenue
Bonds
4.000%,
07/01/38
175,000
201,713
County
of
Miami-Dade
FL
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/32
205,000
229,343
5.000%
10/01/32,
Series
A
250,000
279,686
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
Revenue
Bonds
5.250%
10/01/22,
Series
B
210,000
219,524
5.000%
10/01/25
315,000
369,517
Escambia
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
08/15/45
250,000
276,036
Florida
Development
Finance
Corp.,
Series
A
Revenue
Bonds
4.000%,
06/01/36
(c)
300,000
338,987
4.000%,
06/01/41
(c)
200,000
222,795
Florida
Municipal
Power
Agency
Series
A
Revenue
Bonds
5.000%,
10/01/28
350,000
419,928
Greater
Orlando
Aviation
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/26
260,000
310,666
5.000%,
10/01/27
255,000
311,841
4.000%,
10/01/35
275,000
320,421
Hillsborough
County
School
Board
Revenue
Bonds
5.000%,
07/01/29
150,000
190,080
JEA
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
150,000
185,525
North
Broward
Hospital
District
Series
B
Revenue
Bonds
5.000%,
01/01/35
200,000
240,160
Orange
County
Health
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/37
100,000
119,088
5.000%,
10/01/39
100,000
117,949
Palm
Beach
County
School
District
Revenue
Bonds
5.000%
08/01/28,
Series
B
170,000
213,104
5.000%
08/01/30,
Series
D
150,000
173,590
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
School
Board
of
Miami-Dade
County
(The),
Series
A
Revenue
Bonds
5.000%,
05/01/30
195,000
223,105
5.000%,
05/01/32
135,000
154,281
School
District
of
Broward
County
Series
A
Revenue
Bonds
5.000%,
07/01/34
250,000
317,118
South
Broward
Hospital
District
Series
A
Revenue
Bonds
3.500%,
05/01/39
200,000
216,240
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000
176,220
Volusia
County
School
Board
Series
B
Revenue
Bonds
5.000%,
08/01/30
200,000
224,023
Total
Florida
7,675,445
Georgia
2.1%
Brookhaven
Development
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/44
190,000
218,874
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Series
C
Revenue
Bonds
5.000%,
07/01/36
200,000
249,360
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.000%,
11/01/27
190,000
218,727
5.750%,
11/01/29
200,000
269,525
George
L
Smith
II
Congress
Center
Authority
Series
A
Revenue
Bonds
2.375%,
01/01/31
200,000
209,063
Gwinnett
County
School
District
5.000%,
02/01/27
200,000
228,576
Municipal
Electric
Authority
of
Georgia
Series
A
Revenue
Bonds
5.000%,
01/01/28
200,000
236,897
State
of
Georgia
4.000%
02/01/26,
Series
A-2
215,000
232,491
5.000%
02/01/27,
Series
A
200,000
236,195
5.000%
02/01/28,
Series
A-2
350,000
425,278
5.000%
07/01/28,
Series
F
355,000
430,185
Total
Georgia
2,955,171
Hawaii
1.0%
City
&
County
of
Honolulu
Series
A
5.000%,
10/01/29
350,000
407,716
State
of
Hawaii
5.000%
08/01/26,
Series
EO
200,000
225,343
5.000%
10/01/27,
Series
FH
150,000
180,835
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
State
of
Hawaii
Airports
System
Revenue
Revenue
Bonds
5.250%
08/01/26
150,000
162,303
5.000%
07/01/33,
Series
A
350,000
439,651
Total
Hawaii
1,415,848
Idaho
0.1%
Idaho
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/44
120,000
130,744
Illinois
8.2%
Chicago
Board
of
Education
0.000%
12/01/29,
Series
A
(a)
185,000
158,756
5.000%
12/01/30,
Series
A
150,000
184,291
0.000%
12/01/31,
Series
A
(a)
355,000
285,320
0.000%
12/01/31,
Series
B-1
(a)
220,000
176,839
5.000%
12/01/34,
Series
A
250,000
308,221
5.250%
12/01/35,
Series
C
130,000
144,061
5.000%
12/01/38,
Series
A
300,000
366,624
5.250%
12/01/39,
Series
C
235,000
258,896
5.000%
12/01/42,
Series
A
200,000
207,516
Chicago
Housing
Authority
Series
A
Revenue
Bonds
5.000%,
01/01/32
180,000
210,978
Chicago
Midway
International
Airport
Series
A
Revenue
Bonds
5.000%,
01/01/30
500,000
545,243
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.000%
01/01/28,
Series
B
325,000
369,483
5.000%
01/01/29,
Series
C
200,000
234,109
5.000%
01/01/31,
Series
B
180,000
204,110
5.000%
01/01/33,
Series
A
300,000
338,458
5.000%
01/01/33,
Series
B
330,000
394,950
5.000%
01/01/34,
Series
B
355,000
424,310
5.000%
01/01/34,
Series
C
250,000
291,021
City
of
Chicago
0.000%
01/01/31,
Series
C
(a)
320,000
251,748
5.000%
01/01/34,
Series
A
200,000
217,143
City
of
Chicago
IL
Wastewater
Transmission
Revenue
Series
C
Revenue
Bonds
5.000%,
01/01/24
230,000
252,400
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No
512
4.000%,
12/15/29
180,000
215,192
Illinois
Finance
Authority
Revenue
Bonds
4.000%
01/01/25
340,000
377,472
5.000%
07/01/28
115,000
138,922
5.000%
07/01/31
140,000
168,535
5.000%
01/01/32,
Series
A
250,000
299,331
5.000%
08/15/33,
Series
A
250,000
322,302
4.125%
11/15/37,
Series
A
235,000
259,003
4.000%
01/01/40,
Series
A
275,000
301,983
4.000%
08/15/41,
Series
A
350,000
406,399
5.000%
08/15/43
150,000
155,677
5.000%
01/01/44,
Series
A
300,000
354,267
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
11
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.125%
05/01/45
200,000
219,116
Illinois
State
Toll
Highway
Authority
Revenue
Bonds
5.000%
01/01/30,
Series
B
115,000
147,718
5.000%
01/01/31,
Series
C
150,000
191,907
4.000%
12/01/31,
Series
A
210,000
235,867
5.000%
12/01/31,
Series
A
435,000
508,667
Metropolitan
Pier
&
Exposition
Authority
Revenue
Bonds
0.000%
12/15/29,
Series
A
(a)
160,000
135,312
0.000%
06/15/30,
Series
A
(a)
415,000
345,892
0.000%
12/15/41,
Series
B
(a)
280,000
163,322
Northern
Illinois
Municipal
Power
Agency
Series
A
Revenue
Bonds
4.000%,
12/01/32
200,000
227,515
State
of
Illinois
4.000%
06/01/33
100,000
109,399
4.000%
03/01/39,
Series
A
200,000
225,705
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(a)
300,000
230,139
Total
Illinois
11,564,119
Indiana
0.9%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000
152,312
City
of
Indianapolis
Department
of
Public
Utilities
Water
System
Revenue
Series
B
Revenue
Bonds
5.000%,
10/01/25
300,000
350,869
Indiana
Finance
Authority
Revenue
Bonds
3.000%
11/01/30,
Series
A
150,000
156,869
4.000%
11/01/33,
Series
C
100,000
114,875
5.000%
12/01/35,
Series
A
150,000
172,191
5.000%
06/01/39,
Series
A
225,000
228,820
Indiana
Municipal
Power
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/34
100,000
122,541
Total
Indiana
1,298,477
Iowa
0.2%
Iowa
Finance
Authority
Revenue
Bonds
2.250%
01/01/32,
Series
D
150,000
151,813
5.000%
05/15/43,
Series
A
160,000
181,889
Total
Iowa
333,702
Kansas
0.5%
Kansas
Development
Finance
Authority
Revenue
Bonds
5.000%
05/01/28,
Series
A
190,000
203,238
5.000%
11/15/54,
Series
B
(Mandatory
Put
11/15/31)
400,000
532,056
Total
Kansas
735,294
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Kentucky
1.3%
County
of
Christian
Revenue
Bonds
5.375%,
02/01/36
250,000
287,965
Kentucky
State
Property
&
Building
Commission
Series
B
Revenue
Bonds
5.000%,
11/01/28
250,000
298,430
Kentucky
Turnpike
Authority
Series
B
Revenue
Bonds
5.000%,
07/01/26
160,000
190,436
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
Series
A
Revenue
Bonds
5.000%,
05/15/28
410,000
410,708
Louisville/Jefferson
County
Metropolitan
Government,
Series
A
Revenue
Bonds
5.000%,
10/01/30
290,000
345,372
4.000%,
10/01/35
235,000
263,126
Total
Kentucky
1,796,037
Louisiana
0.6%
East
Baton
Rouge
Sewerage
Commission
Series
A
(Mandatory
Put
02/01/28)
Revenue
Bonds
1.300%,
02/01/41
275,000
279,301
Louisiana
Public
Facilities
Authority
Revenue
Bonds
5.000%,
06/01/27
140,000
156,109
State
of
Louisiana
5.000%
08/01/25,
Series
C
120,000
134,945
5.000%
08/01/27,
Series
B
230,000
275,328
Total
Louisiana
845,683
Maine
0.1%
Maine
State
Housing
Authority
Series
B
Revenue
Bonds
3.450%,
11/15/34
100,000
103,866
Maryland
2.4%
County
of
Frederick
Series
A
Revenue
Bonds
5.000%,
09/01/32
(c)
75,000
84,120
County
of
Howard
Series
B
5.000%,
02/15/28
225,000
274,265
County
of
Montgomery
Series
A
5.000%,
11/01/26
150,000
181,541
County
of
Prince
George's
Series
A
4.000%,
07/15/30
150,000
178,013
Maryland
Community
Development
Administration
Series
B
Revenue
Bonds
0.900%,
03/01/27
250,000
246,137
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%
07/01/41
165,000
180,810
5.000%
08/15/41,
Series
A
100,000
107,861
5.000%
05/15/45,
Series
A
250,000
301,341
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
100,000
122,349
Maryland
Water
Quality
Financing
Administration
Revolving
Loan
Fund
Revenue
Bonds
2.800%,
03/01/26
150,000
158,372
3.000%,
03/01/30
310,000
328,117
State
of
Maryland,
Series
A
5.000%,
03/15/26
150,000
178,412
5.000%,
03/15/29
230,000
287,389
5.000%,
08/01/29
460,000
566,136
5.000%,
08/01/30
120,000
154,271
Total
Maryland
3,349,134
Massachusetts
2.6%
Commonwealth
of
Massachusetts
5.000%
07/01/27,
Series
A
250,000
307,534
5.000%
07/01/28,
Series
A
200,000
239,045
5.000%
03/01/29,
Series
A
150,000
191,250
5.000%
07/01/30,
Series
A
160,000
185,221
5.000%
11/01/31,
Series
E
250,000
308,409
Massachusetts
Department
of
Transportation
Series
A
Revenue
Bonds
0.000%,
01/01/28
(a)
435,000
398,135
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.000%
10/01/24
150,000
164,918
5.000%
07/01/34,
Series
E
110,000
130,218
5.000%
07/01/36,
Series
I
150,000
176,826
5.000%
07/01/36,
Series
K
150,000
186,168
4.000%
07/01/38,
Series
K
150,000
166,801
4.000%
07/01/40
200,000
232,355
5.000%
07/01/41,
Series
I
250,000
287,306
5.000%
07/01/44,
Series
A
200,000
238,858
Massachusetts
Port
Authority
Series
A
Revenue
Bonds
5.000%,
07/01/36
250,000
309,578
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Revenue
Series
A
Revenue
Bonds
5.000%,
01/01/32
150,000
186,090
Total
Massachusetts
3,708,712
Michigan
3.0%
Detroit
City
School
District
Series
A
5.000%,
05/01/27
180,000
184,194
Flint
Hospital
Building
Authority
Revenue
Bonds
4.000%,
07/01/41
185,000
203,934
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Great
Lakes
Water
Authority
Sewage
Disposal
System
Revenue
Series
B
Revenue
Bonds
5.000%,
07/01/29
200,000
254,536
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
Revenue
Bonds
5.000%
07/01/26,
Series
C
305,000
363,902
5.000%
07/01/28,
Series
A
200,000
250,276
Michigan
Finance
Authority
Revenue
Bonds
5.000%
10/01/29,
Series
B
275,000
332,920
3.125%
12/01/35,
Series
A
100,000
107,742
5.000%
11/15/41
300,000
350,752
3.250%
11/15/42
150,000
156,828
5.000%
12/01/42,
Series
A-MI
455,000
552,039
4.000%
02/15/44,
Series
A
155,000
177,923
5.000%
11/01/44,
Series
A
150,000
173,054
Michigan
State
Building
Authority,
Series
I
Revenue
Bonds
5.000%,
10/15/27
400,000
493,421
5.000%,
04/15/30
145,000
168,949
5.000%,
04/15/32
155,000
180,170
Michigan
State
Housing
Development
Authority
Series
C
Revenue
Bonds
3.900%,
12/01/33
5,000
5,428
State
of
Michigan
Revenue
Bonds
5.000%,
03/15/26
225,000
267,717
Total
Michigan
4,223,785
Minnesota
0.8%
City
of
Apple
Valley
Series
A
Revenue
Bonds
4.250%,
01/01/37
260,000
242,501
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
100,000
111,134
City
of
Minneapolis
Series
A
Revenue
Bonds
6.000%,
07/01/43
100,000
104,443
City
of
St
Cloud
Series
A
Revenue
Bonds
4.000%,
05/01/37
320,000
355,404
Duluth
Housing
&
Redevelopment
Authority
Series
A
Revenue
Bonds
5.000%,
11/01/33
100,000
111,080
Minneapolis-St
Paul
Metropolitan
Airports
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/27
155,000
187,473
Total
Minnesota
1,112,035
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
13
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Mississippi
0.4%
Mississippi
Development
Bank
Series
A
Revenue
Bonds
5.000%,
08/01/25
270,000
313,953
Mississippi
Home
Corp.
Series
A
Revenue
Bonds
1.950%,
06/01/32
200,000
202,370
State
of
Mississippi
Series
C
5.000%,
10/01/26
100,000
117,090
Total
Mississippi
633,413
Missouri
1.4%
Cape
Girardeau
County
Industrial
Development
Authority
Revenue
Bonds
4.000%,
03/01/41
250,000
279,478
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
Bonds
4.000%
11/15/42
510,000
535,143
4.000%
07/01/46,
Series
A
300,000
347,439
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000
163,455
Missouri
Joint
Municipal
Electric
Utility
Commission,
Series
A
Revenue
Bonds
5.000%,
12/01/30
140,000
160,680
4.000%,
12/01/32
200,000
225,278
4.000%,
12/01/33
120,000
134,176
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000
114,282
Total
Missouri
1,959,931
Nebraska
0.2%
Public
Power
Generation
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/28
300,000
342,092
New
Jersey
11.5%
New
Jersey
Economic
Development
Authority
Revenue
Bonds
4.000%
11/01/25,
Series
B
200,000
221,378
5.000%
03/01/26,
Series
NN
260,000
275,648
4.375%
06/15/27,
Series
XX
120,000
133,261
5.500%
09/01/27,
Series
N-1
120,000
150,610
5.500%
06/15/29,
Series
BBB
195,000
236,831
5.000%
03/01/30,
Series
NN
585,000
619,423
4.000%
06/15/30,
Series
PP
150,000
162,565
5.000%
06/15/30,
Series
B
210,000
260,252
3.125%
07/01/31,
Series
A
145,000
158,749
5.000%
06/15/32,
Series
EEE
175,000
214,679
6.000%
07/01/32,
Series
A
200,000
204,426
4.000%
06/15/34,
Series
QQQ
350,000
411,059
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
06/15/34,
Series
WW
300,000
341,452
4.000%
07/01/34,
Series
A
315,000
350,262
5.000%
06/15/35,
Series
WW
270,000
307,049
5.000%
06/15/36,
Series
AAA
310,000
366,095
New
Jersey
Educational
Facilities
Authority
Revenue
Bonds
5.000%,
06/15/28
135,000
150,087
New
Jersey
Health
Care
Facilities
Financing
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/32
225,000
257,207
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Series
D
Revenue
Bonds
4.000%,
04/01/24
265,000
284,441
4.000%,
04/01/25
225,000
246,819
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%
12/15/25,
Series
C
(a)
180,000
172,707
0.000%
12/15/26,
Series
C
(a)
210,000
199,158
5.000%
06/15/27,
Series
A-1
260,000
305,538
0.000%
12/15/27,
Series
A
(a)
300,000
272,176
0.000%
12/15/27,
Series
C
(a)
250,000
231,007
5.000%
06/15/28,
Series
A-1
240,000
281,479
0.000%
12/15/28,
Series
A
(a)
335,000
294,964
5.000%
06/15/29,
Series
BB-1
245,000
303,968
0.000%
12/15/29,
Series
A
(a)
450,000
385,483
5.000%
06/15/30,
Series
A
270,000
315,945
0.000%
12/15/30,
Series
C
(a)
225,000
187,673
5.000%
06/15/31,
Series
BB
115,000
141,739
5.000%
06/15/32,
Series
D
225,000
253,141
5.250%
06/15/32,
Series
C
270,000
305,839
0.000%
12/15/32,
Series
A
(a)
595,000
467,791
5.000%
12/15/32,
Series
A
630,000
771,072
5.000%
06/15/33,
Series
A
400,000
512,498
0.000%
12/15/33,
Series
C
(a)
550,000
423,329
5.000%
06/15/34,
Series
2014
250,000
319,135
0.000%
12/15/34,
Series
A
(a)
135,000
99,435
0.000%
12/15/34,
Series
A
(a)
130,000
95,752
0.000%
12/15/34,
Series
C
(a)
250,000
186,661
5.000%
12/15/34,
Series
A
520,000
634,549
4.750%
06/15/35,
Series
AA
200,000
225,675
0.000%
12/15/35,
Series
A
(a)
165,000
117,501
4.000%
06/15/36,
Series
A
550,000
638,931
5.000%
06/15/36,
Series
AA
120,000
128,124
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.250%
01/01/30,
Series
A
170,000
223,737
5.000%
01/01/31,
Series
E
720,000
831,224
4.000%
01/01/33,
Series
G
225,000
258,452
5.000%
01/01/33,
Series
A
100,000
111,391
5.000%
01/01/33,
Series
B
460,000
561,974
5.000%
01/01/34,
Series
A
145,000
173,566
5.000%
01/01/34,
Series
E
395,000
447,265
Total
New
Jersey
16,231,172
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
New
York
16.9%
Brooklyn
Arena
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
07/15/36
150,000
157,203
Broome
County
Local
Development
Corp.
Revenue
Bonds
3.000%,
04/01/45
200,000
206,744
City
of
New
York
5.000%
08/01/25,
Series
C
150,000
174,810
5.000%
08/01/25,
Series
E
110,000
116,472
5.000%
08/01/25,
Series
J
115,000
124,402
5.000%
08/01/27,
Series
C-1
175,000
215,191
5.000%
08/01/28,
Series
A
390,000
445,729
5.000%
08/01/28,
Series
C
350,000
412,615
5.000%
08/01/28,
Series
E
350,000
370,436
5.000%
08/01/29,
Series
A-1
200,000
255,946
Dutchess
County
Local
Development
Corp.
Series
B
Revenue
Bonds
4.000%,
07/01/34
300,000
334,408
Erie
County
Industrial
Development
Agency
(The)
Series
A
Revenue
Bonds
5.000%,
05/01/30
180,000
215,898
Long
Island
Power
Authority
Revenue
Bonds
0.000%
06/01/28
(a)
220,000
198,498
5.250%
09/01/29,
Series
C
140,000
178,462
5.000%
09/01/34
115,000
141,970
5.000%
09/01/37,
Series
A
250,000
318,046
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%
11/15/26,
Series
A2
275,000
323,788
5.000%
11/15/27,
Series
C-1
250,000
287,542
5.000%
11/15/28,
Series
C-1
275,000
331,311
5.000%
11/15/31,
Series
C-1
365,000
436,091
4.000%
11/15/32,
Series
D
400,000
413,719
5.000%
11/15/32,
Series
D
455,000
541,173
5.000%
11/15/33,
Series
D-1
450,000
520,511
4.000%
11/15/35,
Series
C-1
215,000
237,584
5.000%
11/15/35,
Series
B
150,000
174,102
Monroe
County
Industrial
Development
Corp.
Series
A
Revenue
Bonds
4.000%,
07/01/35
125,000
138,585
New
York
City
Housing
Development
Corp.
Series
G-2-A
(Mandatory
Put
12/31/21)
Revenue
Bonds
2.000%,
11/01/57
15,000
15,044
New
York
City
Industrial
Development
Agency
Series
A
Revenue
Bonds
2.000%,
01/01/38
250,000
235,241
New
York
City
Water
&
Sewer
System
Revenue
Bonds
5.000%
06/15/27,
Series
FF
200,000
232,021
5.000%
06/15/27,
Series
GG
175,000
203,019
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
06/15/28,
Series
BB-2
330,000
405,330
5.000%
06/15/28,
Series
EE
145,000
162,277
5.000%
06/15/28,
Series
FF
200,000
231,799
5.000%
06/15/28,
Series
HH
380,000
440,418
5.000%
06/15/29,
Series
AA-2
125,000
160,563
5.000%
06/15/29,
Series
EE
590,000
693,843
5.000%
06/15/29,
Series
FF
140,000
162,036
5.000%
06/15/29,
Series
GG
150,000
173,688
5.000%
06/15/29,
Series
GG-2
350,000
434,434
5.000%
06/15/30,
Series
AA-2
145,000
189,769
5.000%
06/15/30,
Series
EE
125,000
163,594
5.000%
06/15/30,
Series
GG-1
250,000
327,189
New
York
State
Dormitory
Authority,
Series
A
Revenue
Bonds
5.000%,
07/01/26
160,000
191,288
5.000%,
10/01/26
150,000
180,589
5.000%,
07/01/28
365,000
446,734
5.000%,
10/01/29
110,000
135,171
5.000%,
08/01/31
200,000
242,854
5.000%,
05/01/33
400,000
457,603
5.000%,
07/01/33
400,000
487,188
5.000%,
08/01/33
110,000
132,186
5.000%,
07/01/34
450,000
538,481
4.000%,
10/01/34
200,000
238,420
5.000%,
07/01/35
150,000
172,978
New
York
State
Environmental
Facilities
Corp.
