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, 2022
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
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2022
Columbia
International
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
International
Equity
Income
ETF)
Columbia
U.S.
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
U.S.
Equity
Income
ETF)
Strategic
Beta
ETFs
|
Annual
Report
2022
Columbia
International
ESG
Equity
Income
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
7
Columbia
U.S.
ESG
Equity
Income
ETF
Fund
at
a
Glance
9
Manager
Discussion
of
Fund
Performance
12
Understanding
Your
Fund’s
Expenses
14
Portfolio
of
Investments
15
Statement
of
Assets
and
Liabilities
21
Statement
of
Operations
22
Statement
of
Changes
in
Net
Assets
23
Financial
Highlights
24
Notes
to
Financial
Statements
26
Report
of
Independent
Registered
Public
Accounting
Firm
35
Federal
Income
Tax
Information
36
Trustees
and
Officers
37
Approval
of
Investment
Management
Services
Agreement
45
Additional
Information
48
FUND
AT
A
GLANCE
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
International
ESG
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage®
International
ESG
Equity
Income
Index
(Net).
*
On
October
14,
2022,
the
Fund
changed
its
benchmark
from
the
Beta
Advantage®
Sustainable
International
Equity
Income
100
Index
(Net)
to
the
Beta
Advantage®
International
ESG
Equity
Income
Index
(Net).
The
Life
of
the
Fund
Index
performance
for
the
Beta
Advantage®
Sustainable
International
Equity
Income
100
Index
(Net)
is
for
the
period
from
June
13,
2016
to
October
14,
2022
and
the
Life
of
the
Fund
Index
Performance
for
the
Beta
Advantage®
International
ESG
Equity
Income
Index
(Net)
is
for
the
period
from
October
14,
2022
through
October
31,
2022.
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.
Effective
October
14,
2022
(Index
Change
Date),
Columbia
International
ESG
Equity
Income
ETF
compares
its
performance
to
that
of
the
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
New
Index).
Prior
to
the
Index
Change
Date,
the
Fund
tracked
and
compared
its
performance
to
that
of
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
(the
Former
Index).
The
Fund’s
investment
manager
believes
that
the
New
Index
provides
a
more
appropriate
basis
for
comparing
the
Fund’s
performance
in
light
of
the
changes
made
to
the
Fund’s
name,
tracked
index,
Investment
Objective
and
Principal
Investment
Strategies.
The
returns
of
the
Former
Index
will
be
shown
for
a
one-year
transition
period.
Also,
prior
to
the
Index
Change
Date,
the
Fund
compared
its
performance
to
the
MSCI
World
ex
USA
Value
Index,
which
changed
to
the
MSCI
EAFE
Value
Index,
effective
on
the
Index
Change
Date.
The
Fund’s
performance
prior
to
October
14,
2022
(Index
Change
Date)
reflects
returns
achieved
according
to
different
principal
investment
strategies.
If
the
Fund’s
strategies
effective
at
the
Index
Change
Date
had
been
in
place
for
the
prior
periods,
result
shown
may
have
been
different.
The
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
New
Index)
aims
to
provide
exposures
to
companies
which
can
offer
reliable
equity
income,
attractive
total
return
potential,
and
includes
companies
with
favorable
ESG
Materiality
(ESGM)
ratings
based
on
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
-15.76
-1.36
3.63
Net
Asset
Value
06/13/16
-14.97
-1.70
2.86
{
Beta
Advantage
}
®
International
ESG
Equity
Income
Index
(Net)
N/A*
N/A*
5.66*
MSCI
EAFE
Value
Index
(Net)
-16.35
-1.67
2.76
{
Beta
Advantage
}
®
Sustainable
International
Equity
Income
100
Index
(Net)
-15.80
-1.42
2.56*
FUND
AT
A
GLANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Columbia
Threadneedle’s
proprietary
ESG
Materiality
(ESGM)
Ratings.
The
Index’s
premise
is
that
companies
that
lead
and
report
on
the
most
material
industry
ESG
factors,
such
as
environmental,
social
capital,
human
capital,
business
model
and
innovation,
and
leadership
and
governance,
relative
to
their
industry
peers,
should
be
well-positioned
to
build
competitive
advantage
and
sustain
their
long-term
future.
The
Index,
which
implements
a
rules-based
framework,
will
generally
consist
of
100
constituents
from
the
MSCI
EAFE
Index
(Net)
(the
Investment
Universe)
in
order
to
meet
this
objective.
The
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
(the
Former
Index)
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
(Net),
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
EAFE
Value
Index
(Net)
is
a
subset
of
the
MSCI
EAFE
Index
(Net),
and
constituents
of
the
index
include
securities
from
Europe,
Australasia
and
the
Far
East.
The
index
generally
represents
approximately
50%
of
the
free
float-adjusted
market
capitalization
of
the
MSCI
EAFE
Index
(Net)
and
consists
of
those
securities
classified
by
MSCI
Inc.
as
most
representing
the
value
style,
such
as,
higher
book
value-to-price
ratios,
higher
forward
earnings-to-price
ratios,
higher
dividend
yields
and
lower
forecasted
growth
rates
than
securities
representing
the
growth
style.
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
®
International
ESG
Equity
Income
Index
(Net),
the
MSCI
EAFE
Value
Index
(Net)
and
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
AT
A
GLANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2022)
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.
The
Spliced
Benchmark
performance
consists
of
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
from
June
13,
2016
to
October
14,
2022
and
the
Beta
Advantage
®
International
Equity
ESG
Equity
Income
Index
(Net)
from
October
14,
2022
through
October
31,
2022.
FUND
AT
A
GLANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
Country
breakdown
(%)
(at
October
31,
2022
)
Austria
0
.8
Belgium
0
.3
Denmark
1
.7
France
6
.0
Germany
13
.9
Hong
Kong
1
.6
Italy
0
.2
Japan
40
.3
Netherlands
10
.7
Norway
1
.9
Portugal
0
.3
Spain
6
.1
Sweden
4
.4
Switzerland
3
.1
United
Kingdom
8
.5
United
States
(a)
0
.2
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
October
31,
2022)
Industrials
22
.4
Energy
18
.6
Financials
17
.8
Information
Technology
12
.4
Communication
Services
10
.0
Utilities
6
.7
Health
Care
4
.0
Consumer
Staples
3
.1
Real
Estate
2
.1
Materials
1
.6
Consumer
Discretionary
1
.3
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
International
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
International
ESG
Equity
Income
ETF
returned
-14.97%
based
on
net
asset
value
(NAV)
and
-15.76%
based
on
market
price.
The
inception
of
the
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
was
August
31,
2022,
and
therefore
a
one-year
return
is
not
available.
The
Fund’s
former
benchmark,
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net),
returned
-15.80%
during
the
annual
period.
To
compare,
the
MSCI
World
ex
USA
Value
Index
(Net)
returned
-15.27%
for
the
annual
period.
The
MSCI
EAFE
Value
Index
(Net)
returned
-16.35%
for
the
same
period.
The
Fund
had
a
NAV
of
$26.94
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$21.99.
The
Fund’s
market
price
on
October
31,
2022
was
$22.03
per
share.
Market
overview
International
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
geopolitical
risk
and
inflation
concerns.
In
the
last
two
months
of
2021,
when
the
period
began,
international
equities
generally
advanced,
as
signs
of
economic
recovery
were
seen
despite
the
newly-emerging
COVID-19
Omicron
variant
and
the
fresh
domestic
and
travel
restrictions
imposed
in
many
countries.
However,
for
the
first
ten
months
of
2022,
international
equities
declined
overall.
Russia’s
invasion
of
Ukraine
and
resulting
sanctions
by
the
West
increased
global
uneasiness,
already
present,
and
weighed
on
economies
due
to
lingering
inflation
and
supply-chain
issues.
As
energy
and
oil
prices
soared,
many
major
stock
market
indices
moved
lower.
European
shares
underperformed
other
regions.
Europe’s
dependence
on
Russian
energy
posed
significant
economic
pressures,
exacerbated
by
Russia
shutting
down
its
Nord
Stream
pipeline,
Europe’s
main
artery
for
Russian
gas,
during
the
summer
of
2022.
In
March
2022,
the
European
Central
Bank
(ECB)
responded
to
inflationary
pressures,
announcing
plans
to
phase
out
its
bond-buying
program
by
September
and
to
raise
interest
rates
from
its
negative
status
to
zero.
The
ECB
finally
raised
its
rates
at
consecutive
policy
meetings
during
the
third
quarter
of
2022,
ending
an
era
of
negative
rates
that
began
in
2014.
In
October
2022,
European
equities
rallied
along
with
international
equity
markets
generally,
benefiting
from
resilient
third
quarter
2022
corporate
earnings
and
from
optimism
that
the
pace
of
interest
rate
increases
could
soon
slow
after
the
ECB
raised
its
key
rate
again
during
the
month.
In
the
U.K.,
the
Bank
of
England
reacted
more
quickly
to
rein
in
inflation,
which
had
reached
40-year
highs,
by
implementing
a
fifth
consecutive
bank
rate
hike
in
June
2022.
The
Bank
of
England
raised
its
interest
rates
twice
more
during
the
third
calendar
quarter.
In
September
2022,
the
British
government
unveiled
a
larger
than
consensus
expected
government
tax
cut
plan
aimed
at
boosting
economic
growth,
which
sent
borrowing
costs
soaring
in
the
U.K.
The
Bank
of
England
quickly
stepped
in,
stating
it
would
temporarily
buy
longer
dated
U.K.
government
bonds
in
its
effort
to
stabilize
markets.
In
October
2022,
Liz
Truss
stepped
down
as
the
U.K.’s
prime
minister,
but
a
new
prime
minister,
Rishi
Sunak,
was
named
four
days
later,
stabilizing
U.K.
assets
and
driving
U.K.
equities
to
positive
returns
for
the
month.
Although
Japan
faced
less
direct
exposure
to
Russia
than
Europe
and
had
comparatively
subdued
inflation,
Japanese
stocks
also
moved
lower
with
the
global
market.
In
contrast
to
the
tightening
policy
of
many,
the
Bank
of
Japan
kept
interest
rates
below
zero
coming
out
of
a
slower
COVID-19
pandemic
recovery.
Japanese
equities
rallied
in
October
2022,
even
as
the
yen
weakened
against
the
U.S.
dollar,
but
the
Bank
of
Japan
kept
interest
rates
low,
as
policymakers
doubted
the
sustainability
of
inflation
levels
into
2023.
Within
the
international
equities
market,
both
value
and
growth
stocks
generated
double-digit
negative
absolute
returns,
but
value
stocks
notably
outpaced
growth
stocks,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
MSCI
World
ex
USA
Value
Index
(Net),
energy
was
by
far
the
best
performing
sector,
the
only
sector
to
post
a
positive
absolute
return
during
the
period.
The
weakest
performing
sectors
in
the
MSCI
World
ex
USA
Value
Index
(Net)
were
real
estate,
consumer
discretionary
and
information
technology,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
annual
period.
From
a
country
perspective,
Singapore
was
the
strongest
performing
constituent
of
the
MSCI
World
ex
USA
Value
Index
(Net),
the
only
one
to
post
a
positive
absolute
return
during
the
period.
Included
among
those
constituents
generating
negative
absolute
returns
but
still
materially
outperforming
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period
were
Norway,
Canada
and
the
U.K.
The
weakest
constituents
of
the
MSCI
World
ex
USA
Value
Index
(Net)
were
Austria,
Luxembourg
and
Germany,
which
each
posted
a
double-digit
negative
absolute
return
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2022
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
financials,
industrials
and
real
estate
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period.
From
a
country
perspective,
Index
constituents
in
Germany,
Japan
and
Australia
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period.
Relative
to
the
MSCI
World
ex
USA
Value
Index
(Net),
an
out-of-benchmark
position
in
Dutch
supplier
of
photolithography
systems
ASML
Holding
NV;
an
overweight
position
in
Japanese
trading
and
investment
company
Marubeni
Corp.;
and
an
underweight
position
in
German
industrial
manufacturing
company
Siemens
AG-Reg
contributed
most
positively.
During
the
period,
ASML
Holding
NV
and
Marubeni
Corp.
each
posted
a
positive
absolute
return,
while
Siemens
AG-Reg
generated
a
double-digit
negative
absolute
return.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
energy,
consumer
staples
and
health
care
sectors
detracted
from
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period.
From
a
country
perspective,
Index
constituents
in
the
U.K.,
Canada
and
Finland
detracted
most
from
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net).
Relative
to
the
MSCI
World
ex
USA
Value
Index
(Net),
an
overweight
position
in
Japanese
pharmaceuticals
company
Santen
Pharmaceutical
Co.,
Ltd.
and
out-of-benchmark
positions
in
Finnish
retail
conglomerate
Kesko
OYJ-B
Shares
and
Hong
Kong-based
stock
and
futures
exchanges
owner
and
operator
Hong
Kong
Exchanges
&
Clearing
Ltd.
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
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.
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
U.S.
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
9
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
U.S.
ESG
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index.
*
On
October
14,
2022,
the
Fund
changed
its
benchmark
from
the
Beta
Advantage®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
to
the
Beta
Advantage®
U.S.
ESG
Equity
Income
Index
(Gross).
The
Life
of
the
Fund
Index
performance
for
the
Beta
Advantage®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
is
for
the
period
from
June
13,
2016
to
October
14,
2022
and
the
Life
of
Fund
Index
performance
for
the
Beta
Advantage®
U.S.
ESG
Equity
Income
Index
(Gross)
is
for
the
period
from
October
14,
2022
through
October
31,
2022.
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.
Effective
October
14,
2022
(Index
Change
Date),
Columbia
U.S.
ESG
Equity
Income
ETF
compares
its
performance
to
that
of
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(Gross)
(the
New
Index).
Prior
to
the
Index
Change
Date,
the
Fund
tracked
and
compared
its
performance
to
that
of
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
(the
Former
Index).
The
Fund’s
investment
manager
believes
that
the
New
Index
provides
a
more
appropriate
basis
for
comparing
the
Fund’s
performance
in
light
of
the
changes
made
to
the
Fund’s
name,
tracked
index,
Investment
Objective
and
Principal
Investment
Strategies.
The
returns
of
the
Former
Index
will
be
shown
for
a
one-year
transition
period.
The
Fund’s
performance
prior
to
October
14,
2022
(Index
Change
Date)
reflects
returns
achieved
according
to
different
principal
investment
strategies.
If
the
Fund’s
strategies
effective
at
the
Index
Change
Date
had
been
in
place
for
the
prior
periods,
result
shown
may
have
been
different.
The
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(Gross)
(the
New
Index)
aims
to
provide
exposures
to
companies
which
can
offer
reliable
equity
income,
attractive
total
return
potential,
and
includes
companies
with
favorable
ESG
Materiality
(ESGM)
ratings
based
on
Columbia
Threadneedle’s
proprietary
ESG
Materiality
(ESGM)
Ratings.
The
Index’s
premise
is
that
companies
that
lead
and
report
on
the
most
material
industry
ESG
factors,
such
as
environmental,
social
capital,
human
capital,
business
model
and
innovation,
and
leadership
and
governance,
relative
to
their
industry
peers,
should
be
well-positioned
to
build
competitive
advantage
and
sustain
their
long-term
future.
The
Index,
which
implements
a
rules-based
framework,
will
generally
consist
of
100
constituents
from
the
MSCI
USA
Index
(the
Investment
Universe)
in
order
to
meet
this
objective.
The
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
(the
Former
Index)
is
designed
to
reflect
the
performance
of
the
top
100
U.S.
large
and
mid-cap
companies
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
1.27
9.62
11.72
Net
Asset
Value
06/13/16
1.22
9.56
11.63
{
Beta
Advantage
}
®
U.S.
ESG
Equity
Income
Index
(Gross)
NA*
NA*
6.94*
MSCI
USA
Value
Index
(Gross)
-4.52
7.50
9.25
{
Beta
Advantage
}
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
0.61
9.74
10.97*
FUND
AT
A
GLANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
10
Strategic
Beta
ETFs
|
Annual
Report
2022
(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
AT
A
GLANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
11
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2022)
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.
The
Spliced
Benchmark
performance
consists
of
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
from
June
13,
2016
to
October
14,
2022
and
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(Gross)
from
October
14,
2022
through
October
31,
2022.
Portfolio
breakdown
(%)
(at
October
31,
2022
)
Common
Stocks
98.9
Exchange-Traded
Equity
Funds
0.8
Money
Market
Funds
0.3
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sector
breakdown
(%)
(at
October
31,
2022)
Information
Technology
19
.1
Financials
18
.5
Consumer
Staples
15
.9
Industrials
13
.3
Energy
12
.4
Communication
Services
7
.2
Utilities
6
.1
Consumer
Discretionary
4
.7
Materials
2
.3
Health
Care
0
.5
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
U.S.
ESG
Equity
Income
ETF
(Unaudited)
12
Strategic
Beta
ETFs
|
Annual
Report
2022
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
U.S.
ESG
Equity
Income
ETF
returned
1.22%
based
on
net
asset
value
(NAV)
and
1.27%
based
on
market
price.
The
inception
of
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(gross)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
was
August
31,
2022,
and
therefore
a
one-year
return
is
not
available.
The
Fund’s
former
benchmark,
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
returned
0.61%
for
the
annual
period.
To
compare,
the
MSCI
USA
Value
Index
(Gross)
returned
-4.52%
for
the
same
period.
The
Fund
had
a
NAV
of
$36.97
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
an
NAV
of
$36.28.
The
Fund’s
market
price
on
October
31,
2022
was
$36.40
per
share.
Market
overview
U.S.
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
a
broad
array
of
domestic
and
external
factors.
Early
in
the
period,
the
emergence
of
the
COVID-19
Omicron
variant
intensified
concerns
about
the
economic
recovery.
As
these
concerns
eased
somewhat,
investor
focus
turned
to
inflation
and
interest
rates
for
the
remainder
of
the
period.
Inflation
increased
at
its
fastest
pace
in
40
years,
with
oil
prices
reaching
their
highest
levels
since
2008
before
declining
modestly.
In
an
effort
to
reduce
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
interest
rates
for
the
first
time
since
December
2018
in
mid-March
2022
and
then
did
so
another
four
times,
bringing
the
targeted
federal
funds
rate
to
a
range
of
3.00%
to
3.25%.
Several
global
factors
also
contributed
to
risk-averse
investor
sentiment,
most
notably
Russia’s
war
with
Ukraine,
China’s
COVID-19-related
lockdowns,
global
supply-chain
snags,
and
the
emergence
of
an
energy
crisis
in
Europe.
Unusual
volatility
in
the
global
currency
and
fixed-income
markets
was
an
additional
source
of
disruption.
Together,
these
developments
raised
concerns
about
the
potential
for
a
slowdown
in
global
economic
growth
and
a
concurrent
decline
in
corporate
earnings.
There
were
brief
periods
when
U.S.
equities
rallied.
For
example,
in
December
2021,
reports
of
positive
economic
data
eased
investors’
COVID-19
concerns
and
pushed
U.S.
equities
higher.
In
mid-March
2022,
when
most
U.S.
equity
indices
were
near
year-to-date
lows,
oil
price
declines
boosted
investor
sentiment,
and
despite
the
uncertainty
surrounding
the
Fed’s
future
tightening,
U.S.
equities
rallied
in
the
last
two
weeks
of
the
first
quarter.
In
July
through
mid-August
2022,
U.S.
equities
rallied,
as
investors
appeared
to
grow
increasingly
optimistic
the
Fed
would
pivot
toward
a
more
accommodative
policy.
However,
subsequent
comments
from
Fed
Chair
Powell
in
late
August,
together
with
a
stronger
than
consensus
expected
inflation
report
in
early
September,
made
it
clear
the
Fed
would
continue
to
raise
interest
rates
aggressively.
In
October
2022,
U.S.
equities
advanced
significantly,
as
corporate
earnings
overall
proved
better
than
many
had
feared,
with
the
exception
of
mega-cap
technology
companies.
Still,
within
the
broad
U.S.
equity
market,
all
capitalization
segments
posted
double-digit
negative
absolute
returns
for
the
period.
Large-cap
stocks
were
least
weak,
followed
closely
behind
by
mid-cap
stocks
and
then
small-cap
stocks.
Value
stocks
notably
outpaced
growth
stocks
across
the
capitalization
spectrum,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
MSCI
USA
Value
Index
(Gross),
energy
was
by
far
the
best
performing
sector,
followed
at
some
distance
by
health
care,
consumer
staples
and
utilities,
the
only
sectors
to
post
positive
absolute
returns
during
the
period.
The
weakest
performing
sectors
in
the
MSCI
USA
Value
Index
(Gross)
were
communication
services,
information
technology
and
real
estate,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
information
technology,
industrials
and
energy
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross)
during
the
period.
Relative
to
the
MSCI
USA
Value
Index
(Gross),
overweight
positions
in
insurance
company
The
Allstate
Corp.,
managed
health
care
and
insurance
company
Cigna
Corp.
and
health
care
services
company
Cardinal
Health,
Inc.
contributed
most
positively.
Each
generated
a
solid
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
materials
and
consumer
discretionary
sectors
detracted
from
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross)
—
the
only
two
sectors
to
do
so
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Relative
to
the
MSCI
USA
Value
Index
(Gross),
overweight
positions
in
consumer
electronics
retailer
Best
Buy
Co.
Inc.,
energy
infrastructure
company
Kinder
Morgan,
Inc.
and
technology
and
specialty
materials
company
Celanese
Corp.
detracted
most.
Each
posted
a
double-digit
negative
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
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)
14
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
—
October
31,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
International
ESG
Equity
Income
ETF
1,000.00
1,000.00
872.70
1,022.94
2.12
2.29
0.45
Columbia
U.S.
ESG
Equity
Income
ETF
1,000.00
1,000.00
990.40
1,023.44
1.76
1.79
0.35
PORTFOLIO
OF
INVESTMENTS
Columbia
International
ESG
Equity
Income
ETF
October
31,
2022
(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
2022
15
Common
Stocks
99.2%
Issuer
Shares
Value
($)
Austria 0.8%
OMV
AG
370
17,056
Verbund
AG
344
26,944
Total
44,000
Belgium 0.3%
Ageas
SA/NV
455
15,753
Denmark 1.7%
AP
Moller
-
Maersk
A/S
Class
A
8
16,016
Novozymes
A/S
Class
B
571
29,996
Orsted
AS
(a)
550
45,372
Total
91,384
France 5.9%
Legrand
SA
757
57,714
TotalEnergies
SE
4,919
267,879
Total
325,593
Germany 13.9%
Brenntag
SE
425
25,808
Commerzbank
AG
(b)
2,847
22,781
Deutsche
Post
AG
2,858
101,435
Deutsche
Telekom
AG
8,557
162,075
E.ON
SE
6,337
53,086
GEA
Group
AG
470
16,444
Infineon
Technologies
AG
3,672
89,424
Merck
KGaA
364
59,360
Siemens
AG
2,121
231,933
Total
762,346
Hong
Kong 1.6%
Hong
Kong
Exchanges
&
Clearing
Ltd.
3,346
89,086
Italy 0.2%
Amplifon
SpA
354
8,796
Japan 40.1%
Advantest
Corp.
540
28,556
AGC,
Inc.
533
16,728
Asahi
Group
Holdings
Ltd.
1,222
34,234
Asahi
Kasei
Corp.
3,167
20,338
Astellas
Pharma,
Inc.
4,847
66,736
Canon,
Inc.
2,599
55,150
Chugai
Pharmaceutical
Co.
Ltd.
1,780
41,316
Concordia
Financial
Group
Ltd.
2,481
7,561
Dai-ichi
Life
Holdings,
Inc.
2,460
39,018
Daiwa
House
Industry
Co.
Ltd.
1,418
28,735
ENEOS
Holdings,
Inc.
7,518
24,774
FUJIFILM
Holdings
Corp.
959
43,996
Hirose
Electric
Co.
Ltd.
81
10,523
Hitachi
Construction
Machinery
Co.
Ltd.
285
5,587
Hitachi
Ltd.
2,432
110,609
ITOCHU
Corp.
3,223
83,462
Itochu
Techno-Solutions
Corp.
236
5,478
Japan
Post
Holdings
Co.
Ltd.
6,071
40,829
Japan
Post
Insurance
Co.
Ltd.
531
7,849
Kansai
Electric
Power
Co.,
Inc.
(The)
1,714
12,996
KDDI
Corp.
3,922
115,970
Kirin
Holdings
Co.
Ltd.
2,040
30,051
Koito
Manufacturing
Co.
Ltd.
526
7,481
Komatsu
Ltd.
2,315
44,358
Konami
Group
Corp.
266
11,686
Kyowa
Kirin
Co.
Ltd.
662
15,611
Lixil
Corp.
790
11,964
Marubeni
Corp.
3,751
32,883
Mitsubishi
Corp.
3,117
84,533
Mitsubishi
Estate
Co.
Ltd.
2,899
36,531
Mitsubishi
HC
Capital,
Inc.
1,726
7,409
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Mitsubishi
Heavy
Industries
Ltd.
702
24,182
Mitsubishi
UFJ
Financial
Group,
Inc.
29,218
137,505
Mitsui
&
Co.
Ltd.
3,626
80,334
Mitsui
Fudosan
Co.
Ltd.
2,291
43,921
Mizuho
Financial
Group,
Inc.
6,217
67,175
MS&AD
Insurance
Group
Holdings,
Inc.
1,073
28,450
Murata
Manufacturing
Co.
Ltd.
1,488
73,081
NEC
Corp.
639
21,173
Nippon
Telegraph
&
Telephone
Corp.
5,660
155,899
Nitto
Denko
Corp.
398
20,966
Nomura
Real
Estate
Holdings,
Inc.
294
6,656
Ono
Pharmaceutical
Co.
Ltd.
954
22,439
ORIX
Corp.
3,139
46,145
Osaka
Gas
Co.
Ltd.
940
13,926
Panasonic
Holdings
Corp.
6,064
43,429
SCSK
Corp.
390
5,765
Sompo
Holdings,
Inc.
764
31,833
Sumitomo
Chemical
Co.
Ltd.
3,779
12,738
Sumitomo
Corp.
2,910
37,110
Sumitomo
Mitsui
Financial
Group,
Inc.
3,444
96,692
Sumitomo
Mitsui
Trust
Holdings,
Inc.
839
24,142
Suntory
Beverage
&
Food
Ltd.
337
11,291
Tokyo
Gas
Co.
Ltd.
968
17,304
Toshiba
Corp.
1,050
36,600
Toyota
Tsusho
Corp.
513
17,257
USS
Co.
Ltd.
505
7,634
Yamaha
Motor
Co.
Ltd.
748
15,450
Z
Holdings
Corp.
7,551
19,539
Total
2,201,588
Netherlands 10.6%
ASML
Holding
NV
519
245,191
Koninklijke
Ahold
Delhaize
NV
2,742
76,559
Shell
PLC
9,488
262,612
Total
584,362
Norway 1.9%
Equinor
ASA
2,465
90,178
Telenor
ASA
1,807
16,424
Total
106,602
Portugal 0.3%
Jeronimo
Martins
SGPS
SA
750
15,552
Spain 6.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
17,297
89,050
Endesa
SA
892
14,886
Iberdrola
SA
17,662
179,362
Telefonica
SA
14,144
48,718
Total
332,016
Sweden 4.4%
Hexagon
AB
Class
B
5,900
58,304
Husqvarna
AB
Class
B
1,159
6,880
Lifco
AB
Class
B
664
9,587
Swedbank
AB
Class
A
2,711
40,394
Tele2
AB
Class
B
1,446
11,845
Telefonaktiebolaget
LM
Ericsson
Class
B
7,595
42,200
Volvo
AB
Class
B
4,273
69,912
Total
239,122
Switzerland 3.1%
Kuehne
+
Nagel
International
AG
142
30,280
UBS
Group
AG
8,897
141,106
Total
171,386
United
Kingdom 8.4%
Ashtead
Group
PLC
1,271
66,583
BP
PLC
64,451
356,037
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
NatWest
Group
PLC
14,857
40,164
Total
462,784
Total
Common
Stocks
(Cost
$5,288,175)
5,450,370
Money
Market
Funds
0.2%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(c)
11,436
11,436
Total
Money
Market
Funds
(Cost
$11,436)
11,436
Total
Investments
in
Securities
(Cost
$5,299,611)
5,461,806
Other
Assets
&
Liabilities,
Net
35,135
Net
Assets
5,496,941
(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,
2022,
the
total
value
of
these
securities
amounted
to
$45,372,
which
represents
0.83%
of
total
net
assets.
(b)
Non-income
producing
investment.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
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.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Austria
44,000
–
–
44,000
Belgium
15,753
–
–
15,753
Denmark
91,384
–
–
91,384
France
325,593
–
–
325,593
Germany
762,346
–
–
762,346
Hong
Kong
89,086
–
–
89,086
Italy
8,796
–
–
8,796
Japan
2,201,588
–
–
2,201,588
Netherlands
584,362
–
–
584,362
Norway
106,602
–
–
106,602
Portugal
15,552
–
–
15,552
Spain
332,016
–
–
332,016
Sweden
239,122
–
–
239,122
Switzerland
171,386
–
–
171,386
United
Kingdom
462,784
–
–
462,784
Total
Common
Stocks
5,450,370
–
–
5,450,370
Money
Market
Funds
11,436
–
–
11,436
Total
Investments
in
Securities
5,461,806
–
–
5,461,806
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
U.S.
ESG
Equity
Income
ETF
October
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
98.9%
Issuer
Shares
Value
($)
Communication
Services 7.1%
Diversified
Telecommunication
Services
3.6%
Verizon
Communications,
Inc.
38,682
1,445,546
Media
3.5%
Comcast
Corp.
Class
A
40,281
1,278,519
Paramount
Global
Class
B
5,533
101,365
Total
1,379,884
Total
Communication
Services
2,825,430
Consumer
Discretionary 4.6%
Auto
Components
0.4%
BorgWarner,
Inc.
2,045
76,749
Lear
Corp.
530
73,516
Total
150,265
Distributors
0.5%
Genuine
Parts
Co.
1,211
215,388
Hotels,
Restaurants
&
Leisure
0.2%
Vail
Resorts,
Inc.
367
80,421
Internet
&
Direct
Marketing
Retail
0.5%
eBay,
Inc.
5,127
204,260
Multiline
Retail
1.8%
Target
Corp.
4,294
705,289
Specialty
Retail
1.2%
Advance
Auto
Parts,
Inc.
638
121,169
Best
Buy
Co.,
Inc.
1,979
135,384
Tractor
Supply
Co.
1,038
228,121
Total
484,674
Total
Consumer
Discretionary
1,840,297
Consumer
Staples 15.7%
Beverages
5.9%
Brown-Forman
Corp.
Class
B
2,744
186,592
Coca-Cola
Co.
(The)
29,390
1,758,992
Keurig
Dr
Pepper,
Inc.
7,568
293,941
Molson
Coors
Beverage
Co.
Class
B
1,761
88,807
Total
2,328,332
Food
&
Staples
Retailing
0.7%
Kroger
Co.
(The)
6,107
288,800
Food
Products
2.8%
General
Mills,
Inc.
5,080
414,427
Hormel
Foods
Corp.
2,471
114,778
Kellogg
Co.
2,987
229,461
Kraft
Heinz
Co.
(The)
9,581
368,581
Total
1,127,247
Household
Products
5.2%
Church
&
Dwight
Co.,
Inc.
2,169
160,788
Clorox
Co.
(The)
1,075
156,993
Procter
&
Gamble
Co.
(The)
13,148
1,770,641
Total
2,088,422
Personal
Products
1.1%
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
2,131
427,244
Total
Consumer
Staples
6,260,045
Energy 12.2%
Energy
Equipment
&
Services
2.1%
Halliburton
Co.
7,185
261,678
Schlumberger
Ltd.
11,125
578,834
Total
840,512
Oil,
Gas
&
Consumable
Fuels
10.1%
Chevron
Corp.
11,474
2,075,647
Kinder
Morgan,
Inc.
16,953
307,188
Marathon
Petroleum
Corp.
4,138
470,159
Phillips
66
4,097
427,276
Valero
Energy
Corp.
3,351
420,718
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Williams
Cos.,
Inc.
(The)
10,405
340,556
Total
4,041,544
Total
Energy
4,882,056
Financials 18.3%
Banks
2.3%
Citizens
Financial
Group,
Inc.
4,508
184,377
Regions
Financial
Corp.
8,347
183,217
Truist
Financial
Corp.
12,280
550,021
Total
917,615
Capital
Markets
5.5%
Bank
of
New
York
Mellon
Corp.
(The)
7,390
311,193
Blackstone,
Inc.
6,701
610,729
Carlyle
Group,
Inc.
(The)
1,702
48,132
Intercontinental
Exchange,
Inc.
5,187
495,722
Moody's
Corp.
1,757
465,377
State
Street
Corp.
3,363
248,862
Total
2,180,015
Consumer
Finance
2.5%
American
Express
Co.
6,860
1,018,367
Diversified
Financial
Services
0.3%
Equitable
Holdings,
Inc.
3,365
103,036
Insurance
7.7%
Aflac,
Inc.
5,248
341,697
American
International
Group,
Inc.
7,061
402,477
Chubb
Ltd.
3,748
805,408
Hartford
Financial
Services
Group,
Inc.
(The)
2,950
213,610
Lincoln
National
Corp.
1,414
76,172
MetLife,
Inc.
5,983
438,015
Principal
Financial
Group,
Inc.
2,218
195,472
Travelers
Cos.,
Inc.
(The)
2,162
398,803
Willis
Towers
Watson
PLC
968
211,227
Total
3,082,881
Total
Financials
7,301,914
Health
Care 0.5%
Health
Care
Equipment
&
Supplies
0.5%
DENTSPLY
SIRONA,
Inc.
1,987
61,239
STERIS
PLC
886
152,906
Total
214,145
Total
Health
Care
214,145
Industrials 13.2%
Aerospace
&
Defense
1.1%
L3Harris
Technologies,
Inc.
1,701
419,245
Air
Freight
&
Logistics
3.1%
Expeditors
International
of
Washington,
Inc.
1,431
140,023
United
Parcel
Service,
Inc.
Class
B
6,549
1,098,726
Total
1,238,749
Building
Products
1.7%
A
O
Smith
Corp.
1,221
66,886
Fortune
Brands
Home
&
Security,
Inc.
1,216
73,349
Johnson
Controls
International
PLC
6,284
363,467
Masco
Corp.
2,110
97,630
Owens
Corning
907
77,648
Total
678,980
Commercial
Services
&
Supplies
0.8%
Cintas
Corp.
788
336,909
Electrical
Equipment
1.2%
Emerson
Electric
Co.
5,445
471,537
Industrial
Conglomerates
1.8%
3M
Co.
5,731
720,903
Machinery
3.0%
Cummins,
Inc.
1,258
307,594
Dover
Corp.
1,350
176,431
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
PACCAR,
Inc.
3,100
300,173
Parker-Hannifin
Corp.
1,225
356,010
Pentair
PLC
1,579
67,818
Total
1,208,026
Professional
Services
0.5%
Booz
Allen
Hamilton
Holding
Corp.
1,131
123,109
Robert
Half
International,
Inc.
954
72,943
Total
196,052
Total
Industrials
5,270,401
Information
Technology 18.9%
Electronic
Equipment,
Instruments
&
Components
0.5%
CDW
Corp.
1,224
211,519
IT
Services
4.1%
Fidelity
National
Information
Services,
Inc.
5,693
472,462
International
Business
Machines
Corp.
8,223
1,137,159
Total
1,609,621
Semiconductors
&
Semiconductor
Equipment
13.9%
Analog
Devices,
Inc.
4,887
696,984
Applied
Materials,
Inc.
8,207
724,596
Intel
Corp.
39,079
1,111,016
KLA
Corp.
1,311
414,866
Lam
Research
Corp.
1,313
531,476
Microchip
Technology,
Inc.
5,052
311,911
NXP
Semiconductors
NV
2,439
356,289
QUALCOMM,
Inc.
10,694
1,258,256
Skyworks
Solutions,
Inc.
1,503
129,273
Total
5,534,667
Technology
Hardware,
Storage
&
Peripherals
0.4%
Hewlett
Packard
Enterprise
Co.
12,080
172,382
Total
Information
Technology
7,528,189
Materials 2.3%
Chemicals
0.9%
Ecolab,
Inc.
2,294
360,319
Containers
&
Packaging
0.6%
Ball
Corp.
2,909
143,675
International
Paper
Co.
3,257
109,468
Total
253,143
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Metals
&
Mining
0.8%
Newmont
Corp.
7,310
309,359
Total
Materials
922,821
Utilities 6.1%
Electric
Utilities
4.8%
Duke
Energy
Corp.
6,846
637,910
Edison
International
3,442
206,658
Eversource
Energy
3,063
233,646
Exelon
Corp.
8,855
341,714
FirstEnergy
Corp.
5,016
189,153
Xcel
Energy,
Inc.
4,809
313,114
Total
1,922,195
Multi-Utilities
1.3%
CMS
Energy
Corp.
2,558
145,934
NiSource,
Inc.
3,686
94,693
Public
Service
Enterprise
Group,
Inc.
4,523
253,605
Total
494,232
Total
Utilities
2,416,427
Total
Common
Stocks
(Cost
$36,443,632)
39,461,725
Exchange-Traded
Equity
Funds
0.7%
Issuer
Shares
Value
($)
Financials 0.7%
Financial
Select
Sector
SPDR
Fund
8,870
301,403
Total
Exchange-Traded
Equity
Funds
(Cost
$276,924)
301,403
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(a)
119,927
119,927
Total
Money
Market
Funds
(Cost
$119,927)
119,927
Total
Investments
in
Securities
(Cost
$36,840,483)
39,883,055
Other
Assets
&
Liabilities,
Net
27,606
Net
Assets
39,910,661
(a)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
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
U.S.
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
20
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
2,825,430
–
–
2,825,430
Consumer
Discretionary
1,840,297
–
–
1,840,297
Consumer
Staples
6,260,045
–
–
6,260,045
Energy
4,882,056
–
–
4,882,056
Financials
7,301,914
–
–
7,301,914
Health
Care
214,145
–
–
214,145
Industrials
5,270,401
–
–
5,270,401
Information
Technology
7,528,189
–
–
7,528,189
Materials
922,821
–
–
922,821
Utilities
2,416,427
–
–
2,416,427
Total
Common
Stocks
39,461,725
–
–
39,461,725
Exchange-Traded
Equity
Funds
301,403
–
–
301,403
Money
Market
Funds
119,927
–
–
119,927
Total
Investments
in
Securities
39,883,055
–
–
39,883,055
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$5,299,611
and
$36,840,483,
respectively)
$5,461,806
$39,883,055
Receivable
for:
Dividends
23,361
42,809
Reclaims
receivable
13,820
–
Total
assets
5,498,987
39,925,864
Liabilities
Payable
for:
Investment
management
fees
2,038
10,827
Due
to
custodian
8
–
Investments
purchased
–
4,376
Total
liabilities
2,046
15,203
Net
assets
applicable
to
outstanding
capital
stock
$5,496,941
$39,910,661
Represented
by:
Paid-in
capital
$7,132,200
$39,049,836
Total
distributable
earnings
(loss)
(1,635,259)
860,825
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$5,496,941
$39,910,661
Shares
outstanding
250,000
1,100,000
Net
asset
value
per
share
$21.99
$36.28
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2022
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$236,703
$821,275
Foreign
taxes
withheld
(23,696)
–
Total
income
213,007
821,275
Expenses:
Investment
management
fees
23,648
93,242
Overdraft
expense
–
4
Total
expenses
23,648
93,246
Net
Investment
Income
189,359
728,029
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(997,253)
(2,228,893)
In-kind
transactions
-
unaffiliated
issuers
–
322,232
Foreign
currency
translations
(2,213)
–
Net
realized
loss
(999,466)
(1,906,661)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(86,647)
2,400,148
Foreign
currency
translations
(1,914)
–
Net
change
in
unrealized
appreciation
(depreciation)
(88,561)
2,400,148
Net
realized
and
unrealized
gain
(loss)
(1,088,027)
493,487
Net
Increase
(Decrease)
in
net
assets
resulting
from
operations
$(898,668)
$1,221,516
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
2022
23
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Operations
Net
investment
income
$189,359
$164,904
$728,029
$150,936
Net
realized
gain
(loss)
(999,466)
419,617
(1,906,661)
1,572,116
Net
change
in
unrealized
appreciation
(depreciation)
(88,561)
747,304
2,400,148
745,475
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(898,668)
1,331,825
1,221,516
2,468,527
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(205,543)
(158,794)
(808,579)
(154,053)
Shareholder
transactions
Proceeds
from
shares
sold
1,212,245
–
35,848,578
3,117,247
Cost
of
shares
redeemed
–
(1,104)
(1,895,913)
(4,971,142)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
1,212,245
(1,104)
33,952,665
(1,853,895)
Increase
in
net
assets
108,034
1,171,927
34,365,602
460,579
Net
Assets:
Net
assets
beginning
of
year
5,388,907
4,216,980
5,545,059
5,084,480
Net
assets
at
end
of
year
$5,496,941
$5,388,907
$39,910,661
$5,545,059
Capital
stock
activity
Shares
outstanding,
beginning
of
year
200,000
200,040
150,000
200,045
Subscriptions
50,000
–
1,000,000
100,000
Redemptions
–
(40)
(50,000)
(150,045)
Shares
outstanding,
end
of
year
250,000
200,000
1,100,000
150,000
FINANCIAL
HIGHLIGHTS
Columbia
International
ESG
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
Year
Ended
October
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$26.94
$21.08
$25.78
$26.68
$30.59
Income
(loss)
from
investment
operations:
Net
investment
income
0.90
0.82
0.70
0.87
0.92
Net
realized
and
unrealized
gain
(loss)
(4.85)
5.83
(4.71)
0.50
(3.32)
Total
from
investment
operations
(3.95)
6.65
(4.01)
1.37
(2.40)
Less
distributions
to
shareholders:
Net
investment
income
(1.00)
(0.79)
(0.69)
(1.01)
(0.94)
Net
realized
gains
–
–
–
(1.26)
(0.57)
Total
distribution
to
shareholders
(1.00)
(0.79)
(0.69)
(2.27)
(1.51)
Net
asset
value,
end
of
year
$21.99
$26.94
$21.08
$25.78
$26.68
Total
Return
at
NAV
(14.97)%
31.60%
(15.68)%
6.05%
(8.25)%
Total
Return
at
Market
(15.76)%
32.24%
(15.02)%
8.74%
(9.30)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.45%
0.45%
(b)
0.45%
(b)
0.45%
(b)
0.45%
Total
net
expenses
(a)(c)
0.45%
0.45%
(b)
0.45%
(b)
0.45%
(b)
0.45%
Net
investment
income
3.60%
3.07%
3.08%
3.43%
3.11%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$5,497
$5,389
$4,217
$5,157
$13,343
Portfolio
turnover
177%
90%
98%
76%
82%
(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.
FINANCIAL
HIGHLIGHTS
Columbia
U.S.
ESG
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
25
Year
Ended
October
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$36.97
$25.42
$28.60
$28.25
$30.30
Income
(loss)
from
investment
operations:
Net
investment
income
1.00
0.86
0.78
0.80
0.77
Net
realized
and
unrealized
gain
(loss)
(0.57)
(a)
11.53
(3.15)
1.44
0.64
Total
from
investment
operations
0.43
12.39
(2.37)
2.24
1.41
Less
distributions
to
shareholders:
Net
investment
income
(0.88)
(0.84)
(0.74)
(0.78)
(0.75)
Net
realized
gains
(0.24)
–
(0.07)
(1.11)
(2.71)
Total
distribution
to
shareholders
(1.12)
(0.84)
(0.81)
(1.89)
(3.46)
Net
asset
value,
end
of
year
$36.28
$36.97
$25.42
$28.60
$28.25
Total
Return
at
NAV
1.22%
49.08%
(8.18)%
9.19%
4.35%
Total
Return
at
Market
1.27%
50.13%
(8.64)%
9.04%
4.51%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.35%
(c)
0.35%
0.35%
0.35%
(c)
0.35%
Total
net
expenses
(b)(d)
0.35%
(c)
0.35%
0.35%
0.35%
(c)
0.35%
Net
investment
income
2.73%
2.55%
2.98%
2.94%
2.55%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$39,911
$5,545
$5,084
$4,291
$4,239
Portfolio
turnover
167%
77%
77%
56%
61%
(a)
Calculation
of
the
net
gain
(loss)
per
share
(both
realized
and
unrealized)
does
not
correlate
to
the
aggregate
realized
and
unrealized
gain
(loss)
presented
in
the
Statement
of
Operations
due
to
the
timing
of
subscriptions
and
redemptions
of
Fund
shares
in
relation
to
fluctuations
in
the
market
value
of
the
portfolio.
(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%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(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,
2022
26
Strategic
Beta
ETFs
|
Annual
Report
2022
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
International
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
International
Equity
Income
ETF)
and
Columbia
U.S.
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
U.S.
Equity
Income
ETF).
Each
Fund
is
diversified.
Effective
October
14,
2022
Columbia
Sustainable
International
Equity
Income
ETF
was
renamed
Columbia
International
ESG
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF
was
renamed
Columbia
U.S.
ESG
Equity
Income
ETF.
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
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
27
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
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,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
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
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
each
calendar
quarter.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
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,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
for
investments,
capital
loss
carryforwards,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind,
foreign
currency
transactions
and
passive
foreign
investment
company
(PFIC)
holdings.
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:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
International
ESG
Equity
Income
ETF
0.45
Columbia
U.S.
ESG
Equity
Income
ETF
0.35
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
International
ESG
Equity
Income
ETF
17,194
(17,194)
-
Columbia
U.S.
ESG
Equity
Income
ETF
(11,300)
(306,196)
317,496
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
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,
2022,
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,
2022,
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,
2022,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
International
ESG
Equity
Income
ETF
205,543
-
205,543
158,794
-
158,794
Columbia
U.S.
ESG
Equity
Income
ETF
808,579
-
808,579
154,053
-
154,053
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
ESG
Equity
Income
ETF
36,704
-
(1,812,813)
140,850
Columbia
U.S.
ESG
Equity
Income
ETF
54,859
-
(1,582,778)
2,388,744
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
ESG
Equity
Income
ETF
5,320,956
313,398
(172,548)
140,850
Columbia
U.S.