Revenue
Bonds
5.000%
06/15/27,
Series
A
500,000
607,707
5.000%
06/15/29
150,000
167,990
New
York
State
Housing
Finance
Agency
Series
E
Revenue
Bonds
1.100%,
05/01/26
150,000
150,641
New
York
State
Thruway
Authority
Revenue
Bonds
5.000%
01/01/29,
Series
B
200,000
251,699
5.000%
01/01/30,
Series
K
470,000
533,183
5.000%
01/01/31,
Series
K
160,000
181,517
4.000%
01/01/36,
Series
O
250,000
295,718
4.000%
01/01/38,
Series
B
150,000
173,697
New
York
Transportation
Development
Corp.
Revenue
Bonds
5.000%
01/01/31
200,000
237,878
3.000%
08/01/31
250,000
266,549
5.000%
12/01/32,
Series
A
180,000
222,907
5.000%
12/01/32,
Series
C
200,000
250,932
5.000%
01/01/34
150,000
177,824
5.000%
07/01/34,
Series
A-P3
250,000
279,143
5.000%
10/01/35
200,000
247,595
5.000%
01/01/36
150,000
176,622
5.000%
10/01/40
275,000
337,159
4.000%
12/01/42,
Series
C
160,000
178,660
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
5.000%
09/15/25,
Series
207
115,000
133,808
5.000%
09/15/27,
Series
207
215,000
262,560
5.000%
09/15/29,
Series
207
550,000
676,912
5.000%
07/15/31,
Series
209
300,000
373,373
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
15
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.250%
05/01/33,
Series
189
125,000
133,370
5.000%
10/15/33,
Series
194
265,000
307,569
5.000%
11/15/33,
Series
205
200,000
245,102
5.000%
07/15/35,
Series
222
200,000
255,852
State
of
New
York
Mortgage
Agency
Revenue
Bonds
3.550%
04/01/27,
Series
214
150,000
168,126
1.900%
10/01/31,
Series
233
250,000
246,512
Triborough
Bridge
&
Tunnel
Authority
Revenue
Bonds
5.000%
11/15/26,
Series
A
175,000
187,678
0.000%
11/15/29,
Series
A
(a)
100,000
87,506
5.000%
11/15/31,
Series
A
485,000
574,648
5.000%
11/15/31,
Series
B
360,000
438,080
4.000%
11/15/37,
Series
D
350,000
418,461
Total
New
York
23,971,971
North
Carolina
1.3%
Charlotte-Mecklenburg
Hospital
Authority
(The)
Revenue
Bonds
5.000%
01/15/34,
Series
A
215,000
251,072
5.000%
01/15/49,
Series
D
(Mandatory
Put
12/01/31)
205,000
273,384
County
of
New
Hanover
Revenue
Bonds
5.000%,
10/01/29
230,000
285,096
North
Carolina
Medical
Care
Commission
Series
A
Revenue
Bonds
5.000%,
10/01/31
230,000
239,258
North
Carolina
Municipal
Power
Agency
No
1
Series
A
Revenue
Bonds
5.000%,
01/01/28
140,000
163,677
North
Carolina
Turnpike
Authority
Revenue
Bonds
5.000%,
01/01/35
145,000
179,705
State
of
North
Carolina
Revenue
Bonds
5.000%,
03/01/30
300,000
379,696
Total
North
Carolina
1,771,888
North
Dakota
0.4%
North
Dakota
Housing
Finance
Agency
Revenue
Bonds
2.250%
01/01/25,
Series
A
175,000
182,991
2.750%
07/01/27,
Series
A
185,000
198,636
3.550%
07/01/33,
Series
D
180,000
192,649
Total
North
Dakota
574,276
Ohio
3.7%
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
Bonds
4.000%,
11/15/36
250,000
288,818
American
Municipal
Power,
Inc.
Series
C
Revenue
Bonds
5.000%,
02/15/35
250,000
309,103
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Columbus
Series
1
5.000%,
07/01/25
100,000
116,462
City
of
Columbus
OH
Sewerage
Revenue
Revenue
Bonds
5.000%,
06/01/29
350,000
416,672
County
of
Allen
OH
Hospital
Facilities
Revenue
Series
A
Revenue
Bonds
5.000%,
11/01/43
115,000
128,262
Franklin
County
Convention
Facilities
Authority
Revenue
Bonds
5.000%,
12/01/44
200,000
232,006
Ohio
Housing
Finance
Agency
Series
K
Revenue
Bonds
3.200%,
09/01/36
90,000
92,766
Ohio
Turnpike
&
Infrastructure
Commission
Revenue
Bonds
5.000%
02/15/33,
Series
A
500,000
609,908
0.000%
02/15/34,
Series
A-4
(a)
285,000
346,990
0.000%
02/15/35,
Series
A-4
(a)
150,000
191,462
Ohio
Water
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/25
335,000
389,202
5.000%,
06/01/29
625,000
796,703
5.000%,
12/01/30
325,000
386,161
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000
145,573
State
of
Ohio
Revenue
Bonds
3.250%
01/01/35,
Series
A
130,000
142,534
3.250%
01/01/37,
Series
A
140,000
152,149
4.000%
01/01/46,
Series
B
405,000
457,844
Total
Ohio
5,202,615
Oklahoma
0.9%
Grand
River
Dam
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/28
185,000
223,632
5.000%,
06/01/30
200,000
241,216
5.000%,
06/01/31
400,000
481,885
Norman
Regional
Hospital
Authority
Revenue
Bonds
4.000%,
09/01/37
150,000
164,630
Oklahoma
Development
Finance
Authority
Series
B
Revenue
Bonds
5.000%,
08/15/38
100,000
120,093
Oklahoma
Turnpike
Authority
Series
A
Revenue
Bonds
3.750%,
01/01/33
100,000
112,047
Total
Oklahoma
1,343,503
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Oregon
0.5%
Medford
Hospital
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/38
200,000
252,418
Multnomah
County
School
District
No
1
Portland/OR
5.000%,
06/15/26
150,000
179,357
Salem
Hospital
Facility
Authority
Series
A
Revenue
Bonds
5.000%,
05/15/34
200,000
247,902
Total
Oregon
679,677
Pennsylvania
6.4%
Allegheny
County
Hospital
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
04/01/35
150,000
180,824
4.000%,
07/15/39
370,000
427,758
4.000%,
04/01/44
200,000
220,537
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
Bonds
5.000%,
05/01/42
(c)
100,000
116,467
Berks
County
Industrial
Development
Authority
Revenue
Bonds
3.750%,
11/01/42
120,000
121,044
Berks
County
Municipal
Authority
(The)
Series
A
Revenue
Bonds
5.000%,
11/01/40
100,000
100,927
Chambersburg
Area
Municipal
Authority
Revenue
Bonds
5.500%,
10/01/33
150,000
165,174
Chester
County
Health
and
Education
Facilities
Authority
Revenue
Bonds
4.250%
11/01/32
100,000
92,156
4.000%
09/01/41,
Series
A
200,000
234,699
City
of
Philadelphia
PA
Airport
Revenue
Revenue
Bonds
5.000%,
07/01/36
250,000
319,254
Commonwealth
of
Pennsylvania
5.000%
01/01/26,
Series
1
260,000
307,161
5.000%
01/01/28,
Series
1
350,000
423,064
5.000%
09/15/28,
Series
2
200,000
240,087
5.000%
03/15/29,
Series
1
200,000
229,664
5.000%
03/15/31,
Series
1
340,000
390,361
Cumberland
County
Municipal
Authority
Revenue
Bonds
4.000%,
01/01/33
110,000
120,151
Dauphin
County
General
Authority
Revenue
Bonds
5.000%,
10/15/34
(c)
100,000
113,805
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.700%
07/01/27,
Series
B
110,000
139,428
5.500%
08/01/28,
Series
A
600,000
770,540
5.750%
07/01/32
100,000
138,834
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Geisinger
Authority
Series
A-2
Revenue
Bonds
5.000%,
02/15/39
375,000
448,515
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
Revenue
Bonds
5.000%
07/01/33
100,000
115,263
5.625%
07/01/42,
Series
A
200,000
205,784
Montgomery
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
4.500%,
01/15/32
200,000
222,230
Pennsylvania
Economic
Development
Financing
Authority
Series
A
Revenue
Bonds
6.400%,
12/01/38
100,000
86,198
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
3.650%
10/01/32,
Series
122
230,000
242,847
3.550%
10/01/33,
Series
127B
365,000
392,033
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%
06/01/28,
Series
B
250,000
297,269
5.000%
06/01/28,
Series
B-2
200,000
244,051
6.000%
12/01/30,
Series
E
350,000
444,188
6.250%
06/01/33,
Series
C
190,000
234,888
Philadelphia
Authority
For
Industrial
Development
Revenue
Bonds
5.000%
10/01/27
300,000
365,764
5.000%
04/01/33,
Series
2015
225,000
257,948
5.000%
09/01/42,
Series
A
200,000
236,446
Pittsburgh
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
09/01/26
130,000
156,137
Redevelopment
Authority
of
the
City
of
Philadelphia
Series
A
Revenue
Bonds
5.000%,
04/15/31
250,000
286,221
Total
Pennsylvania
9,087,717
Rhode
Island
0.1%
Rhode
Island
Commerce
Corp.
Series
B
Revenue
Bonds
5.000%,
06/15/31
100,000
118,746
South
Carolina
1.0%
Charleston
Educational
Excellence
Finance
Corp.
Revenue
Bonds
5.000%,
12/01/26
250,000
273,241
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(a)
120,000
104,816
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
17
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
South
Carolina
Jobs-Economic
Development
Authority
Revenue
Bonds
5.000%
05/01/32,
Series
A
190,000
231,715
5.000%
07/01/32,
Series
C
300,000
372,921
5.000%
05/01/43,
Series
A
200,000
237,849
4.000%
12/01/44,
Series
A
200,000
226,812
Total
South
Carolina
1,447,354
South
Dakota
0.3%
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%,
07/01/35
180,000
217,096
4.000%,
07/01/37
150,000
168,333
Total
South
Dakota
385,429
Tennessee
0.9%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000
121,744
City
of
Memphis,
Series
A
5.000%,
04/01/25
250,000
288,775
5.000%,
04/01/26
245,000
282,589
Memphis-Shelby
County
Industrial
Development
Board
Series
B
Revenue
Bonds
5.000%,
11/01/30
150,000
180,402
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facs
Bd
Series
A
Revenue
Bonds
5.000%,
07/01/35
150,000
175,445
Tennessee
Housing
Development
Agency
Revenue
Bonds
2.450%,
01/01/27
250,000
258,070
Total
Tennessee
1,307,025
Texas
8.4%
Alamo
Community
College
District
5.000%,
08/15/28
170,000
209,132
Austin
Convention
Enterprises,
Inc.
Series
B
Revenue
Bonds
5.000%,
01/01/32
250,000
269,854
Central
Texas
Turnpike
System
Revenue
Bonds
0.000%
08/15/28,
Series
A
(a)
150,000
136,740
0.000%
08/15/29,
Series
A
(a)
270,000
238,883
5.000%
08/15/33,
Series
C
225,000
251,650
City
of
Austin
TX
Airport
System
Revenue
Revenue
Bonds
5.000%,
11/15/27
200,000
226,430
City
of
Dallas
5.000%,
02/15/26
230,000
253,356
City
of
Houston
Series
A
5.000%,
03/01/26
355,000
420,479
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Houston
TX
Airport
System
Revenue
Series
B-1
Revenue
Bonds
4.000%,
07/15/41
350,000
369,788
City
of
Houston
TX
Combined
Utility
System
Revenue
Series
B
Revenue
Bonds
5.000%,
11/15/27
130,000
157,245
City
of
Longview
TX
Waterworks
&
Sewer
System
Revenue
Revenue
Bonds
3.000%,
03/01/25
225,000
243,818
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
Revenue
Bonds
5.000%,
02/01/27
220,000
267,031
5.000%,
02/01/30
205,000
247,965
Dallas
Fort
Worth
International
Airport
Series
A
Revenue
Bonds
5.250%,
11/01/30
225,000
245,410
Fort
Bend
Independent
School
District
5.000%,
08/15/29
375,000
460,808
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%,
11/15/29
155,000
190,366
Harris
County-Houston
Sports
Authority
Series
A-3
Revenue
Bonds
0.000%,
11/15/32
(a)
200,000
115,658
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/35
350,000
435,192
Matagorda
County
Navigation
District
No
1
Revenue
Bonds
5.125%,
11/01/28
315,000
396,300
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Series
A
Revenue
Bonds
4.000%,
08/15/40
225,000
251,860
North
East
Independent
School
District
5.250%,
02/01/29
150,000
192,413
North
Texas
Municipal
Water
District
Water
System
Revenue
Revenue
Bonds
5.000%,
09/01/28
250,000
291,320
North
Texas
Tollway
Authority
Revenue
Bonds
5.000%
01/01/27,
Series
A
630,000
713,529
0.000%
01/01/28,
Series
D
(a)
230,000
210,723
5.000%
01/01/29,
Series
A
250,000
292,119
5.000%
01/01/29,
Series
B
325,000
368,540
0.000%
01/01/30,
Series
D
(a)
425,000
368,546
5.000%
01/01/30,
Series
A
220,000
250,090
0.000%
01/01/34,
Series
D
(a)
295,000
229,101
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Northeast
Higher
Education
Finance
Corp.
Series
B
Revenue
Bonds
5.000%,
08/15/40
110,000
118,571
Round
Rock
Independent
School
District
Series
A
5.000%,
08/01/30
100,000
127,898
San
Antonio
Water
System,
Series
A
Revenue
Bonds
5.000%,
05/15/29
150,000
178,068
5.000%,
05/15/30
400,000
474,386
5.000%,
05/15/31
155,000
183,639
2.625%,
05/01/49
(Mandatory
Put
05/01/24)
300,000
316,798
State
of
Texas,
Series
A
5.000%,
10/01/27
165,000
186,549
5.000%,
10/01/29
125,000
145,654
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
07/01/32,
Series
B
120,000
149,179
5.000%
05/15/37
100,000
107,224
Tarrant
Regional
Water
District
Water
Supply
System
Revenue
Revenue
Bonds
5.000%,
03/01/29
225,000
257,885
Texas
Water
Development
Board
Revenue
Bonds
5.000%
10/15/23,
Series
B
250,000
272,962
5.000%
04/15/27,
Series
A
425,000
522,397
5.000%
04/15/28,
Series
A
155,000
192,809
5.000%
10/15/28,
Series
A
200,000
251,753
5.000%
10/15/30,
Series
A
150,000
175,606
Total
Texas
11,965,724
Utah
0.1%
City
of
Salt
Lake
City
UT
Airport
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000
123,262
Virginia
0.5%
Fairfax
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
05/15/44
225,000
246,958
Virginia
Resources
Authority
Clean
Water
Revolving
Fund
Series
B
Revenue
Bonds
4.000%,
10/01/27
185,000
204,261
Virginia
Small
Business
Financing
Authority
Revenue
Bonds
5.250%,
10/01/29
165,000
186,865
Total
Virginia
638,084
Washington
1.8%
Port
of
Seattle
Revenue
Bonds
5.000%,
04/01/36
200,000
245,101
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
State
of
Washington
5.000%
07/01/28,
Series
R-2015-C
150,000
170,956
5.000%
07/01/29,
Series
B
100,000
117,509
5.000%
07/01/30,
Series
R-2015E
200,000
227,626
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%
08/15/31
170,000
201,714
5.000%
08/01/38,
Series
A-2
150,000
185,321
5.000%
10/01/38,
Series
D
350,000
391,359
5.000%
08/15/45,
Series
A
200,000
228,377
5.000%
09/01/45
300,000
365,462
Washington
State
Convention
Center
Public
Facilities
District
Revenue
Bonds
4.000%,
07/01/32
210,000
240,631
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(c)
100,000
113,417
Total
Washington
2,487,473
West
Virginia
0.1%
West
Virginia
Economic
Development
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/29
150,000
153,890
Wisconsin
0.8%
Public
Finance
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/40
200,000
234,406
4.000%,
01/01/45
200,000
225,734
State
of
Wisconsin
5.000%
11/01/23,
Series
3
170,000
178,142
5.000%
05/01/27
100,000
115,442
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
Bonds
4.250%
07/01/33,
Series
B
200,000
199,808
3.500%
02/15/46,
Series
A
165,000
172,491
Total
Wisconsin
1,126,023
Total
Municipal
Bonds
(Cost
$137,713,632)
139,972,869
Money
Market
Funds
0.2%
Shares
Value
($)
Dreyfus
AMT-Free
Tax
Exempt
Cash
Management-
Institutional
Shares
0.010%
(d)
303,839
303,809
Total
Money
Market
Funds
(Cost
$303,809)
303,809
Total
Investments
in
Securities
(Cost
$138,017,441)
140,276,678
Other
Assets
&
Liabilities,
Net
1,342,564
Net
Assets
141,619,242
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
19
Notes
to
Portfolio
of
Investments
(a)
Zero
coupon
bond.
(b)
Represents
a
security
purchased
on
a
forward
commitment
basis.
(c)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2021,
the
total
value
of
these
securities
amounted
to
$1,164,118,
which
represents
0.82%
of
total
net
assets.
(d)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2021.
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Municipal
Bonds
–
139,972,869
–
139,972,869
Money
Market
Funds
303,809
–
–
303,809
Total
Investments
in
Securities
303,809
139,972,869
–
140,276,678
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2021
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
31,2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
21
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$138,017,441)
$140,276,678
Cash
304
Receivable
for:
Interest
1,618,914
Total
assets
141,895,896
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
249,687
Investment
management
fees
26,967
Total
liabilities
276,654
Net
assets
applicable
to
outstanding
capital
stock
$141,619,242
Represented
by:
Paid-in
capital
$139,062,850
Total
distributable
earnings
(loss)
2,556,392
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$141,619,242
Shares
outstanding
6,350,000
Net
asset
value
per
share
$22.30
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2021
Investment
Income:
Interest
$1,776,343
Total
income
1,776,343
Expenses:
Investment
management
fees
216,791
Overdraft
expense
25
Total
expenses
216,816
Net
Investment
Income
1,559,527
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
142,741
Net
realized
gain
142,741
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
396,180
Net
change
in
unrealized
appreciation
396,180
Net
realized
and
unrealized
gain
538,921
Net
Increase
in
net
assets
resulting
from
operations
$2,098,448
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
2021
23
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Operations
Net
investment
income
$1,559,527
$902,716
Net
realized
gain
142,741
108,583
Net
change
in
unrealized
appreciation
396,180
488,802
Net
increase
in
net
assets
resulting
from
operations
2,098,448
1,500,101
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(1,616,392)
(899,979)
Shareholder
transactions
Proceeds
from
shares
sold
84,369,700
29,222,387
Cost
of
shares
redeemed
(1,112)
–
Net
increase
in
net
assets
resulting
from
shareholder
transactions
84,368,588
29,222,387
Increase
in
net
assets
84,850,644
29,822,509
Net
Assets:
Net
assets
beginning
of
year
56,768,598
26,946,089
Net
assets
at
end
of
year
$141,619,242
$56,768,598
Capital
stock
activity
Shares
outstanding,
beginning
of
year
2,600,050
1,250,050
Subscriptions
3,750,000
1,350,000
Redemptions
(50)
–
Shares
outstanding,
end
of
year
6,350,000
2,600,050
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
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
,
2018
(a)
2021
2020
2019
Per
share
data
Net
asset
value,
beginning
of
year
$21.83
$21.56
$20.02
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.37
0.51
0.56
0.03
Net
realized
and
unrealized
gain
(loss)
0.52
0.30
1.51
(0.01)
Total
from
investment
operations
0.89
0.81
2.07
0.02
Less
distributions
to
shareholders:
Net
investment
income
(0.38)
(0.51)
(0.53)
–
Net
realized
gains
(0.04)
(0.03)
–
–
Total
distribution
to
shareholders
(0.42)
(0.54)
(0.53)
–
Net
asset
value,
end
of
year
$22.30
$21.83
$21.56
$20.02
Total
Return
at
NAV
4.11%
3.82%
10.42%
0.10%
Total
Return
at
Market
3.85%
4.18%
10.24%
0.45%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.23%
(c)
0.23%
0.26%
0.28%
(d)
Total
net
expenses
(b)(e)
0.23%
(c)
0.23%
0.26%
0.28%
(d)
Net
investment
income
1.65%
2.37%
2.67%
2.34%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$141,619
$56,769
$26,946
$16,014
Portfolio
turnover
6%
11%
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)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2021
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,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
25
Note
1.
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.
Note
2.
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
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
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,
2021
26
Strategic
Beta
ETFs
|
Annual
Report
2021
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
net
tax-exempt
and
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.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
27
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
0.23%
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.
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
deferred
amount
is
adjusted
for
market
value
changes
and
remains
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.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2021,
these
differences
are
primarily
due
to
differing
treatments
for
principal
and/or
interest
of
fixed
income
securities.
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,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
1,234
1,506,551
108,607
1,616,392
39,175
860,804
-
899,979
Undistributed
ordinary
income
($)
Undistributed
tax-exempt
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
24,563
152,862
118,154
-
2,260,813
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
28
Strategic
Beta
ETFs
|
Annual
Report
2021
At
October
31,
2021,
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.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$90,193,392
and
$5,152,953,
respectively,
for
the
year
ended
October
31,
2021.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
28,
2021
amendment
and
restatement,
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
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
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
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
October
unless
extended
or
renewed.