ESG
Equity
Income
ETF
37,494,311
2,891,118
(502,374)
2,388,744
Fund
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
International
ESG
Equity
Income
ETF
717,900
1,094,913
1,812,813
-
Columbia
U.S.
ESG
Equity
Income
ETF
1,582,778
-
1,582,778
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
International
ESG
Equity
Income
ETF
9,255,625
9,258,970
Columbia
U.S.
ESG
Equity
Income
ETF
42,752,881
42,800,454
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
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,
2022,
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,
2022,
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
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
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
0.10%
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
27,
2022
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
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
year
ended October
31,
2022.
Note
8.
Significant
risks
Environmental,
social
and
governance
investment
research
tools
risk
The
Investment
Manager’s
proprietary
ESGM
Ratings
system
and
screens
are
subjective
(based
on
the
Investment
Manager’s
opinion)
research
tools
incorporated
into
the
Index
constituent
selection
process.
These
research
tools
may
not
operate
as
intended
and
may
cause
the
Fund
to
underperform
other
investment
strategies.
Fund
performance
will
depend
upon
the
quality
and
accuracy
of
the
assumptions
and
framework
(which
may
be
amended
over
time)
upon
which
these
research
tools
are
based,
as
well
as
the
accuracy
and
availability
of
data
they
employ,
which
may
be
based
on
proprietary
and/or
third-party
research,
or
may
be
provided
by
the
issuers
themselves
(which
also
may
be
based
upon
data
obtained
from
third
parties).
Any
errors
in
the
data
could
adversely
affect
the
respective
ESGM
Rating
and
Fund
performance.
These
research
tools
depend,
in
part,
upon
subjective
selection
and
application
of
factors
and
data
inputs.
The
Investment
Manager
has
discretion
to
determine
the
data
collected
and
incorporated
into
these
research
tools,
as
well
as
in
interpreting
and
applying
the
data
used
in
these
research
tools.
It
is
not
practicable
for
these
research
tools
to
factor
in
all
available
data,
and
no
assurance
can
be
given
that
such
data
will
be
helpful
or
be
free
from
errors.
Information
the
Investment
Manager
deems
sufficient
to
calculate
a
company’s
ESGM
Rating
may
not
be
available
for
certain
companies
in
the
Index’s
starting
universe,
and
such
companies
are
then
ineligible
for
inclusion
in
the
Index.
Funds
Contributions
($)
Columbia
International
ESG
Equity
Income
ETF
1,199,958
Columbia
U.S.
ESG
Equity
Income
ETF
35,693,910
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
International
ESG
Equity
Income
ETF
-
-
-
Columbia
U.S.
ESG
Equity
Income
ETF
1,565,680
1,887,912
322,232
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
The
inability
to
assign
an
ESGM
Rating
to
such
companies
may
also
affect
the
relative
ESGM
Ratings,
and
therefore
the
eligibility
for
inclusion
in
the
Index,
of
companies
that
are
assigned
ESGM
Ratings.
Foreign
securities
and
emerging
market
countries
risk
Investing
in
foreign
securities
may
involve
heightened
risks
relative
to
investments
in
U.S.
securities.
Investing
in
foreign
securities
subjects
the
Funds
to
the
risks
associated
with
the
issuer’s
country
of
organization
and
places
of
business
operations,
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic
and
other
conditions
or
events
occurring
in
the
country
or
region,
which
may
result
in
significant
market
volatility.
In
addition,
certain
foreign
securities
may
be
more
volatile
and
less
liquid
than
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
International
ESG
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
International
ESG
Equity
Income
ETF
may
be
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Funds
invests.
The
Funds’
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
Asia
Pacific
Region.
Columbia
International
ESG
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
or
the
region
as
a
whole.
As
a
result,
events
in
the
region
will
generally
have
a
greater
effect
on
the
Funds
than
if
the
Funds
were
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Funds’
investments
and
losses
for
the
Funds.
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
Funds
to
sell
such
securities
at
a
desirable
time
and
price.
Europe.
Columbia
International
ESG
Equity
Income
ETF
is
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions,
including
acts
of
war
or
other
conflicts
in
the
region,
affecting
issuers
and
countries
in
Europe.
Countries
in
Europe
are
often
closely
connected
and
interdependent,
and
events
in
one
European
country
can
have
an
adverse
impact
on,
and
potentially
spread
to,
other
European
countries.
In
addition,
whether
in
the
public
or
private
sector,
significant
debt
problems
of
a
single
European
Union
(EU)
country
can
pose
economic
risks
to
the
EU
as
a
whole.
As
a
result,
the
Fund’s
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Europe
fall
out
of
favor,
it
may
cause
the
Fund
to
underperform
other
funds
that
do
not
focus
their
investments
in
this
region
of
the
world.
The
departure
of
the
United
Kingdom
(UK)
from
the
EU
single
market
became
effective
January
1,
2021
with
the
end
of
the
Brexit
transition
period
and
the
post-Brexit
trade
deal
between
the
UK
and
EU
taking
effect
on
December
31,
2020.
The
impact
of
Brexit
on
the
UK
and
European
economies
and
the
broader
global
economy
could
be
significant,
resulting
in
negative
impacts
on
currency
and
financial
markets
generally,
such
as
increased
volatility
and
illiquidity,
and
potentially
lower
economic
growth
in
markets
in
Europe,
which
may
adversely
affect
the
value
of
your
investment
in
the
Fund.
Japan.
Columbia
International
ESG
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
33
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
Funds’
investment
in
Japanese
securities,
the
Funds’
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Japan
fall
out
of
favor,
it
may
cause
the
Funds
to
underperform
other
funds
that
do
not
focus
their
investments
in
Japan.
Industrials
sector
risk
Columbia
International
ESG
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
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’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
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
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
34
Strategic
Beta
ETFs
|
Annual
Report
2022
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
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
objective.
Any
such
events
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
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
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.
Strategic
Beta
ETFs
|
Annual
Report
2022
35
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
U.S.
ESG
Equity
Income
ETF
and
Columbia
International
ESG
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
U.S.
ESG
Equity
Income
ETF
and
Columbia
International
ESG
Equity
Income
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2022,
the
related
statements
of
operations
for
the
year
ended
October
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2022
(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,
2022,
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,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2022
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,
2022
by
correspondence
with
the
custodian
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
22,
2022
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
2022
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2022
.
Shareholders
will
be
notified
in
early
2023
of
the
amounts
for
use
in
preparing
2022
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.
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
International
ESG
Equity
Income
ETF
0.00%
65.12%
Columbia
U.S.
ESG
Equity
Income
ETF
100.00%
100.00%
Columbia
International
ESG
Equity
Income
ETF
Foreign
Taxes
Paid
$23,315
Foreign
Taxes
Paid
Per
Share
0.09
Foreign
Source
Income
236,131
Foreign
Source
Income
Per
Share
0.94
TRUSTEES
AND
OFFICERS
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
176
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,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(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;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
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)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
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
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
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
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
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
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;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
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
176
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
176
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
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
174
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
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,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
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)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Director,
Blue
Cross
Blue
Shield
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
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
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
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2022
*
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.
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
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
Sandra
L.
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
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
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
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
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/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
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
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
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);
formerly,
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;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
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)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
International
ESG
Equity
Income
ETF
and
Columbia
U.S.
ESG
Equity
Income
ETF
(each,
a
Fund
and
collectively,
the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
23,
2022
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)
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2022
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
2022
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. The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
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,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
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),
for
each
of
the
Funds:
(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
that
each
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
47
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
unitary
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
each
Fund’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
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
in
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Columbia
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
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
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
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.
48
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
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.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2022
Columbia
Diversified
Fixed
Income
Allocation
ETF
Strategic
Beta
ETFs
|
Annual
Report
2022
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
6
Understanding
Your
Fund’s
Expenses
8
Portfolio
of
Investments
9
Statement
of
Assets
and
Liabilities
22
Statement
of
Operations
23
Statement
of
Changes
in
Net
Assets
24
Financial
Highlights
25
Notes
to
Financial
Statements
26
Report
of
Independent
Registered
Public
Accounting
Firm
34
Trustees
and
Officers
35
Approval
of
Investment
Management
Services
Agreement
44
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,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
3
Portfolio
management
Gene
Tannuzzo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2017
David
Janssen,
CFA
Portfolio
Manager
Managed
Fund
since
2017
Investment
objective
Columbia
Diversified
Fixed
Income
Allocation
ETF
(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.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
5
Years
Life
Market
Price
10/12/17
-18.87
-0.47
-0.50
Net
Asset
Value
10/12/17
-18.80
-0.44
-0.49
{
Beta
Advantage®
}
Multi-Sector
Bond
Index
-19.31
-0.45
-0.45
Bloomberg
U.S.
Aggregate
Bond
Index
-15.68
-0.54
-0.53
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(October
12,
2017
—
October
31,
2022)
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.
FUND
AT
A
GLANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
Quality
breakdown
(%)
(at
October
31,
2022)
AAA
rating
38.7
AA
rating
1.7
A
rating
0.1
BBB
rating
25.6
BB
rating
21.9
B
rating
12.0
Not
rated
0.0
(a)
Total
100.0
(a)
Rounds
to
zero.
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,
2022
)
Corporate
Bonds
43.8
Foreign
Government
Obligations
22.7
U.S.
Government
&
Agency
Obligations
13.4
U.S.
Treasury
Obligations
18.7
Money
Market
Funds
1.4
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
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Diversified
Fixed
Income
Allocation
ETF
returned
-18.80%
based
on
net
asset
value
(NAV)
and
-18.87%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
-19.31%
during
the
same
period.
To
compare,
the
Bloomberg
U.S.
Aggregate
Bond
Index
returned
-15.68%
for
the
same
period.
The
Fund
had
a
NAV
of
$21.29
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$16.80.
The
Fund’s
market
price
on
October
31,
2022
was
$16.80
per
share.
Market
overview
As
the
annual
period
began
in
the
last
two
months
of
2021,
the
impending
end
of
pandemic-era
accomodative
monetary
policy
was
front
of
mind
for
investors.
Inflation
remained
high,
while
U.S.
unemployment
approached
pre-COVID-19
levels.
In
November,
Jerome
Powell
was
reappointed
U.S.
Federal
Reserve
(Fed)
Chair,
and
the
Fed’s
tapering
of
its
asset
purchases
was
officially
launched.
Entering
2022,
investors
were
anticipating
the
Fed’s
well-signaled
pivot
to
a
more
hawkish
stance
to
address
the
highest
inflation
in
decades.
(Hawkish
tends
to
suggest
higher
interest
rates;
opposite
of
dovish.)
The
inflation
outlook
was
exacerbated
by
Russia’s
late-February
invasion
of
Ukraine,
which
drove
commodities
prices
higher.
As
expected,
the
Fed
implemented
a
25
basis
point
increase
in
the
targeted
federal
funds
rate
at
its
mid-
March
meeting,
the
first
such
move
since
December
2018.
(A
basis
point
is
1/100th
of
a
percentage
point.)
In
addition,
the
Fed
ended
the
bond
purchase
program
it
had
used
to
keep
longer
term
borrowing
costs
low.
In
the
following
months,
historically
high
inflation
led
the
Fed
to
raise
short-term
interest
rates
four
more
times,
for
a
total
of
an
additional
275
basis
points,
bringing
the
targeted
federal
funds
rate
to
a
range
of
3.00%
to
3.25%.
In
response,
U.S.
Treasury
yields
surged
to
their
highest
levels
in
more
than
a
decade.
(There
is
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
rise
when
yields
decrease
and
vice
versa.)
Elsewhere,
the
European
Central
Bank
surprised
observers
by
raising
its
interest
rates
by
50
basis
points
in
July
and
by
another
75
basis
points
in
September.
October
2022
brought
a
reminder
from
the
Fed
of
the
long
and
variable
lags
of
its
monetary
policy.
U.S.
housing
sales
plummeted
as
mortgage
rates
moved
higher.
However,
most
other
areas
of
the
economy
had
yet
to
show
signs
of
a
crunch
from
Fed
policy
by
the
end
of
the
annual
period,
including
the
U.S.
labor
market.
Indeed,
following
notably
weak
performance
in
September
2022,
high-yield
bonds
posted
strong
returns
in
October,
buoyed
by
widely
held
hopes
of
smaller
hikes,
or
potentially
a
pause,
from
the
Fed
some
time
in
2023.
Finally,
geopolitical
concerns
continued
to
roil
investor
risk
sentiment
around
the
globe,
including
the
ongoing
Russia/Ukraine
war
and
accompanying
European
energy
crisis,
the
shuttering
of
China’s
economy
under
its
government’s
zero-COVID-19
policy,
and
spiking
U.S./China
tensions
over
Taiwan.
Outside
of
the
U.S.,
central
banks
in
Canada,
Australia
and
the
Eurozone
presaged
a
potential
moderation
in
hikes
with
smaller
rate
increases.
In
the
U.K.,
the
fallout
from
the
new
government’s
budget
and
bond
market
volatility
led
to
the
resignation
of
one
prime
minister
and
the
quick
appointment
of
another.
And
perhaps
most
consequential,
China
held
its
Party
Congress,
where
Xi
Jinping
was
reappointed
to
his
third
term
as
Premier.
For
the
annual
period
overall,
U.S.
Treasury
yields
rose
significantly
across
the
yield
curve,
or
spectrum
of
maturities.
Spread,
or
non-government
bond,
sectors,
generated
negative
absolute
returns
as
well.
Emerging
markets
debt
and
U.S.
investment-grade
corporate
bonds
were
among
the
worst
performers,
followed
at
some
distance
by
mortgage-backed
securities,
with
each
sector
underperforming
U.S.
Treasuries
during
the
period.
Treasury
inflation-protected
securities
and
U.S.
high-yield
corporate
bonds
outperformed
U.S.
Treasuries
for
the
period.
As
a
whole,
the
global
fixed-income
market,
as
measured
by
the
Bloomberg
Global
Aggregate
Index,
underperformed
the
U.S.
fixed-income
market,
as
measured
by
the
Bloomberg
U.S.
Aggregate
Bond
Index
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Having
less
duration
exposure
to
the
U.S.
fixed-income
market
than
the
Bloomberg
U.S.
Aggregate
Bond
Index
contributed
positively
to
the
Index’s
relative
results
given
that
U.S.
Treasury
yields
climbed
aggressively
during
the
period.
Having
exposure
to
U.S.
high-yield
corporate
debt,
which
is
not
held
in
the
Bloomberg
U.S.
Aggregate
Bond
Index,
boosted
the
Index’s
relative
results.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
Having
an
underweight
to
U.S.
investment-grade
corporate
debt
relative
to
the
Bloomberg
U.S.
Aggregate
Bond
Index,
added
value
as
well.
The
Fund’s
notable
detractors
during
the
period
Having
more
duration
exposure
to
the
non-U.S.
developed
markets
fixed-income
markets,
which
are
not
held
in
the
Bloomberg
U.S.
Aggregate
Bond
Index,
detracted
from
the
Index’s
relative
results,
as
sovereign
debt
yields
rose
significantly
during
the
period.
Having
exposure
to
emerging
markets
sovereign
and
quasi-sovereign
debt,
which
is
not
held
in
the
Bloomberg
U.S.
Aggregate
Bond
Index,
hurt
the
Index’s
relative
results.
Having
exposure
to
global
non-U.S.
dollar-denominated
sovereign
debt
detracted
from
the
Index’s
results
relative
to
the
Bloomberg
U.S.
Aggregate
Bond
Index,
as
the
U.S.
dollar
appreciated
in
value
materially
during
the
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)
8
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
—
October
31,
2022
Beginning
account
value
($)
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
923.10
1,023.79
1.36
1.43
0.28
PORTFOLIO
OF
INVESTMENTS
October
31,
2022
(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
2022
9
Corporate
Bonds
49
.1
%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.2%
Arconic
Corp.
6.125%,
02/15/28
(a)
340,000
318,580
Boeing
Co.
(The)
5.150%,
05/01/30
1,466,000
1,355,289
Rolls-Royce
PLC
5.750%,
10/15/27
(a)
700,000
633,777
Spirit
AeroSystems,
Inc.
7.500%,
04/15/25
(a)
599,000
583,368
Teledyne
Technologies,
Inc.
2.750%,
04/01/31
500,000
391,266
Textron,
Inc.
3.000%,
06/01/30
86,000
70,451
3.900%,
09/17/29
92,000
81,105
TransDigm,
Inc.
6.250%,
03/15/26
(a)
2,996,000
2,954,369
8.000%,
12/15/25
(a)
464,000
472,138
Total
6,860,343
Airlines
1.4%
Air
Canada
3.875%,
08/15/26
(a)
237,000
209,618
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
1,440,000
1,372,376
5.750%,
04/20/29
(a)
2,513,000
2,286,833
Delta
Air
Lines,
Inc.
7.375%,
01/15/26
1,067,000
1,090,970
Hawaiian
Brand
Intellectual
Property
Ltd.
/
HawaiianMiles
Loyalty
Ltd.
5.750%,
01/20/26
(a)
743,000
685,484
Southwest
Airlines
Co.
2.625%,
02/10/30
193,000
153,634
United
Airlines,
Inc.
4.375%,
04/15/26
(a)
102,000
93,325
4.625%,
04/15/29
(a)
2,360,000
2,026,106
Total
7,918,346
Apartment
REIT
0.1%
Essex
Portfolio
LP
3.000%,
01/15/30
218,000
177,392
Invitation
Homes
Operating
Partnership
LP
2.000%,
08/15/31
500,000
351,856
Total
529,248
Automotive
0.8%
Allison
Transmission,
Inc.
3.750%,
01/30/31
(a)
690,000
553,274
Aptiv
PLC
4.350%,
03/15/29
100,000
89,253
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.250%,
05/15/26
(a)
611,000
595,933
Ford
Motor
Co.
3.250%,
02/12/32
1,462,000
1,097,860
Ford
Motor
Credit
Co.
LLC
3.375%,
11/13/25
1,400,000
1,272,178
General
Motors
Financial
Co.,
Inc.
3.600%,
06/21/30
654,000
535,298
Goodyear
Tire
&
Rubber
Co.
(The)
5.000%,
07/15/29
545,000
473,013
Lear
Corp.
4.250%,
05/15/29
100,000
87,779
Total
4,704,588
Banking
1.6%
Banco
Santander
SA
2.749%,
12/03/30
400,000
276,696
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.225%,
(US
1
Year
CMT
T-Note
+
1.600%),
11/22/32
(b)
600,000
411,398
Bank
of
America
Corp.
2.482%,
(US
5
Year
CMT
T-Note
+
1.200%),
09/21/36
(b)
800,000
571,451
Barclays
PLC
2.894%,
(US
1
Year
CMT
T-Note
+
1.300%),
11/24/32
(b)
500,000
355,232
Capital
One
Financial
Corp.
3.750%,
07/28/26
204,000
186,586
Citizens
Financial
Group,
Inc.
2.638%,
09/30/32
288,000
205,036
3.250%,
04/30/30
100,000
82,427
Deutsche
Bank
AG/New
York
NY
3.035%,
(SOFRRATE
+
1.718%),
05/28/32
(b)
750,000
528,071
3.729%,
(SOFRRATE
+
2.757%),
01/14/32
(b)
1,200,000
851,385
Discover
Bank
Series
BKNT,
4.650%,
09/13/28
400,000
357,182
Fifth
Third
Bancorp
4.772%,
(SOFRINDX
+
2.127%),
07/28/30
(b)
500,000
458,412
HSBC
Holdings
PLC
4.762%,
(SOFRRATE
+
2.530%),
03/29/33
(b)
500,000
397,450
Huntington
Bancshares,
Inc.
2.487%,
(US
5
Year
CMT
T-Note
+
1.170%),
08/15/36
(b)
198,000
137,584
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(a)
375,000
341,113
KeyCorp
Series
MTN,
2.250%,
04/06/27
202,000
173,567
Series
MTN,
2.550%,
10/01/29
138,000
111,121
Morgan
Stanley
2.484%,
(SOFRRATE
+
1.360%),
09/16/36
(b)
948,000
673,495
5.297%,
(SOFRRATE
+
2.620%),
04/20/37
(b)
233,000
207,237
NatWest
Group
PLC
3.032%,
(US
5
Year
CMT
T-Note
+
2.350%),
11/28/35
(b)
500,000
345,872
Santander
Holdings
USA,
Inc.
4.400%,
07/13/27
107,000
96,772
Sumitomo
Mitsui
Financial
Group,
Inc.
2.142%,
09/23/30
216,000
158,162
SVB
Financial
Group
1.800%,
02/02/31
64,000
43,962
3.125%,
06/05/30
200,000
156,791
Synchrony
Financial
5.150%,
03/19/29
85,000
76,174
UniCredit
SpA
5.459%,
(US
5
Year
CMT
T-Note
+
4.750%),
06/30/35
(a),(b)
1,652,000
1,233,907
7.296%,
(USD
5
Year
Swap
+
4.914%),
04/02/34
(a),(b)
200,000
171,732
Westpac
Banking
Corp.
2.668%,
(US
5
Year
CMT
T-Note
+
1.750%),
11/15/35
(b)
339,000
241,159
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Series
GMTN,
4.322%,
(USD
5
Year
Swap
+
2.236%),
11/23/31
(b)
190,000
170,475
Total
9,020,449
Brokerage/Asset
Managers/Exchanges
0.6%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
100,000
81,377
CI
Financial
Corp.
3.200%,
12/17/30
440,000
318,275
Coinbase
Global,
Inc.
3.375%,
10/01/28
(a)
645,000
427,014
3.625%,
10/01/31
(a)
650,000
391,048
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.000%,
08/15/28
(a)
600,000
471,545
Jefferies
Financial
Group,
Inc.
2.750%,
10/15/32
150,000
103,959
4.850%,
01/15/27
278,000
261,075
LPL
Holdings,
Inc.
4.000%,
03/15/29
(a)
596,000
521,727
Nasdaq,
Inc.
1.650%,
01/15/31
180,000
132,749
Nomura
Holdings,
Inc.
2.679%,
07/16/30
302,000
227,209
3.103%,
01/16/30
200,000
157,794
Stifel
Financial
Corp.
4.000%,
05/15/30
180,000
153,175
Total
3,246,947
Building
Materials
0.5%
Builders
FirstSource,
Inc.
4.250%,
02/01/32
(a)
907,000
725,865
Fortune
Brands
Home
&
Security,
Inc.
3.250%,
09/15/29
180,000
147,820
Martin
Marietta
Materials,
Inc.
2.400%,
07/15/31
500,000
384,386
Masco
Corp.
2.000%,
02/15/31
345,000
254,941
Owens
Corning
3.875%,
06/01/30
200,000
171,970
Standard
Industries,
Inc.
3.375%,
01/15/31
(a)
344,000
257,821
4.375%,
07/15/30
(a)
925,000
749,002
Vulcan
Materials
Co.
3.500%,
06/01/30
316,000
269,067
Total
2,960,872
Cable
and
Satellite
2.7%
Altice
Financing
SA
5.000%,
01/15/28
(a)
980,000
782,977
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.750%,
03/01/30
(a)
2,690,000
2,241,245
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.800%,
04/01/31
814,000
618,072
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.750%,
10/01/26
(a)
1,080,000
1,014,792
CSC
Holdings
LLC
4.500%,
11/15/31
(a)
2,000,000
1,557,452
6.500%,
02/01/29
(a)
270,000
254,218
DISH
DBS
Corp.
5.250%,
12/01/26
(a)
1,620,000
1,406,592
5.750%,
12/01/28
(a)
1,799,000
1,451,948
Intelsat
Jackson
Holdings
SA
6.500%,
03/15/30
(a)
1,600,000
1,470,736
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
LCPR
Senior
Secured
Financing
DAC
6.750%,
10/15/27
(a)
516,000
481,399
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
4.500%,
09/15/26
(a)
510,000
435,464
Sirius
XM
Radio,
Inc.
5.000%,
08/01/27
(a)
649,000
597,080
Telenet
Finance
Luxembourg
Notes
Sarl
5.500%,
03/01/28
(a)
200,000
175,592
UPC
Broadband
Finco
BV
4.875%,
07/15/31
(a)
800,000
664,731
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(a)
940,000
855,345
VZ
Secured
Financing
BV
5.000%,
01/15/32
(a)
775,000
621,736
Ziggo
BV
4.875%,
01/15/30
(a)
1,000,000
843,905
Total
15,473,284
Chemicals
0.5%
Avantor
Funding,
Inc.
4.625%,
07/15/28
(a)
1,076,000
971,960
Dow
Chemical
Co.
(The)
4.800%,
11/30/28
145,000
138,484
FMC
Corp.
3.450%,
10/01/29
310,000
264,340
Huntsman
International
LLC
2.950%,
06/15/31
50,000
37,351
LYB
International
Finance
III
LLC
2.250%,
10/01/30
100,000
76,428
NewMarket
Corp.
2.700%,
03/18/31
290,000
217,928
Nutrien
Ltd.
2.950%,
05/13/30
250,000
206,696
Sherwin-Williams
Co.
(The)
2.950%,
08/15/29
185,000
156,784
Tronox,
Inc.
4.625%,
03/15/29
(a)
725,000
562,710
Westlake
Corp.
3.375%,
06/15/30
114,000
94,750
Total
2,727,431
Construction
Machinery
0.4%
H&E
Equipment
Services,
Inc.
3.875%,
12/15/28
(a)
730,000
617,394
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/01/28
(a)
714,000
610,859
United
Rentals
North
America,
Inc.
3.875%,
02/15/31
1,060,000
878,800
Total
2,107,053
Consumer
Cyclical
Services
1.0%
ADT
Security
Corp.
(The)
4.125%,
08/01/29
(a)
656,000
562,316
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
6.625%,
07/15/26
(a)
372,000
356,096
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp./Atlas
Luxco
4
Sarl
4.625%,
06/01/28
(a)
1,800,000
1,511,133
Arches
Buyer,
Inc.
4.250%,
06/01/28
(a)
500,000
410,458
Block
Financial
LLC
2.500%,
07/15/28
90,000
73,918
Compass
Group
Diversified
Holdings
LLC
5.250%,
04/15/29
(a)
314,000
269,839
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
eBay,
Inc.
2.600%,
05/10/31
480,000
375,793
2.700%,
03/11/30
50,000
40,693
Expedia
Group,
Inc.
2.950%,
03/15/31
514,000
390,506
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(a)
1,132,000
983,141
5.750%,
04/15/26
(a)
25,000
24,440
Realogy
Group
LLC
/
Realogy
Co.-Issuer
Corp.
5.250%,
04/15/30
(a)
408,000
283,283
Service
Corp
International
3.375%,
08/15/30
435,000
347,774
Total
5,629,390
Consumer
Products
0.2%
GSK
Consumer
Healthcare
Capital
US
LLC
3.625%,
03/24/32
(a)
1,000,000
843,184
Hasbro,
Inc.
3.900%,
11/19/29
36,000
31,122
Whirlpool
Corp.
2.400%,
05/15/31
60,000
45,245
4.750%,
02/26/29
63,000
58,704
Total
978,255
Diversified
Manufacturing
0.9%
Carlisle
Cos.,
Inc.
2.750%,
03/01/30
500,000
403,004
3.750%,
12/01/27
4,000
3,649
Carrier
Global
Corp.
2.722%,
02/15/30
605,000
497,065
Dover
Corp.
2.950%,
11/04/29
80,000
67,824
Flowserve
Corp.
3.500%,
10/01/30
128,000
102,198
Johnson
Controls
International
PLC
3.900%,
02/14/26
73,000
69,551
Raytheon
Technologies
Corp.
4.125%,
11/16/28
406,000
378,068
Roper
Technologies,
Inc.
3.800%,
12/15/26
185,000
173,023
TK
Elevator
US
Newco,
Inc.
5.250%,
07/15/27
(a)
1,094,000
980,915
Vertiv
Group
Corp.
4.125%,
11/15/28
(a)
600,000
521,784
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(a)
360,000
363,604
7.250%,
06/15/28
(a)
1,517,000
1,538,542
Xylem,
Inc.
1.950%,
01/30/28
240,000
201,411
2.250%,
01/30/31
160,000
125,696
Total
5,426,334
Electric
2.0%
AES
Corp.
(The)
2.450%,
01/15/31
100,000
75,529
Ameren
Corp.
3.500%,
01/15/31
310,000
263,517
American
Electric
Power
Co.,
Inc.
Series
J,
4.300%,
12/01/28
85,000
78,785
Avangrid,
Inc.
3.800%,
06/01/29
29,000
25,400
Calpine
Corp.
4.500%,
02/15/28
(a)
751,000
676,023
5.125%,
03/15/28
(a)
820,000
729,547
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Clearway
Energy
Operating
LLC
3.750%,
02/15/31
(a)
915,000
761,549
4.750%,
03/15/28
(a)
126,000
116,874
CMS
Energy
Corp.
4.750%,
(US
5
Year
CMT
T-Note
+
4.116%),
06/01/50
(b)
240,000
198,497
Dominion
Energy,
Inc.
Series
C,
2.250%,
08/15/31
500,000
386,055
4.250%,
06/01/28
188,000
175,307
Duke
Energy
Corp.
2.450%,
06/01/30
591,000
472,494
Edison
International
5.750%,
06/15/27
63,000
61,538
Entergy
Corp.
2.400%,
06/15/31
380,000
288,351
Eversource
Energy
Series
R,
1.650%,
08/15/30
490,000
367,604
Exelon
Corp.
4.050%,
04/15/30
240,000
216,131
IPALCO
Enterprises,
Inc.
4.250%,
05/01/30
140,000
120,789
NextEra
Energy
Capital
Holdings,
Inc.
1.900%,
06/15/28
500,000
413,343
2.250%,
06/01/30
95,000
75,428
NRG
Energy,
Inc.
3.625%,
02/15/31
(a)
664,000
528,457
3.875%,
02/15/32
(a)
607,000
479,236
Pacific
Gas
and
Electric
Co.
2.500%,
02/01/31
1,330,000
992,906
4.550%,
07/01/30
70,000
61,388
PG&E
Corp.
5.000%,
07/01/28
130,000
117,871
5.250%,
07/01/30
1,020,000
903,414
Public
Service
Enterprise
Group,
Inc.
1.600%,
08/15/30
200,000
148,736
Puget
Energy,
Inc.
4.100%,
06/15/30
240,000
209,597
Southern
Co.
(The)
Series
A,
3.700%,
04/30/30
540,000
471,998
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
818,000
754,624
5.625%,
02/15/27
(a)
797,000
759,570
WEC
Energy
Group,
Inc.
1.800%,
10/15/30
200,000
151,329
Xcel
Energy,
Inc.
2.600%,
12/01/29
326,000
268,489
Total
11,350,376
Environmental
0.1%
Republic
Services,
Inc.
1.750%,
02/15/32
48,000
35,651
2.375%,
03/15/33
305,000
233,867
Waste
Connections,
Inc.
4.250%,
12/01/28
237,000
220,746
Waste
Management,
Inc.
1.150%,
03/15/28
305,000
247,010
1.500%,
03/15/31
131,000
99,552
Total
836,826
Finance
Companies
1.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%,
01/30/32
1,950,000
1,464,067
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Air
Lease
Corp.
2.875%,
01/15/32
448,000
334,925
Aon
Corp.
2.800%,
05/15/30
400,000
328,271
Ares
Capital
Corp.
3.875%,
01/15/26
190,000
170,544
Blackstone
Secured
Lending
Fund
2.125%,
02/15/27
44,000
35,398
2.850%,
09/30/28
150,000
114,580
First
American
Financial
Corp.
4.000%,
05/15/30
280,000
228,571
GATX
Corp.
4.700%,
04/01/29
86,000
79,074
Global
Aircraft
Leasing
Co.
Ltd.
6.500%,
09/15/24
(a),(c)
1,321,049
1,059,167
Midcap
Financial
Issuer
Trust
6.500%,
05/01/28
(a)
400,000
340,037
Oaktree
Specialty
Lending
Corp.
2.700%,
01/15/27
150,000
124,535
OneMain
Finance
Corp.
7.125%,
03/15/26
1,391,000
1,339,145
Owl
Rock
Capital
Corp.
2.625%,
01/15/27
380,000
303,998
3.125%,
04/13/27
100,000
80,425
3.400%,
07/15/26
68,000
57,930
Rocket
Mortgage
LLC
5.250%,
01/15/28
(a)
840,000
709,758
Total
6,770,425
Food
and
Beverage
1.5%
Anheuser-Busch
InBev
Worldwide,
Inc.
3.500%,
06/01/30
284,000
253,649
Aramark
Services,
Inc.
5.000%,
02/01/28
(a)
1,533,000
1,397,515
Campbell
Soup
Co.
2.375%,
04/24/30
49,000
39,248
Conagra
Brands,
Inc.
4.850%,
11/01/28
90,000
85,209
Constellation
Brands,
Inc.
3.150%,
08/01/29
369,000
316,055
Darling
Ingredients,
Inc.
6.000%,
06/15/30
(a)
650,000
625,598
Flowers
Foods,
Inc.
2.400%,
03/15/31
120,000
92,080
General
Mills,
Inc.
4.200%,
04/17/28
30,000
28,406
Ingredion,
Inc.
2.900%,
06/01/30
55,000
44,915
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
5.500%,
01/15/30
(a)
74,000
67,572
JM
Smucker
Co.
(The)
2.375%,
03/15/30
245,000
195,982
Keurig
Dr
Pepper,
Inc.
4.050%,
04/15/32
500,000
438,595
Kraft
Heinz
Foods
Co.
3.750%,
04/01/30
550,000
488,118
Lamb
Weston
Holdings,
Inc.
4.125%,
01/31/30
(a)
630,000
550,828
McCormick
&
Co.,
Inc.
1.850%,
02/15/31
45,000
33,288
2.500%,
04/15/30
372,000
299,688
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Mondelez
International,
Inc.
2.750%,
04/13/30
187,000
155,488
Performance
Food
Group,
Inc.
4.250%,
08/01/29
(a)
100,000
85,051
5.500%,
10/15/27
(a)
1,017,000
968,059
Post
Holdings,
Inc.
4.625%,
04/15/30
(a)
1,770,000
1,496,235
Sysco
Corp.
5.950%,
04/01/30
352,000
359,060
US
Foods,
Inc.
6.250%,
04/15/25
(a)
612,000
612,109
Total
8,632,748
Foreign
Agencies
4.5%
Comision
Federal
de
Electricidad
Series
REGS,
3.348%,
02/09/31
1,846,000
1,364,181
DP
World
Crescent
Ltd.
Series
EMTN,
3.875%,
07/18/29
300,000
267,223
Series
REGS,
4.848%,
09/26/28
3,850,000
3,640,708
Ecopetrol
SA
4.625%,
11/02/31
4,960,000
3,432,392
6.875%,
04/29/30
66,000
54,197
Huarong
Finance
2017
Co.
Ltd.
Series
EMTN,
4.250%,
11/07/27
1,700,000
1,159,971
Huarong
Finance
II
Co.
Ltd.
Series
EMTN,
4.625%,
06/03/26
700,000
527,488
Indian
Railway
Finance
Corp.
Ltd.
Series
REGS,
2.800%,
02/10/31
1,000,000
749,733
KazMunayGas
National
Co.
JSC
Series
REGS,
4.750%,
04/19/27
1,000,000
868,061
Series
REGS,
5.375%,
04/24/30
1,830,000
1,507,036
Pertamina
Persero
PT
Series
REGS,
2.300%,
02/09/31
1,115,000
835,892
Series
REGS,
3.650%,
07/30/29
732,000
630,847
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
5.450%,
05/21/28
1,100,000
1,040,072
Petrobras
Global
Finance
BV
5.600%,
01/03/31
3,463,000
3,144,343
Petroleos
Mexicanos
5.950%,
01/28/31
810,000
583,929
6.625%,
06/15/35
5,500,000
3,740,174
6.700%,
02/16/32
174,000
131,011
Power
Finance
Corp.
Ltd.
Series
REGS,
3.950%,
04/23/30
614,000
499,818
4.500%,
06/18/29
2,000,000
1,726,341
Total
25,903,417
Gaming
1.6%
Caesars
Entertainment,
Inc.
6.250%,
07/01/25
(a)
1,920,000
1,874,436
Caesars
Resort
Collection
LLC
/
CRC
Finco,
Inc.
5.750%,
07/01/25
(a)
675,000
659,961
CDI
Escrow
Issuer,
Inc.
5.750%,
04/01/30
(a)
1,000,000
902,539
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
4.000%,
01/15/30
201,000
165,717
Las
Vegas
Sands
Corp.
3.200%,
08/08/24
695,000
660,932
3.500%,
08/18/26
1,500,000
1,307,081
Melco
Resorts
Finance
Ltd.
5.375%,
12/04/29
(a)
1,400,000
765,758
Sands
China
Ltd.
5.900%,
08/08/28
780,000
614,564
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Studio
City
Finance
Ltd.
5.000%,
01/15/29
(a)
1,000,000
427,743
VICI
Properties
LP
5.125%,
05/15/32
500,000
443,243
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
4.250%,
12/01/26
(a)
64,000
58,273
4.625%,
12/01/29
(a)
80,000
70,068
Wynn
Macau
Ltd.
5.125%,
12/15/29
(a)
1,638,000
953,083
5.625%,
08/26/28
(a)
200,000
118,109
Total
9,021,507
Health
Care
2.6%
Agilent
Technologies,
Inc.
2.300%,
03/12/31
290,000
226,464
AmerisourceBergen
Corp.
2.700%,
03/15/31
200,000
159,442
Baxter
International,
Inc.
2.539%,
02/01/32
500,000
382,374
Becton
Dickinson
and
Co.
1.957%,
02/11/31
300,000
230,248
Boston
Scientific
Corp.
2.650%,
06/01/30
270,000
223,200
CHS/Community
Health
Systems,
Inc.
5.625%,
03/15/27
(a)
2,049,000
1,633,753
8.000%,
03/15/26
(a)
480,000
413,863
Cigna
Corp.
2.400%,
03/15/30
240,000
195,197
4.375%,
10/15/28
510,000
479,338
CommonSpirit
Health
2.782%,
10/01/30
48,000
37,263
3.347%,
10/01/29
30,000
25,192
CVS
Health
Corp.
3.250%,
08/15/29
565,000
490,595
DaVita,
Inc.
3.750%,
02/15/31
(a)
1,442,000
1,046,335
4.625%,
06/01/30
(a)
1,132,000
882,600
DH
Europe
Finance
II
Sarl
2.600%,
11/15/29
24,000
20,420
HCA,
Inc.
3.500%,
09/01/30
850,000
703,229
Hologic,
Inc.
3.250%,
02/15/29
(a)
944,000
802,526
IQVIA,
Inc.
5.000%,
05/15/27
(a)
900,000
857,113
Laboratory
Corp.
of
America
Holdings
2.950%,
12/01/29
76,000
63,538
3.600%,
09/01/27
20,000
18,411
Medline
Borrower
LP
3.875%,
04/01/29
(a)
2,602,000
2,125,308
Ochsner
LSU
Health
System
of
North
Louisiana
Series
2021,
2.510%,
05/15/31
190,000
142,103
PerkinElmer,
Inc.
3.300%,
09/15/29
400,000
336,683
Quest
Diagnostics,
Inc.
2.800%,
06/30/31
240,000
192,579
Smith
&
Nephew
PLC
2.032%,
10/14/30
376,000
277,196
Stryker
Corp.
1.950%,
06/15/30
610,000
479,160
Tenet
Healthcare
Corp.
4.875%,
01/01/26
(a)
1,017,000
961,291
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.125%,
06/15/30
(a)
515,000
478,873
6.250%,
02/01/27
(a)
735,000
706,159
Universal
Health
Services,
Inc.
2.650%,
10/15/30
(a)
200,000
149,419
Total
14,739,872
Healthcare
Insurance
0.2%
Centene
Corp.
3.000%,
10/15/30
700,000
562,044
Elevance
Health,
Inc.
2.550%,
03/15/31
500,000
404,613
Humana,
Inc.
2.150%,
02/03/32
136,000
102,327
Total
1,068,984
Healthcare
REIT
0.3%
Healthcare
Realty
Holdings
LP
3.100%,
02/15/30
256,000
206,234
Healthpeak
Properties,
Inc.
3.000%,
01/15/30
150,000
123,797
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
3.500%,
03/15/31
675,000
466,650
4.625%,
08/01/29
245,000
195,739
Omega
Healthcare
Investors,
Inc.
3.250%,
04/15/33
110,000
76,710
3.625%,
10/01/29
276,000
219,891
Physicians
Realty
LP
2.625%,
11/01/31
150,000
111,487
Ventas
Realty
LP
4.400%,
01/15/29
97,000
87,651
Welltower,
Inc.
2.800%,
06/01/31
500,000
385,823
Total
1,873,982
Home
Construction
0.1%
DR
Horton,
Inc.
1.400%,
10/15/27
100,000
80,443
NVR,
Inc.
3.000%,
05/15/30
90,000
72,999
Realogy
Group
LLC
/
Realogy
Co.-Issuer
Corp.
5.750%,
01/15/29
(a)
400,000
287,252
Total
440,694
Independent
Energy
1.8%
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
44,000
40,609
Chesapeake
Energy
Corp.
6.750%,
04/15/29
(a)
520,000
511,911
Comstock
Resources,
Inc.
5.875%,
01/15/30
(a)
1,295,000
1,182,391
6.750%,
03/01/29
(a)
84,000
80,435
ConocoPhillips
4.300%,
08/15/28
76,000
70,437
Coterra
Energy,
Inc.
4.375%,
03/15/29
(a)
230,000
211,850
CrownRock
LP
/
CrownRock
Finance,
Inc.
5.625%,
10/15/25
(a)
155,000
149,881
Devon
Energy
Corp.
4.500%,
01/15/30
422,000
386,059
Diamondback
Energy,
Inc.
3.500%,
12/01/29
206,000
178,002
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
5.750%,
01/30/28
(a)
767,000
746,707
EQT
Corp.
7.000%,
02/01/30
240,000
246,219
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Matador
Resources
Co.
5.875%,
09/15/26
505,000
496,163
MEG
Energy
Corp.
7.125%,
02/01/27
(a)
871,000
886,362
Neptune
Energy
Bondco
PLC
6.625%,
05/15/25
(a)
200,000
195,420
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(a)
1,439,000
1,396,126
Occidental
Petroleum
Corp.
6.625%,
09/01/30
1,600,000
1,665,238
Pioneer
Natural
Resources
Co.
2.150%,
01/15/31
640,000
495,959
Southwestern
Energy
Co.
4.750%,
02/01/32
1,400,000
1,213,417
Total
10,153,186
Industy
0.1%
Otis
Worldwide
Corp.
2.565%,
02/15/30
556,000
452,878
Integrated
Energy
0.0%
New
Fortress
Energy,
Inc.
6.750%,
09/15/25
(a)
320,000
314,223
Leisure
0.8%
Carnival
Corp.
5.750%,
03/01/27
(a)
2,603,000
1,806,530
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op
5.500%,
05/01/25
(a)
620,000
615,782
Life
Time,
Inc.
5.750%,
01/15/26
(a)
276,000
256,687
Live
Nation
Entertainment,
Inc.
6.500%,
05/15/27
(a)
890,000
885,302
Royal
Caribbean
Cruises
Ltd.
11.500%,
06/01/25
(a)
880,000
947,417
Total
4,511,718
Life
Insurance
0.1%
Athene
Holding
Ltd.
3.500%,
01/15/31
360,000
281,734
6.150%,
04/03/30
192,000
186,099
Globe
Life,
Inc.
2.150%,
08/15/30
200,000
151,885
Total
619,718
Lodging
0.3%
Choice
Hotels
International,
Inc.
3.700%,
01/15/31
200,000
163,955
Hilton
Domestic
Operating
Co.,
Inc.
3.625%,
02/15/32
(a)
1,495,000
1,190,222
Hyatt
Hotels
Corp.
4.375%,
09/15/28
66,000
58,937
Marriott
International,
Inc.
Series
FF,
4.625%,
06/15/30
334,000
300,104
Total
1,713,218
Materials
0.0%
Acuity
Brands
Lighting,
Inc.
2.150%,
12/15/30
90,000
66,296
Media
and
Entertainment
2.2%
Activision
Blizzard,
Inc.
1.350%,
09/15/30
271,000
205,782
AMC
Networks,
Inc.
4.250%,
02/15/29
820,000
636,083
Clear
Channel
Outdoor
Holdings,
Inc.
5.125%,
08/15/27
(a)
657,000
591,233
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Electronic
Arts,
Inc.
1.850%,
02/15/31
240,000
185,040
Fox
Corp.
3.500%,
04/08/30
436,000
369,953
Gray
Escrow
II,
Inc.
5.375%,
11/15/31
(a)
796,000
639,650
Interpublic
Group
of
Cos.,
Inc.
(The)
2.400%,
03/01/31
260,000
195,616
4.750%,
03/30/30
90,000
81,691
Netflix,
Inc.
5.875%,
11/15/28
1,944,000
1,931,088
News
Corp.
3.875%,
05/15/29
(a)
664,000
570,850
Nexstar
Media,
Inc.
4.750%,
11/01/28
(a)
1,645,000
1,443,293
Paramount
Global
4.950%,
01/15/31
718,000
627,531
RELX
Capital,
Inc.
3.000%,
05/22/30
290,000
241,717
ROBLOX
Corp.
3.875%,
05/01/30
(a)
800,000
656,683
TEGNA,
Inc.
4.625%,
03/15/28
405,000
385,393
5.000%,
09/15/29
901,000
860,212
Twitter,
Inc.
5.000%,
03/01/30
(a)
500,000
503,177
Univision
Communications,
Inc.
4.500%,
05/01/29
(a)
876,000
739,025
6.625%,
06/01/27
(a)
680,000
671,089
Warnermedia
Holdings,
Inc.
4.279%,
03/15/32
(a)
1,432,000
1,157,294
Total
12,692,400
Media
Cable
0.7%
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(a)
2,200,000
1,980,036
LCPR
Senior
Secured
Financing
DAC
5.125%,
07/15/29
(a)
840,000
709,291
Sirius
XM
Radio,
Inc.
4.000%,
07/15/28
(a)
1,316,000
1,135,944
Total
3,825,271
Metals
and
Mining
0.6%
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(a)
474,000
470,622
FMG
Resources
August
2006
Pty
Ltd.
4.375%,
04/01/31
(a)
854,000
678,869
Freeport-McMoRan,
Inc.
4.625%,
08/01/30
346,000
306,281
Newmont
Corp.
2.250%,
10/01/30
617,000
476,708
Novelis
Corp.