Prior
to
the
October
28,
2021
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-
month
London
Interbank
Offered
Rate
(LIBOR)
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2021.
Note
7.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower-rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
prevailing
interest
rates
rise,
the
values
of
debt
instruments
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
instruments
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Higher
periods
of
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
138,015,865
3,114,310
(853,497)
2,260,813
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
29
inflation
could
lead
such
authorities
to
raise
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.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
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.
Market
and
environment
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
The
COVID-19
pandemic
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Fund
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Fund’s
ability
to
achieve
its
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
30
Strategic
Beta
ETFs
|
Annual
Report
2021
Municipal
securities
risk
Municipal
securities
are
debt
obligations
generally
issued
to
obtain
funds
for
various
public
purposes,
including
general
financing
for
state
and
local
governments,
or
financing
for
a
specific
project
or
public
facility,
and
include
obligations
of
the
governments
of
the
U.S.
territories,
commonwealths
and
possessions
such
as
Guam,
Puerto
Rico
and
the
U.S.
Virgin
Islands
to
the
extent
such
obligations
are
exempt
from
state
and
U.S.
federal
income
taxes.
The
value
of
municipal
securities
can
be
significantly
affected
by
actual
or
expected
political
and
legislative
changes
at
the
federal
or
state
level.
Municipal
securities
may
be
fully
or
partially
backed
by
the
taxing
authority
of
the
local
government,
by
the
credit
of
a
private
issuer,
by
the
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
or
by
domestic
or
foreign
entities
providing
credit
support,
such
as
letters
of
credit,
guarantees
or
insurance,
and
are
generally
classified
into
general
obligation
bonds
and
special
revenue
obligations.
Because
many
municipal
securities
are
issued
to
finance
projects
in
sectors
such
as
education,
health
care,
transportation
and
utilities,
conditions
in
those
sectors
can
affect
the
overall
municipal
market.
Issuers
in
a
state,
territory,
commonwealth
or
possession
in
which
the
Fund
invests
may
experience
significant
financial
difficulties
for
various
reasons,
including
as
the
result
of
events
that
cannot
be
reasonably
anticipated
or
controlled
such
as
economic
downturns
or
similar
periods
of
economic
stress,
social
conflict
or
unrest,
labor
disruption
and
other
natural
disasters.
Such
financial
difficulties
may
lead
to
credit
rating
downgrades
or
defaults
of
such
issuers
which
in
turn,
could
affect
the
market
values
and
marketability
of
many
or
all
municipal
obligations
of
issuers
in
such
state,
territory,
commonwealth
or
possession.
The
value
of
the
Fund’s
shares
will
be
negatively
impacted
to
the
extent
it
invests
in
such
securities.
The
Fund’s
annual
and
semiannual
reports
show
the
Fund’s
investment
exposures
at
a
point
in
time.
The
risk
of
investing
in
the
Fund
is
directly
correlated
to
the
Fund’s
investment
exposures.
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
tracking
index.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
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
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
8.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
9.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
31
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
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Fund.
32
Strategic
Beta
ETFs
|
Annual
Report
2021
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
Opinion
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,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2021,
the
related
statement
of
operations
for
the
year
ended
October
31,
2021,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2021
and
for
the
period
October
10,
2018
(commencement
of
operations)
through
October
31,
2018
(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,
2021,
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,
2021
and
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2021
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
Opinion
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,
2021
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
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December 21,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2021
33
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2021
.
Shareholders
will
be
notified
in
early
2022
of
the
amounts
for
use
in
preparing
2021
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.
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.
Exempt-
interest
dividends
99.92%
Fund
Columbia
Multi-Sector
Municipal
Income
ETF
$124,087
34
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
171
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,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
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
171
Trustee,
BlueCross
BlueShield
of
Minnesota
since
2009
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee, 2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017
–
July
2017;
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020)
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
35
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
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;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
171
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
since
2019
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
169
Director,
EQT
Corporation
(natural
gas
producer)
since
2019;
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company)
since
2020
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
(a)
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
169
Director,
The
Autism
Project
since
March
2015;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
(a)
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
2001-2004
169
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
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
171
Trustee,
MA
Taxpayers
Foundation
since
1997;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010;
Board
of
Directors,
The
MA
Business
Roundtable
2003-2019
TRUSTEES
AND
OFFICERS
(continued)
36
Strategic
Beta
ETFs
|
Annual
Report
2021
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
171
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
169
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
169
None
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
169
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
37
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
Dean
Witter
Reynolds,
Inc.,
1976-1980
171
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
Anthony
M.
Santomero
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1946
Trustee
2008
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
171
Trustee,
Penn
Mutual
Life
Insurance
Company
since
March
2008;
Director,
RenaissanceRe
Holdings
Ltd.
since
May
2008;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
171
Director,
BlueCross
BlueShield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
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;
Chair
of
Daniel-Mickel
Foundation
TRUSTEES
AND
OFFICERS
(continued)
38
Strategic
Beta
ETFs
|
Annual
Report
2021
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Santomero
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
(a)
J.
Kevin
Connaughton
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
March
1,
2016.
Natalie
A.
Trunow
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
September
1,
2016.
Olive
M.
Darragh
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
June
10,
2019.
Shareholders
of
the
Funds
elected
Mr.
Connaughton
and
Mses.
Darragh
and
Trunow
as
Trustees
of
CFST,
CFST
I,
CFST
II,
CET
I,
CET
II,
and
CFVST
II
effective
January
1,
2021,
and
of
CFVIT,
effective
July
1,
2020.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
(a)
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
since
January
2016;
Non-executive
Member
of
the
Investment
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services)
since
August
2018;
Advisor,
Paradigm
Asset
Management
since
November
2016;
Director
of
Investments,
Casey
Family
Programs,
April
2016-September
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008
-
January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
169
Director,
Health
Services
for
Children
with
Special
Needs,
Inc.;
Director,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions);
Independent
Director,
Investment
Committee,
Sarona
Asset
Management
Sandra
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
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
171
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
39
*
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.
(a)
Mr.
Beckman
serves
as
the
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
(since
2021).
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
Columbia
Funds
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
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
November
2021
(a)
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
(since
April
2015);
officer
of
Columbia
Funds
and
affiliated
funds
since
2020.
171
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018
TRUSTEES
AND
OFFICERS
(continued)
40
Strategic
Beta
ETFs
|
Annual
Report
2021
The
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
Trusts
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.
Beckman
who
is
the
President
and
Principal
Executive
Officer,
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
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2019
(previously
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
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.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
September
2010
–
September
2020.
Colin
Moore
290
Congress
Street
Boston,
MA
02210
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
290
Congress
Street
Boston,
MA
02210
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);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
41
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
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
42
Strategic
Beta
ETFs
|
Annual
Report
2021
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Multi-Sector
Municipal
Income
ETF
(the
Fund).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Fund
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
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.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
in
November
and
December
2020
and
March,
April
and
June
2021,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
a
comprehensive
response
to
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
in
a
letter
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
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
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Oversight
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
15,
2021
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
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Fund
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Fund
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
Fund’s
management
fees
and
total
expenses,
including
information
comparing
the
Fund’s
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
43
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2021
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Fund,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided.
In
connection
with
the
Board’s
evaluation
of
the
overall
package
of
services
provided
by
the
Investment
Manager,
the
Board
also
considered
the
nature,
quality
and
range
of
administrative
services
provided
to
the
Fund
by
the
Investment
Manager,
as
well
as
the
achievements
in
2020
in
the
performance
of
administrative
services,
and
noted
the
various
enhancements
anticipated
for
2021.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
are
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Columbia
Funds
under
the
Fund
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
In
this
connection,
the
Board
carefully
reviewed
the
investment
performance
of
the
Fund,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Fund,
(ii)
the
performance
of
a
benchmark
index,
(iii)
the
percentage
ranking
of
the
Fund
among
its
comparison
group,
(iv)
the
Fund’s
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
Fund
and
(vi)
index
tracking
error
data
of
the
Fund.
The
Board
observed
the
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unified/all-inclusive
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unified/all-inclusive
fee
structures,
as
well
as
data
showing
the
Fund’s
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
44
Strategic
Beta
ETFs
|
Annual
Report
2021
Lipper
comparison
universe.
The
Board
took
into
account
that
the
Fund’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
approximated
the
peer
universe’s
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Fund,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Fund.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
in
2020
the
Board
had
considered
2019
profitability
and
that
the
2021
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2020
increased
slightly
from
2019
levels.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Fund
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
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
the
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
15,
2021,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
Annual
Report
October
31,
2021
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
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
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
shareholder
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
2021
Columbia
Research
Enhanced
Core
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Columbia
Research
Enhanced
Value
ETF
Fund
at
a
Glance
7
Manager
Discussion
of
Fund
Performance
9
Understanding
Your
Fund’s
Expenses
11
Portfolio
of
Investments
12
Statement
of
Assets
and
Liabilities
24
Statement
of
Operations
25
Statement
of
Changes
in
Net
Assets
26
Financial
Highlights
27
Notes
to
Financial
Statements
29
Report
of
Independent
Registered
Public
Accounting
Firm
36
Federal
Income
Tax
Information
37
Trustees
and
Officers
38
Approval
of
Investment
Management
Services
Agreement
46
Additional
Information
49
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
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.
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
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
®
Research
Enhanced
U.S.
Equity
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000
®
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Index.
The
Russell
1000®
Index
tracks
the
performance
of
1,000
of
the
largest
U.S.
companies,
based
on
market
capitalization.
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2021)
Inception
1
Year
Life
Market
Price
09/25/19
45.27
25.15
Net
Asset
Value
09/25/19
44.90
25.13
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Equity
Index
45.36
25.39
Russell
1000®
Index
43.51
26.14
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
4
Strategic
Beta
ETFs
|
Annual
Report
2021
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2021)
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.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
October
31,
2021)
Information
Technology
28
.7
Health
Care
12
.7
Consumer
Discretionary
11
.9
Financials
11
.3
Communication
Services
10
.6
Industrials
9
.0
Consumer
Staples
5
.4
Real
Estate
3
.1
Energy
2
.8
Utilities
2
.3
Materials
2
.2
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
Research
Enhanced
Core
ETF
(RECS)
Strategic
Beta
ETFs
|
Annual
Report
2021
5
For
the
12-month
period
that
ended
October
31,
2021,
the
Fund
returned
44.90%
based
on
net
asset
value
(NAV)
and
45.27%
based
on
market
price.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
45.36%
during
the
same
period.
To
compare,
the
Russell
1000®
Index
returned
43.51%
for
the
same
period.
The
Fund
had
a
NAV
of
$21.79
on
October
31,
2020
and
ended
the
annual
period
on
October
31,
2021
with
a
NAV
of
$31.23.
The
Fund’s
market
price
on
October
31,
2021
was
$31.24
per
share.
Market
overview
U.S.
equities
gained
in
the
last
two
months
of
2020,
when
the
annual
period
began.
Investors
were
greatly
encouraged
by
the
release
of
COVID-19
vaccines,
which
raised
hopes
the
economy
could
gradually
return
to
normal
in
2021.
The
resolution
of
the
U.S.
presidential
election
positively
impacted
the
market
by
removing
a
source
of
uncertainty
that
had
weighed
on
the
markets
in
September
and
October.
Additionally,
investor
enthusiasm
was
raised
by
indications
the
U.S.
Federal
Reserve
(Fed)
would
keep
interest
rates
near
zero
indefinitely.
During
the
first
quarter
of
2021
market
focus
shifted
past
politics,
following
Democrat
wins
during
the
Georgia
run-off
elections,
and
onto
U.S.
fiscal
stimulus
and
COVID-19
vaccine
developments.
In
early
March,
$1.9
trillion
of
stimulus
was
delivered
with
the
signing
of
a
COVID-19
relief
bill.
Market
optimism
for
economic
reopening
was
reinforced
with
the
approval
of
a
third
COVID-19
vaccine.
The
first
quarter
also
saw
another
strong
corporate
earnings
season,
continuing
the
pro-cyclical
market
rotation
that
had
begun
in
November
2020.
For
the
second
consecutive
quarter,
value-oriented
stocks
outperformed
growth-oriented
stocks.
U.S.
equities
posted
solid
returns
in
the
second
calendar
quarter,
with
economic
reopening
momentum,
notable
corporate
earnings
surprises,
central
bank
liquidity
and
strong
equity
inflows
all
playing
a
part
in
driving
markets
higher.
Several
headline
benchmarks
posted
then-all-time
highs
despite
tight
labor
markets
and
supply
chain
disruptions
contributing
to
higher
inflation.
Debate
around
whether
such
inflation
would
be
transitory
or
persist
for
longer
dominated
headlines.
After
peaking
in
mid-May,
10-year
U.S.
Treasury
yields
declined,
leading
some
to
believe
inflation
concerns
had
peaked,
resulting
in
a
rotation
back
into
more
growth-oriented
stocks.
U.S.
equities
then
eked
out
only
a
modestly
positive
return
for
the
third
quarter
of
2021,
as
the
ongoing
rally
in
July
and
August
shifted
to
a
notable
sell-off
in
September,
interrupting
seven
consecutive
months
of
gains
and
marking
the
largest
monthly
decline
since
September
2020.
This
sell-off
sentiment
was
driven
by
worries
around
the
timing
of
Fed
tapering
and
the
durability
of
earnings
growth
amid
persistent
inflation
and
supply
chain
disruptions.
Investors
were
also
concerned
about
federal
debt
and
roadblocks
to
additional
stimulus.
However,
these
headwinds
were
balanced
by
expectations
for
accommodative
monetary
policy
and
an
ongoing
economic
boost
from
pent-up
demand.
Growth
stocks
notched
a
second
consecutive
quarter
of
outperformance
relative
to
value
stocks.
U.S.
equities
then
rebounded
strongly
in
October,
recording
their
best
monthly
gain
in
2021
to
date
as
a
result
of
the
optimism
regarding
the
third
quarter
corporate
earnings
season.
For
the
most
part,
investors
shrugged
off
the
tug
of
war
in
Congress
on
proposed
infrastructure
and
social
spending
legislation
and
the
potential
impact
of
rising
inflation.
Within
the
broad
U.S.
equity
market,
small-cap
stocks
performed
best,
followed
by
mid-cap
stocks
and
then
large-cap
stocks.
Value
stocks
outpaced
growth
stocks
across
the
capitalization
spectrum,
though
the
margin
of
differentiation
among
large-cap
stocks
was
quite
narrow.
Within
the
Russell
1000®
Index,
energy,
financials
and
information
technology
were
the
best
performing
sectors.
Energy
generated
a
triple-digit
positive
absolute
return,
and
financials
and
information
technology
each
posted
a
robust
double-digit
absolute
gain
during
the
annual
period.
Utilities,
consumer
staples
and
health
care
were
the
weakest
sectors
in
the
Russell
1000®
Index,
though
each
still
generated
a
double-digit
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
materials,
consumer
staples
and
utilities
sectors
contributed
the
least
to
the
Fund’s
results
relative
to
the
Russell
1000®
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Index,
an
underweight
position
in
three-dimensional
graphics
processors
developer
NVIDIA
Corp.
and
overweight
positions
in
home
improvement
retailer
The
Home
Depot,
Inc.
and
consumer
staples
manufacturer
The
Procter
&
Gamble
Co.
(0.00%,
0.00%
and
1.41%
of
Fund
net
assets
as
of
10/31/21,
respectively)
detracted
most.
NVIDIA
generated
a
triple-digit
positive
absolute
return,
while
Home
Depot
and
Procter
&
Gamble
each
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(RECS)
6
Strategic
Beta
ETFs
|
Annual
Report
2021
posted
a
positive
absolute
return
but
underperformed
the
Russell
1000®
Index
during
the
annual
period.
Nvidia
and
Home
Depot
were
both
removed
from
the
portfolio
prior
to
10/31/21
in
the
Fund's
reconstitution
process.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
information
technology,
financials
and
communication
services
sectors
contributed
most
positively
to
the
Fund’s
results
relative
to
the
Russell
1000®
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Index,
overweight
positions
in
software
behemoth
Microsoft
Corp.,
Google
parent
company
Alphabet
Inc.-Class
A
and
integrated
energy
company
ConocoPhillips
(8.23%,
3.43%
and
0%
of
Fund
net
assets
as
of
10/31/21,
respectively)
contributed
most
positively.
Microsoft
and
Alphabet
each
posted
a
robust
double-
digit
positive
absolute
return
and
ConocoPhillips
generated
a
triple-digit
positive
absolute
return
during
the
annual
period.
While
the
Fund
was
overweight
in
ConocoPhillips
during
the
period,
which
aided
Fund
results,
the
position
was
eliminated
in
the
Fund's
June
reconstitution.
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.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
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
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Investments
selected
using
quantitative
methods
may
perform
differently
from
the
market
as
a
whole
and
may
not
enable
the
Fund
to
achieve
its
objective.
Investment
in
larger
companies
may
involve
certain
risks
associated
with
their
larger
size
and
may
be
less
able
to
respond
quickly
to
new
competitive
challenges
than
smaller
competitors.
Investments
in
mid-cap
companies
often
involve
greater
risks
that
investments
in
larger
companies
and
may
have
less
predictable
earning
and
be
less
liquid
than
the
securities
of
larger
firms.
Value
securities
may
be
unprofitable
if
the
market
fails
to
recognize
their
intrinsic
worth
or
the
portfolio
manager
misgauged
that
worth.
Growth
securities,
at
times,
may
not
perform
as
well
as
value
securities
or
the
stock
market
in
general
and
may
be
out
of
favor
with
investors.
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
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.
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
who
have
contributed
to
this
report.
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
Research
Enhanced
Value
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
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.
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
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
®
Research
Enhanced
U.S.
Value
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Value
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000
®
Value
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Value
Index.
The
Russell
1000®
Value
Index
is
an
unmanaged
index
that
measures
the
performance
of
those
Russell
1000®
Index
companies
with
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2021)
Inception
1
Year
Life
Market
Price
09/25/19
45.90
15.83
Net
Asset
Value
09/25/19
45.48
15.88
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Value
Index
45.39
15.95
Russell
1000®
Value
Index
43.76
15.40
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
8
Strategic
Beta
ETFs
|
Annual
Report
2021
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2021)
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.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
October
31,
2021)
Financials
21
.4
Health
Care
16
.6
Industrials
12
.1
Information
Technology
9
.9
Communication
Services
8
.6
Consumer
Staples
7
.1
Consumer
Discretionary
5
.8
Energy
5
.5
Utilities
4
.8
Real
Estate
4
.6
Materials
3
.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
Research
Enhanced
Value
ETF
(REVS)
Strategic
Beta
ETFs
|
Annual
Report
2021
9
For
the
12-month
period
that
ended
October
31,
2021,
the
Fund
returned
45.48%
based
on
net
asset
value
(NAV)
and
45.90%
based
on
market
price.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
45.39%
during
the
same
period.
To
compare,
the
Russell
1000®
Value
Index
returned
43.76%
for
the
same
period.
The
Fund
had
a
NAV
of
$18.46
on
October
31,
2020
and
ended
the
annual
period
on
October
31,
2021
with
a
NAV
of
$20.96.
The
Fund’s
market
price
on
October
31,
2021
was
$20.96
per
share.
Market
overview
U.S.
equities
gained
in
the
last
two
months
of
2020,
when
the
annual
period
began.
Investors
were
greatly
encouraged
by
the
release
of
COVID-19
vaccines,
which
raised
hopes
the
economy
could
gradually
return
to
normal
in
2021.
The
resolution
of
the
U.S.
presidential
election
positively
impacted
the
market
by
removing
a
source
of
uncertainty
that
had
weighed
on
the
markets
in
September
and
October.
Additionally,
investor
enthusiasm
was
raised
by
indications
the
U.S.
Federal
Reserve
(Fed)
would
keep
interest
rates
near
zero
indefinitely.
During
the
first
quarter
of
2021
market
focus
shifted
past
politics,
following
Democrat
wins
during
the
Georgia
run-off
elections,
and
onto
U.S.
fiscal
stimulus
and
COVID-19
vaccine
developments.
In
early
March,
$1.9
trillion
of
stimulus
was
delivered
with
the
signing
of
a
COVID-19
relief
bill.
Market
optimism
for
economic
reopening
was
reinforced
with
the
approval
of
a
third
COVID-19
vaccine.
The
first
quarter
also
saw
another
strong
corporate
earnings
season,
continuing
the
pro-cyclical
market
rotation
that
had
begun
in
November
2020.
For
the
second
consecutive
quarter,
value-oriented
stocks
outperformed
growth-oriented
stocks.
U.S.
equities
posted
solid
returns
in
the
second
calendar
quarter,
with
economic
reopening
momentum,
notable
corporate
earnings
surprises,
central
bank
liquidity
and
strong
equity
inflows
all
playing
a
part
in
driving
markets
higher.
Several
headline
benchmarks
posted
then-all-time
highs
despite
tight
labor
markets
and
supply
chain
disruptions
contributing
to
higher
inflation.
Debate
around
whether
such
inflation
would
be
transitory
or
persist
for
longer
dominated
headlines.
After
peaking
in
mid-May,
10-year
U.S.
Treasury
yields
declined,
leading
some
to
believe
inflation
concerns
had
peaked,
resulting
in
a
rotation
back
into
more
growth-oriented
stocks.
U.S.
equities
then
eked
out
only
a
modestly
positive
return
for
the
third
quarter
of
2021,
as
the
ongoing
rally
in
July
and
August
shifted
to
a
notable
sell-off
in
September,
interrupting
seven
consecutive
months
of
gains
and
marking
the
largest
monthly
decline
since
September
2020.
This
sell-off
sentiment
was
driven
by
worries
around
the
timing
of
Fed
tapering
and
the
durability
of
earnings
growth
amid
persistent
inflation
and
supply
chain
disruptions.
Investors
were
also
concerned
about
federal
debt
and
roadblocks
to
additional
stimulus.
However,
these
headwinds
were
balanced
by
expectations
for
accommodative
monetary
policy
and
an
ongoing
economic
boost
from
pent-up
demand.
Growth
stocks
notched
a
second
consecutive
quarter
of
outperformance
relative
to
value
stocks.
U.S.
equities
then
rebounded
strongly
in
October,
recording
their
best
monthly
gain
in
2021
to
date
as
a
result
of
the
optimism
regarding
the
third
quarter
corporate
earnings
season.
For
the
most
part,
investors
shrugged
off
the
tug
of
war
in
Congress
on
proposed
infrastructure
and
social
spending
legislation
and
the
potential
impact
of
rising
inflation.
Within
the
broad
U.S.
equity
market,
small-cap
stocks
performed
best,
followed
by
mid-cap
stocks
and
then
large-cap
stocks.
Value
stocks
outpaced
growth
stocks
across
the
capitalization
spectrum,
though
the
margin
of
differentiation
among
large-cap
stocks
was
quite
narrow.
Within
the
Russell
1000®
Value
Index,
energy,
financials
and
real
estate
were
the
best
performing
sectors.
Energy
posted
a
triple-digit
positive
absolute
return,
while
financials
and
real
estate
each
generated
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
Utilities,
consumer
staples
and
communication
services
were
the
weakest
sectors
in
the
Russell
1000®
Value
Index,
though
each
still
generated
a
double-
digit
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
financials,
industrials
and
energy
sectors
contributed
most
positively
to
the
Fund’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
diversified
financial
institutions
Goldman
Sachs
Group
Inc.
and
Morgan
Stanley
and
oil
and
gas
exploration
and
production
company
EOG
Resources,
Inc.
(2.62%,
2.87%
and
1.89%
of
Fund
net
assets
as
of
10/31/21
respectively)
contributed
most
positively.
Each
generated
a
robust
triple-digit
positive
absolute
return
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(REVS)
10
Strategic
Beta
ETFs
|
Annual
Report
2021
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
utilities,
consumer
staples
and
real
estate
sectors
contributed
least
positively
to
the
Fund’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
integrated
telecommunications
company
Verizon
Communications
Inc.
and
semiconductor
bellwether
Intel
Corp.
and
an
underweight
position
in
financials
institution
Bank
of
America
Corp.
(0.00%,
1.79%
and
0.00%
of
Fund
net
assets
as
of
10/31/21,
respectively)
detracted
most.
Verizon
Communications
Inc.
generated
a
negative
absolute
return;
Intel
Corp.
posted
a
double-digit
positive
absolute
return
but
underperformed
the
Russell
1000®
Value
Index;
and
Bank
of
America
Corp.
posted
a
triple-digit
positive
absolute
return
during
the
annual
period.
The
Fund's
holdings
in
Verizon
Communications
and
Bank
of
America
were
both
eliminated
during
the
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.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
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
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Investments
selected
using
quantitative
methods
may
perform
differently
from
the
market
as
a
whole
and
may
not
enable
the
Fund
to
achieve
its
objective.
Investment
in
larger
companies
may
involve
certain
risks
associated
with
their
larger
size
and
may
be
less
able
to
respond
quickly
to
new
competitive
challenges
than
smaller
competitors.
Investments
in
mid-cap
companies
often
involve
greater
risks
that
investments
in
larger
companies
and
may
have
less
predictable
earning
and
be
less
liquid
than
the
securities
of
larger
firms.
Value
securities
may
be
unprofitable
if
the
market
fails
to
recognize
their
intrinsic
worth
or
the
portfolio
manager
misgauged
that
worth.
Growth
securities,
at
times,
may
not
perform
as
well
as
value
securities
or
the
stock
market
in
general
and
may
be
out
of
favor
with
investors.
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
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.
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
who
have
contributed
to
this
report.
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
2021
11
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2021
—
October
31,
2021
Beginning
account
value
($)
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
1,113.00
1,024.45
0.80
0.77
0.15
Columbia
Research
Enhanced
Value
ETF
1,000.00
1,000.00
1,062.30
1,024.25
0.99
0.97
0.19
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
October
31,
2021
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
notes
to
Financial
Statement
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2021
Common
Stocks
99.7%
Issuer
Shares
Value
($)
Communication
Services 10.6%
Diversified
Telecommunication
Services
0.1%
Lumen
Technologies,
Inc.
1,193
14,149
Entertainment
0.6%
Activision
Blizzard,
Inc.
841
65,758
Electronic
Arts,
Inc.
305
42,776
Playtika
Holding
Corp.
(a)
115
3,252
Roku,
Inc.
(a)
119
36,283
Take-Two
Interactive
Software,
Inc.
(a)
123
22,263
Total
170,332
Interactive
Media
&
Services
9.6%
Alphabet,
Inc.
Class
A
(a)
326
965,260
Alphabet,
Inc.
Class
C
(a)
302
895,553
Facebook,
Inc.
Class
A
(a)
2,612
845,165
Total
2,705,978
Media
0.3%
Altice
USA,
Inc.
Class
A
(a)
227
3,700
Fox
Corp.
Class
A
336
13,353
Fox
Corp.
Class
B
161
5,950
Interpublic
Group
of
Cos.,
Inc.
(The)
431
15,762
New
York
Times
Co.
(The)
Class
A
174
9,499
News
Corp.
Class
A
422
9,664
News
Corp.
Class
B
131
2,955
Nexstar
Media
Group,
Inc.
Class
A
43
6,447
Omnicom
Group,
Inc.
237
16,135
Total
83,465
Total
Communication
Services
2,973,924
Consumer
Discretionary 11.9%
Distributors
0.3%
Genuine
Parts
Co.
404
52,968
LKQ
Corp.
(a)
773
42,577
Total
95,545
Diversified
Consumer
Services
0.2%
H&R
Block,
Inc.
495
11,419
Service
Corp.
International
467
31,985
Terminix
Global
Holdings,
Inc.
(a)
358
14,492
Total
57,896
Hotels,
Restaurants
&
Leisure
4.3%
Aramark
669
24,405
Boyd
Gaming
Corp.
(a)
236
15,052
Darden
Restaurants,
Inc.
371
53,476
Hilton
Worldwide
Holdings,
Inc.
(a)
787
113,289
Marriott
Vacations
Worldwide
Corp.
123
19,338
McDonald's
Corp.
2,144
526,459
Penn
National
Gaming,
Inc.
(a)
478
34,225
Starbucks
Corp.
3,372
357,668
Travel
+
Leisure
Co.
247
13,422
Vail
Resorts,
Inc.
113
38,952
Wendy's
Co.
(The)
510
11,373
Total
1,207,659
Household
Durables
0.9%
Lennar
Corp.
Class
A
737
73,648
Lennar
Corp.
Class
B
43
3,530
Mohawk
Industries,
Inc.
(a)
162
28,708
PulteGroup,
Inc.
728
35,002
Tempur
Sealy
International,
Inc.
513
22,813
Toll
Brothers,
Inc.
320
19,254
TopBuild
Corp.
(a)
94
24,155
Whirlpool
Corp.
173
36,474
Total
243,584
Internet
&
Direct
Marketing
Retail
0.2%
Qurate
Retail,
Inc.
Series
A
1,065
11,118
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Wayfair,
Inc.
Class
A
(a)
216
53,806
Total
64,924
Leisure
Products
0.1%
Brunswick
Corp.
216
20,108
Hayward
Holdings,
Inc.
(a)
111
2,574
Polaris,
Inc.
161
18,507
Total
41,189
Multiline
Retail
1.4%
Kohl's
Corp.
454
22,033
Target
Corp.
1,405
364,766
Total
386,799
Specialty
Retail
4.3%
AutoNation,
Inc.
(a)
130
15,746
AutoZone,
Inc.
(a)
61
108,875
Bath
&
Body
Works,
Inc.
687
47,465
Dick's
Sporting
Goods,
Inc.
176
21,861
Foot
Locker,
Inc.
257
12,251
Lowe's
Cos.,
Inc.
1,993
466,003
O'Reilly
Automotive,
Inc.
(a)
192
119,486
Penske
Automotive
Group,
Inc.
92
9,757
Ross
Stores,
Inc.
1,012
114,558
TJX
Cos.,
Inc.
(The)
3,470
227,250
Victoria's
Secret
&
Co.
(a)
218
11,003
Williams-Sonoma,
Inc.
218
40,489
Total
1,194,744
Textiles,
Apparel
&
Luxury
Goods
0.2%
Deckers
Outdoor
Corp.
(a)
77
30,439
Tapestry,
Inc.
806
31,418
Total
61,857
Total
Consumer
Discretionary
3,354,197
Consumer
Staples 5.4%
Food
&
Staples
Retailing
1.9%
Albertsons
Cos.,
Inc.
Class
A
172
5,323
Costco
Wholesale
Corp.
502
246,753
Kroger
Co.
(The)
850
34,017
Walmart,
Inc.
1,644
245,647
Total
531,740
Food
Products
0.9%
Conagra
Brands,
Inc.
537
17,291
Darling
Ingredients,
Inc.
(a)
192
16,228
Hershey
Co.
(The)
167
29,284
Ingredion,
Inc.
77
7,333
JM
Smucker
Co.
(The)
121
14,866
Kraft
Heinz
Co.
(The)
761
27,312
Mondelez
International,
Inc.
Class
A
1,595
96,880
Tyson
Foods,
Inc.
Class
A
328
26,230
Total
235,424
Household
Products
1.7%
Colgate-Palmolive
Co.
955
72,762
Procter
&
Gamble
Co.
(The)
2,779
397,369
Spectrum
Brands
Holdings,
Inc.
47
4,406
Total
474,537
Personal
Products
0.0%
Herbalife
Nutrition
Ltd.
(a)
119
5,522
Tobacco
0.9%
Altria
Group,
Inc.
2,108
92,984
Philip
Morris
International,
Inc.
1,760
166,390
Total
259,374
Total
Consumer
Staples
1,506,597
Energy 2.8%
Energy
Equipment
&
Services
0.1%
NOV,
Inc.
(a)
2,062
28,909
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2021
The
accompanying
notes
to
Financial
Statement
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
13
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
2.7%
Antero
Midstream
Corp.
1,744
18,556
Continental
Resources,
Inc.
337
16,449
Coterra
Energy,
Inc.
4,259
90,802
DT
Midstream,
Inc.
249
11,942
EOG
Resources,
Inc.
3,089
285,609
HollyFrontier
Corp.
801
27,074
Kinder
Morgan,
Inc.
10,407
174,317
Marathon
Oil
Corp.
4,145
67,647
Targa
Resources
Corp.
1,193
65,221
Total
757,617
Total
Energy
786,526
Financials 11.2%
Banks
1.5%
Citigroup,
Inc.
3,351
231,755
Citizens
Financial
Group,
Inc.
705
33,403
Comerica,
Inc.
223
18,975
First
Horizon
Corp.
905
15,358
KeyCorp
1,591
37,023
Popular,
Inc.
132
10,750
Regions
Financial
Corp.
1,599
37,864
Synovus
Financial
Corp.
244
11,368
Umpqua
Holdings
Corp.
370
7,567
Wintrust
Financial
Corp.
96
8,496
Zions
Bancorp
NA
266
16,755
Total
429,314
Capital
Markets
3.8%
Affiliated
Managers
Group,
Inc.
69
11,584
BlackRock,
Inc.
240
226,430
Blackstone,
Inc.
1,114
154,200
Evercore,
Inc.
Class
A
63
9,566
Franklin
Resources,
Inc.
481
15,147
Goldman
Sachs
Group,
Inc.
(The)
555
229,409
Invesco
Ltd.
561
14,255
Janus
Henderson
Group
PLC
275
12,787
Jefferies
Financial
Group,
Inc.
364
15,652
Lazard
Ltd.
Class
A
165
8,083
Morgan
Stanley
2,311
237,525
Raymond
James
Financial,
Inc.
307
30,267
SEI
Investments
Co.
179
11,284
T
Rowe
Price
Group,
Inc.
377
81,764
Total
1,057,953
Consumer
Finance
0.8%
Ally
Financial,
Inc.
594
28,357
Capital
One
Financial
Corp.
736
111,158
Credit
Acceptance
Corp.
(a)
15
8,973
Discover
Financial
Services
499
56,547
OneMain
Holdings,
Inc.
242
12,780
Santander
Consumer
USA
Holdings,
Inc.
100
4,170
SLM
Corp.
511
9,377
Total
231,362
Diversified
Financial
Services
3.2%
Berkshire
Hathaway,
Inc.
Class
B
(a)
3,066
879,973
Voya
Financial,
Inc.
188
13,117
Total
893,090
Insurance
1.8%
Aflac,
Inc.
1,104
59,252
Allstate
Corp.
(The)
488
60,351
American
Financial
Group,
Inc.
111
15,100
Arthur
J
Gallagher
&
Co.
337
56,505
Athene
Holding
Ltd.
Class
A
(a)
191
16,619
Brown
&
Brown,
Inc.
386
24,360
Common
Stocks
(continued)
Issuer
Shares
Value
($)
CNA
Financial
Corp.
46
2,064
Everest
Re
Group
Ltd.
67
17,520
Hanover
Insurance
Group,
Inc.
(The)
59
7,434
Mercury
General
Corp.
43
2,343
MetLife,
Inc.
1,217
76,428
Old
Republic
International
Corp.
470
12,140
Prudential
Financial,
Inc.
646
71,092
Reinsurance
Group
of
America,
Inc.
113
13,343
Travelers
Cos.,
Inc.
(The)
419
67,409
Unum
Group
346
8,813
Total
510,773
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
AGNC
Investment
Corp.
865
13,771
Annaly
Capital
Management,
Inc.
2,264
19,153
Total
32,924
Thrifts
&
Mortgage
Finance
0.0%
New
York
Community
Bancorp,
Inc.
760
9,447
Total
Financials
3,164,863
Health
Care 12.7%
Biotechnology
2.0%
AbbVie,
Inc.
1,129
129,462
Acceleron
Pharma,
Inc.
(a)
33
5,748
Alnylam
Pharmaceuticals,
Inc.
(a)
73
11,648
Amgen,
Inc.
361
74,716
Biogen,
Inc.
(a)
92
24,535
BioMarin
Pharmaceutical,
Inc.
(a)
116
9,191
CureVac
NV
(a)
31
1,242
Exact
Sciences
Corp.
(a)
108
10,284
Exelixis,
Inc.
(a)
192
4,130
Gilead
Sciences,
Inc.
797
51,709
Horizon
Therapeutics
PLC
(a)
134
16,068
Incyte
Corp.
(a)
115
7,703
Ionis
Pharmaceuticals,
Inc.
(a)
87
2,773
Iovance
Biotherapeutics,
Inc.
(a)
92
2,236
Mirati
Therapeutics,
Inc.
(a)
25
4,725
Moderna,
Inc.
(a)
216
74,565
Natera,
Inc.
(a)
53
6,072
Neurocrine
Biosciences,
Inc.
(a)
58
6,114
Novavax,
Inc.
(a)
48
7,144
Regeneron
Pharmaceuticals,
Inc.
(a)
63
40,316
Sage
Therapeutics,
Inc.
(a)
31
1,251
Sarepta
Therapeutics,
Inc.
(a)
52
4,115
Seagen,
Inc.
(a)
82
14,459
Ultragenyx
Pharmaceutical,
Inc.
(a)
41
3,441
United
Therapeutics
Corp.
(a)
28
5,341
Vertex
Pharmaceuticals,
Inc.
(a)
163
30,144
Total
549,132
Health
Care
Equipment
&
Supplies
1.7%
Abbott
Laboratories
2,192
282,527
Baxter
International,
Inc.
629
49,666
Becton
Dickinson
and
Co.
356
85,294
DENTSPLY
SIRONA,
Inc.
279
15,962
Envista
Holdings
Corp.
(a)
205
8,015
Hill-Rom
Holdings,
Inc.
83
12,857
Hologic,
Inc.
(a)
314
23,019
ICU
Medical,
Inc.
(a)
25
5,853
Quidel
Corp.
(a)
45
5,975
Total
489,168
Health
Care
Providers
&
Services
2.3%
AmerisourceBergen
Corp.
191
23,306
Anthem,
Inc.
313
136,196
Cardinal
Health,
Inc.
371
17,737
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2021
The
accompanying
notes
to
Financial
Statement
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2021
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Centene
Corp.
(a)
748
53,288
Cigna
Corp.
425
90,784
CVS
Health
Corp.
1,678
149,812
HCA
Healthcare,
Inc.
323
80,899
Laboratory
Corp.
of
America
Holdings
(a)
120
34,442
McKesson
Corp.
198
41,160
Molina
Healthcare,
Inc.
(a)
75
22,179
Total
649,803
Life
Sciences
Tools
&
Services
2.0%
Agilent
Technologies,
Inc.
384
60,476
Avantor,
Inc.
(a)
726
29,316
Bruker
Corp.
128
10,278
IQVIA
Holdings,
Inc.
(a)
244
63,786
Mettler-Toledo
International,
Inc.
(a)
29
42,946
Syneos
Health,
Inc.
(a)
128
11,948
Thermo
Fisher
Scientific,
Inc.
494
312,737
Waters
Corp.
(a)
77
28,301
Total
559,788
Pharmaceuticals
4.7%
Bristol-Myers
Squibb
Co.
2,799
163,461
Johnson
&
Johnson
3,352
545,974
Merck
&
Co.,
Inc.
3,186
280,527
Organon
&
Co.
332
12,201
Perrigo
Co.
PLC
171
7,721
Pfizer,
Inc.
7,084
309,854
Total
1,319,738
Total
Health
Care
3,567,629
Industrials 8.9%
Aerospace
&
Defense
0.2%
Curtiss-Wright
Corp.
77
9,831
Textron,
Inc.
434
32,051
Total
41,882
Air
Freight
&
Logistics
1.2%
Expeditors
International
of
Washington,
Inc.
320
39,443
GXO
Logistics,
Inc.
(a)
190
16,872
United
Parcel
Service,
Inc.
Class
B
1,359
290,106
Total
346,421
Building
Products
1.0%
A
O
Smith
Corp.
251
18,341
Allegion
PLC
170
21,811
Carlisle
Cos.,
Inc.
98
21,846
Johnson
Controls
International
PLC
1,372
100,664
Lennox
International,
Inc.
64
19,154
Owens
Corning
193
18,028
Trane
Technologies
PLC
464
83,951
Total
283,795
Commercial
Services
&
Supplies
0.5%
Cintas
Corp.
167
72,328
Clean
Harbors,
Inc.
(a)
96
10,804
Republic
Services,
Inc.
401
53,975
Rollins,
Inc.
428
15,078
Total
152,185
Construction
&
Engineering
0.2%
AECOM
(a)
261
17,844
MasTec,
Inc.
(a)
110
9,804
Quanta
Services,
Inc.
263
31,897
Total
59,545
Electrical
Equipment
0.7%
Acuity
Brands,
Inc.
67
13,764
AMETEK,
Inc.
443
58,653
Emerson
Electric
Co.
1,139
110,494
Common
Stocks
(continued)
Issuer
Shares
Value
($)
nVent
Electric
PLC
319
11,309
Total
194,220
Industrial
Conglomerates
0.7%
3M
Co.
1,104
197,263
Machinery
1.9%
AGCO
Corp.
116
14,176
Crane
Co.
92
9,502
Deere
&
Co.
528
180,740
Dover
Corp.
274
46,328
ITT,
Inc.
165
15,521
Middleby
Corp.
(The)
(a)
104
18,974
Nordson
Corp.
110
27,963
Oshkosh
Corp.
130
13,910
Otis
Worldwide
Corp.
815
65,453
Parker-Hannifin
Corp.
245
72,664
Pentair
PLC
313
23,153
Snap-on,
Inc.
101
20,526
Toro
Co.
(The)
201
19,189
Woodward,
Inc.
107
12,086
Total
540,185
Professional
Services
0.3%
Booz
Allen
Hamilton
Holding
Corp.
253
21,976
Jacobs
Engineering
Group,
Inc.
250
35,105
ManpowerGroup,
Inc.
105
10,148
Robert
Half
International,
Inc.
210
23,745
Total
90,974
Road
&
Rail
2.0%
Knight-Swift
Transportation
Holdings,
Inc.
304
17,234
Norfolk
Southern
Corp.
472
138,319
Old
Dominion
Freight
Line,
Inc.
194
66,222
Ryder
System,
Inc.
101
8,580
Schneider
National,
Inc.
Class
B
97
2,419
Union
Pacific
Corp.
1,247
301,026
XPO
Logistics,
Inc.
(a)
190
16,302
Total
550,102
Trading
Companies
&
Distributors
0.2%
MSC
Industrial
Direct
Co.,
Inc.
Class
A
84
7,062
United
Rentals,
Inc.
(a)
138
52,317
Total
59,379
Total
Industrials
2,515,951
Information
Technology 28.6%
Communications
Equipment
0.9%
Arista
Networks,
Inc.
(a)
56
22,943
Cisco
Systems,
Inc.
3,969
222,145
Lumentum
Holdings,
Inc.
(a)
71
5,863
Ubiquiti,
Inc.
6
1,833
Total
252,784
Electronic
Equipment,
Instruments
&
Components
0.3%
Arrow
Electronics,
Inc.
(a)
68
7,871
CDW
Corp.
129
24,078
Keysight
Technologies,
Inc.
(a)
173
31,143
SYNNEX
Corp.
39
4,095
Vontier
Corp.
156
5,277
Zebra
Technologies
Corp.
Class
A
(a)
50
26,698
Total
99,162
IT
Services
2.7%
Accenture
PLC
Class
A
593
212,762
Amdocs
Ltd.
121
9,419
Automatic
Data
Processing,
Inc.
401
90,021
Fidelity
National
Information
Services,
Inc.
578
64,008
Gartner,
Inc.
(a)
75
24,893
Genpact
Ltd.
170
8,390
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2021
The
accompanying
notes
to
Financial
Statement
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Global
Payments,
Inc.
273
39,036
Paychex,
Inc.
303
37,354
PayPal
Holdings,
Inc.
(a)
1,061
246,778
SolarWinds
Corp.