4.750%,
01/30/30
(a)
940,000
799,608
Nucor
Corp.
2.700%,
06/01/30
274,000
223,584
Reliance
Steel
&
Aluminum
Co.
2.150%,
08/15/30
100,000
75,478
Steel
Dynamics,
Inc.
3.250%,
01/15/31
334,000
271,637
3.450%,
04/15/30
70,000
58,940
Vale
Overseas
Ltd.
3.750%,
07/08/30
334,000
275,342
Total
3,637,069
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Midstream
2.3%
Boardwalk
Pipelines
LP
3.400%,
02/15/31
300,000
242,038
Cheniere
Corpus
Christi
Holdings
LLC
3.700%,
11/15/29
302,000
263,893
Cheniere
Energy
Partners
LP
4.000%,
03/01/31
1,760,000
1,485,169
4.500%,
10/01/29
219,000
193,357
Cheniere
Energy,
Inc.
4.625%,
10/15/28
1,055,000
973,358
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.500%,
06/15/31
(a)
750,000
665,716
DCP
Midstream
Operating
LP
5.375%,
07/15/25
175,000
171,046
DT
Midstream,
Inc.
4.125%,
06/15/29
(a)
864,000
746,689
4.375%,
06/15/31
(a)
400,000
337,019
Enbridge,
Inc.
3.125%,
11/15/29
217,000
185,118
EQM
Midstream
Partners
LP
4.750%,
01/15/31
(a)
606,000
506,277
6.500%,
07/01/27
(a)
464,000
452,333
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
8.000%,
01/15/27
368,000
357,274
ITT
Holdings
LLC
6.500%,
08/01/29
(a)
413,000
332,443
Kinder
Morgan,
Inc.
2.000%,
02/15/31
449,000
337,204
Kinetik
Holdings
LP
5.875%,
06/15/30
(a)
650,000
614,548
MPLX
LP
2.650%,
08/15/30
272,000
214,186
4.125%,
03/01/27
31,000
28,806
National
Fuel
Gas
Co.
2.950%,
03/01/31
300,000
225,187
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
7.500%,
02/01/26
(a)
1,464,000
1,325,448
ONEOK,
Inc.
4.350%,
03/15/29
8,000
7,114
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
3.800%,
09/15/30
500,000
417,436
Sabine
Pass
Liquefaction
LLC
4.500%,
05/15/30
340,000
310,089
5.000%,
03/15/27
116,000
111,782
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
4.000%,
01/15/32
468,000
385,632
TransCanada
PipeLines
Ltd.
4.250%,
05/15/28
496,000
460,820
Venture
Global
Calcasieu
Pass
LLC
3.875%,
08/15/29
(a)
400,000
346,057
4.125%,
08/15/31
(a)
1,130,000
966,063
Western
Midstream
Operating
LP
3.350%,
02/01/25
2,000
1,901
Williams
Cos.,
Inc.
(The)
2.600%,
03/15/31
480,000
376,129
3.500%,
11/15/30
300,000
253,510
Total
13,293,642
Natural
Gas
0.1%
NiSource,
Inc.
3.490%,
05/15/27
184,000
168,371
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.600%,
05/01/30
240,000
206,994
Total
375,365
Office
REIT
0.2%
Boston
Properties
LP
3.250%,
01/30/31
599,000
477,296
Corporate
Office
Properties
LP
2.000%,
01/15/29
123,000
91,755
Highwoods
Realty
LP
2.600%,
02/01/31
136,000
98,734
Kilroy
Realty
LP
3.050%,
02/15/30
228,000
178,025
Office
Properties
Income
Trust
2.400%,
02/01/27
81,000
55,743
Piedmont
Operating
Partnership
LP
3.150%,
08/15/30
128,000
96,657
Total
998,210
Oil
Field
Services
0.0%
NOV,
Inc.
3.600%,
12/01/29
113,000
96,248
Other
Financial
Institutions
0.3%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
5.250%,
05/15/27
557,000
512,814
6.250%,
05/15/26
899,000
863,373
Nationstar
Mortgage
Holdings,
Inc.
5.500%,
08/15/28
(a)
370,000
301,767
Total
1,677,954
Other
Industry
0.0%
Coherent
Corp.
5.000%,
12/15/29
(a)
180,000
154,185
Rexford
Industrial
Realty
LP
2.125%,
12/01/30
120,000
89,847
Total
244,032
Other
REIT
0.6%
Broadstone
Net
Lease
LLC
2.600%,
09/15/31
68,000
49,120
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5.750%,
05/15/26
(a)
378,000
351,602
CubeSmart
LP
2.000%,
02/15/31
98,000
71,547
4.375%,
02/15/29
260,000
235,185
Digital
Realty
Trust
LP
3.600%,
07/01/29
146,000
125,895
EPR
Properties
3.750%,
08/15/29
222,000
162,758
Extra
Space
Storage
LP
2.550%,
06/01/31
240,000
181,708
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.375%,
06/15/26
(a)
622,000
507,192
Host
Hotels
&
Resorts
LP
Series
H,
3.375%,
12/15/29
408,000
327,454
Life
Storage
LP
2.200%,
10/15/30
240,000
179,525
LXP
Industrial
Trust
2.700%,
09/15/30
236,000
180,851
Prologis
LP
1.750%,
02/01/31
198,000
149,442
Safehold
Operating
Partnership
LP
2.800%,
06/15/31
380,000
281,012
Service
Properties
Trust
4.350%,
10/01/24
596,000
547,347
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
WP
Carey,
Inc.
2.400%,
02/01/31
300,000
225,964
Total
3,576,602
Other
Utility
0.1%
American
Water
Capital
Corp.
3.750%,
09/01/28
145,000
133,679
Essential
Utilities,
Inc.
2.704%,
04/15/30
300,000
243,511
Total
377,190
Packaging
0.6%
Amcor
Flexibles
North
America,
Inc.
2.630%,
06/19/30
260,000
202,408
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.125%,
08/15/26
(a)
800,000
688,200
Avery
Dennison
Corp.
2.650%,
04/30/30
444,000
351,877
Ball
Corp.
2.875%,
08/15/30
308,000
239,602
3.125%,
09/15/31
1,000,000
766,833
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
395,000
378,532
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC
4.000%,
10/15/27
(a)
740,000
654,906
Trivium
Packaging
Finance
BV
5.500%,
08/15/26
(a)
200,000
183,884
Total
3,466,242
Paper
0.3%
Mercer
International,
Inc.
5.125%,
02/01/29
532,000
443,341
Packaging
Corp.
of
America
3.000%,
12/15/29
208,000
173,137
Rayonier
LP
2.750%,
05/17/31
150,000
115,517
Suzano
Austria
GmbH
3.750%,
01/15/31
580,000
464,888
Weyerhaeuser
Co.
4.000%,
04/15/30
88,000
76,847
WRKCo,
Inc.
3.000%,
06/15/33
280,000
212,566
Total
1,486,296
Pharmaceuticals
1.3%
AbbVie,
Inc.
3.200%,
11/21/29
1,609,000
1,404,682
Amgen,
Inc.
2.200%,
02/21/27
690,000
612,601
Bausch
Health
Cos.,
Inc.
5.500%,
11/01/25
(a)
1,031,000
827,584
Biogen,
Inc.
2.250%,
05/01/30
295,000
231,901
Gilead
Sciences,
Inc.
1.200%,
10/01/27
60,000
49,388
1.650%,
10/01/30
435,000
334,841
Jazz
Securities
DAC
4.375%,
01/15/29
(a)
1,000,000
886,994
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(a)
800,000
704,133
5.125%,
04/30/31
(a)
1,840,000
1,562,286
Royalty
Pharma
PLC
2.200%,
09/02/30
200,000
151,584
Takeda
Pharmaceutical
Co.
Ltd.
2.050%,
03/31/30
780,000
615,921
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Viatris,
Inc.
2.700%,
06/22/30
228,000
170,732
Zoetis,
Inc.
2.000%,
05/15/30
28,000
22,070
Total
7,574,717
Property
&
Casualty
0.3%
American
Financial
Group,
Inc.
5.250%,
04/02/30
156,000
147,665
Assurant,
Inc.
2.650%,
01/15/32
40,000
28,829
Brown
&
Brown,
Inc.
2.375%,
03/15/31
300,000
221,715
Enstar
Group
Ltd.
3.100%,
09/01/31
365,000
252,404
Fairfax
Financial
Holdings
Ltd.
3.375%,
03/03/31
300,000
235,644
Fidelity
National
Financial,
Inc.
2.450%,
03/15/31
160,000
116,613
3.400%,
06/15/30
260,000
208,892
Hanover
Insurance
Group,
Inc.
(The)
2.500%,
09/01/30
80,000
60,052
Markel
Corp.
3.350%,
09/17/29
330,000
280,449
Willis
North
America,
Inc.
4.500%,
09/15/28
381,000
350,159
Total
1,902,422
Railroads
0.1%
Canadian
Pacific
Railway
Co.
2.450%,
12/02/31
500,000
396,815
CSX
Corp.
3.250%,
06/01/27
197,000
180,629
Total
577,444
Real
Estate
0.1%
Alexandria
Real
Estate
Equities,
Inc.
2.000%,
05/18/32
505,000
364,600
Refining
0.1%
Marathon
Petroleum
Corp.
3.800%,
04/01/28
10,000
8,981
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
539,000
489,496
Phillips
66
Co.
3.150%,
12/15/29
(a)
120,000
101,304
Valero
Energy
Corp.
4.350%,
06/01/28
21,000
19,771
Total
619,552
Restaurants
0.7%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.875%,
01/15/28
(a)
120,000
105,571
4.000%,
10/15/30
(a)
2,457,000
2,005,022
McDonald's
Corp.
Series
MTN,
2.625%,
09/01/29
558,000
476,925
Starbucks
Corp.
2.550%,
11/15/30
620,000
506,320
Yum!
Brands,
Inc.
3.625%,
03/15/31
890,000
714,541
4.625%,
01/31/32
493,000
420,969
Total
4,229,348
Retail
0.0%
Genuine
Parts
Co.
1.875%,
11/01/30
364,000
269,823
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Retail
REIT
0.2%
Agree
LP
2.900%,
10/01/30
90,000
70,760
Brixmor
Operating
Partnership
LP
4.050%,
07/01/30
105,000
87,392
4.125%,
05/15/29
110,000
94,055
Federal
Realty
Investment
Trust
3.500%,
06/01/30
300,000
250,385
Kimco
Realty
Corp.
2.700%,
10/01/30
29,000
22,839
Kite
Realty
Group
Trust
4.750%,
09/15/30
195,000
166,154
Regency
Centers
LP
3.700%,
06/15/30
342,000
288,396
Spirit
Realty
LP
3.200%,
02/15/31
60,000
45,944
STORE
Capital
Corp.
2.750%,
11/18/30
240,000
199,201
Total
1,225,126
Retailers
0.9%
Advance
Auto
Parts,
Inc.
3.900%,
04/15/30
234,000
198,251
AutoNation,
Inc.
4.750%,
06/01/30
120,000
103,581
AutoZone,
Inc.
4.000%,
04/15/30
468,000
420,803
Bath
&
Body
Works,
Inc.
6.625%,
10/01/30
(a)
776,000
695,287
Best
Buy
Co.,
Inc.
1.950%,
10/01/30
125,000
93,149
Dollar
General
Corp.
3.500%,
04/03/30
240,000
209,705
3.875%,
04/15/27
37,000
34,742
Dollar
Tree,
Inc.
4.000%,
05/15/25
214,000
207,547
LCM
Investments
Holdings
II
LLC
4.875%,
05/01/29
(a)
600,000
507,835
Lowe's
Cos.,
Inc.
2.625%,
04/01/31
365,000
292,164
3.650%,
04/05/29
449,000
403,887
O'Reilly
Automotive,
Inc.
4.200%,
04/01/30
320,000
291,695
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.750%,
02/15/28
(a)
1,500,000
1,367,315
Ross
Stores,
Inc.
1.875%,
04/15/31
150,000
111,994
Total
4,937,955
Supermarkets
0.3%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.500%,
03/15/29
(a)
1,512,000
1,250,982
4.625%,
01/15/27
(a)
247,000
229,083
Kroger
Co.
(The)
3.700%,
08/01/27
199,000
184,108
Total
1,664,173
Technology
4.2%
Amdocs
Ltd.
2.538%,
06/15/30
160,000
125,281
Amphenol
Corp.
2.800%,
02/15/30
212,000
176,423
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Autodesk,
Inc.
2.850%,
01/15/30
120,000
100,135
Avnet,
Inc.
3.000%,
05/15/31
175,000
130,528
Black
Knight
InfoServ
LLC
3.625%,
09/01/28
(a)
700,000
608,792
Block,
Inc.
3.500%,
06/01/31
1,618,000
1,302,597
Broadcom,
Inc.
3.137%,
11/15/35
(a)
500,000
346,805
3.469%,
04/15/34
(a)
1,150,000
860,764
Broadridge
Financial
Solutions,
Inc.
2.600%,
05/01/31
170,000
132,313
2.900%,
12/01/29
45,000
37,098
CDW
LLC
/
CDW
Finance
Corp.
3.250%,
02/15/29
360,000
295,113
CGI,
Inc.
2.300%,
09/14/31
45,000
33,061
Clarivate
Science
Holdings
Corp.
3.875%,
07/01/28
(a)
240,000
207,878
Cloud
Software
Group
Holdings,
Inc.
6.500%,
03/31/29
(a)
1,250,000
1,084,502
CommScope,
Inc.
4.750%,
09/01/29
(a)
1,500,000
1,269,909
6.000%,
03/01/26
(a)
473,000
457,411
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/01/29
650,000
607,918
Entegris
Escrow
Corp.
5.950%,
06/15/30
(a)
600,000
548,275
Equinix,
Inc.
2.150%,
07/15/30
656,000
499,914
3.200%,
11/18/29
38,000
31,897
Fidelity
National
Information
Services,
Inc.
2.250%,
03/01/31
740,000
568,918
Flex
Ltd.
4.875%,
06/15/29
144,000
128,948
Fortinet,
Inc.
2.200%,
03/15/31
220,000
165,820
Global
Payments,
Inc.
3.200%,
08/15/29
526,000
436,791
GoTo
Group,
Inc.
5.500%,
09/01/27
(a)
844,000
491,807
HP,
Inc.
2.650%,
06/17/31
506,000
372,225
Imola
Merger
Corp.
4.750%,
05/15/29
(a)
1,346,000
1,167,216
Iron
Mountain,
Inc.
4.500%,
02/15/31
(a)
270,000
220,244
5.250%,
07/15/30
(a)
1,108,000
960,961
Jabil,
Inc.
3.000%,
01/15/31
250,000
194,175
Juniper
Networks,
Inc.
3.750%,
08/15/29
120,000
102,887
Keysight
Technologies,
Inc.
3.000%,
10/30/29
75,000
62,810
Kyndryl
Holdings,
Inc.
2.700%,
10/15/28
150,000
108,434
3.150%,
10/15/31
292,000
181,696
Leidos,
Inc.
2.300%,
02/15/31
500,000
368,146
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Marvell
Technology,
Inc.
2.950%,
04/15/31
200,000
155,110
Micron
Technology,
Inc.
4.663%,
02/15/30
75,000
66,888
Motorola
Solutions,
Inc.
4.600%,
05/23/29
46,000
42,279
MSCI,
Inc.
3.875%,
02/15/31
(a)
778,000
655,434
4.000%,
11/15/29
(a)
478,000
415,038
NCR
Corp.
5.125%,
04/15/29
(a)
735,000
616,259
NetApp,
Inc.
2.700%,
06/22/30
250,000
200,934
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
3.400%,
05/01/30
510,000
422,930
Open
Text
Corp.
3.875%,
02/15/28
(a)
796,000
682,935
Open
Text
Holdings,
Inc.
4.125%,
02/15/30
(a)
686,000
546,152
Oracle
Corp.
2.875%,
03/25/31
1,613,000
1,271,781
Qorvo,
Inc.
4.375%,
10/15/29
134,000
114,560
Rakuten
Group,
Inc.
6.250%,
(US
5
Year
CMT
T-Note
+
4.956%),
10/22/71
(a),(b)
600,000
408,989
S&P
Global,
Inc.
4.250%,
05/01/29
(a)
151,000
140,912
Sabre
GLBL,
Inc.
7.375%,
09/01/25
(a)
670,000
629,821
Sensata
Technologies
BV
4.000%,
04/15/29
(a)
600,000
504,930
ServiceNow,
Inc.
1.400%,
09/01/30
488,000
359,494
SS&C
Technologies,
Inc.
5.500%,
09/30/27
(a)
1,337,000
1,242,574
VMware,
Inc.
2.200%,
08/15/31
626,000
456,097
Vontier
Corp.
2.950%,
04/01/31
500,000
351,082
Western
Union
Co.
(The)
2.750%,
03/15/31
330,000
241,748
Workday,
Inc.
3.800%,
04/01/32
300,000
256,605
Total
24,170,244
Tobacco
0.2%
Altria
Group,
Inc.
4.800%,
02/14/29
390,000
359,032
BAT
Capital
Corp.
2.259%,
03/25/28
635,000
502,501
Vector
Group
Ltd.
5.750%,
02/01/29
(a)
410,000
358,986
Total
1,220,519
Transportation
Services
0.1%
FedEx
Corp.
2.400%,
05/15/31
500,000
388,280
3.400%,
02/15/28
18,000
16,264
GXO
Logistics,
Inc.
2.650%,
07/15/31
190,000
135,792
Total
540,336
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wireless
1.8%
Altice
Financing
SA
5.750%,
08/15/29
(a)
500,000
393,739
Altice
France
SA
5.500%,
10/15/29
(a)
2,600,000
1,981,877
American
Tower
Corp.
1.875%,
10/15/30
250,000
184,202
3.800%,
08/15/29
19,000
16,584
Crown
Castle
International
Corp.
2.100%,
04/01/31
400,000
298,802
SBA
Communications
Corp.
3.125%,
02/01/29
1,640,000
1,328,852
3.875%,
02/15/27
327,000
295,535
Sprint
Corp.
7.625%,
03/01/26
843,000
878,336
T-Mobile
USA,
Inc.
2.550%,
02/15/31
200,000
158,108
3.875%,
04/15/30
2,129,000
1,883,864
VEON
Holdings
BV
3.375%,
11/25/27
(a)
1,028,000
524,280
Vmed
O2
UK
Financing
I
PLC
4.750%,
07/15/31
(a)
730,000
592,475
VMware,
Inc.
4.700%,
05/15/30
208,000
186,337
Vodafone
Group
PLC
7.000%,
(USD
5
Year
Swap
+
4.873%),
04/04/79
(b)
1,513,000
1,443,426
Total
10,166,417
Wirelines
1.7%
AT&T,
Inc.
2.550%,
12/01/33
1,035,000
763,552
4.300%,
02/15/30
495,000
451,851
Frontier
Communications
Holdings
LLC
5.000%,
05/01/28
(a)
620,000
542,421
Iliad
Holding
SASU
7.000%,
10/15/28
(a)
1,500,000
1,356,808
Level
3
Financing,
Inc.
4.250%,
07/01/28
(a)
1,020,000
840,614
4.625%,
09/15/27
(a)
380,000
330,634
Lumen
Technologies,
Inc.
4.000%,
02/15/27
(a)
1,120,000
953,290
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC
7.875%,
02/15/25
(a)
1,255,000
1,243,523
Verizon
Communications,
Inc.
2.355%,
03/15/32
2,180,000
1,650,680
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
7.750%,
08/15/28
(a)
1,120,000
969,501
Zayo
Group
Holdings,
Inc.
4.000%,
03/01/27
(a)
1,029,000
794,745
Total
9,897,619
Total
Corporate
Bonds
(Cost
$336,762,617)
281,159,424
Foreign
Government
Obligations
(d)
,(e)
25
.4
%
Principal
Amount
($)
Value
($)
Australia
Government
Bond
Series
138,
3.250%,
04/21/29
AUD
31,000
19,390
Series
160,
1.000%,
12/21/30
AUD
2,888,000
1,493,728
Series
163,
1.000%,
11/21/31
AUD
7,577,000
3,816,231
Brazilian
Government
International
Bond
4.625%,
01/13/28
200,000
187,995
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Foreign
Government
Obligations
(d),(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.875%,
06/12/30
10,034,000
8,477,009
Bundesrepublik
Deutschland
Bundesanleihe
0.172%,
08/15/30
EUR
6,224,000
5,260,218
Canadian
Government
Bond
1.250%,
06/01/30
CAD
8,006,000
5,077,056
Colombia
Government
International
Bond
4.500%,
03/15/29
430,000
347,670
3.125%,
04/15/31
6,490,000
4,460,638
Dominican
Republic
International
Bond
Series
REGS,
4.500%,
01/30/30
1,632,000
1,313,106
Series
REGS,
4.875%,
09/23/32
5,612,000
4,340,528
Export-Import
Bank
of
India
Series
REGS,
3.875%,
02/01/28
3,350,000
2,976,727
Series
REGS,
3.250%,
01/15/30
307,000
249,610
French
Republic
Government
Bond
OAT
1.500%,
05/25/31
EUR
5,607,000
5,152,256
Guatemala
Government
Bond
Series
REGS,
4.875%,
02/13/28
1,840,000
1,701,701
Hungary
Government
International
Bond
Series
REGS,
2.125%,
09/22/31
6,871,000
4,923,558
Indonesia
Government
International
Bond
3.850%,
10/15/30
207,000
185,416
Series
REGS,
8.500%,
10/12/35
3,266,000
3,839,718
Italy
Buoni
Poliennali
Del
Tesoro
5.250%,
11/01/29
EUR
330,000
357,397
6.000%,
05/01/31
EUR
4,344,000
4,928,721
Ivory
Coast
Government
International
Bond
Series
REGS,
6.125%,
06/15/33
2,900,000
2,272,500
Japan
Government
Ten
Year
Bond
Series
358,
0.100%,
03/20/30
JPY
900,000
6,002
Series
360,
0.100%,
09/20/30
JPY
785,000,000
5,224,154
Series
362,
0.100%,
03/20/31
JPY
1,500,000
9,964
Japan
Government
Twenty
Year
Bond
Series
128,
1.900%,
06/20/31
JPY
2,000,000
15,338
Series
123,
2.100%,
12/20/30
JPY
3,000,000
23,187
Series
145,
1.700%,
06/20/33
JPY
1,000,000
7,649
Mexico
Government
International
Bond
3.250%,
04/16/30
1,450,000
1,222,304
2.659%,
05/24/31
5,762,000
4,477,196
New
Zealand
Government
Bond
Series
0429,
3.000%,
04/20/29
NZD
8,275,000
4,460,908
Series
0531,
1.500%,
05/15/31
NZD
1,450,000
676,505
Norway
Government
Bond
Series
482,
1.375%,
08/19/30
(a)
NOK
64,370,000
5,293,149
Oman
Government
International
Bond
Series
REGS,
6.000%,
08/01/29
5,000,000
4,756,837
Series
REGS,
5.625%,
01/17/28
1,283,000
1,224,535
Panama
Government
International
Bond
6.700%,
01/26/36
3,960,000
3,874,310
2.252%,
09/29/32
2,411,000
1,679,676
Paraguay
Government
International
Bond
Series
REGS,
4.950%,
04/28/31
1,600,000
1,463,907
Series
REGS,
2.739%,
01/29/33
1,000,000
744,139
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.150%,
03/29/27
3,240,000
3,082,341
Series
REGS,
4.700%,
06/06/32
1,500,000
1,407,979
Peruvian
Government
International
Bond
8.750%,
11/21/33
762,000
903,929
2.783%,
01/23/31
6,479,000
5,123,300
3.000%,
01/15/34
480,000
358,916
Foreign
Government
Obligations
(d),(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Philippine
Government
International
Bond
9.500%,
02/02/30
4,702,000
5,655,257
3.000%,
02/01/28
614,000
554,707
Republic
of
South
Africa
Government
International
Bond
4.300%,
10/12/28
1,370,000
1,170,552
4.850%,
09/30/29
4,650,000
3,947,737
Romanian
Government
International
Bond
Series
REGS,
3.000%,
02/14/31
4,020,000
2,973,984
Sharjah
Sukuk
Program
Ltd.
3.234%,
10/23/29
1,000,000
818,701
Series
EMTN,
4.226%,
03/14/28
1,600,000
1,410,132
Sweden
Government
Bond
Series
1056,
2.250%,
06/01/32
SEK
14,990,000
1,366,676
Series
1062,
0.125%,
05/12/31
(a)
SEK
20,400,000
1,546,700
Series
1061,
0.750%,
11/12/29
(a)
SEK
27,230,000
2,218,354
Swiss
Confederation
Government
Bond
3.500%,
04/08/33
CHF
2,391,000
2,938,238
0.138%,
06/22/29
CHF
2,520,000
2,355,966
United
Kingdom
Gilt
0.875%,
10/22/29
GBP
5,471,000
5,258,896
Uruguay
Government
International
Bond
4.375%,
10/27/27
1,832,000
1,814,098
4.375%,
01/23/31
4,083,000
3,898,097
Total
Foreign
Government
Obligations
(Cost
$183,297,253)
145,345,493
U.S.
Government
&
Agency
Obligations
15
.1
%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
12.8%
1.500%,
11/15/52
(f)
5,950,000
4,418,572
2.000%,
11/15/52
(f)
42,790,000
33,710,497
2.500%,
11/15/52
27,070,000
22,151,061
3.000%,
11/15/52
3,090,000
2,625,776
3.500%,
11/15/52
(f)
2,229,000
1,958,885
4.000%,
11/15/52
3,745,000
3,403,795
4.500%,
11/15/52
(f)
3,110,000
2,917,083
5.000%,
11/15/52
(f)
2,200,000
2,121,367
Total
73,307,036
Federal
Home
Loan
Mortgage
Corporation
1.8%
2.500%,
08/01/50
5,590,252
4,614,931
3.000%,
01/01/50
258,250
220,776
3.000%,
02/01/50
264,387
226,441
3.000%,
08/01/50
3,844,865
3,287,272
3.500%,
08/01/47
496,861
446,959
3.500%,
08/01/49
140,714
125,340
3.500%,
09/01/49
171,833
153,006
3.500%,
10/01/49
189,608
168,714
3.500%,
11/01/49
184,877
164,750
3.500%,
02/01/50
213,958
191,551
4.000%,
08/01/49
151,185
139,480
4.000%,
09/01/49
186,755
171,977
Total
9,911,197
Federal
National
Mortgage
Association
0.5%
3.000%,
12/01/49
243,777
208,443
3.000%,
01/01/50
321,923
275,760
3.000%,
01/01/50
253,466
216,727
3.000%,
02/01/50
249,458
213,685
3.000%,
03/01/50
261,338
223,444
3.500%,
04/01/49
52,327
46,738
3.500%,
08/01/49
146,457
131,461
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
U.S.
Government
&
Agency
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.500%,
09/01/49
275,338
245,187
3.500%,
09/01/49
164,252
146,164
3.500%,
10/01/49
175,100
157,017
3.500%,
12/01/49
197,204
175,303
3.500%,
02/01/50
197,705
177,094
4.000%,
09/01/47
213,746
198,839
4.000%,
03/01/48
391,911
363,408
4.000%,
05/01/49
43,445
40,130
Total
2,819,400
Total
U.S.
Government
&
Agency
Obligations
(Cost
$90,782,450)
86,037,633
U.S.
Treasury
Obligations
21
.0
%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bill
11.1%
0.708%,
12/29/22
25,000,000
24,846,146
1.825%,
03/23/23
15,000,000
14,750,517
2.944%,
07/13/23
5,000,000
4,850,034
3.074%,
06/15/23
5,000,000
4,867,195
3.494%,
08/10/23
15,000,000
14,495,765
Total
63,809,657
U.S.
Treasury
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bond
6.4%
2.250%,
02/15/52
7,982,000
5,354,176
2.375%,
02/15/42
15,000,000
10,954,688
2.875%,
05/15/52
8,754,000
6,798,028
3.000%,
08/15/52
5,667,000
4,540,684
3.250%,
05/15/42
10,454,000
8,841,797
Total
36,489,373
U.S.
Treasury
Note
3.5%
1.875%,
02/15/32
9,413,000
7,833,381
2.750%,
08/15/32
2,844,000
2,546,713
2.875%,
05/15/32
10,462,000
9,484,457
Total
19,864,551
Total
U.S.
Treasury
Obligations
(Cost
$129,584,790)
120,163,581
Money
Market
Funds
1
.6
%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
3.010%
(g)
9,199,560
9,199,560
Total
Money
Market
Funds
(Cost
$9,199,560)
9,199,560
Total
Investments
in
Securities
(Cost
$749,626,670)
641,905,691
Other
Assets
&
Liabilities,
Net
(
69,874,834
)
Net
Assets
572,030,857
(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,
2022,
the
total
value
of
these
securities
amounted
to
$150,745,435,
which
represents
26.35%
of
total
net
assets.
(b)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2022.
(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,
2022.
Abbreviation
Legend
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
Currency
Legend
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
Pound
Sterling
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
21
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.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Corporate
Bonds
–
281,159,424
–
281,159,424
Foreign
Government
Obligations
–
145,345,493
–
145,345,493
U.S.
Government
&
Agency
Obligations
–
86,037,633
–
86,037,633
U.S.
Treasury
Obligations
–
120,163,581
–
120,163,581
Money
Market
Funds
9,199,560
–
–
9,199,560
Total
Investments
in
Securities
9,199,560
632,706,131
–
641,905,691
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,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2022
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$749,626,670)
$641,905,691
Cash
1,374,307
Receivable
for:
Interest
5,768,288
Investments
sold
4,615,522
Investments
sold
on
a
delayed
delivery
basis
4,431,094
Reclaims
receivable
41,148
Dividends
13,702
Capital
shares
sold
234
Total
assets
658,149,986
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
79,874,712
Investments
purchased
4,265,649
Capital
shares
redeemed
1,837,992
Investment
management
fees
139,915
Due
to
custodian
861
Total
liabilities
86,119,129
Net
assets
applicable
to
outstanding
capital
stock
$572,030,857
Represented
by:
Paid-in
capital
$754,880,344
Total
distributable
earnings
(loss)
(182,849,487)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$572,030,857
Shares
outstanding
34,050,000
Net
asset
value
per
share
$16.80
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
23
Investment
Income:
Interest
$28,047,716
Dividends
-
unaffiliated
issuers
11,122
Foreign
taxes
withheld
(81,296)
Total
income
27,977,542
Expenses:
Investment
management
fees
2,559,232
Net
Investment
Income
25,418,310
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(59,802,255)
In-kind
transactions
-
unaffiliated
issuers
(46,755,528)
Foreign
currency
translations
14,438
Net
realized
loss
(106,543,345)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(112,904,619)
Foreign
currency
translations
(6,370)
Net
change
in
unrealized
depreciation
(112,910,989)
Net
realized
and
unrealized
loss
(219,454,334)
Net
Decrease
in
net
assets
resulting
from
operations
$(194,036,024)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2022
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Operations
Net
investment
income
$25,418,310
$23,128,909
Net
realized
loss
(106,543,345)
(4,797,790)
Net
change
in
unrealized
depreciation
(112,910,989)
(7,559,242)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(194,036,024)
10,771,877
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(26,247,144)
(23,545,137)
Shareholder
transactions
Proceeds
from
shares
sold
114,913,729
698,714,370
Cost
of
shares
redeemed
(538,110,640)
(6,489,712)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(423,196,911)
692,224,658
Increase
(decrease)
in
net
assets
(643,480,079)
679,451,398
Net
Assets:
Net
assets
beginning
of
year
1,215,510,936
536,059,538
Net
assets
at
end
of
year
$572,030,857
$1,215,510,936
Capital
stock
activity
Shares
outstanding,
beginning
of
year
57,100,000
25,100,050
Subscriptions
5,850,000
32,300,000
Redemptions
(28,900,000)
(300,050)
Shares
outstanding,
end
of
year
34,050,000
57,100,000
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
25
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,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$
21
.29
$
21
.36
$
20
.78
$
18
.86
$
19
.94
Income
(loss)
from
investment
operations:
Net
investment
income
0
.54
0
.50
0
.60
0
.72
0
.67
Net
realized
and
unrealized
gain
(loss)
(
4
.48
)
(
0
.04
)
0
.57
1
.91
(
1
.13
)
Total
from
investment
operations
(
3
.94
)
0
.46
1
.17
2
.63
(
0
.46
)
Less
distributions
to
shareholders:
Net
investment
income
(
0
.55
)
(
0
.53
)
(
0
.59
)
(
0
.71
)
(
0
.62
)
Total
distribution
to
shareholders
(
0
.55
)
(
0
.53
)
(
0
.59
)
(
0
.71
)
(
0
.62
)
Net
asset
value,
end
of
year
$
16
.80
$
21
.29
$
21
.36
$
20
.78
$
18
.86
Total
Return
at
NAV
(
18
.80
)
%
2
.16
%
5
.71
%
14
.21
%
(
2
.32
)
%
Total
Return
at
Market
(
18
.87
)
%
1
.97
%
5
.69
%
14
.78
%
(
2
.68
)
%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0
.28
%
(b)
0
.28
%
0
.28
%
0
.28
%
0
.28
%
(b)
Total
net
expenses
(a)(c)
0
.28
%
(b)
0
.28
%
0
.28
%
0
.28
%
0
.24
%
(b)
Net
investment
income
2
.78
%
2
.34
%
2
.87
%
3
.62
%
3
.49
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
572,031
$
1,215,511
$
536,060
$
193,227
$
84,884
Portfolio
turnover
198
%
171
%
156
%
171
%
140
%
(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.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2022
26
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
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
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,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
27
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,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
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
net
asset
value
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
in
the
Statement
of
Assets
and
Liabilities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncement
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
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;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
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
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Fund.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
capital
loss
carryforwards,
principal
and/or
interest
of
fixed
income
securities,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind
and
foreign
currency
transactions.
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,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
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,
2022,
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,
2022,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
(25,445)
39,326,803
(39,301,358)
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
26,247,144
-
26,247,144
23,545,137
-
23,545,137
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
depreciation
($)
1,620,220
-
(67,780,317)
(116,689,390)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
depreciation
($)
758,595,081
175,223
(116,864,613)
(116,689,390)
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
48,764,474
19,015,843
67,780,317
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
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
$1,829,665,051
and
$1,804,374,328,
respectively,
for
the
year
ended
October
31,
2022,
of
which
$165,688,343
and
$151,067,462,
respectively,
were
U.S.
government
securities.
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,
2022,
the
cost
basis
of
securities
contributed
was
$86,279,252.
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,
2022,
the
in-kind
redemption
cost
basis
was
$498,117,057,
the
proceeds
from
sales
were
$451,361,529
and
the
net
realized
loss
was
$46,755,528.
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
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
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
0.10%
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
27,
2022
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
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2022.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
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
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’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
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
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
33
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
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
objective.
Any
such
events
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
the
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
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
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.
34
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022,
the
related
statement
of
operations
for
the
year
ended
October
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2022
(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,
2022,
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,
2022
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2022
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,
2022
by
correspondence
with
the
custodian,
transfer
agent
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
22,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
TRUSTEES
AND
OFFICERS
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
35
The
Board
oversees
the
Fund’s
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
Fund’s
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
176
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,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(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;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
36
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
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)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
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
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
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
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
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
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;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
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
176
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
176
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
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
174
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
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,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
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)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Director,
Blue
Cross
Blue
Shield
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
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
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
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
*
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
Hacker
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
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
Sandra
L.
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
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
41
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Fund’s
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
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
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2022
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
Fund’s
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
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
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/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
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
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
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);
formerly,
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;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
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)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
43
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
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
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
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
23,
2022
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
45
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
2022
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. The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
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,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2022
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
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
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
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
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
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
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
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.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2022
Columbia
Multi-Sector
Municipal
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2022
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
6
Understanding
Your
Fund’s
Expenses
8
Portfolio
of
Investments
9
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
34
Federal
Income
Tax
Information
35
Trustees
and
Officers
36
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,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
3
Portfolio
management
Catherine
Stienstra
Lead
Portfolio
Manager
Managed
Fund
since
2018
Douglas
Rangel,
CFA
Portfolio
Manager
Managed
Fund
since
June
2022
William
(Bill)
Callagy
Portfolio
Manager
Managed
Fund
since
June
2022
Investment
objective
Columbia
Multi-Sector
Municipal
Income
ETF
(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
segments
of
the
municipal
debt
market
in
the
Index,
with
a
focus
on
yield,
quality,
maturity,
liquidity,
and
interest
rate
sensitivity
of
the
particular
segment.
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
segments
with
their
respective
weightings
are
as
follows:
Municipal
Core
Revenue
Segment
(45%);
Municipal
Health
Care
Segment
(20%);
Municipal
High-Quality
Revenue
Segment
(15%);
The
Municipal
Core
General
Obligation
Segment
(10%);
and
the
Municipal
High
Yield
Segment
(10%).
Each
sector
of
the
Index
is
constructed
with
rules
specific
to
the
segment
to
provide
a
better
balance
of
quality,
yield
and
liquidity.
The
rules
for
each
segment
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.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
Life
Market
Price
10/10/18
-12.40
1.20
Net
Asset
Value
10/10/18
-12.17
1.19
{
Beta
Advantage®
}
Multi-Sector
Municipal
Bond
Index
-12.18
1.03
Bloomberg
Municipal
Bond
Index
-11.98
0.61
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(October
10,
2018
—
October
31,
2022)
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,
2022)
AAA
rating
8.5
AA
rating
36.7
A
rating
41.3
BBB
rating
5.3
BB
rating
6.8
B
rating
1.3
CCC
rating
0.1
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
Quality
breakdown
(%)
(at
October
31,
2022)
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.
FUND
AT
A
GLANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
Top
ten
states/territories
(%)
(at
October
31,
2022)
New
York
17
.2
Texas
9
.4
New
Jersey
9
.0
Illinois
9
.0
Pennsylvania
6
.3
Florida
5
.9
Colorado
4
.2
Connecticut
3
.8
Ohio
3
.1
Massachusetts
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
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Multi-Sector
Municipal
Income
ETF
returned
-12.17%
based
on
net
asset
value
(NAV)
and
-12.40%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
-12.18%
during
the
same
period.
To
compare,
the
Bloomberg
Municipal
Bond
Index
returned
-11.98%
for
the
same
period.
The
Fund
had
a
NAV
of
$22.30
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$19.27.
The
Fund’s
market
price
on
October
31,
2022
was
$19.28
per
share.
Market
overview
During
the
annual
period,
rising
interest
rates
were
the
primary
driver
of
fixed
income
market
performance
overall,
including
the
municipal
bond
market.
With
inflation
near
multi-decade
highs,
the
U.S.
Federal
Reserve
(Fed)
kicked
off
its
interest
rate
hiking
program
in
March
2022
and
then
raised
interest
rates
four
more
times
—
for
a
total
of
300
basis
points
—
by
the
end
of
October.
(A
basis
point
is
1/100th
of
a
percentage
point.)
In
addition,
the
Fed
began
tapering
its
asset
purchases
in
an
effort
to
reduce
the
size
of
its
balance
sheet.
This
Fed
activity,
combined
with
supply-chain
constraints,
elevated
food
and
fuel
prices,
war
in
Ukraine
and
lingering
COVID-19
concerns,
pressured
both
fixed-income
and
equity
markets,
resulting
in
some
of
the
worst
performance
in
decades.
Municipal
bond
yields
followed
the
upward
march
of
U.S.
Treasury
yields
during
the
annual
period,
closing
October
2022
significantly
higher
across
the
yield
curve,
or
spectrum
of
maturities.
Municipal
bond
yields
rose
more
at
the
short-term
end
of
the
yield
curve,
but
longer
maturity
bonds
underperformed
their
shorter
term
counterparts,
given
their
longer
duration.
Also,
lower
credit
quality
segments
were
weaker,
with
AAA-rated
municipal
bonds
returning
-11.24%
for
the
annual
period
as
compared
to
-15.30%
and
-16.45%
for
BBB-rated
municipal
bonds
and
high-yield
municipal
bonds,
respectively.
(Remember,
there
is
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
fall
when
yields
increase
and
vice
versa.)
Higher
yields,
followed
by
negative
total
returns,
caused
investors
to
flee
the
municipal
bond
sector
at
a
record
pace.
Despite
the
negative
returns,
there
were
several
notable
bright
spots
during
the
period.
First,
fundamental
credit
health
across
much
of
the
municipal
bond
market
remained
strong.
Upgrades
outpaced
downgrades
during
the
period,
and
most
issuers
benefited
from
better
than
consensus
expected
revenues
and
tax
collections
and
substantial
post-
COVID-19
federal
aid.
Second,
municipal
bond
exchange-traded
funds
(ETFs)
bucked
the
mutual
fund
outflow
trend
and
experienced
inflows,
using
those
monies
to
take
advantage
of
higher
absolute
yield
levels
and
more
inexpensive
offerings.
Finally,
while
absolute
returns
disappointed,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
was
one
of
the
best-performing
sectors
in
the
U.S.
fixed-income
market
during
the
period,
outperforming
U.S.
Treasuries,
investment-grade
corporate
bonds
and
securitized
sectors.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
state
general
obligation
(GO),
water
and
sewer,
transportation
and
local
GO
sectors
saw
the
least
negative
total
returns
and,
therefore,
contributed
most
positively
to
the
Index’s
results
on
a
relative
basis
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
industrial
development
revenue/pollution
control
revenue
(IDR/PCR),
hospitals
and
special
tax
sectors
saw
the
most
negative
total
returns,
detracting
most
from
the
Index’s
results
on
a
relative
basis
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.
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”
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
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)
8
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022—
October
31,
2022
Beginning
account
value
($)
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
958.20
1,024.05
1.14
1.17
0.23
PORTFOLIO
OF
INVESTMENTS
October
31,
2022
(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
2022
9
Municipal
Bonds
98
.1
%
Issue
Description
Principal
Amount
($)
Value
($)
Alabama
1.0%
County
of
Jefferson
AL
Sewer
Revenue,
Series
E
Revenue
Bonds
0.000%,
10/01/33
(a)
250,000
116,619
0.000%,
10/01/34
(a)
225,000
96,689
Health
Care
Authority
of
The
City
of
Huntsville
(The)
Series
B1
Revenue
Bonds
5.000%,
06/01/38
525,000
534,984
Sumter
County
Industrial
Development
Authority
(Mandatory
Put
07/15/32)
Revenue
Bonds
6.000%,
07/15/52
750,000
677,155
UAB
Medicine
Finance
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/35
235,000
239,410
4.000%,
09/01/36
525,000
480,759
Total
Alabama
2,145,616
Alaska
0.0%
Borough
of
Matanuska-Susitna
Revenue
Bonds
5.000%,
09/01/32
100,000
102,553
Arizona
1.7%
Arizona
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
12/01/39
470,000
466,986
Arizona
Industrial
Development
Authority
Series
A
Revenue
Bonds
3.000%,
02/01/45
110,000
74,874
City
of
Mesa
AZ
Utility
System
Revenue
Revenue
Bonds
3.250%,
07/01/29
150,000
144,145
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
Bonds
5.000%
07/01/25,
Series
B
500,000
513,741
4.000%
07/01/28,
Series
B
150,000
151,115
5.000%
07/01/36,
Series
D
1,000,000
1,018,471
Maricopa
County
Industrial
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
01/01/35
315,000
322,278
4.000%,
01/01/38
720,000
647,376
Maricopa
County
Special
Health
Care
District
Series
C
5.000%,
07/01/31
510,000
542,749
Total
Arizona
3,881,735
California
0.1%
Department
of
Veterans
Affairs
Veteran's
Farm
&
Home
Purchase
Program
Series
A
Revenue
Bonds
2.100%,
12/01/35
150,000
110,450
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Colorado
4.1%
Adams
12
Five
Star
Schools
Series
B
5.000%,
12/15/27
155,000
164,713
City
&
County
of
Denver
Revenue
Bonds
5.000%,
10/01/32
100,000
96,573
City
&
County
of
Denver
CO
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
12/01/26
270,000
277,694
5.000%,
12/01/27
160,000
165,452
5.000%,
11/15/29
325,000
335,616
5.000%,
12/01/29
555,000
571,978
5.000%,
11/15/30
670,000
691,251
5.000%,
12/01/30
150,000
154,225
Colorado
Health
Facilities
Authority
Revenue
Bonds
5.000%
08/01/35,
Series
A-2
200,000
200,733
4.000%
08/01/37,
Series
A
370,000
323,934
4.000%
08/01/38,
Series
A-1
500,000
431,357
5.000%
11/01/39,
Series
A
180,000
179,359
5.000%
11/15/41,
Series
A
250,000
253,960
5.000%
08/01/44,
Series
A-2
1,200,000
1,150,752
5.000%
11/01/44,
Series
A
700,000
671,025
4.000%
11/15/46,
Series
A
715,000
601,592
Colorado
Housing
and
Finance
Authority
Series
L
Revenue
Bonds
1.650%,
05/01/29
250,000
215,757
Denver
City
&
County
School
District
No
1
4.000%,
12/01/31
500,000
504,197
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(a)
140,000
80,558
State
of
Colorado
Revenue
Bonds
5.000%
12/15/29,
Series
A
1,000,000
1,077,504
4.000%
03/15/30,
Series
L
250,000
253,113
5.000%
12/15/33,
Series
A
150,000
161,343
4.000%
12/15/36,
Series
A
500,000
468,907
3.000%
12/15/37,
Series
A
250,000
196,607
Total
Colorado
9,228,200
Connecticut
3.8%
Connecticut
Housing
Finance
Authority
Revenue
Bonds
2.875%
11/15/30,
Series
A-1
175,000
160,106
2.000%
11/15/36,
Series
B-3
250,000
176,701
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
A
320,000
328,572
5.000%
07/01/33,
Series
A
235,000
241,014
5.000%
07/01/35,
Series
A
265,000
268,132
4.000%
07/01/38,
Series
A
200,000
167,163
3.000%
07/01/39,
Series
A
345,000
244,347
5.000%
12/01/45
775,000
742,866
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
State
of
Connecticut
Clean
Water
Fund
-
State
Revolving
Fund
Series
A
Revenue
Bonds
5.000%,
03/01/27
225,000
233,606
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%
08/01/28,
Series
A
450,000
469,206
5.000%
01/01/29,
Series
A
340,000
364,336
5.000%
09/01/30,
Series
A
325,000
341,521
5.000%
10/01/31,
Series
B
125,000
133,192
5.000%
01/01/33,
Series
A
260,000
273,994
5.000%
05/01/33,
Series
A
465,000
502,378
5.000%
08/01/34,
Series
A
345,000
353,949
5.000%
05/01/35,
Series
A
450,000
480,208
4.000%
05/01/36,
Series
A
745,000
706,262
4.000%
09/01/36,
Series
A
750,000
717,655
5.000%
11/01/36,
Series
D
750,000
795,715
4.000%
05/01/37,
Series
A
750,000
709,130
Total
Connecticut
8,410,053
Delaware
0.6%
Delaware
State
Health
Facilities
Authority,
Series
A
Revenue
Bonds
4.000%,
07/01/40
600,000
531,636
5.000%,
10/01/40
715,000
732,075
5.000%,
10/01/45
125,000
125,697
Total
Delaware
1,389,408
District
of
Columbia
2.0%
District
of
Columbia
Revenue
Bonds
5.000%,
04/01/33
470,000
479,146
5.000%,
04/01/36
450,000
453,364
4.000%,
07/15/40
130,000
113,810
5.000%,
07/15/40
140,000
138,790
District
of
Columbia
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/29
250,000
263,109
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/29,
Series
A
875,000
905,822
5.000%
10/01/30
200,000
204,659
5.000%
10/01/30,
Series
A
750,000
776,100
5.000%
10/01/32,
Series
A
350,000
357,788
5.000%
10/01/33,
Series
A
450,000
458,121
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%
10/01/30,
Series
B
(a)
130,000
92,162
0.000%
10/01/37,
Series
A
(a)
500,000
224,105
Total
District
of
Columbia
4,466,976
Florida
5.8%
Alachua
County
Health
Facilities
Authority
Series
B-1
Revenue
Bonds
5.000%,
12/01/34
150,000
151,321
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Brevard
County
Health
Facilities
Authority
Revenue
Bonds
4.000%
04/01/36
140,000
126,160
5.000%
04/01/42,
Series
A
350,000
341,341
Capital
Trust
Agency,
Inc.