33
531
VeriSign,
Inc.
(a)
91
20,263
Western
Union
Co.
(The)
378
6,887
Total
760,342
Semiconductors
&
Semiconductor
Equipment
3.1%
Advanced
Micro
Devices,
Inc.
(a)
1,113
133,816
Broadcom,
Inc.
374
198,845
Cirrus
Logic,
Inc.
(a)
54
4,364
Intel
Corp.
3,821
187,229
Lam
Research
Corp.
137
77,209
Monolithic
Power
Systems,
Inc.
41
21,544
ON
Semiconductor
Corp.
(a)
403
19,372
Qorvo,
Inc.
(a)
106
17,832
QUALCOMM,
Inc.
1,057
140,623
Skyworks
Solutions,
Inc.
155
25,905
Xilinx,
Inc.
227
40,860
Total
867,599
Software
13.5%
Adobe,
Inc.
(a)
428
278,354
ANSYS,
Inc.
(a)
81
30,746
Aspen
Technology,
Inc.
(a)
63
9,871
Atlassian
Corp.
PLC
Class
A
(a)
123
56,350
Autodesk,
Inc.
(a)
201
63,840
Bentley
Systems,
Inc.
Class
B
129
7,630
Cadence
Design
Systems,
Inc.
(a)
254
43,970
Dolby
Laboratories,
Inc.
Class
A
60
5,301
Dropbox,
Inc.
Class
A
(a)
281
8,568
Fair
Isaac
Corp.
(a)
25
9,955
Fortinet,
Inc.
(a)
125
42,042
Intuit,
Inc.
236
147,734
Manhattan
Associates,
Inc.
(a)
59
10,711
McAfee
Corp.
Class
A
64
1,368
Microsoft
Corp.
6,976
2,313,381
N-Able,
Inc.
(a)
37
492
NortonLifeLock,
Inc.
518
13,183
Oracle
Corp.
1,578
151,393
Palo
Alto
Networks,
Inc.
(a)
88
44,800
PTC,
Inc.
(a)
99
12,608
salesforce.com,
Inc.
(a)
856
256,535
ServiceNow,
Inc.
(a)
180
125,597
SS&C
Technologies
Holdings,
Inc.
207
16,450
Synopsys,
Inc.
(a)
139
46,312
Teradata
Corp.
(a)
104
5,882
Trade
Desk,
Inc.
(The)
Class
A
(a)
402
30,114
VMware,
Inc.
Class
A
(a)
75
11,378
Zoom
Video
Communications,
Inc.
Class
A
(a)
196
53,831
Total
3,798,396
Technology
Hardware,
Storage
&
Peripherals
8.1%
Apple,
Inc.
14,598
2,186,780
Dell
Technologies,
Inc.
Class
C
(a)
252
27,718
HP,
Inc.
1,104
33,484
NetApp,
Inc.
213
19,021
Total
2,267,003
Total
Information
Technology
8,045,286
Materials 2.2%
Chemicals
1.1%
Celanese
Corp.
246
39,731
CF
Industries
Holdings,
Inc.
481
27,321
Chemours
Co.
(The)
375
10,507
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Dow,
Inc.
1,683
94,198
Eastman
Chemical
Co.
305
31,729
LyondellBasell
Industries
NV
Class
A
589
54,671
Mosaic
Co.
(The)
769
31,967
Westlake
Chemical
Corp.
75
7,301
Total
297,425
Construction
Materials
0.0%
Eagle
Materials,
Inc.
91
13,501
Containers
&
Packaging
0.7%
Avery
Dennison
Corp.
184
40,060
Graphic
Packaging
Holding
Co.
619
12,337
International
Paper
Co.
873
43,362
Packaging
Corp.
of
America
207
28,436
Sealed
Air
Corp.
326
19,338
Sonoco
Products
Co.
217
12,575
Westrock
Co.
587
28,235
Total
184,343
Metals
&
Mining
0.4%
Nucor
Corp.
660
73,689
Reliance
Steel
&
Aluminum
Co.
143
20,901
Southern
Copper
Corp.
184
11,038
Total
105,628
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
212
12,493
Sylvamo
Corp.
(a)
79
2,225
Total
14,718
Total
Materials
615,615
Real
Estate 3.1%
Equity
Real
Estate
Investment
Trusts
(REITs)
2.7%
American
Homes
4
Rent
Class
A
641
26,025
Brixmor
Property
Group,
Inc.
676
15,845
CubeSmart
453
24,919
First
Industrial
Realty
Trust,
Inc.
294
17,120
Gaming
and
Leisure
Properties,
Inc.
504
24,439
Highwoods
Properties,
Inc.
234
10,493
Invitation
Homes,
Inc.
1,318
54,367
Iron
Mountain,
Inc.
658
30,031
Kimco
Realty
Corp.
1,326
29,968
Lamar
Advertising
Co.
Class
A
198
22,414
Life
Storage,
Inc.
175
23,417
Omega
Healthcare
Investors,
Inc.
539
15,825
Public
Storage
333
110,616
SBA
Communications
Corp.
244
84,260
Simon
Property
Group,
Inc.
747
109,495
SL
Green
Realty
Corp.
153
10,721
Ventas,
Inc.
895
47,766
VICI
Properties,
Inc.
1,356
39,799
Weyerhaeuser
Co.
1,703
60,831
Total
758,351
Real
Estate
Management
&
Development
0.4%
CBRE
Group,
Inc.
Class
A
(a)
753
78,372
Jones
Lang
LaSalle,
Inc.
(a)
114
29,438
Total
107,810
Total
Real
Estate
866,161
Utilities 2.3%
Electric
Utilities
1.4%
Edison
International
966
60,790
Evergy,
Inc.
596
37,995
IDACORP,
Inc.
131
13,666
NRG
Energy,
Inc.
641
25,569
Pinnacle
West
Capital
Corp.
297
19,154
PPL
Corp.
2,017
58,090
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2021
The
accompanying
notes
to
Financial
Statement
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2021
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Southern
Co.
(The)
2,758
171,879
Total
387,143
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
227
13,037
UGI
Corp.
542
23,528
Total
36,565
Independent
Power
and
Renewable
Electricity
Producers
0.2%
AES
Corp.
(The)
1,731
43,500
Brookfield
Renewable
Corp.
Class
A
323
13,375
Total
56,875
Multi-Utilities
0.6%
DTE
Energy
Co.
498
56,448
MDU
Resources
Group,
Inc.
518
15,918
Public
Service
Enterprise
Group,
Inc.
1,315
83,897
Total
156,263
Total
Utilities
636,846
Total
Common
Stocks
(Cost
$23,848,469)
28,033,595
Issuer
Shares
Value
($)
Money
Market
Funds
0.3%
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(b)
87,101
87,101
Total
Money
Market
Funds
(Cost
$87,101)
87,101
Total
Investments
in
Securities
(Cost
$23,935,570)
28,120,696
Other
Assets
&
Liabilities,
Net
(13,721)
Net
Assets
28,106,975
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2021.
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,
2021
The
accompanying
notes
to
Financial
Statement
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
17
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
2,973,924
–
–
2,973,924
Consumer
Discretionary
3,354,197
–
–
3,354,197
Consumer
Staples
1,506,597
–
–
1,506,597
Energy
786,526
–
–
786,526
Financials
3,164,863
–
–
3,164,863
Health
Care
3,567,629
–
–
3,567,629
Industrials
2,515,951
–
–
2,515,951
Information
Technology
8,045,286
–
–
8,045,286
Materials
615,615
–
–
615,615
Real
Estate
866,161
–
–
866,161
Utilities
636,846
–
–
636,846
Total
Common
Stocks
28,033,595
–
–
28,033,595
Money
Market
Funds
87,101
–
–
87,101
Total
Investments
in
Securities
28,120,696
–
–
28,120,696
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
October
31,
2021
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2021
Common
Stocks
99.7%
Issuer
Shares
Value
($)
Communication
Services 8.5%
Diversified
Telecommunication
Services
0.2%
Lumen
Technologies,
Inc.
2,344
27,800
Entertainment
2.3%
Activision
Blizzard,
Inc.
1,652
129,170
Electronic
Arts,
Inc.
599
84,010
Take-Two
Interactive
Software,
Inc.
(a)
193
34,933
Total
248,113
Interactive
Media
&
Services
4.6%
Alphabet,
Inc.
Class
A
(a)
89
263,522
Alphabet,
Inc.
Class
C
(a)
82
243,163
Total
506,685
Media
1.4%
Altice
USA,
Inc.
Class
A
(a)
134
2,184
Fox
Corp.
Class
A
660
26,228
Fox
Corp.
Class
B
316
11,679
Interpublic
Group
of
Cos.,
Inc.
(The)
846
30,938
New
York
Times
Co.
(The)
Class
A
341
18,615
News
Corp.
Class
A
830
19,007
News
Corp.
Class
B
258
5,821
Nexstar
Media
Group,
Inc.
Class
A
79
11,845
Omnicom
Group,
Inc.
465
31,657
Total
157,974
Total
Communication
Services
940,572
Consumer
Discretionary 5.8%
Distributors
0.4%
Genuine
Parts
Co.
171
22,420
LKQ
Corp.
(a)
327
18,011
Total
40,431
Diversified
Consumer
Services
0.2%
H&R
Block,
Inc.
41
946
Service
Corp.
International
198
13,561
Terminix
Global
Holdings,
Inc.
(a)
151
6,112
Total
20,619
Hotels,
Restaurants
&
Leisure
2.2%
Aramark
283
10,324
Boyd
Gaming
Corp.
(a)
79
5,039
Darden
Restaurants,
Inc.
50
7,207
Hilton
Worldwide
Holdings,
Inc.
(a)
110
15,834
Marriott
Vacations
Worldwide
Corp.
52
8,175
McDonald's
Corp.
745
182,935
Penn
National
Gaming,
Inc.
(a)
190
13,604
Travel
+
Leisure
Co.
35
1,902
Total
245,020
Household
Durables
0.7%
Lennar
Corp.
Class
A
312
31,178
Lennar
Corp.
Class
B
18
1,477
Mohawk
Industries,
Inc.
(a)
69
12,228
PulteGroup,
Inc.
218
10,481
Toll
Brothers,
Inc.
81
4,874
TopBuild
Corp.
(a)
7
1,799
Whirlpool
Corp.
73
15,391
Total
77,428
Internet
&
Direct
Marketing
Retail
0.1%
Qurate
Retail,
Inc.
Series
A
450
4,698
Wayfair,
Inc.
Class
A
(a)
41
10,213
Total
14,911
Leisure
Products
0.1%
Brunswick
Corp.
80
7,447
Polaris,
Inc.
21
2,414
Total
9,861
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Multiline
Retail
0.9%
Kohl's
Corp.
192
9,318
Target
Corp.
328
85,155
Total
94,473
Specialty
Retail
1.0%
AutoNation,
Inc.
(a)
55
6,662
AutoZone,
Inc.
(a)
20
35,697
Bath
&
Body
Works,
Inc.
123
8,498
Dick's
Sporting
Goods,
Inc.
75
9,316
Foot
Locker,
Inc.
109
5,196
O'Reilly
Automotive,
Inc.
(a)
57
35,472
Penske
Automotive
Group,
Inc.
39
4,136
Victoria's
Secret
&
Co.
(a)
39
1,968
Williams-Sonoma,
Inc.
22
4,086
Total
111,031
Textiles,
Apparel
&
Luxury
Goods
0.2%
Deckers
Outdoor
Corp.
(a)
28
11,069
Tapestry,
Inc.
307
11,967
Total
23,036
Total
Consumer
Discretionary
636,810
Consumer
Staples 7.1%
Food
&
Staples
Retailing
1.9%
Albertsons
Cos.,
Inc.
Class
A
118
3,652
Costco
Wholesale
Corp.
22
10,814
Kroger
Co.
(The)
582
23,292
Walmart,
Inc.
1,125
168,097
Total
205,855
Food
Products
1.2%
Darling
Ingredients,
Inc.
(a)
125
10,565
Hershey
Co.
(The)
16
2,806
Ingredion,
Inc.
52
4,952
JM
Smucker
Co.
(The)
83
10,197
Kraft
Heinz
Co.
(The)
521
18,699
Mondelez
International,
Inc.
Class
A
1,092
66,328
Tyson
Foods,
Inc.
Class
A
224
17,913
Total
131,460
Household
Products
2.7%
Colgate-Palmolive
Co.
307
23,391
Procter
&
Gamble
Co.
(The)
1,902
271,967
Spectrum
Brands
Holdings,
Inc.
32
3,000
Total
298,358
Personal
Products
0.0%
Herbalife
Nutrition
Ltd.
(a)
68
3,155
Tobacco
1.3%
Altria
Group,
Inc.
641
28,274
Philip
Morris
International,
Inc.
1,205
113,921
Total
142,195
Total
Consumer
Staples
781,023
Energy 5.5%
Energy
Equipment
&
Services
0.2%
NOV,
Inc.
(a)
1,705
23,904
Oil,
Gas
&
Consumable
Fuels
5.3%
Antero
Midstream
Corp.
1,442
15,343
Continental
Resources,
Inc.
250
12,202
Coterra
Energy,
Inc.
2,959
63,086
DT
Midstream,
Inc.
210
10,072
EOG
Resources,
Inc.
2,251
208,127
HollyFrontier
Corp.
662
22,376
Kinder
Morgan,
Inc.
8,607
144,167
Marathon
Oil
Corp.
3,428
55,945
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
19
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Targa
Resources
Corp.
986
53,905
Total
585,223
Total
Energy
609,127
Financials 21.3%
Banks
5.1%
Citigroup,
Inc.
4,464
308,730
Citizens
Financial
Group,
Inc.
773
36,625
Comerica,
Inc.
297
25,272
First
Horizon
Corp.
1,206
20,466
KeyCorp
2,120
49,332
Popular,
Inc.
176
14,333
Regions
Financial
Corp.
2,130
50,438
Synovus
Financial
Corp.
302
14,070
Umpqua
Holdings
Corp.
494
10,102
Wintrust
Financial
Corp.
127
11,240
Zions
Bancorp
NA
354
22,299
Total
562,907
Capital
Markets
7.7%
Affiliated
Managers
Group,
Inc.
93
15,613
Evercore,
Inc.
Class
A
85
12,906
Franklin
Resources,
Inc.
641
20,185
Goldman
Sachs
Group,
Inc.
(The)
699
288,932
Invesco
Ltd.
747
18,981
Janus
Henderson
Group
PLC
367
17,065
Jefferies
Financial
Group,
Inc.
485
20,855
Lazard
Ltd.
Class
A
219
10,729
Morgan
Stanley
3,078
316,357
Raymond
James
Financial,
Inc.
389
38,351
SEI
Investments
Co.
239
15,067
T
Rowe
Price
Group,
Inc.
336
72,872
Total
847,913
Consumer
Finance
2.4%
Ally
Financial,
Inc.
791
37,762
Capital
One
Financial
Corp.
980
148,010
Credit
Acceptance
Corp.
(a)
19
11,366
Discover
Financial
Services
299
33,883
OneMain
Holdings,
Inc.
206
10,879
Santander
Consumer
USA
Holdings,
Inc.
134
5,588
SLM
Corp.
681
12,496
Total
259,984
Diversified
Financial
Services
0.2%
Voya
Financial,
Inc.
251
17,512
Insurance
5.4%
Aflac,
Inc.
1,470
78,895
Allstate
Corp.
(The)
650
80,385
American
Financial
Group,
Inc.
148
20,134
Athene
Holding
Ltd.
Class
A
(a)
254
22,101
Brown
&
Brown,
Inc.
485
30,608
CNA
Financial
Corp.
62
2,781
Everest
Re
Group
Ltd.
69
18,044
Hanover
Insurance
Group,
Inc.
(The)
79
9,954
Mercury
General
Corp.
57
3,106
MetLife,
Inc.
1,621
101,799
Old
Republic
International
Corp.
626
16,170
Prudential
Financial,
Inc.
861
94,753
Reinsurance
Group
of
America,
Inc.
151
17,830
Travelers
Cos.,
Inc.
(The)
559
89,932
Unum
Group
460
11,716
Total
598,208
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.4%
AGNC
Investment
Corp.
1,152
18,340
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Annaly
Capital
Management,
Inc.
3,016
25,515
Total
43,855
Thrifts
&
Mortgage
Finance
0.1%
New
York
Community
Bancorp,
Inc.
1,012
12,579
Total
Financials
2,342,958
Health
Care 16.6%
Biotechnology
1.4%
Amgen,
Inc.
53
10,969
Biogen,
Inc.
(a)
76
20,268
BioMarin
Pharmaceutical,
Inc.
(a)
96
7,606
Exact
Sciences
Corp.
(a)
7
667
Exelixis,
Inc.
(a)
23
495
Gilead
Sciences,
Inc.
660
42,821
Horizon
Therapeutics
PLC
(a)
90
10,792
Incyte
Corp.
(a)
14
938
Ionis
Pharmaceuticals,
Inc.
(a)
6
191
Iovance
Biotherapeutics,
Inc.
(a)
53
1,289
Mirati
Therapeutics,
Inc.
(a)
3
567
Natera,
Inc.
(a)
3
344
Regeneron
Pharmaceuticals,
Inc.
(a)
47
30,077
Sage
Therapeutics,
Inc.
(a)
26
1,049
Seagen,
Inc.
(a)
7
1,234
Ultragenyx
Pharmaceutical,
Inc.
(a)
9
755
United
Therapeutics
Corp.
(a)
24
4,578
Vertex
Pharmaceuticals,
Inc.
(a)
81
14,979
Total
149,619
Health
Care
Equipment
&
Supplies
1.7%
Baxter
International,
Inc.
572
45,165
Becton
Dickinson
and
Co.
323
77,388
DENTSPLY
SIRONA,
Inc.
254
14,531
Envista
Holdings
Corp.
(a)
186
7,273
Hill-Rom
Holdings,
Inc.
76
11,772
Hologic,
Inc.
(a)
285
20,893
Quidel
Corp.
(a)
41
5,444
Total
182,466
Health
Care
Providers
&
Services
4.5%
AmerisourceBergen
Corp.
174
21,231
Anthem,
Inc.
284
123,577
Cardinal
Health,
Inc.
138
6,598
Centene
Corp.
(a)
680
48,443
Cigna
Corp.
387
82,667
CVS
Health
Corp.
1,526
136,241
Laboratory
Corp.
of
America
Holdings
(a)
109
31,285
McKesson
Corp.
154
32,014
Molina
Healthcare,
Inc.
(a)
58
17,152
Total
499,208
Life
Sciences
Tools
&
Services
0.4%
Agilent
Technologies,
Inc.
36
5,670
IQVIA
Holdings,
Inc.
(a)
112
29,279
Syneos
Health,
Inc.
(a)
101
9,427
Waters
Corp.
(a)
5
1,838
Total
46,214
Pharmaceuticals
8.6%
Bristol-Myers
Squibb
Co.
2,546
148,686
Johnson
&
Johnson
3,049
496,621
Organon
&
Co.
302
11,099
Perrigo
Co.
PLC
156
7,043
Pfizer,
Inc.
6,442
281,773
Total
945,222
Total
Health
Care
1,822,729
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2021
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Industrials 12.1%
Aerospace
&
Defense
0.4%
Curtiss-Wright
Corp.
71
9,065
Textron,
Inc.
401
29,614
Total
38,679
Air
Freight
&
Logistics
0.1%
Expeditors
International
of
Washington,
Inc.
80
9,861
GXO
Logistics,
Inc.
(a)
25
2,220
Total
12,081
Building
Products
1.8%
A
O
Smith
Corp.
231
16,879
Carlisle
Cos.,
Inc.
56
12,483
Johnson
Controls
International
PLC
1,266
92,886
Lennox
International,
Inc.
59
17,658
Owens
Corning
178
16,627
Trane
Technologies
PLC
220
39,805
Total
196,338
Commercial
Services
&
Supplies
0.6%
Cintas
Corp.
10
4,331
Clean
Harbors,
Inc.
(a)
89
10,016
Republic
Services,
Inc.
370
49,802
Rollins,
Inc.
28
986
Total
65,135
Construction
&
Engineering
0.2%
AECOM
(a)
241
16,477
MasTec,
Inc.
(a)
101
9,002
Total
25,479
Electrical
Equipment
1.6%
Acuity
Brands,
Inc.
62
12,737
AMETEK,
Inc.
409
54,151
Emerson
Electric
Co.
1,051
101,957
nVent
Electric
PLC
295
10,458
Total
179,303
Industrial
Conglomerates
1.4%
3M
Co.
870
155,452
Machinery
2.7%
AGCO
Corp.
97
11,854
Crane
Co.
85
8,779
Dover
Corp.
253
42,777
ITT,
Inc.
152
14,299
Middleby
Corp.
(The)
(a)
67
12,224
Nordson
Corp.
84
21,354
Oshkosh
Corp.
120
12,840
Otis
Worldwide
Corp.
752
60,393
Parker-Hannifin
Corp.
188
55,759
Pentair
PLC
289
21,377
Snap-on,
Inc.
93
18,900
Toro
Co.
(The)
10
955
Woodward,
Inc.
99
11,182
Total
292,693
Professional
Services
0.6%
Jacobs
Engineering
Group,
Inc.
230
32,297
ManpowerGroup,
Inc.
97
9,375
Robert
Half
International,
Inc.
24
2,714
Verisk
Analytics,
Inc.
101
21,237
Total
65,623
Road
&
Rail
2.4%
Knight-Swift
Transportation
Holdings,
Inc.
280
15,873
Norfolk
Southern
Corp.
435
127,477
Old
Dominion
Freight
Line,
Inc.
14
4,779
Ryder
System,
Inc.
93
7,900
Schneider
National,
Inc.
Class
B
90
2,245
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Union
Pacific
Corp.
423
102,112
XPO
Logistics,
Inc.
(a)
25
2,145
Total
262,531
Trading
Companies
&
Distributors
0.3%
MSC
Industrial
Direct
Co.,
Inc.