Series
A
Revenue
Bonds
5.250%,
12/01/43
(b)
150,000
138,291
Central
Florida
Expressway
Authority
Series
D
Revenue
Bonds
5.000%,
07/01/34
645,000
687,026
City
of
Gainesville
FL
Utilities
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
10/01/28
125,000
132,627
5.000%,
10/01/31
225,000
235,409
5.000%,
10/01/32
125,000
130,352
City
of
Port
St
Lucie
FL
Utility
System
Revenue
Revenue
Bonds
5.000%,
09/01/29
285,000
300,747
4.000%,
09/01/30
250,000
251,969
City
of
Tampa,
Series
B
Revenue
Bonds
4.000%,
07/01/38
175,000
153,217
4.000%,
07/01/39
500,000
432,645
County
of
Miami-Dade
FL
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/32
205,000
206,437
5.000%
10/01/32,
Series
A
250,000
251,753
5.000%
10/01/33,
Series
A
1,000,000
995,730
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
Revenue
Bonds
5.000%
10/01/25
315,000
327,853
5.000%
10/01/30,
Series
B
250,000
259,624
Escambia
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
08/15/45
600,000
468,163
Florida
Development
Finance
Corp.
Revenue
Bonds
4.000%
11/15/34
200,000
184,038
4.000%
06/01/36,
Series
A
(b)
400,000
325,747
4.000%
06/01/41,
Series
A
(b)
200,000
152,950
Greater
Orlando
Aviation
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/26
260,000
268,671
5.000%,
10/01/27
255,000
264,007
4.000%,
10/01/35
275,000
251,706
Hillsborough
County
School
Board
Revenue
Bonds
5.000%,
07/01/29
150,000
158,239
JEA
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
555,000
592,551
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
11
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
North
Broward
Hospital
District
Series
B
Revenue
Bonds
5.000%,
01/01/35
200,000
200,091
Orange
County
Health
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/37
100,000
100,633
5.000%,
10/01/39
200,000
199,943
Palm
Beach
County
School
District
Revenue
Bonds
5.000%
08/01/27,
Series
D
350,000
361,131
5.000%
08/01/28,
Series
B
360,000
381,008
5.000%
08/01/30,
Series
D
685,000
705,190
School
Board
of
Miami-Dade
County
(The)
Revenue
Bonds
5.000%
05/01/28,
Series
B
670,000
690,614
5.000%
05/01/30,
Series
A
195,000
200,411
5.000%
11/01/31,
Series
D
145,000
148,621
5.000%
05/01/32,
Series
A
135,000
138,513
School
District
of
Broward
County
Revenue
Bonds
5.000%
07/01/29,
Series
B
1,000,000
1,029,178
5.000%
07/01/34,
Series
A
250,000
263,282
South
Broward
Hospital
District
Series
A
Revenue
Bonds
3.500%,
05/01/39
370,000
301,563
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000
154,873
Volusia
County
School
Board
Series
B
Revenue
Bonds
5.000%,
08/01/30
200,000
204,729
Total
Florida
12,868,354
Georgia
1.9%
Brookhaven
Development
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/44
490,000
429,968
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Series
C
Revenue
Bonds
5.000%,
07/01/36
200,000
207,985
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.000%,
11/01/27
190,000
197,800
5.750%,
11/01/29
200,000
229,448
Gainesville
&
Hall
County
Hospital
Authority,
Series
A
Revenue
Bonds
5.000%,
02/15/36
500,000
503,402
5.000%,
02/15/42
805,000
789,825
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
George
L
Smith
II
Congress
Center
Authority
Series
A
Revenue
Bonds
2.375%,
01/01/31
200,000
169,861
Municipal
Electric
Authority
of
Georgia
Series
A
Revenue
Bonds
5.000%,
01/01/28
200,000
204,518
State
of
Georgia
4.000%
02/01/26,
Series
A-2
215,000
217,228
5.000%
02/01/27,
Series
A
200,000
210,890
5.000%
02/01/28,
Series
A-2
500,000
534,438
5.000%
07/01/28,
Series
F
460,000
490,880
Total
Georgia
4,186,243
Hawaii
0.8%
City
&
County
of
Honolulu
Series
A
5.000%,
10/01/29
350,000
365,921
State
of
Hawaii
5.000%
01/01/26
500,000
525,685
5.000%
08/01/26,
Series
EO
200,000
205,800
5.000%
10/01/27,
Series
FH
325,000
344,761
State
of
Hawaii
Airports
System
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/33
350,000
354,496
Total
Hawaii
1,796,663
Idaho
0.1%
Idaho
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/44
120,000
116,403
Illinois
8.8%
Chicago
Board
of
Education
0.000%
12/01/29,
Series
A
(a)
185,000
131,431
5.000%
12/01/30,
Series
A
150,000
146,288
0.000%
12/01/31,
Series
A
(a)
355,000
227,680
0.000%
12/01/31,
Series
B-1
(a)
220,000
141,100
5.000%
12/01/33,
Series
A
850,000
812,188
5.000%
12/01/34,
Series
A
350,000
332,757
5.000%
12/01/35,
Series
A
250,000
233,568
5.250%
12/01/35,
Series
C
130,000
123,973
4.000%
12/01/36,
Series
B
1,200,000
991,053
5.000%
12/01/36,
Series
A
300,000
275,744
5.000%
12/01/37,
Series
A
100,000
91,196
5.000%
12/01/38,
Series
A
400,000
363,422
5.250%
12/01/39,
Series
C
875,000
809,395
5.000%
12/01/41,
Series
A
250,000
222,561
5.000%
12/01/42,
Series
A
200,000
177,003
4.000%
12/01/43,
Series
A
500,000
381,582
Chicago
Housing
Authority
Series
A
Revenue
Bonds
5.000%,
01/01/32
180,000
188,157
Chicago
Midway
International
Airport
Series
A
Revenue
Bonds
5.000%,
01/01/30
500,000
501,355
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.000%
01/01/28,
Series
B
555,000
570,894
5.000%
01/01/31,
Series
B
450,000
460,782
5.000%
01/01/33,
Series
A
550,000
551,237
5.000%
01/01/33,
Series
B
330,000
341,395
5.000%
01/01/34,
Series
A
500,000
499,243
5.000%
01/01/34,
Series
B
675,000
686,414
5.000%
01/01/34,
Series
C
500,000
512,128
5.000%
01/01/35,
Series
B
350,000
354,749
City
of
Chicago
0.000%
01/01/31,
Series
C
(a)
320,000
214,292
4.000%
01/01/34,
Series
B
188,000
161,728
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No
512
4.000%,
12/15/29
180,000
183,383
Illinois
Finance
Authority
Revenue
Bonds
4.000%
01/01/25
815,000
825,451
5.000%
01/01/27
650,000
679,860
5.000%
07/01/28
115,000
121,946
5.000%
07/01/31
140,000
147,734
5.000%
08/15/33,
Series
A
250,000
261,454
4.000%
08/15/37,
Series
A
500,000
451,995
4.125%
08/15/37,
Series
C
840,000
734,030
4.125%
11/15/37,
Series
A
235,000
207,488
4.000%
08/15/41,
Series
A
600,000
512,323
4.125%
05/01/45
170,000
146,952
Illinois
State
Toll
Highway
Authority
Revenue
Bonds
5.000%
01/01/30,
Series
B
865,000
939,709
5.000%
01/01/31,
Series
C
150,000
162,816
4.000%
12/01/31,
Series
A
320,000
322,464
5.000%
12/01/31,
Series
A
435,000
452,921
Metropolitan
Pier
&
Exposition
Authority
Revenue
Bonds
0.000%
06/15/28
(a)
100,000
76,556
0.000%
12/15/29,
Series
A
(a)
160,000
113,222
0.000%
06/15/30
(a)
370,000
261,099
0.000%
06/15/30,
Series
A
(a)
415,000
286,454
0.000%
06/15/36,
Series
A
(a)
540,000
263,472
0.000%
12/15/36,
Series
A
(a)
750,000
339,444
0.000%
12/15/41,
Series
B
(a)
280,000
93,445
5.000%
06/15/42,
Series
B
1,000,000
946,596
Northern
Illinois
Municipal
Power
Agency
Series
A
Revenue
Bonds
4.000%,
12/01/32
200,000
190,797
State
of
Illinois
4.000%
06/01/33
100,000
89,129
4.000%
03/01/39,
Series
A
200,000
165,347
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(a)
300,000
207,399
Total
Illinois
19,686,801
Indiana
0.4%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000
125,250
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Indiana
Finance
Authority
Revenue
Bonds
3.000%
11/01/30,
Series
A
150,000
130,297
4.000%
11/01/33,
Series
C
100,000
96,103
5.000%
12/01/35,
Series
A
150,000
153,050
Indiana
Municipal
Power
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/34
100,000
103,809
St
Joseph
County
Hospital
Authority
Series
C
Revenue
Bonds
4.000%,
08/15/44
240,000
198,363
Total
Indiana
806,872
Iowa
0.4%
Iowa
Finance
Authority
Revenue
Bonds
5.000%
08/01/31
500,000
535,008
2.250%
01/01/32,
Series
D
150,000
125,045
5.000%
05/15/43,
Series
A
160,000
137,038
Total
Iowa
797,091
Kansas
0.3%
University
of
Kansas
Hospital
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/47
650,000
630,451
Kentucky
0.6%
County
of
Christian
Revenue
Bonds
5.375%,
02/01/36
250,000
247,477
Louisville/Jefferson
County
Metropolitan
Government,
Series
A
Revenue
Bonds
5.000%,
10/01/30
290,000
296,859
4.000%,
10/01/35
1,000,000
904,373
Total
Kentucky
1,448,709
Louisiana
0.3%
East
Baton
Rouge
Sewerage
Commission
Series
A
(Mandatory
Put
02/01/28)
Revenue
Bonds
1.300%,
02/01/41
275,000
246,947
State
of
Louisiana
5.000%
08/01/25,
Series
C
220,000
226,406
5.000%
08/01/27,
Series
B
230,000
243,457
Total
Louisiana
716,810
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/45
500,000
410,245
Maine
State
Housing
Authority
Series
B
Revenue
Bonds
3.450%,
11/15/34
100,000
87,049
Total
Maine
497,294
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Maryland
2.8%
County
of
Frederick
Series
A
Revenue
Bonds
5.000%,
09/01/32
(b)
75,000
72,572
County
of
Howard
Series
B
5.000%,
02/15/28
225,000
240,219
County
of
Montgomery,
Series
A
5.000%,
11/01/26
150,000
159,525
5.000%,
08/01/30
300,000
333,136
County
of
Prince
George's
Series
A
4.000%,
07/15/30
150,000
153,294
Maryland
Community
Development
Administration
Revenue
Bonds
0.900%
03/01/27,
Series
B
250,000
218,043
2.200%
09/01/36,
Series
C
350,000
259,465
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%
07/01/41
165,000
143,090
5.000%
05/15/45,
Series
A
250,000
245,513
5.500%
01/01/46,
Series
A
750,000
734,324
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
100,000
105,445
Maryland
Water
Infrastructure
Financing
Administration
Revenue
Bonds
2.800%,
03/01/26
150,000
146,309
3.000%,
03/01/30
310,000
296,126
Montgomery
County
Housing
Opportunities
Commission
Series
A-2
(Mandatory
Put
01/01/25)
Revenue
Bonds
1.800%,
07/01/26
350,000
341,107
State
of
Maryland
5.000%
03/15/26,
Series
A
305,000
321,890
4.000%
06/01/27
430,000
434,910
5.000%
08/01/30,
Series
A
730,000
801,973
5.000%
03/01/31,
Series
A
245,000
273,471
5.000%
03/15/31,
Series
A
895,000
962,161
Total
Maryland
6,242,573
Massachusetts
2.9%
Commonwealth
of
Massachusetts
5.000%
07/01/27,
Series
A
250,000
267,297
5.000%
07/01/28,
Series
A
200,000
210,622
5.000%
03/01/29,
Series
A
150,000
163,292
5.000%
11/01/30,
Series
E
325,000
359,512
5.000%
07/01/31,
Series
B
335,000
352,088
5.000%
11/01/31,
Series
E
250,000
267,062
Massachusetts
Department
of
Transportation
Series
A
Revenue
Bonds
0.000%,
01/01/28
(a)
435,000
350,880
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.000%
10/01/24
400,000
400,067
5.000%
10/01/25
250,000
249,345
5.000%
07/01/34,
Series
E
110,000
110,579
5.000%
07/01/36,
Series
I
150,000
151,459
5.000%
07/01/36,
Series
K
150,000
152,488
4.000%
07/01/38,
Series
K
150,000
126,111
5.000%
10/01/38
400,000
365,392
4.000%
07/01/40
200,000
157,488
5.000%
07/01/41,
Series
I
350,000
340,556
5.000%
07/01/43,
Series
J2
850,000
838,436
5.000%
07/01/44,
Series
A
200,000
184,923
Massachusetts
Housing
Finance
Agency
Series
B-2
Revenue
Bonds
0.900%,
06/01/26
475,000
413,436
Massachusetts
Port
Authority
Series
A
Revenue
Bonds
5.000%,
07/01/36
250,000
253,284
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Revenue
Series
A
Revenue
Bonds
5.000%,
01/01/32
460,000
493,503
Massachusetts
Water
Resources
Authority
Series
C
Revenue
Bonds
5.000%,
08/01/31
300,000
320,325
Total
Massachusetts
6,528,145
Michigan
2.5%
City
of
Detroit
5.000%,
04/01/35
400,000
383,578
Flint
Hospital
Building
Authority
Revenue
Bonds
4.000%,
07/01/41
185,000
152,903
Great
Lakes
Water
Authority
Sewage
Disposal
System
Revenue
Series
B
Revenue
Bonds
5.000%,
07/01/29
200,000
214,384
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
Revenue
Bonds
5.000%
07/01/28,
Series
A
200,000
213,142
5.000%
07/01/31,
Series
C
650,000
676,874
Michigan
Finance
Authority
Revenue
Bonds
5.000%
10/01/29,
Series
B
275,000
290,866
5.000%
07/01/31,
Series
C-3
350,000
358,598
3.125%
12/01/35,
Series
A
100,000
83,733
5.000%
11/15/41
450,000
447,116
3.250%
11/15/42
150,000
110,169
5.000%
12/01/42,
Series
A-MI
605,000
597,818
4.000%
02/15/44,
Series
A
500,000
419,969
5.000%
11/01/44,
Series
A
1,000,000
977,557
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Michigan
State
Building
Authority,
Series
I
Revenue
Bonds
5.000%,
10/15/27
400,000
422,661
5.000%,
04/15/30
145,000
150,070
5.000%,
04/15/32
155,000
160,351
Total
Michigan
5,659,789
Minnesota
0.9%
City
of
Apple
Valley
Series
A
Revenue
Bonds
4.250%,
01/01/37
260,000
186,937
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
210,000
177,236
City
of
Minneapolis
Series
A
Revenue
Bonds
6.000%,
07/01/43
100,000
96,723
City
of
St
Cloud
Series
A
Revenue
Bonds
4.000%,
05/01/37
320,000
288,765
Duluth
Housing
&
Redevelopment
Authority
Series
A
Revenue
Bonds
5.000%,
11/01/33
100,000
92,331
Housing
&
Redevelopment
Authority
of
The
City
of
St
Paul
Minnesota
Series
A
Revenue
Bonds
5.000%,
07/01/33
975,000
988,188
Minnesota
Housing
Finance
Agency
Series
G
Revenue
Bonds
1.650%,
01/01/28
305,000
263,652
Total
Minnesota
2,093,832
Mississippi
0.1%
Mississippi
Home
Corp.
Series
A
Revenue
Bonds
1.950%,
06/01/32
200,000
160,068
State
of
Mississippi
Series
C
5.000%,
10/01/26
100,000
104,696
Total
Mississippi
264,764
Missouri
1.4%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
Bonds
4.000%
11/15/42
500,000
423,944
4.000%
07/01/46,
Series
A
600,000
517,711
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000
140,294
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Metropolitan
St
Louis
Sewer
District
Series
A
Revenue
Bonds
5.000%,
05/01/29
895,000
955,300
Missouri
Joint
Municipal
Electric
Utility
Commission,
Series
A
Revenue
Bonds
5.000%,
12/01/30
770,000
783,564
4.000%,
12/01/32
200,000
194,321
4.000%,
12/01/33
120,000
114,810
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000
93,225
Total
Missouri
3,223,169
Montana
0.1%
Montana
Facility
Finance
Authority
Series
A
Revenue
Bonds
4.000%,
01/01/37
335,000
311,320
Nebraska
0.1%
Public
Power
Generation
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/28
300,000
308,090
New
Jersey
8.9%
New
Jersey
Economic
Development
Authority
Revenue
Bonds
4.375%
06/15/27,
Series
XX
470,000
472,147
5.500%
09/01/27,
Series
N-1
120,000
128,241
4.000%
11/01/27,
Series
A
370,000
367,925
5.000%
06/15/30,
Series
B
210,000
217,715
3.125%
07/01/31,
Series
A
145,000
128,476
5.000%
06/15/32,
Series
EEE
175,000
178,784
6.000%
07/01/32,
Series
A
200,000
200,035
4.000%
06/15/34,
Series
QQQ
350,000
321,617
5.000%
06/15/34,
Series
WW
300,000
301,266
4.000%
07/01/34,
Series
A
315,000
287,838
5.000%
06/15/35,
Series
WW
270,000
270,465
5.000%
06/15/36,
Series
AAA
525,000
524,634
New
Jersey
Educational
Facilities
Authority
Revenue
Bonds
5.000%,
06/15/28
135,000
137,224
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
Bonds
4.000%
07/01/32,
Series
A
225,000
222,551
5.000%
10/01/36
1,000,000
993,402
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Bonds
4.000%
04/01/24,
Series
D
265,000
264,726
4.000%
04/01/25,
Series
D
225,000
222,471
4.250%
10/01/37,
Series
I
500,000
464,171
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%
12/15/25,
Series
C
(a)
180,000
158,091
0.000%
12/15/26,
Series
C
(a)
210,000
176,386
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
06/15/27,
Series
A-1
385,000
398,316
0.000%
12/15/27,
Series
A
(a)
300,000
239,967
0.000%
12/15/27,
Series
C
(a)
350,000
281,331
5.000%
06/15/28,
Series
A-1
240,000
247,354
0.000%
12/15/28,
Series
A
(a)
335,000
254,865
5.000%
06/15/29,
Series
BB-1
245,000
253,272
0.000%
12/15/29,
Series
A
(a)
850,000
612,830
5.000%
06/15/30,
Series
A
480,000
492,871
0.000%
12/15/30,
Series
C
(a)
225,000
154,663
5.000%
06/15/31,
Series
BB
115,000
118,206
5.000%
06/15/32,
Series
D
385,000
388,009
5.250%
06/15/32,
Series
C
445,000
451,338
0.000%
12/15/32,
Series
A
(a)
595,000
358,540
5.000%
12/15/32,
Series
A
805,000
820,151
5.000%
06/15/33,
Series
A
400,000
409,227
5.000%
06/15/33,
Series
BB-1
1,250,000
1,269,002
0.000%
12/15/33,
Series
C
(a)
705,000
410,711
5.000%
06/15/34,
Series
2014
250,000
253,058
0.000%
12/15/34,
Series
A
(a)
135,000
71,389
0.000%
12/15/34,
Series
A
(a)
130,000
68,800
0.000%
12/15/34,
Series
C
(a)
250,000
137,571
5.000%
12/15/34,
Series
A
820,000
826,104
4.750%
06/15/35,
Series
AA
200,000
195,776
0.000%
12/15/35,
Series
A
(a)
165,000
81,652
4.000%
06/15/36,
Series
A
850,000
758,457
4.000%
06/15/36,
Series
AA
120,000
107,076
5.000%
06/15/36,
Series
AA
120,000
119,916
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.000%
01/01/31,
Series
E
875,000
905,302
5.000%
01/01/32,
Series
B
255,000
270,199
5.000%
01/01/32,
Series
E
930,000
963,736
4.000%
01/01/33,
Series
G
225,000
223,027
5.000%
01/01/33,
Series
A
270,000
275,878
5.000%
01/01/33,
Series
B
750,000
790,596
5.000%
01/01/34,
Series
A
205,000
213,230
5.000%
01/01/34,
Series
E
395,000
404,494
Total
New
Jersey
19,865,079
New
Mexico
0.2%
New
Mexico
Hospital
Equipment
Loan
Council
Series
A
Revenue
Bonds
5.000%,
08/01/46
400,000
401,663
New
York
16.9%
Albany
Capital
Resource
Corp.
Revenue
Bonds
4.000%,
07/01/41
250,000
177,545
Brooklyn
Arena
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
07/15/36
150,000
121,745
Broome
County
Local
Development
Corp.
Revenue
Bonds
3.000%,
04/01/45
200,000
137,416
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue
Bonds
5.000%,
07/01/40
400,000
325,272
4.000%,
07/01/45
225,000
149,847
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
New
York
5.000%
08/01/25,
Series
C
350,000
364,966
5.000%
08/01/25,
Series
J
115,000
116,450
5.000%
08/01/27,
Series
A
735,000
766,128
5.000%
08/01/27,
Series
C-1
175,000
187,020
5.000%
08/01/27,
Series
E
150,000
160,262
5.000%
08/01/28,
Series
A
390,000
403,620
5.000%
08/01/28,
Series
A-1
250,000
267,494
5.000%
08/01/28,
Series
C
620,000
650,152
5.000%
08/01/29,
Series
A-1
500,000
545,859
5.000%
04/01/32,
Series
L-5
240,000
263,589
Dutchess
County
Local
Development
Corp.