Class
A
78
6,558
United
Rentals,
Inc.
(a)
83
31,466
Total
38,024
Total
Industrials
1,331,338
Information
Technology 9.9%
Communications
Equipment
2.2%
Arista
Networks,
Inc.
(a)
6
2,458
Cisco
Systems,
Inc.
4,177
233,787
Lumentum
Holdings,
Inc.
(a)
74
6,111
Ubiquiti,
Inc.
1
305
Total
242,661
Electronic
Equipment,
Instruments
&
Components
0.3%
Arrow
Electronics,
Inc.
(a)
72
8,334
Keysight
Technologies,
Inc.
(a)
102
18,362
SYNNEX
Corp.
41
4,305
Vontier
Corp.
75
2,537
Total
33,538
IT
Services
1.9%
Accenture
PLC
Class
A
122
43,772
Amdocs
Ltd.
127
9,886
Automatic
Data
Processing,
Inc.
34
7,633
Fidelity
National
Information
Services,
Inc.
609
67,441
Genpact
Ltd.
170
8,390
Global
Payments,
Inc.
288
41,181
SolarWinds
Corp.
34
547
VeriSign,
Inc.
(a)
96
21,376
Western
Union
Co.
(The)
299
5,448
Total
205,674
Semiconductors
&
Semiconductor
Equipment
2.2%
Cirrus
Logic,
Inc.
(a)
57
4,606
Intel
Corp.
4,022
197,078
ON
Semiconductor
Corp.
(a)
195
9,374
Qorvo,
Inc.
(a)
112
18,842
Skyworks
Solutions,
Inc.
86
14,373
Total
244,273
Software
2.9%
ANSYS,
Inc.
(a)
50
18,979
Dolby
Laboratories,
Inc.
Class
A
63
5,566
Manhattan
Associates,
Inc.
(a)
29
5,265
McAfee
Corp.
Class
A
16
342
N-Able,
Inc.
(a)
39
519
NortonLifeLock,
Inc.
401
10,205
Oracle
Corp.
113
10,841
salesforce.com,
Inc.
(a)
728
218,174
SS&C
Technologies
Holdings,
Inc.
218
17,324
Synopsys,
Inc.
(a)
54
17,992
Teradata
Corp.
(a)
16
905
VMware,
Inc.
Class
A
(a)
50
7,585
Total
313,697
Technology
Hardware,
Storage
&
Peripherals
0.4%
Dell
Technologies,
Inc.
Class
C
(a)
136
14,959
HP,
Inc.
759
23,020
NetApp,
Inc.
76
6,787
Total
44,766
Total
Information
Technology
1,084,609
Materials 3.6%
Chemicals
1.9%
Celanese
Corp.
122
19,704
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
21
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
CF
Industries
Holdings,
Inc.
376
21,357
Chemours
Co.
(The)
142
3,979
Dow,
Inc.
1,221
68,340
Eastman
Chemical
Co.
239
24,863
LyondellBasell
Industries
NV
Class
A
404
37,499
Mosaic
Co.
(The)
601
24,984
Westlake
Chemical
Corp.
47
4,575
Total
205,301
Construction
Materials
0.1%
Eagle
Materials,
Inc.
72
10,682
Containers
&
Packaging
0.8%
Avery
Dennison
Corp.
68
14,805
Graphic
Packaging
Holding
Co.
347
6,916
International
Paper
Co.
683
33,925
Sealed
Air
Corp.
117
6,940
Sonoco
Products
Co.
170
9,851
Westrock
Co.
459
22,078
Total
94,515
Metals
&
Mining
0.7%
Nucor
Corp.
516
57,611
Reliance
Steel
&
Aluminum
Co.
112
16,370
Southern
Copper
Corp.
13
780
Total
74,761
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
154
9,075
Sylvamo
Corp.
(a)
62
1,746
Total
10,821
Total
Materials
396,080
Real
Estate 4.5%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.7%
American
Homes
4
Rent
Class
A
533
21,640
Brixmor
Property
Group,
Inc.
562
13,173
First
Industrial
Realty
Trust,
Inc.
245
14,266
Gaming
and
Leisure
Properties,
Inc.
419
20,317
Highwoods
Properties,
Inc.
194
8,699
Invitation
Homes,
Inc.
1,096
45,210
Iron
Mountain,
Inc.
162
7,394
Kimco
Realty
Corp.
1,102
24,905
Lamar
Advertising
Co.
Class
A
21
2,377
Life
Storage,
Inc.
145
19,403
Omega
Healthcare
Investors,
Inc.
448
13,153
Public
Storage
65
21,592
SBA
Communications
Corp.
169
58,361
Simon
Property
Group,
Inc.
81
11,873
SL
Green
Realty
Corp.
128
8,969
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Ventas,
Inc.
744
39,707
VICI
Properties,
Inc.
1,128
33,107
Weyerhaeuser
Co.
1,416
50,580
Total
414,726
Real
Estate
Management
&
Development
0.8%
CBRE
Group,
Inc.
Class
A
(a)
593
61,719
Jones
Lang
LaSalle,
Inc.
(a)
95
24,532
Total
86,251
Total
Real
Estate
500,977
Utilities 4.8%
Electric
Utilities
2.9%
Edison
International
814
51,225
Evergy,
Inc.
502
32,002
IDACORP,
Inc.
110
11,475
NRG
Energy,
Inc.
295
11,768
Pinnacle
West
Capital
Corp.
250
16,123
PPL
Corp.
1,699
48,931
Southern
Co.
(The)
2,323
144,769
Total
316,293
Gas
Utilities
0.3%
National
Fuel
Gas
Co.
191
10,969
UGI
Corp.
457
19,839
Total
30,808
Independent
Power
and
Renewable
Electricity
Producers
0.4%
AES
Corp.
(The)
1,457
36,614
Brookfield
Renewable
Corp.
Class
A
204
8,448
Total
45,062
Multi-Utilities
1.2%
DTE
Energy
Co.
419
47,494
MDU
Resources
Group,
Inc.
437
13,429
Public
Service
Enterprise
Group,
Inc.
1,107
70,626
Total
131,549
Total
Utilities
523,712
Total
Common
Stocks
(Cost
$10,427,365)
10,969,935
Issuer
Shares
Value
($)
Money
Market
Funds
0.4%
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(b)
40,210
40,210
Total
Money
Market
Funds
(Cost
$40,210)
40,210
Total
Investments
in
Securities
(Cost
$10,467,575)
11,010,145
Other
Assets
&
Liabilities,
Net
(7,301)
Net
Assets
11,002,844
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2021.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2021
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
940,572
–
–
940,572
Consumer
Discretionary
636,810
–
–
636,810
Consumer
Staples
781,023
–
–
781,023
Energy
609,127
–
–
609,127
Financials
2,342,958
–
–
2,342,958
Health
Care
1,822,729
–
–
1,822,729
Industrials
1,331,338
–
–
1,331,338
Information
Technology
1,084,609
–
–
1,084,609
Materials
396,080
–
–
396,080
Real
Estate
500,977
–
–
500,977
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
23
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Utilities
523,712
–
–
523,712
Total
Common
Stocks
10,969,935
–
–
10,969,935
Money
Market
Funds
40,210
–
–
40,210
Total
Investments
in
Securities
11,010,145
–
–
11,010,145
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2021
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$23,935,570
and
$10,467,575,
respectively)
$28,120,696
$11,010,145
Receivable
for:
Investments
sold
26,201
24,255
Dividends
21,609
13,124
Total
assets
28,168,506
11,047,524
Liabilities
Payable
for:
Investments
purchased
58,059
42,928
Investment
management
fees
3,472
1,752
Total
liabilities
61,531
44,680
Net
assets
applicable
to
outstanding
capital
stock
$28,106,975
$11,002,844
Represented
by:
Paid-in
capital
$19,182,159
$10,485,661
Total
distributable
earnings
(loss)
8,924,816
517,183
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$28,106,975
$11,002,844
Shares
outstanding
900,000
525,000
Net
asset
value
per
share
$31.23
$20.96
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
25
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$984,728
$110,900
Foreign
taxes
withheld
(91)
(26)
Total
income
984,637
110,874
Expenses:
Investment
management
fees
85,594
9,030
Net
Investment
Income
899,043
101,844
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
4,256,709
133,704
In-kind
transactions
22,649,796
–
Net
realized
gain
26,906,505
133,704
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(1,905,580)
580,706
Net
change
in
unrealized
appreciation
(depreciation)
(1,905,580)
580,706
Net
realized
and
unrealized
gain
25,000,925
714,410
Net
Increase
in
net
assets
resulting
from
operations
$25,899,968
$816,254
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Strategic
Beta
ETFs
|
Annual
Report
2021
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Operations
Net
investment
income
$899,043
$586,625
$101,844
$127,626
Net
realized
gain
(loss)
26,906,505
846,192
133,704
(454,670)
Net
change
in
unrealized
appreciation
(depreciation)
(1,905,580)
5,973,945
580,706
(123,571)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
25,899,968
7,406,762
816,254
(450,615)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(903,804)
(26,550)
(116,961)
(37,232)
Shareholder
transactions
Proceeds
from
shares
sold
13,953,190
94,006,567
9,842,033
–
Cost
of
shares
redeemed
(83,290,815)
(34,017,434)
(943)
(4,109,602)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(69,337,625)
59,989,133
9,841,090
(4,109,602)
Increase
(decrease)
in
net
assets
(44,341,461)
67,369,345
10,540,383
(4,597,449)
Net
Assets:
Net
assets
beginning
of
year
72,448,436
5,079,091
462,461
5,059,910
Net
assets
at
end
of
year
$28,106,975
$72,448,436
$11,002,844
$462,461
Capital
stock
activity
Shares
outstanding,
beginning
of
year
3,325,050
250,050
25,050
250,050
Subscriptions
525,000
4,875,000
500,000
–
Redemptions
(2,950,050)
(1,800,000)
(50)
(225,000)
Shares
outstanding,
end
of
year
900,000
3,325,050
525,000
25,050
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
27
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
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)
2021
2020
Per
share
data
Net
asset
value,
beginning
of
year
$21.79
$20.31
$19.81
Income
(loss)
from
investment
operations:
Net
investment
income
0.41
0.37
0.04
Net
realized
and
unrealized
gain
9.30
1.22
0.46
Total
from
investment
operations
9.71
1.59
0.50
Less
distributions
to
shareholders:
Net
investment
income
(0.25)
(0.11)
–
Net
realized
gains
(0.02)
(0.00)
(b)
–
Total
distribution
to
shareholders
(0.27)
(0.11)
–
Net
asset
value,
end
of
year
$31.23
$21.79
$20.31
Total
Return
at
NAV
44.90%
7.82%
2.52%
Total
Return
at
Market
45.27%
7.46%
2.63%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.15%
0.15%
0.15%
(d)
Total
net
expenses
(c)(e)
0.15%
0.15%
0.15%
(d)
Net
investment
income
1.58%
1.73%
1.77%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$28,107
$72,448
$5,079
Portfolio
turnover
49%
41%
0%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
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.
(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.
28
Strategic
Beta
ETFs
|
Annual
Report
2021
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2019
(a)
2021
2020
Per
share
data
Net
asset
value,
beginning
of
year
$18.46
$20.24
$19.84
Income
(loss)
from
investment
operations:
Net
investment
income
0.43
0.56
0.05
Net
realized
and
unrealized
gain
(loss)
6.74
(2.19)
0.35
Total
from
investment
operations
7.17
(1.63)
0.40
Less
distributions
to
shareholders:
Net
investment
income
(4.16)
(0.15)
–
Net
realized
gains
(0.51)
(0.00)
(b)
–
Total
distribution
to
shareholders
(4.67)
(0.15)
–
Net
asset
value,
end
of
year
$20.96
$18.46
$20.24
Total
Return
at
NAV
45.48%
(8.16)%
2.02%
Total
Return
at
Market
45.90%
(8.50)%
2.02%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.19%
0.19%
0.19%
(d)
Total
net
expenses
(c)(e)
0.19%
0.19%
0.19%
(d)
Net
investment
income
2.14%
2.93%
2.41%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$11,003
$462
$5,060
Portfolio
turnover
84%
95%
1%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
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.
(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,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
29
Note
1.
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
is
diversified.
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
25,000
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.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
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,
2021
30
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
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.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
31
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.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
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
for
the
year
ended
October
31,
2021
amounted
to
the
amount
shown
in
the
table
below
as
a
percentage
of
average
daily
net
assets
of
each
Fund:
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
deferred
amount
is
adjusted
for
market
value
changes
and
remains
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.
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,
2021
32
Strategic
Beta
ETFs
|
Annual
Report
2021
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2021,
these
differences
are
primarily
due
to
differing
treatments
for
re-characterization
of
distributions
from
investments,
deferral/reversal
of
wash
sale
losses
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
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,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2021,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
Research
Enhanced
Core
ETF
(18,788)
(22,527,728)
22,546,516
Columbia
Research
Enhanced
Value
ETF
(2,079)
2,079
-
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
900,870
2,934
903,804
26,500
50
26,550
Columbia
Research
Enhanced
Value
ETF
116,290
671
116,961
37,117
115
37,232
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
4,720,467
62,407
-
4,141,942
Columbia
Research
Enhanced
Value
ETF
257,127
-
(253,129)
513,185
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
33
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,
2021,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2021,
capital
loss
carryforwards
utilized,
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.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2021,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2021,
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,
2021,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
28,
2021
amendment
and
restatement,
the
credit
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
23,978,754
4,635,709
(493,767)
4,141,942
Columbia
Research
Enhanced
Value
ETF
10,496,960
816,772
(303,587)
513,185
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
Research
Enhanced
Core
ETF
-
-
-
-
Columbia
Research
Enhanced
Value
ETF
253,129
-
253,129
(4,113)
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
28,822,124
28,792,423
Columbia
Research
Enhanced
Value
ETF
4,051,380
4,065,891
Fund
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
13,887,492
Columbia
Research
Enhanced
Value
ETF
9,810,149
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
60,266,531
82,916,327
22,649,796
Columbia
Research
Enhanced
Value
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
34
Strategic
Beta
ETFs
|
Annual
Report
2021
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
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
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
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
October
unless
extended
or
renewed.
Prior
to
the
October
28,
2021
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-
month
London
Interbank
Offered
Rate
(LIBOR)
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2021.
Note
8.
Significant
risks
Financial
sector
risk
Columbia
Research
Enhanced
Value
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
financial
services
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
financial
services
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
real
estate
developers,
which
makes
them
vulnerable
to
economic
conditions
that
affect
that
industry.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financial
services
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Information
technology
sector
risk
Columbia
Research
Enhanced
Core
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
and
environment
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
35
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
COVID-19
pandemic
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
Passive
Investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
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
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
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
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
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
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Funds.
36
Strategic
Beta
ETFs
|
Annual
Report
2021
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,
2021,
the
related
statements
of
operations
for
the
year
ended
October
31,
2021,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2021
and
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,
2021,
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,
2021
and
each
of
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2021
and
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,
2021
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
21,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2021
37
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2021
.
Shareholders
will
be
notified
in
early
202
2
of
the
amounts
for
use
in
preparing
2021
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:
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.
Fund
DRD
QDI
Columbia
Research
Enhanced
Core
ETF
60.69%
63.56%
Columbia
Research
Enhanced
Value
ETF
86.19%
90.57%
Fund
Columbia
Research
Enhanced
Core
ETF
$900,870
Columbia
Research
Enhanced
Value
ETF
$116,290
Fund
Columbia
Research
Enhanced
Core
ETF
$66,967
Columbia
Research
Enhanced
Value
ETF
$-
38
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
171
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,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
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
171
Trustee,
BlueCross
BlueShield
of
Minnesota
since
2009
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee, 2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017
–
July
2017;
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020)
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
39
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
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;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
171
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
since
2019
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
169
Director,
EQT
Corporation
(natural
gas
producer)
since
2019;
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company)
since
2020
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
(a)
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
169
Director,
The
Autism
Project
since
March
2015;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
(a)
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
2001-2004
169
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
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
171
Trustee,
MA
Taxpayers
Foundation
since
1997;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010;
Board
of
Directors,
The
MA
Business
Roundtable
2003-2019
TRUSTEES
AND
OFFICERS
(continued)
40
Strategic
Beta
ETFs
|
Annual
Report
2021
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
171
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
169
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
169
None
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
169
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
41
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
Dean
Witter
Reynolds,
Inc.,
1976-1980
171
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
Anthony
M.
Santomero
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1946
Trustee
2008
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
171
Trustee,
Penn
Mutual
Life
Insurance
Company
since
March
2008;
Director,
RenaissanceRe
Holdings
Ltd.
since
May
2008;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
171
Director,
BlueCross
BlueShield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
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;
Chair
of
Daniel-Mickel
Foundation
TRUSTEES
AND
OFFICERS
(continued)
42
Strategic
Beta
ETFs
|
Annual
Report
2021
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Santomero
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
(a)
J.
Kevin
Connaughton
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
March
1,
2016.
Natalie
A.
Trunow
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
September
1,
2016.
Olive
M.
Darragh
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
June
10,
2019.
Shareholders
of
the
Funds
elected
Mr.
Connaughton
and
Mses.
Darragh
and
Trunow
as
Trustees
of
CFST,
CFST
I,
CFST
II,
CET
I,
CET
II,
and
CFVST
II
effective
January
1,
2021,
and
of
CFVIT,
effective
July
1,
2020.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
(a)
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
since
January
2016;
Non-executive
Member
of
the
Investment
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services)
since
August
2018;
Advisor,
Paradigm
Asset
Management
since
November
2016;
Director
of
Investments,
Casey
Family
Programs,
April
2016-September
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008
-
January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
169
Director,
Health
Services
for
Children
with
Special
Needs,
Inc.;
Director,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions);
Independent
Director,
Investment
Committee,
Sarona
Asset
Management
Sandra
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
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
171
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
43
*
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.
(a)
Mr.
Beckman
serves
as
the
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
(since
2021).
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
Columbia
Funds
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
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
November
2021
(a)
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
(since
April
2015);
officer
of
Columbia
Funds
and
affiliated
funds
since
2020.
171
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018
TRUSTEES
AND
OFFICERS
(continued)
44
Strategic
Beta
ETFs
|
Annual
Report
2021
The
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
Trusts
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.
Beckman
who
is
the
President
and
Principal
Executive
Officer,
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
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2019
(previously
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
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.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
September
2010
–
September
2020.
Colin
Moore
290
Congress
Street
Boston,
MA
02210
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
290
Congress
Street
Boston,
MA
02210
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);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
45
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
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
46
Strategic
Beta
ETFs
|
Annual
Report
2021
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(each,
a
Fund,
and
together,
the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds'
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
in
November
and
December
2020
and
March,
April
and
June
2021,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
a
comprehensive
response
to
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
in
a
letter
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
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
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Oversight
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
15,
2021
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
advisory
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
47
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2021
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided.
In
connection
with
the
Board's
evaluation
of
the
overall
package
of
services
provided
by
the
Investment
Manager,
the
Board
also
considered
the
nature,
quality
and
range
of
administrative
services
provided
to
the
Funds
by
the
Investment
Manager,
as
well
as
the
achievements
in
2020
in
the
performance
of
administrative
services,
and
noted
the
various
enhancements
anticipated
for
2021.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement.
The
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
are
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Columbia
Funds
under
the
Fund
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
In
this
connection,
the
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Funds,
(ii)
the
performance
of
a
benchmark
index,
(iii)
the
percentage
ranking
of
the
Funds
among
their
comparison
groups,
(iv)
the
Funds’
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
Funds
and
(vi)
index
tracking
error
data
of
each
Fund.
The
Board
observed
the
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally,
and
the
Investment
Manager’s
willingness
to
take
steps
intended
to
improve
each
Fund’s
performance.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
48
Strategic
Beta
ETFs
|
Annual
Report
2021
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unified/all-inclusive
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unified/all-inclusive
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
each
Fund’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
approximated
the
peer
universe's
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Funds.
The
Board
considered
that
in
2020
the
Board
had
considered
2019
profitability
and
that
the
2021
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2020
increased
slightly
from
2019
levels.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unified
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
the
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
15,
2021,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
Strategic
Beta
ETFs
|
Annual
Report
2021
49
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
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
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.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
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
290
Congress
Street
Boston,
MA
02210
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
Annual
Report
October
31,
2021
Columbia
Short
Duration
Bond
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Fund’s
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Fund’s
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
Fund
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
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
2021
Fund
at
a
Glance
3
Understanding
Your
Fund’s
Expenses
4
Portfolio
of
Investments
5
Statement
of
Assets
and
Liabilities
12
Statement
of
Operations
13
Statement
of
Changes
in
Net
Assets
14
Financial
Highlights
15
Notes
to
Financial
Statements
16
Report
of
Independent
Registered
Public
Accounting
Firm
24
Trustees
and
Officers
25
Approval
of
Investment
Management
Services
Agreement
33
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
the
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
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
The
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Fund
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
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.
FUND
AT
A
GLANCE
Columbia
Short
Duration
Bond
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
3
Portfolio
management
Ronald
Stahl,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
September
2021
Gregory
Liechty
Portfolio
Manager
Managed
Fund
since
September
2021
David
Janssen,
CFA
Portfolio
Manager
Managed
Fund
since
September
2021
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage®
Short
Term
Bond
Index.
Quality
breakdown
(%)
(at
October
31,
2021)
AAA
rating
25.9
AA
rating
2.2
A
rating
1.3
BBB
rating
40.2
BB
rating
28.7
B
rating
1.0
Not
rated
0.7
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
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.
If
a
security
is
not
rated
but
has
a
rating
by
Kroll
and/or
DBRS,
the
same
methodology
is
applied
to
those
bonds
that
would
otherwise
be
not
rated.
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.
Portfolio
breakdown
(%)
(at
October
31,
2021
)
Asset-Backed
Securities
-
Non-Agency
9.1
Commercial
Mortgage-Backed
Securities
-
Non-Agency
9.1
Corporate
Bonds
50.5
Foreign
Government
Obligations
12.4
U.S.
Government
&
Agency
Obligations
9.1
Money
Market
Fund
9.8
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2021
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,
2021.
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.
(a)
Based
on
operations
from
September
21,
2021
(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,
2021
—
October
31,
2021
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
Short
Duration
Bond
ETF
1,000.00
1,000.00
993.00
(a)
1,023.95
0.28
(a)
1.28
0.25
(a)
PORTFOLIO
OF
INVESTMENTS
October
31,
2021
(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
2021
5
Asset-Backed
Securities
-
Non-Agency
10.0%
Issue
Description
Principal
Amount
($)
Value
($)
AmeriCredit
Automobile
Receivables
Trust
Class
C,
Series
2020-3,
1.060%,
08/18/26
100,000
99,874
Class
A3,
Series
2021-2,
0.340%,
12/18/26
100,000
99,420
BMW
Vehicle
Lease
Trust
Class
A4,
Series
2021-1,
0.370%,
07/25/24
100,000
99,622
BMW
Vehicle
Owner
Trust
Class
A4,
Series
2020-A,
0.620%,
04/26/27
100,000
99,809
Carmax
Auto
Owner
Trust
Class
C,
Series
2018-4,
3.850%,
07/15/24
100,000
103,453
Class
A3,
Series
2021-1,
0.340%,
12/15/25
100,000
99,686
Exeter
Automobile
Receivables
Trust
Class
A3,
Series
2021-2A,
0.300%,
10/15/24
100,000
99,928
Ford
Credit
Auto
Owner
Trust
Class
B,
Series
2020-C,
0.790%,
08/15/26
135,000
133,344
Ford
Credit
Floorplan
Master
Owner
Trust
A
Class
A,
Series
2018-2,
3.170%,
03/15/25
100,000
103,592
Class
A1,
Series
2020-1,
0.700%,
09/15/25
100,000
100,021
GM
Financial
Consumer
Automobile
Receivables
Trust
Class
A3,
Series
2021-2,
0.510%,
04/16/26
100,000
99,621
GM
Financial
Leasing
Trust
Class
A3,
Series
2021-1,
0.260%,
02/20/24
50,000
49,923
Honda
Auto
Receivables
Owner
Trust
Class
A4,
Series
2020-3,
0.460%,
04/19/27
150,000
149,352
Hyundai
Auto
Receivables
Trust
Class
A4,
Series
2020-C,
0.490%,
11/16/26
100,000
99,117
Santander
Drive
Auto
Receivables
Trust
Class
D,
Series
2021-1,
1.130%,
11/16/26
100,000
99,726
Class
D,
Series
2020-4,
1.480%,
01/15/27
100,000
100,760
Class
C,
Series
2021-2,
0.900%,
06/15/26
55,000
55,051
Toyota
Auto
Receivables
Owner
Trust
Class
A3,
Series
2020-D,
0.350%,
01/15/25
100,000
99,863
World
Omni
Auto
Receivables
Trust
Class
A4,
Series
2018-C,
3.270%,
09/16/24
100,000
102,030
World
Omni
Automobile
Lease
Securitization
Trust
Class
A3,
Series
2020-B,
0.450%,
02/15/24
100,000
99,910
Total
Asset-Backed
Securities
-
Non-
Agency
(Cost
$2,005,468)
1,994,102
Commercial
Mortgage-Backed
Securities
-
Non-Agency
10.0%
Issue
Description
Principal
Amount
($)
Value
($)
Bank
Class
A2,
Series
2019-BN16,
3.933%,
02/15/52
140,000
146,110
BBCMS
Mortgage
Trust
Class
ASB,
Series
2018-C2,
4.236%,
12/15/51
100,000
111,086
CD
Mortgage
Trust
Class
ASB,
Series
2017-CD6,
3.332%,
11/13/50
100,000
106,268
Citigroup
Commercial
Mortgage
Trust
Class
AS,
Series
2015-GC27,
3.571%,
02/10/48
100,000
104,667
Class
A4,
Series
2015-GC31,
3.762%,
06/10/48
100,000
107,913
COMM
Mortgage
Trust
Class
A4,
Series
2014-UBS3,
3.819%,
06/10/47
100,000
106,095
Class
D,
Series
2015-CR26,
3.478%,
10/10/48
(a)
56,000
55,018
Class
A5,
Series
2013-CR8,
3.612%,
06/10/46
(a)
100,000
103,622
Class
A4,
Series
2013-CR10,
4.210%,
08/10/46
(a)
100,000
105,032
Class
C,
Series
2013-CR13,
4.882%,
11/10/46
(a)
100,000
105,739
GS
Mortgage
Securities
Trust
Class
A4,
Series
2014-GC22,
3.587%,
06/10/47
100,000
103,919
JPMBB
Commercial
Mortgage
Securities
Trust
Class
AS,
Series
2016-C2,
3.484%,
06/15/49
100,000
103,767
Class
A4,
Series
2014-C22,
3.801%,
09/15/47
100,000
106,425
Class
A4A1,
Series
2014-C25,
3.408%,
11/15/47
89,499
93,655
Class
A4,
Series
2015-C27,
3.179%,
02/15/48
100,000
105,333
Class
A3,
Series
2015-C31,
3.801%,
08/15/48
99,587
106,813
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Class
ASB,
Series
2017-C34,
3.354%,
11/15/52
100,000
106,378
Wells
Fargo
Commercial
Mortgage
Trust
Class
A2,
Series
2020-C56,
2.498%,
06/15/53
45,000
46,061
WFRBS
Commercial
Mortgage
Trust
Class
A5,
Series
2014-C22,
3.752%,
09/15/57
150,000
159,193
Total
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(Cost
$2,008,567)
1,983,094
Corporate
Bonds
55.5%
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)
2.196%,
02/04/26
40,000
40,097
Howmet
Aerospace,
Inc.
6.875%,
05/01/25
60,000
69,575
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
6
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
L3Harris
Technologies,
Inc.
4.400%,
06/15/28
40,000
45,603
Northrop
Grumman
Corp.
3.250%,
08/01/23
40,000
41,801
Raytheon
Technologies
Corp.
3.200%,
03/15/24
40,000
42,045
Teledyne
Technologies,
Inc.
1.600%,
04/01/26
40,000
39,930
Total
279,051
Airlines
1.1%
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(b)
60,000
62,920
Delta
Air
Lines,
Inc.
2.900%,
10/28/24
40,000
40,817
Southwest
Airlines
Co.
5.250%,
05/04/25
40,000
44,841
United
Airlines,
Inc.
4.375%,
04/15/26
(b)
60,000
62,126
Total
210,704
Automotive
3.1%
Ford
Motor
Co.
8.500%,
04/21/23
200,000
219,159
9.000%,
04/22/25
240,000
288,627
General
Motors
Co.
6.125%,
10/01/25
40,000
46,366
Goodyear
Tire
&
Rubber
Co.
(The)
5.000%,
05/31/26
60,000
61,604
Total
615,756
Banking
5.0%
Ally
Financial,
Inc.
5.750%,
11/20/25
100,000
113,438
Bank
of
America
Corp.
Series
L,
3.950%,
04/21/25
200,000
216,063
Capital
One
Financial
Corp.
4.200%,
10/29/25
40,000
43,766
CIT
Group,
Inc.
3.929%,
(SOFRRATE
+
3.827%),
06/19/24
(c)
80,000
83,248
Citigroup,
Inc.
4.125%,
07/25/28
80,000
88,761
4.400%,
06/10/25
40,000
43,761
Fifth
Third
Bancorp
2.550%,
05/05/27
40,000
41,500
Goldman
Sachs
Group,
Inc.
(The)
5.950%,
01/15/27
180,000
214,446
Morgan
Stanley
Series
MTN,
4.100%,
05/22/23
60,000
63,055
Regions
Financial
Corp.
1.800%,
08/12/28
40,000
39,169
Santander
Holdings
USA,
Inc.
4.500%,
07/17/25
40,000
43,784
Total
990,991
Brokerage/Asset
Managers/Exchanges
0.5%
Jefferies
Group
LLC
5.125%,
01/20/23
100,000
105,271
Cable
and
Satellite
0.5%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.500%,
05/01/26
(b)
60,000
61,964
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Series
USD,
4.500%,
02/01/24
40,000
42,899
Total
104,863
Chemicals
0.6%
Celanese
US
Holdings
LLC
4.625%,
11/15/22
40,000
41,586
DuPont
de
Nemours,
Inc.
4.205%,
11/15/23
40,000
42,626
Nutrien
Ltd.
3.375%,
03/15/25
40,000
42,515
Total
126,727
Construction
Machinery
0.2%
CNH
Industrial
NV
4.500%,
08/15/23
40,000
42,504
Consumer
Cyclical
Services
0.5%
eBay,
Inc.
1.400%,
05/10/26
40,000
39,641
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
5.250%,
04/15/24
(b)
60,000
63,835
Total
103,476
Consumer
Products
0.2%
Clorox
Co.
(The)
3.100%,
10/01/27
40,000
42,797
Diversified
Manufacturing
1.5%
Carrier
Global
Corp.
2.493%,
02/15/27
40,000
41,138
Ingersoll-Rand
Global
Holdings
3.750%,
08/21/28
40,000
44,113
Newell
Brands,
Inc.
4.700%,
04/01/26
60,000
65,724
Otis
Worldwide
Corp.
2.056%,
04/05/25
40,000
40,957
Parker-Hannifin
Corp.
2.700%,
06/14/24
40,000
41,720
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(b)
60,000
63,831
Total
297,483
Electric
2.0%
AES
Corp.
(The)
1.375%,
01/15/26
40,000
39,220
Duke
Energy
Corp.
3.750%,
04/15/24
40,000
42,397
FirstEnergy
Transmission
LLC
4.350%,
01/15/25
(b)
60,000
64,988
Interstate
Power
and
Light
Co.
3.250%,
12/01/24
40,000
42,370
NextEra
Energy
Capital
Holdings,
Inc.
2.750%,
05/01/25
40,000
41,954
3.550%,
05/01/27
40,000
43,376
Public
Service
Enterprise
Group,
Inc.
2.875%,
06/15/24
40,000
41,811
Southern
Co.
(The)
2.950%,
07/01/23
40,000
41,305
Xcel
Energy,
Inc.
3.300%,
06/01/25
40,000
42,491
Total
399,912
Environmental
0.2%
Republic
Services,
Inc.
2.900%,
07/01/26
40,000
42,200
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
7
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Finance
Companies
1.6%
Air
Lease
Corp.
Series
MTN,
2.875%,
01/15/26
80,000
82,611
Ares
Capital
Corp.
2.150%,
07/15/26
40,000
39,615
Navient
Corp.
6.750%,
06/25/25
80,000
88,000
OneMain
Finance
Corp.
8.875%,
06/01/25
100,000
108,157
Total
318,383
Food
and
Beverage
1.8%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
3.650%,
02/01/26
40,000
43,475
Bunge
Ltd.
Finance
Corp.
3.250%,
08/15/26
40,000
42,638
Campbell
Soup
Co.
3.950%,
03/15/25
40,000
43,273
General
Mills,
Inc.
4.000%,
04/17/25
40,000
43,485
Kellogg
Co.
3.250%,
04/01/26
40,000
42,900
Keurig
Dr
Pepper,
Inc.
0.750%,
03/15/24
40,000
39,841
Kraft
Heinz
Foods
Co.
3.000%,
06/01/26
60,000
62,588
Sysco
Corp.
3.300%,
07/15/26
40,000
42,835
Total
361,035
Foreign
Agencies
6.3%
China
Construction
Bank
Corp.
2.450%,
(US
5
Year
CMT
T-Note
+
2.150%),
06/24/30
(c)
200,000
200,991
CNAC
HK
Finbridge
Co.
Ltd.
3.375%,
06/19/24
200,000
208,466
DP
World
Salaam
6.000%,
(US
5
Year
CMT
T-Note
+
5.750%),
01/01/70
(c)
200,000
218,500
Ecopetrol
SA
4.125%,
01/16/25
100,000
103,483
Petroleos
Mexicanos
6.875%,
08/04/26
250,000
273,018
Southern
Gas
Corridor
CJSC
Series
REGS,
6.875%,
03/24/26
200,000
234,451
Total
1,238,909
Gaming
0.8%
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
5.375%,
04/15/26
40,000
45,148
Las
Vegas
Sands
Corp.
3.500%,
08/18/26
40,000
40,904
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co.-
Issuer,
Inc.
4.625%,
06/15/25
(b)
60,000
64,581
Total
150,633
Health
Care
2.6%
Agilent
Technologies,
Inc.
3.875%,
07/15/23
40,000
41,847
AmerisourceBergen
Corp.
3.450%,
12/15/27
40,000
43,133
Becton
Dickinson
and
Co.
3.363%,
06/06/24
40,000
42,176
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Boston
Scientific
Corp.
3.450%,
03/01/24
40,000
42,173
Cardinal
Health,
Inc.
3.079%,
06/15/24
40,000
41,952
Cigna
Corp.
4.125%,
11/15/25
40,000
44,002
CVS
Health
Corp.
3.700%,
03/09/23
60,000
62,344
HCA,
Inc.
5.875%,
02/15/26
100,000
113,896
Quest
Diagnostics,
Inc.
3.500%,
03/30/25
40,000
42,659
Zimmer
Biomet
Holdings,
Inc.
3.550%,
04/01/25
40,000
42,619
Total
516,801
Healthcare
Insurance
0.4%
Aetna,
Inc.
2.750%,
11/15/22
40,000
40,695
Anthem,
Inc.
4.101%,
03/01/28
40,000
44,954
Total
85,649
Healthcare
REIT
0.9%
Diversified
Healthcare
Trust
9.750%,
06/15/25
80,000
86,902
Ventas
Realty
LP
4.125%,
01/15/26
40,000
43,787
Welltower,
Inc.
4.250%,
04/15/28
40,000
45,199
Total
175,888
Home
Construction
0.2%
Lennar
Corp.
4.750%,
05/30/25
40,000
44,119
Independent
Energy
2.7%
Apache
Corp.
4.625%,
11/15/25
40,000
43,079
Canadian
Natural
Resources
Ltd.
2.950%,
01/15/23
40,000
40,975
3.850%,
06/01/27
40,000
43,376
Continental
Resources,
Inc.
4.500%,
04/15/23
40,000
41,612
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
6.625%,
07/15/25
(b)
40,000
42,183
EQT
Corp.
6.625%,
02/01/25
40,000
45,009
Occidental
Petroleum
Corp.
3.500%,
06/15/25
140,000
144,608
Ovintiv
Exploration,
Inc.
5.625%,
07/01/24
40,000
44,017
Pioneer
Natural
Resources
Co.
4.450%,
01/15/26
40,000
44,205
Southwestern
Energy
Co.
6.450%,
01/23/25
40,000
43,590
Total
532,654
Leisure
0.3%
Royal
Caribbean
Cruises
Ltd.
10.875%,
06/01/23
(b)
60,000
67,170
Life
Insurance
0.4%
Lincoln
National
Corp.
3.800%,
03/01/28
40,000
44,194
4.000%,
09/01/23
40,000
42,349
Total
86,543
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Strategic
Beta
ETFs
|
Annual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Lodging
0.6%
Marriott
International,
Inc.
Series
X,
4.000%,
04/15/28
60,000
65,687
Travel
+
Leisure
Co.
6.625%,
07/31/26
(b)
40,000
44,655
Total
110,342
Media
and
Entertainment
0.9%
Discovery
Communications
LLC
3.950%,
03/20/28
40,000
44,050
Netflix,
Inc.
3.625%,
06/15/25
(b)
40,000
42,539
Omnicom
Group,
Inc.
/
Omnicom
Capital,
Inc.
3.650%,
11/01/24
40,000
42,704
ViacomCBS,
Inc.
4.000%,
01/15/26
40,000
43,602
Total
172,895
Metals
and
Mining
0.8%
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(b)
40,000
42,549
Freeport-McMoRan,
Inc.
4.550%,
11/14/24
60,000
64,849
Nucor
Corp.
2.000%,
06/01/25
40,000
40,799
Total
148,197
Midstream
3.0%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp.
5.500%,
05/20/25
60,000
65,130
Buckeye
Partners
LP
4.125%,
03/01/25
(b)
40,000
41,095
Cheniere
Corpus
Christi
Holdings
LLC
5.125%,
06/30/27
40,000
45,706
DCP
Midstream
Operating
LP
5.375%,
07/15/25
40,000
44,333
Enbridge,
Inc.
4.000%,
10/01/23
40,000
42,107
EnLink
Midstream
Partners
LP
4.150%,
06/01/25
40,000
41,524
Enterprise
Products
Operating
LLC
3.700%,
02/15/26
40,000
43,432
EQM
Midstream
Partners
LP
4.000%,
08/01/24
40,000
41,528
MPLX
LP
4.875%,
06/01/25
40,000
44,283
NuStar
Logistics
LP
6.000%,
06/01/26
40,000
42,663
Sabine
Pass
Liquefaction
LLC
5.000%,
03/15/27
40,000
45,396
TransCanada
PipeLines
Ltd.
4.875%,
01/15/26
40,000
45,172
Williams
Cos.,
Inc.
(The)
3.750%,
06/15/27
40,000
43,549
Total
585,918
Natural
Gas
0.4%
Sempra
Energy
3.400%,
02/01/28
40,000
43,026
3.550%,
06/15/24
40,000
42,269
Total
85,295
Office
REIT
0.4%
Alexandria
Real
Estate
Equities,
Inc.
3.950%,
01/15/27
40,000
44,160
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Columbia
Property
Trust
Operating
Partnership
LP
3.650%,
08/15/26
40,000
42,143
Total
86,303
Other
Financial
Institutions
0.2%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
6.250%,
05/15/26
40,000
41,891
Other
REIT
0.9%
Digital
Realty
Trust
LP
4.450%,
07/15/28
40,000
45,660
iStar,
Inc.
4.250%,
08/01/25
60,000
61,724
Service
Properties
Trust
7.500%,
09/15/25
60,000
66,358
Total
173,742
Packaging
0.6%
Ball
Corp.
5.250%,
07/01/25
60,000
66,905
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
40,000
41,255
Total
108,160
Pharmaceuticals
1.1%
AbbVie,
Inc.
2.900%,
11/06/22
80,000
81,871
Amgen,
Inc.
1.650%,
08/15/28
40,000
38,879
Gilead
Sciences,
Inc.
3.650%,
03/01/26
40,000
43,340
Zoetis,
Inc.
4.500%,
11/13/25
40,000
44,589
Total
208,679
Property
&
Casualty
0.7%
American
International
Group,
Inc.
4.125%,
02/15/24
40,000
42,826
Aon
PLC
3.875%,
12/15/25
40,000
43,676
Assurant,
Inc.
4.900%,
03/27/28
40,000
45,927
Total
132,429
Railroads
0.2%
CSX
Corp.
3.800%,
03/01/28
40,000
44,404
Refining
0.4%
Phillips
66
3.900%,
03/15/28
40,000
44,125
Valero
Energy
Corp.
1.200%,
03/15/24
40,000
40,062
Total
84,187
Restaurants
0.2%
Starbucks
Corp.
3.500%,
03/01/28
40,000
43,758
Retail
REIT
0.5%
Kimco
Realty
Corp.
3.300%,
02/01/25
40,000
42,319
VEREIT
Operating
Partnership
LP
4.875%,
06/01/26
40,000
45,216
Total
87,535
Retailers
1.7%
AutoNation,
Inc.
3.800%,
11/15/27
40,000
43,394
Dollar
Tree,
Inc.
4.200%,
05/15/28
40,000
45,049
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
9
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Hanesbrands,
Inc.
5.375%,
05/15/25
(b)
60,000
62,491
Macy's
Retail
Holdings
LLC
2.875%,
02/15/23
40,000
40,467
O'Reilly
Automotive,
Inc.
3.850%,
06/15/23
40,000
41,726
QVC,
Inc.
4.450%,
02/15/25
60,000
64,274
Ross
Stores,
Inc.
0.875%,
04/15/26
40,000
38,918
Total
336,319
Supermarkets
0.3%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
7.500%,
03/15/26
(b)
60,000
64,646
Technology
4.3%
Avnet,
Inc.
4.625%,
04/15/26
40,000
44,159
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
40,000
43,339
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
40,000
45,606
6.020%,
06/15/26
60,000
70,669
Equifax,
Inc.
2.600%,
12/01/24
40,000
41,669
Fidelity
National
Information
Services,
Inc.
1.150%,
03/01/26
40,000
39,188
Fiserv,
Inc.
3.200%,
07/01/26
40,000
42,508
Global
Payments,
Inc.
1.200%,
03/01/26
40,000
39,064
Hewlett
Packard
Enterprise
Co.
4.450%,
10/02/23
40,000
42,539
IHS
Markit
Ltd.
5.000%,
11/01/22
(b)
60,000
61,888
Microchip
Technology,
Inc.
2.670%,
09/01/23
60,000
61,878
Oracle
Corp.
2.500%,
04/01/25
40,000
41,489
Sensata
Technologies
BV
5.000%,
10/01/25
(b)
60,000
65,715
VMware,
Inc.
3.900%,
08/21/27
40,000
43,874
Western
Digital
Corp.
4.750%,
02/15/26
60,000
65,919
Western
Union
Co.
(The)
2.850%,
01/10/25
40,000
41,628
Xerox
Corp.
4.375%,
03/15/23
60,000
61,957
Total
853,089
Tobacco
0.4%
Altria
Group,
Inc.
2.350%,
05/06/25
40,000
41,190
BAT
Capital
Corp.
3.557%,
08/15/27
40,000
42,321
Total
83,511
Transportation
Services
0.2%
Ryder
System,
Inc.
Series
MTN,
3.400%,
03/01/23
40,000
41,382
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wireless
2.1%
American
Tower
Corp.
5.000%,
02/15/24
40,000
43,575
Rogers
Communications,
Inc.
4.100%,
10/01/23
40,000
42,162
Sprint
Corp.
7.625%,
02/15/25
180,000
209,392
T-Mobile
USA,
Inc.
2.050%,
02/15/28
60,000
59,468
2.625%,
04/15/26
60,000
60,967
Total
415,564
Wirelines
0.8%
AT&T,
Inc.
0.900%,
03/25/24
40,000
40,006
2.300%,
06/01/27
40,000
40,869
Lumen
Technologies,
Inc.
Series
Y,
7.500%,
04/01/24
40,000
44,043
Verizon
Communications,
Inc.
2.100%,
03/22/28
40,000
40,125
Total
165,043
Total
Corporate
Bonds
(Cost
$11,104,697)
11,012,808
Foreign
Government
Obligations
(d),(e)
13.6%
Principal
Amount
($)
Value
($)
Brazilian
Government
International
Bond
2.875%,
06/06/25
300,000
300,059
Colombia
Government
International
Bond
4.500%,
01/28/26
200,000
213,998
Dominican
Republic
International
Bond
Series
REGS,
5.500%,
01/27/25
200,000
217,413
Hungary
Government
International
Bond
5.375%,
03/25/24
200,000
220,179
Indonesia
Government
International
Bond
Series
REGS,
4.750%,
01/08/26
200,000
225,289
Kazakhstan
Government
International
Bond
Series
REGS,
5.125%,
07/21/25
200,000
227,430
Mexico
Government
International
Bond
4.125%,
01/21/26
200,000
220,557
Oman
Government
International
Bond
Series
REGS,
4.750%,
06/15/26
200,000
205,708
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.350%,
09/10/24
200,000
218,213
Philippine
Government
International
Bond
4.200%,
01/21/24
200,000
213,833
Republic
of
South
Africa
Government
International
Bond
5.875%,
09/16/25
200,000
223,513
Russian
Foreign
Bond
-
Eurobond
Series
REGS,
4.750%,
05/27/26
200,000
224,490
Total
Foreign
Government
Obligations
(Cost
$2,744,129)
2,710,682
U.S.
Government
&
Agency
Obligations
10.0%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
10.0%
1.500%,
11/15/36
(f)
574,000
577,363
2.000%,
11/15/36
(f)
957,000
981,860
2.500%,
11/15/36
(f)
300,000
311,631
3.000%,
11/15/36
(f)
78,000
81,754
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2021
Notes
to
Portfolio
of
Investments
U.S.
Government
&
Agency
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.500%,
11/15/36
(f)
30,000
31,825
Total
1,984,433
Total
U.S.
Government
&
Agency
Obligations
(Cost
$1,985,975)
1,984,433
Money
Market
Funds
10.8%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
0.030%
(g)
2,137,788
2,137,788
Total
Money
Market
Funds
(Cost
$2,137,788)
2,137,788
Total
Investments
in
Securities
(Cost
$21,986,624)
21,822,907
Other
Assets
&
Liabilities,
Net
(1,964,605)
Net
Assets
19,858,302
(a)
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,
2021.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2021,
the
total
value
of
these
securities
amounted
to
$979,176,
which
represents
4.93%
of
total
net
assets.
(c)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2021.
(d)
Principal
amounts
are
shown
in
United
States
Dollars
unless
otherwise
noted.
(e)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(f)
Represents
a
security
purchased
on
a
when-issued
basis.
(g)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2021.
Abbreviation
Legend
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
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)
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
11
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Asset-Backed
Securities
-
Non-Agency
–
1,994,102
–
1,994,102
Commercial
Mortgage-Backed
Securities
-
Non-Agency
–
1,983,094
–
1,983,094
Corporate
Bonds
–
11,012,808
–
11,012,808
Foreign
Government
Obligations
–
2,710,682
–
2,710,682
U.S.
Government
&
Agency
Obligations
–
1,984,433
–
1,984,433
Money
Market
Funds
2,137,788
–
–
2,137,788
Total
Investments
in
Securities
2,137,788
19,685,119
–
21,822,907
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,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2021
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$21,986,624)
$21,822,907
Receivable
for:
Interest
156,819
Dividends
1,362
Total
assets
21,981,088
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
1,985,974
Investments
purchased
132,589
Investment
management
fees
4,223
Total
liabilities
2,122,786
Net
assets
applicable
to
outstanding
capital
stock
$19,858,302
Represented
by:
Paid-in
capital
$20,001,000
Total
distributable
earnings
(loss)
(142,698)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$19,858,302
Shares
outstanding
1,000,050
Net
asset
value
per
share
$19.86
STATEMENT
OF
OPERATIONS
For
the
period
from
September
21,
2021
(commencement
of
operations)
through
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
13
Investment
Income:
Interest
$35,436
Dividends
-
unaffiliated
issuers
1,367
Total
income
36,803
Expenses:
Investment
management
fees
5,453
Net
Investment
Income
31,350
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(10,331)
Net
realized
loss
(10,331)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(163,717)
Net
change
in
unrealized
depreciation
(163,717)
Net
realized
and
unrealized
loss
(174,048)
Net
Decrease
in
net
assets
resulting
from
operations
$(142,698)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2021
Year
Ended
October
31,
2021
(a)
Operations
Net
investment
income
$31,350
Net
realized
loss
(10,331)
Net
change
in
unrealized
depreciation
(163,717)
Net
decrease
in
net
assets
resulting
from
operations
(142,698)
Decrease
in
net
assets
(142,698)
Net
Assets:
Net
assets
beginning
of
period
20,001,000
Net
assets
at
end
of
period
$19,858,302
Capital
stock
activity
Shares
outstanding,
beginning
of
period
1,000,050
Shares
outstanding,
end
of
period
1,000,050
(a)
Based
on
operations
from
September
21,
2021
(commencement
of
operations)
through
the
stated
period
end.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2021
15
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.
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
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,
2021
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.03
Net
realized
and
unrealized
loss
(0.17)
Total
from
investment
operations
(0.14)
Net
asset
value,
end
of
period
$19.86
Total
Return
at
NAV
(0.70)%
Total
Return
at
Market
(0.70)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.25%
(c)
Total
net
expenses
(b)(d)
0.25%
(c)
Net
investment
income
1.44%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$19,858
Portfolio
turnover
11%
(a)
The
Fund
commenced
operations
on
September
21,
2021.
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,
2021
16
Strategic
Beta
ETFs
|
Annual
Report
2021
Note
1.
Organization
Columbia
Short
Duration
Bond
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
operates
as
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).
On
September
17,
2021,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
invested
$1,000
of
cash
in
the
Fund,
which
represented
the
initial
capital
for
the
Fund
at
$20
per
share.
On
September
20,
2021,
Wells
Fargo
invested
$9,941,146
of
securities
and
$10,058,854
of
cash
in
the
Fund
at
$20
per
share.
Shares
of
the
Fund
were
first
offered
to
the
public
on
September
21,
2021.
These
financial
statements
cover
the
period
from
September
21,
2021
(commencement
of
operations)
through
October
31,
2021.
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.
Note
2.
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
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Asset-
and
mortgage-backed
securities
are
generally
valued
by
pricing
services,
which
utilize
pricing
models
that
incorporate
the
securities’
cash
flow
and
loan
performance
data.
These
models
also
take
into
account
available
market
data,
including
trades,
market
quotations,
and
benchmark
yield
curves
for
identical
or
similar
securities.
Factors
used
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
17
to
identify
similar
securities
may
include,
but
are
not
limited
to,
issuer,
collateral
type,
vintage,
prepayment
speeds,
collateral
performance,
credit
ratings,
credit
enhancement
and
expected
life.
Asset-backed
securities
for
which
quotations
are
readily
available
may
also
be
valued
based
upon
an
over-the-counter
or
exchange
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
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
Fund’s
Portfolio
of
Investments.
Asset
–
and
mortgage-
backed
securities
The
Fund
may
invest
in
asset-backed
and
mortgage-backed
securities.
The
maturity
dates
shown
represent
the
original
maturity
of
the
underlying
obligation.
Actual
maturity
may
vary
based
upon
prepayment
activity
on
these
obligations.
All,
or
a
portion,
of
the
obligation
may
be
prepaid
at
any
time
because
the
underlying
asset
may
be
prepaid.
As
a
result,
decreasing
market
interest
rates
could
result
in
an
increased
level
of
prepayment.
An
increased
prepayment
rate
will
have
the
effect
of
shortening
the
maturity
of
the
security.
Unless
otherwise
noted,
the
coupon
rates
presented
are
fixed
rates.
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
a
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
may
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
may
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
18
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
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
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
adjustments
to
interest
income.
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.
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
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
19
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.
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.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
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
0.25%
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.
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
deferred
amount
is
adjusted
for
market
value
changes
and
remains
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,
2021
20
Strategic
Beta
ETFs
|
Annual
Report
2021
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.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2021,
these
differences
are
primarily
due
to
differing
treatments
for
capital
loss
carryforwards
and
principal
and/or
interest
of
fixed
income
securities.
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:
For
the
year
ended
October
31,
2021,
there
were
no
distributions.
At
October
31,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2021,
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,
2021,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2021,
capital
loss
carryforwards
utilized,
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.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
3,895
(3,895)
-
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
depreciation
($)
35,245
-
(10,397)
(167,546)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
depreciation
($)
21,990,453
1,358
(168,904)
(167,546)
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
10,397
-
10,397
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
21
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$12,136,337
and
$2,180,252,
respectively,
for
the
year
ended
October
31,
2021.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
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,
2021,
the
cost
basis
of
securities
contributed
was
$9,941,146.
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,
2021,
the
Fund
did
not
have
in-kind
redemptions.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
28,
2021
amendment
and
restatement,
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
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
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
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
October
unless
extended
or
renewed.
Prior
to
the
October
28,
2021
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-
month
London
Interbank
Offered
Rate
(LIBOR)
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2021.
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
22
Strategic
Beta
ETFs
|
Annual
Report
2021
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
instruments
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
instruments
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Higher
periods
of
inflation
could
lead
such
authorities
to
raise
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.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
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.
Market
and
environment
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
The
COVID-19
pandemic
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Fund
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Fund’s
ability
to
achieve
its
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2021
Strategic
Beta
ETFs
|
Annual
Report
2021
23
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
tracking
index.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
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
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
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
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Fund.
24
Strategic
Beta
ETFs
|
Annual
Report
2021
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Short
Duration
Bond
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Short
Duration
Bond
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2021,
and
the
related
statements
of
operations
and
changes
in
net
assets
including
the
related
notes,
and
the
financial
highlights
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021
(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,
2021,
and
the
results
of
its
operations,
changes
in
its
net
assets,
and
the
financial
highlights
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
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
audit.
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
audit
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
audit
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
audit
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,
2021
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
21,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
Strategic
Beta
ETFs
|
Annual
Report
2021
25
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.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
171
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,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
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
171
Trustee,
BlueCross
BlueShield
of
Minnesota
since
2009
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee, 2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017
–
July
2017;
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020)
TRUSTEES
AND
OFFICERS
(continued)
26
Strategic
Beta
ETFs
|
Annual
Report
2021
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
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;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
171
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
since
2019
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
169
Director,
EQT
Corporation
(natural
gas
producer)
since
2019;
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company)
since
2020
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
(a)
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
169
Director,
The
Autism
Project
since
March
2015;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
(a)
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
2001-2004
169
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
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
171
Trustee,
MA
Taxpayers
Foundation
since
1997;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010;
Board
of
Directors,
The
MA
Business
Roundtable
2003-2019
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
27
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
171
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
169
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
169
None
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
169
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
TRUSTEES
AND
OFFICERS
(continued)
28
Strategic
Beta
ETFs
|
Annual
Report
2021
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
Dean
Witter
Reynolds,
Inc.,
1976-1980
171
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
Anthony
M.
Santomero
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1946
Trustee
2008
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
171
Trustee,
Penn
Mutual
Life
Insurance
Company
since
March
2008;
Director,
RenaissanceRe
Holdings
Ltd.
since
May
2008;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
171
Director,
BlueCross
BlueShield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
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;
Chair
of
Daniel-Mickel
Foundation
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
29
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Santomero
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
(a)
J.
Kevin
Connaughton
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
March
1,
2016.
Natalie
A.
Trunow
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
September
1,
2016.
Olive
M.
Darragh
was
appointed
a
consultant
to
the
Independent
Trustees
of
CFST
I
and
CFVIT
effective
June
10,
2019.
Shareholders
of
the
Funds
elected
Mr.
Connaughton
and
Mses.
Darragh
and
Trunow
as
Trustees
of
CFST,
CFST
I,
CFST
II,
CET
I,
CET
II,
and
CFVST
II
effective
January
1,
2021,
and
of
CFVIT,
effective
July
1,
2020.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
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
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
(a)
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
since
January
2016;
Non-executive
Member
of
the
Investment
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services)
since
August
2018;
Advisor,
Paradigm
Asset
Management
since
November
2016;
Director
of
Investments,
Casey
Family
Programs,
April
2016-September
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008
-
January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
169
Director,
Health
Services
for
Children
with
Special
Needs,
Inc.;
Director,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions);
Independent
Director,
Investment
Committee,
Sarona
Asset
Management
Sandra
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
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
171
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
30
Strategic
Beta
ETFs
|
Annual
Report
2021
*
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.
(a)
Mr.
Beckman
serves
as
the
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
(since
2021).
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
Columbia
Funds
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
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
November
2021
(a)
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
(since
April
2015);
officer
of
Columbia
Funds
and
affiliated
funds
since
2020.
171
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018
TRUSTEES
AND
OFFICERS
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
31
The
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
Trusts
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.
Beckman
who
is
the
President
and
Principal
Executive
Officer,
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
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2019
(previously
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
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.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee
of
Columbia
Funds
Complex
until
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
September
2010
–
September
2020.
Colin
Moore
290
Congress
Street
Boston,
MA
02210
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
290
Congress
Street
Boston,
MA
02210
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);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
TRUSTEES
AND
OFFICERS
(continued)
32
Strategic
Beta
ETFs
|
Annual
Report
2021
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
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
Strategic
Beta
ETFs
|
Annual
Report
2021
33
On
September
16,
2021,
the
Board
of
Trustees
(the
Board)
and
the
independent
Board
members
(the
Independent
Trustees)
of
Columbia
ETF
Trust
I
(the
Trust)
unanimously
approved,
for
an
initial
two-year
term,
the
investment
management
services
agreement
(the
IMS
Agreement)
with
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
with
respect
to
Columbia
Short
Duration
Bond
ETF
(the
Fund),
a
series
of
the
Trust.
As
detailed
below,
the
Board
and
the
Board’s
Contracts
Committee
(the
Committee)
met
to
review
and
discuss,
both
among
themselves
and
with
the
management
team
of
the
Investment
Manager,
materials
provided
by
the
Investment
Manager
before
determining
to
approve
the
IMS
Agreement.
In
connection
with
their
deliberations
regarding
the
proposed
IMS
Agreement,
the
Committee
and
the
Board
evaluated
materials
requested
from
the
Investment
Manager
regarding
the
Fund
and
the
IMS
Agreement,
and
discussed
these
materials,
as
well
as
other
materials
provided
by
the
Investment
Manager
in
connection
with
the
Board’s
most
recent
annual
approval
of
the
continuation
of
the
investment
management
services
agreements
with
respect
to
other
series
of
the
Trust,
with
representatives
of
the
Investment
Manager
at
the
Committee
and
Board
meetings
held
in
November
and
December
2020
and
March,
April
and
June
2021.
The
Committee
and
the
Board
also
consulted
with
the
Independent
Trustees’
independent
legal
counsel,
who
advised
on
various
matters
with
respect
to
the
Committee’s
and
the
Board’s
considerations
and
otherwise
assisted
the
Committee
and
the
Board
in
their
deliberations.
The
Board
considered
its
discussion
relating
to
the
renewal
of
advisory
agreements
with
respect
to
other
series
of
the
Trust
and,
in
that
connection,
the
discussion
by
independent
legal
counsel
of
the
factors
that
should
be
considered
in
determining
whether
to
approve
or
renew
an
investment
management
agreement.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
Fund’s
proposed
management
fees
and
anticipated
total
expenses;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
expected
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager
to
the
Columbia
Funds.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2021
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Fund,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
34
Strategic
Beta
ETFs
|
Annual
Report
2021
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
to
be
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
to
be
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
the
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
including
the
relatively
broad
scope
of
services
required
to
be
performed,
as
well
as
each
of
the
other
proposed
agreements
and
plans
for
the
Fund.
The
Board
observed
that
the
proposed
agreements
and
plans
were
substantively
identical
to
the
form
of
existing
agreements
and
plans
with
respect
to
other
series
of
the
Trust
discussed
at
its
June
meeting.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
by
the
Investment
Manager
to
such
series.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
to
be
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
approval
of
the
IMS
Agreement.
Investment
performance
Because
the
Fund
had
not
yet
commenced
operations,
the
Board
did
not
have
investment
performance
to
compare
to
the
returns
of
a
group
of
comparable
funds.
In
connection
with
its
next
review
and
consideration
of
the
continuation
of
the
IMS
Agreement,
the
Board
expects
to
consider
the
overall
investment
performance
of
the
Fund
in
relation
to
the
annualized
return
for
various
time
periods
of
both
a
group
of
comparable
funds,
as
determined
by
the
independent
third-
party
data
provider,
and
a
benchmark.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally,
the
Investment
Manager’s
historical
responsiveness
to
Board
concerns
about
performance,
and
the
Investment
Manager’s
willingness
to
take
steps
intended
to
improve
performance.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
approval
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
to
be
provided
under
the
IMS
Agreement.
The
Board
considered
the
proposed
unified/all-inclusive
fee
structure
to
be
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unified/all-inclusive
fee
structures.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
proposed
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
proposed
levels
of
management
fees
and
expenses
of
the
Fund,
in
light
of
other
considerations,
supported
the
approval
of
the
IMS
Agreement.
The
Board
considered
the
expected
profitability
of
the
Investment
Manager
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Fund.
The
Board
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
They
noted
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
Strategic
Beta
ETFs
|
Annual
Report
2021
35
that
the
fees
to
be
paid
by
the
Fund
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
Economies
of
scale
The
Board
considered
that
the
proposed
IMS
Agreement
provides
for
a
unified
fee
level
that
does
not
include
pre-
established
breakpoints,
and
management’s
observation
that
the
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
September
16,
2021,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
IMS
Agreement.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
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.
©
2021
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 David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton 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. Moffett, Mr. Gallagher, Mr. Connaughton, 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.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2021 and October 31, 2020 are approximately as follows:
20212020
$94,300 $93,000
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, 2021 and October 31, 2020 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, 2021 and October 31, 2020, 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, 2021 and October 31, 2020 are approximately as follows:
Tax Fees, if any, 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, 2021 and October 31, 2020, 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,
2021 and October 31, 2020 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, 2021 and October 31, 2020, 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) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2021 and October 31, 2020 are approximately as follows:
(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, David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, 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.
(b)Not applicable.
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.
(a)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.
(b)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,
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)
|
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Columbia ETF Trust I
|
|
By (Signature and Title)
|
/s/ Daniel J. Beckman
|
|
|
|
|
Daniel J. Beckman, President and Principal Executive Officer
|
|
Date
|
|
December 21, 2021
|
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/ Daniel J. Beckman
|
|
|
|
Daniel J. Beckman President and Principal Executive Officer
|
|
Date
|
|
December 21, 2021
|
|
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By (Signature and Title)
|
/s/ Michael G. Clarke
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Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
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|
|
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and Senior Vice President
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Date
|
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December 21, 2021
|
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By (Signature and Title)
|
/s/ Marybeth Pilat
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|
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Marybeth Pilat, Treasurer, Chief Accounting Officer and Principal
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|
|
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Financial Officer
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Date
|
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December 21, 2021
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
COLUMBIA FUNDS
|
Applicable Regulatory Authority
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Section 406 of the Sarbanes-Oxley Act of 2002;
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|
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Item 2 of Form N-CSR
|
|
Related Policies
|
Overview and Implementation of Compliance Program
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|
|
Policy
|
|
Requires Annual Board Approval
|
No but Covered Officers Must provide annual
|
|
|
certification
|
|
|
|
|
Last Reviewed by AMC
|
June 2021
|
Overview and Statement
Item 2 of Form N-CSR, the form used by registered management investment companies to f ile 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 o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fund CCO.
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Proprietary and Confidential
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Page 1 of 9
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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 f or 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 o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
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Proprietary and Confidential
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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 co nflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perf orm 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 o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
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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 misre present, 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 o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
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Page 4 of 9
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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 polic ies 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 o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd 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 a s 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 o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd 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 o nl in e versi on t o verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds a n d must not be provided to any external party without express prior consent from the Fu nd CCO.
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Proprietary and Confidential
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Page 7 of 9
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Appendix A
INITIAL ACKNOWLEDGEMENT
Iacknowledge 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 af filiations o r other relationships that may give rise to conflicts of interest for me with respect to the Fund.
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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 Indep endent 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
Iacknowledge 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.
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I have set forth below (and on attached sheets of paper, if necessary) all known af filiations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1
______________________________________________________________
______________________________________________________________
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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, Daniel J. Beckman, 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 21, 2021
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/s/ Daniel J. Beckman
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Daniel J. Beckman, 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 21, 2021
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/s/ Michael G. Clarke
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Michael G. Clarke, Chief Financial Officer,
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Principal Financial Officer and Senior Vice
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President
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I, Marybeth Pilat, 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
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over financial reporting to be designed under our supervision, to provide reasonable
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assurance regarding the reliability of financial reporting and the preparation of financial
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statements for external purposes in accordance with generally accepted accounting
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principles;
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(c )
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evaluated the effectiveness of the registrant's disclosure controls and procedures and
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presented in this report our conclusions about the effectiveness of the disclosure controls
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and procedures, as of a date within 90 days prior to the filing date of this report based on
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such evaluation; and
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(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 21, 2021
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/s/ Marybeth Pilat
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Marybeth Pilat, Treasurer, Chief Accounting
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Officer and Principal Financial Officer
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