Revenue
Bonds
4.000%
07/01/34,
Series
B
300,000
264,118
3.000%
07/01/36,
Series
B
320,000
239,504
5.000%
07/01/45,
Series
A
(b)
500,000
454,579
Erie
County
Industrial
Development
Agency
(The)
Series
A
Revenue
Bonds
5.000%,
05/01/30
310,000
326,935
Long
Island
Power
Authority
Revenue
Bonds
0.000%
06/01/28
(a)
220,000
176,795
5.250%
09/01/29,
Series
C
140,000
152,451
5.000%
09/01/34
810,000
837,141
5.000%
09/01/34,
Series
A
400,000
417,277
5.000%
09/01/37,
Series
A
250,000
255,417
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%
11/15/26,
Series
A2
275,000
282,128
5.000%
11/15/27,
Series
C-1
250,000
254,796
5.000%
11/15/28,
Series
C-1
635,000
648,310
5.000%
11/15/31,
Series
C-1
560,000
564,214
5.000%
11/15/31,
Series
D
380,000
381,504
5.000%
11/15/32,
Series
D
700,000
703,262
5.000%
11/15/33,
Series
D-1
555,000
560,251
4.000%
11/15/35,
Series
C-1
625,000
540,031
5.000%
11/15/35,
Series
B
305,000
298,649
Monroe
County
Industrial
Development
Corp.
Series
A
Revenue
Bonds
4.000%,
07/01/35
125,000
120,385
New
York
City
Housing
Development
Corp.
Series
A
Revenue
Bonds
2.650%,
05/01/27
280,000
263,951
New
York
City
Municipal
Water
Finance
Authority
Revenue
Bonds
5.000%
06/15/25,
Series
BB-2
250,000
255,000
5.000%
06/15/28,
Series
BB-2
530,000
567,715
5.000%
06/15/28,
Series
CC-2
405,000
431,033
5.000%
06/15/28,
Series
EE
245,000
251,824
5.000%
06/15/28,
Series
FF
200,000
208,714
5.000%
06/15/28,
Series
HH
380,000
396,556
5.000%
06/15/29,
Series
AA-2
230,000
251,985
5.000%
06/15/29,
Series
FF
640,000
667,816
5.000%
06/15/29,
Series
GG
150,000
156,519
5.000%
06/15/29,
Series
GG-2
500,000
538,398
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
06/15/30,
Series
AA-2
335,000
370,316
5.000%
06/15/30,
Series
EE
125,000
138,178
5.000%
06/15/30,
Series
GG-1
250,000
276,355
5.000%
06/15/31,
Series
DD
430,000
478,478
New
York
Liberty
Development
Corp.
Series
A
Revenue
Bonds
2.400%,
11/15/35
350,000
248,425
New
York
State
Dormitory
Authority,
Series
A
Revenue
Bonds
5.000%,
07/01/28
365,000
385,868
5.000%,
10/01/29
160,000
168,723
5.000%,
10/01/30
340,000
354,780
5.000%,
08/01/31
200,000
192,596
5.000%,
10/01/31
310,000
323,066
5.000%,
08/01/32
390,000
370,587
5.000%,
05/01/33
400,000
404,482
5.000%,
07/01/33
525,000
554,663
5.000%,
08/01/33
110,000
103,134
5.000%,
07/01/34
650,000
673,752
4.000%,
10/01/34
300,000
287,723
4.000%,
07/01/35
1,030,000
990,110
5.000%,
07/01/35
450,000
464,785
5.000%,
05/01/38
750,000
739,561
New
York
State
Environmental
Facilities
Corp.
Revenue
Bonds
5.000%
06/15/27,
Series
A
500,000
532,107
5.000%
06/15/31
265,000
272,179
New
York
State
Housing
Finance
Agency
Series
E
Revenue
Bonds
1.100%,
05/01/26
250,000
225,369
New
York
State
Thruway
Authority
Revenue
Bonds
5.000%
01/01/29,
Series
B
200,000
212,432
5.000%
01/01/30,
Series
K
590,000
608,252
5.000%
01/01/31,
Series
K
160,000
164,954
4.000%
01/01/36,
Series
O
250,000
232,608
4.000%
01/01/38,
Series
B
150,000
134,843
New
York
Transportation
Development
Corp.
Revenue
Bonds
5.000%
01/01/31
200,000
200,684
3.000%
08/01/31
250,000
215,061
5.000%
12/01/32,
Series
A
180,000
175,226
5.000%
12/01/32,
Series
C
200,000
198,541
5.000%
01/01/34
175,000
169,197
5.000%
07/01/34,
Series
A-P3
500,000
473,179
5.000%
10/01/35
200,000
192,258
5.000%
01/01/36
150,000
144,217
5.000%
12/01/36,
Series
A
425,000
402,238
5.000%
10/01/40
500,000
470,091
4.000%
12/01/42,
Series
C
160,000
126,622
4.375%
10/01/45
2,000,000
1,656,566
Oneida
County
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
12/01/44
255,000
172,177
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
5.000%
09/15/25,
Series
207
115,000
118,211
5.000%
09/15/27,
Series
207
860,000
889,141
5.000%
09/15/29,
Series
207
800,000
822,216
5.000%
07/15/31,
Series
209
300,000
318,942
5.000%
09/15/31,
Series
207
500,000
510,857
3.250%
05/01/33,
Series
189
230,000
210,487
5.000%
10/15/33,
Series
194
440,000
456,448
5.000%
11/15/33,
Series
205
200,000
208,749
5.000%
07/15/35,
Series
222
870,000
914,489
5.000%
10/15/35,
Series
194
405,000
413,423
State
of
New
York
Mortgage
Agency
Revenue
Bonds
4.000%
04/01/31,
Series
248
500,000
471,439
1.900%
10/01/31,
Series
233
250,000
203,062
2.200%
10/01/36,
Series
239
560,000
425,778
Triborough
Bridge
&
Tunnel
Authority
Revenue
Bonds
0.000%
11/15/29,
Series
A
(a)
100,000
74,905
5.000%
11/15/31,
Series
A
485,000
507,401
5.000%
11/15/31,
Series
B
490,000
517,700
0.000%
11/15/32,
Series
B
(a)
220,000
142,064
Total
New
York
37,814,318
North
Carolina
0.5%
Charlotte-Mecklenburg
Hospital
Authority
(The)
Revenue
Bonds
5.000%
01/15/34,
Series
A
215,000
220,727
5.000%
01/15/49,
Series
D
(Mandatory
Put
12/01/31)
205,000
219,946
North
Carolina
Municipal
Power
Agency
No
1
Series
A
Revenue
Bonds
5.000%,
01/01/28
240,000
250,050
North
Carolina
Turnpike
Authority
Revenue
Bonds
5.000%,
01/01/35
145,000
150,375
State
of
North
Carolina
Revenue
Bonds
5.000%,
03/01/30
300,000
324,933
Total
North
Carolina
1,166,031
North
Dakota
0.6%
City
of
Grand
Forks
Series
A
Revenue
Bonds
3.000%,
12/01/39
500,000
381,221
County
of
Ward,
Series
C
Revenue
Bonds
5.000%,
06/01/34
200,000
178,866
5.000%,
06/01/43
500,000
412,065
North
Dakota
Housing
Finance
Agency
Revenue
Bonds
2.250%
01/01/25,
Series
A
175,000
170,115
2.750%
07/01/27,
Series
A
185,000
175,532
3.550%
07/01/33,
Series
D
95,000
87,851
Total
North
Dakota
1,405,650
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ohio
3.1%
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
Bonds
4.000%,
11/15/36
250,000
209,348
American
Municipal
Power,
Inc.
Revenue
Bonds
5.000%
02/15/33,
Series
C
830,000
879,882
5.000%
02/15/35,
Series
C
250,000
260,243
4.000%
02/15/36,
Series
A
385,000
354,052
City
of
Columbus
Series
A
4.000%,
08/15/27
380,000
386,421
City
of
Columbus
OH
Sewerage
Revenue
Revenue
Bonds
5.000%,
06/01/29
350,000
367,149
County
of
Allen
OH
Hospital
Facilities
Revenue
Series
A
Revenue
Bonds
5.000%,
11/01/43
115,000
114,196
Franklin
County
Convention
Facilities
Authority
Revenue
Bonds
5.000%,
12/01/44
200,000
183,631
Ohio
Housing
Finance
Agency
Series
K
Revenue
Bonds
3.200%,
09/01/36
70,000
59,721
Ohio
Turnpike
&
Infrastructure
Commission
Revenue
Bonds
5.000%
02/15/33,
Series
A
500,000
528,134
0.000%
02/15/34,
Series
A-4
(a)
285,000
304,328
0.000%
02/15/35,
Series
A-4
(a)
150,000
166,207
Ohio
Water
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/25
335,000
349,062
5.000%,
06/01/29
930,000
1,014,144
5.000%,
12/01/30
325,000
342,362
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Series
A
Revenue
Bonds
5.000%,
06/01/28
250,000
267,557
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000
108,962
State
of
Ohio
Revenue
Bonds
3.250%
01/01/35,
Series
A
130,000
115,455
3.250%
01/01/37,
Series
A
140,000
119,176
4.000%
01/01/46,
Series
B
575,000
482,147
State
of
Ohio
5.000%
09/15/28,
Series
B
195,000
211,672
Total
Ohio
6,823,849
Oklahoma
0.8%
Grand
River
Dam
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/28
185,000
195,406
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%,
06/01/30
200,000
210,340
5.000%,
06/01/31
525,000
550,724
Norman
Regional
Hospital
Authority
Revenue
Bonds
4.000%,
09/01/37
150,000
129,532
Oklahoma
Development
Finance
Authority
Series
B
Revenue
Bonds
5.000%,
08/15/38
500,000
413,687
Tulsa
County
Industrial
Authority
Revenue
Bonds
5.000%,
11/15/32
335,000
329,713
Total
Oklahoma
1,829,402
Oregon
1.1%
City
of
Eugene
OR
Electric
Utility
System
Revenue
Series
A
Revenue
Bonds
4.000%,
08/01/31
410,000
411,341
Medford
Hospital
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
08/15/38
455,000
455,807
5.000%,
08/15/45
270,000
265,737
Oregon
Health
&
Science
University
Series
A
Revenue
Bonds
4.000%,
07/01/41
1,000,000
892,119
Salem
Hospital
Facility
Authority,
Series
A
Revenue
Bonds
5.000%,
05/15/34
200,000
206,162
4.000%,
05/15/41
240,000
207,984
Total
Oregon
2,439,150
Pennsylvania
6.2%
Allegheny
County
Hospital
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
04/01/35
150,000
151,600
4.000%,
07/15/39
1,000,000
887,722
4.000%,
04/01/44
680,000
566,142
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
Bonds
5.000%,
05/01/42
(b)
100,000
82,625
Berks
County
Industrial
Development
Authority
Revenue
Bonds
3.750%,
11/01/42
120,000
68,850
Berks
County
Municipal
Authority
(The)
Series
A
Revenue
Bonds
5.000%,
11/01/40
100,000
71,480
Cambria
County
General
Financing
Authority
Series
TT4
Revenue
Bonds
5.000%,
11/01/29
315,000
328,393
Chambersburg
Area
Municipal
Authority
Revenue
Bonds
5.500%,
10/01/33
150,000
141,061
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Chester
County
Health
and
Education
Facilities
Authority
Revenue
Bonds
4.250%
11/01/32
100,000
82,262
4.000%
09/01/41,
Series
A
440,000
380,742
City
of
Philadelphia
PA
Airport
Revenue
Revenue
Bonds
5.000%,
07/01/36
250,000
249,755
Commonwealth
Financing
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
255,000
259,830
Commonwealth
of
Pennsylvania
5.000%
01/01/26,
Series
1
260,000
272,785
5.000%
01/01/28,
Series
1
600,000
637,488
5.000%
09/15/28,
Series
2
200,000
211,166
5.000%
03/15/29,
Series
1
200,000
207,417
5.000%
03/15/31,
Series
1
340,000
350,313
4.000%
09/15/31
245,000
246,222
Cumberland
County
Municipal
Authority
Revenue
Bonds
4.000%,
01/01/33
45,000
40,452
Dauphin
County
General
Authority
Revenue
Bonds
5.000%,
10/15/34
(b)
100,000
91,432
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.700%
07/01/27,
Series
B
110,000
119,288
5.500%
08/01/28,
Series
A
1,230,000
1,337,571
5.750%
07/01/32
100,000
114,200
Geisinger
Authority
Series
A-2
Revenue
Bonds
5.000%,
02/15/39
375,000
375,910
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
Revenue
Bonds
5.000%,
07/01/33
100,000
101,293
Northampton
County
General
Purpose
Authority
Revenue
Bonds
4.000%,
11/01/34
315,000
305,748
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%,
08/15/44
500,000
430,561
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
3.650%
10/01/32,
Series
122
135,000
128,880
3.550%
10/01/33,
Series
127B
360,000
332,070
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%
06/01/28,
Series
B
465,000
480,689
5.000%
06/01/28,
Series
B-2
320,000
333,355
6.000%
12/01/30,
Series
E
760,000
813,936
6.250%
06/01/33,
Series
C
190,000
204,829
5.000%
06/01/36,
Series
B
1,000,000
1,010,253
Philadelphia
Authority
For
Industrial
Development
Revenue
Bonds
5.000%
10/01/27
300,000
314,611
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
04/01/33,
Series
2015
225,000
231,546
5.000%
09/01/42,
Series
A
200,000
200,335
Pittsburgh
Water
&
Sewer
Authority
Revenue
Bonds
5.000%
09/01/26,
Series
A
130,000
136,362
5.000%
09/01/31,
Series
B
800,000
859,989
Redevelopment
Authority
of
the
City
of
Philadelphia
Series
A
Revenue
Bonds
5.000%,
04/15/31
475,000
488,030
State
Public
School
Building
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
280,000
290,957
Total
Pennsylvania
13,938,150
Rhode
Island
0.5%
Rhode
Island
Commerce
Corp.
Series
B
Revenue
Bonds
5.000%,
06/15/31
630,000
652,630
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Series
76-A
Revenue
Bonds
2.350%,
10/01/36
500,000
368,653
Total
Rhode
Island
1,021,283
South
Carolina
1.1%
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(a)
120,000
92,418
South
Carolina
Jobs-Economic
Development
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
C
300,000
308,388
5.000%
05/01/43,
Series
A
650,000
630,451
4.000%
12/01/44,
Series
A
200,000
164,879
South
Carolina
Public
Service
Authority,
Series
A
Revenue
Bonds
5.000%,
12/01/31
950,000
968,197
5.000%,
12/01/33
325,000
326,485
Total
South
Carolina
2,490,818
South
Dakota
0.9%
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/35
180,000
182,871
4.000%
07/01/37
150,000
135,242
5.000%
11/01/44,
Series
B
1,000,000
957,901
South
Dakota
Housing
Development
Authority
Revenue
Bonds
2.650%
11/01/27,
Series
F
500,000
470,530
3.400%
11/01/32,
Series
B
355,000
332,217
Total
South
Dakota
2,078,761
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Tennessee
0.5%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000
93,620
City
of
Memphis,
Series
A
5.000%,
04/01/25
250,000
260,419
5.000%,
04/01/26
245,000
255,030
Memphis-Shelby
County
Industrial
Development
Board
Series
B
Revenue
Bonds
5.000%,
11/01/30
150,000
156,663
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facs
Bd
Series
A
Revenue
Bonds
5.000%,
07/01/35
150,000
150,247
Tennessee
Housing
Development
Agency
Revenue
Bonds
2.450%,
01/01/27
250,000
240,656
Total
Tennessee
1,156,635
Texas
9.2%
Alamo
Community
College
District
5.000%,
08/15/28
330,000
352,533
Austin
Convention
Enterprises,
Inc.
Series
B
Revenue
Bonds
5.000%,
01/01/32
250,000
233,339
Central
Texas
Turnpike
System
Revenue
Bonds
0.000%
08/15/28,
Series
A
(a)
150,000
118,071
0.000%
08/15/29,
Series
A
(a)
270,000
202,681
5.000%
08/15/33,
Series
C
225,000
227,485
5.000%
08/15/34,
Series
C
1,000,000
1,008,745
City
of
Austin
TX
Airport
System
Revenue
Revenue
Bonds
5.000%,
11/15/27
200,000
203,350
City
of
Dallas
5.000%,
02/15/26
330,000
336,583
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
580,000
612,163
City
of
Garland
TX
Electric
Utility
System
Revenue
Revenue
Bonds
3.000%,
03/01/37
300,000
245,734
City
of
Houston
Series
A
5.000%,
03/01/26
355,000
372,127
City
of
Houston
TX
Airport
System
Revenue
Revenue
Bonds
5.000%
07/01/29
500,000
492,117
4.000%
07/15/41,
Series
B-1
450,000
345,404
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Houston
TX
Combined
Utility
System
Revenue
Series
B
Revenue
Bonds
5.000%,
11/15/27
695,000
733,547
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
Revenue
Bonds
5.000%,
02/01/30
205,000
215,454
5.000%,
02/01/36
975,000
1,018,167
County
of
Harris
Series
A
5.000%,
10/01/25
225,000
235,430
Dallas
Fort
Worth
International
Airport
Revenue
Bonds
5.250%
11/01/30,
Series
A
225,000
227,609
4.000%
11/01/34
1,255,000
1,182,600
Fort
Bend
Independent
School
District
5.000%,
08/15/29
480,000
513,011
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%,
07/01/45
240,000
233,623
Harris
County-Houston
Sports
Authority
Series
A-3
Revenue
Bonds
0.000%,
11/15/32
(a)
200,000
111,891
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/32
350,000
379,114
5.000%,
05/15/35
350,000
363,034
Matagorda
County
Navigation
District
No
1
Revenue
Bonds
5.125%,
11/01/28
315,000
328,382
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
12/01/39,
Series
A-1
115,000
101,506
4.000%
08/15/40,
Series
A
225,000
199,275
North
East
Independent
School
District
5.250%,
02/01/29
150,000
165,109
North
Texas
Municipal
Water
District
Water
System
Revenue
Revenue
Bonds
5.000%,
09/01/28
250,000
261,523
North
Texas
Tollway
Authority
Revenue
Bonds
0.000%
01/01/28,
Series
D
(a)
230,000
188,126
5.000%
01/01/28,
Series
A
415,000
433,576
5.000%
01/01/29,
Series
A
250,000
260,894
5.000%
01/01/29,
Series
B
325,000
335,058
0.000%
01/01/30,
Series
D
(a)
500,000
374,744
5.000%
01/01/30,
Series
A
545,000
565,143
5.000%
01/01/31,
Series
A
850,000
884,985
0.000%
01/01/34,
Series
D
(a)
410,000
247,514
5.000%
01/01/36,
Series
A
370,000
380,776
Northeast
Higher
Education
Finance
Corp.
Series
B
Revenue
Bonds
5.000%,
08/15/40
110,000
96,512
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Port
Freeport
Revenue
Bonds
5.000%,
06/01/33
895,000
926,722
Round
Rock
Independent
School
District
Series
A
5.000%,
08/01/30
100,000
109,394
San
Antonio
Water
System,
Series
A
Revenue
Bonds
5.000%,
05/15/30
400,000
419,890
5.000%,
05/15/31
155,000
162,230
2.625%,
05/01/49
(Mandatory
Put
05/01/24)
300,000
296,920
State
of
Texas,
Series
A
5.000%,
10/01/27
165,000
170,218
5.000%,
10/01/29
270,000
281,994
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
07/01/32,
Series
B
120,000
125,130
5.000%
05/15/37
100,000
91,204
Tarrant
Regional
Water
District
Water
Supply
System
Revenue
Revenue
Bonds
5.000%,
03/01/29
225,000
233,222
Texas
Water
Development
Board,
Series
A
Revenue
Bonds
5.000%,
04/15/28
315,000
338,012
5.000%,
10/15/28
200,000
215,910
5.000%,
10/15/30
335,000
350,339
5.000%,
10/15/31
605,000
632,193
Trinity
River
Authority
Central
Regional
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
08/01/28
750,000
799,691
5.000%,
08/01/30
550,000
598,485
Total
Texas
20,538,489
Utah
0.5%
City
of
Salt
Lake
City
UT
Airport
Revenue,
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000
101,806
5.000%,
07/01/35
500,000
492,713
Intermountain
Power
Agency
Series
A
Revenue
Bonds
5.000%,
07/01/35
500,000
535,439
Total
Utah
1,129,958
Virginia
0.4%
Fairfax
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
05/15/44
225,000
225,765
Virginia
Resources
Authority
Clean
Water
Revolving
Fund
Series
B
Revenue
Bonds
4.000%,
10/01/27
185,000
187,233
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Virginia
Small
Business
Financing
Authority
Revenue
Bonds
5.250%,
10/01/29
165,000
169,394
4.000%,
01/01/37
250,000
218,962
Total
Virginia
801,354
Washington
2.1%
City
of
Seattle
WA
Water
System
Revenue
Revenue
Bonds
5.000%,
05/01/27
1,500,000
1,559,956
County
of
King
4.000%,
07/01/30
250,000
254,020
County
of
King
WA
Sewer
Revenue
Series
B
Revenue
Bonds
5.000%,
07/01/27
235,000
248,216
King
County
School
District
No
405
Bellevue
5.000%,
12/01/25
500,000
524,818
Port
of
Seattle
Revenue
Bonds
5.000%,
04/01/36
200,000
202,009
State
of
Washington
5.000%
07/01/28,
Series
R-2015-C
150,000
155,324
5.000%
07/01/29,
Series
B
210,000
220,287
5.000%
07/01/30,
Series
R-2015E
200,000
206,849
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%
08/01/38,
Series
A-2
150,000
148,540
5.000%
10/01/38,
Series
D
350,000
350,894
5.000%
08/15/45,
Series
A
200,000
193,978
5.000%
09/01/45
300,000
292,410
Washington
State
Convention
Center
Public
Facilities
District
Revenue
Bonds
4.000%,
07/01/32
210,000
194,826
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(b)
100,000
84,444
Total
Washington
4,636,571
Wisconsin
0.9%
Public
Finance
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/40
200,000
198,462
4.000%,
01/01/45
200,000
165,012
State
of
Wisconsin
5.000%
05/01/27
240,000
250,315
5.000%
05/01/28,
Series
4
450,000
465,606
5.000%
11/01/28,
Series
2
500,000
529,136
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
Bonds
4.250%
07/01/33,
Series
B
200,000
155,196
3.500%
02/15/46,
Series
A
405,000
288,624
Total
Wisconsin
2,052,351
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Notes
to
Portfolio
of
Investments
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Total
Municipal
Bonds
(Cost
$245,566,569)
219,507,876
Money
Market
Funds
2
.5
%
Shares
Value
($)
Dreyfus
Tax
Exempt
Cash
Management
Fund,
Institutional
Shares
2.007%
(c)
5,509,262
5,508,711
Total
Money
Market
Funds
(Cost
$5,508,711)
5,508,711
Total
Investments
in
Securities
(Cost
$251,075,280)
225,016,587
Other
Assets
&
Liabilities,
Net
(
1,431,907
)
Net
Assets
223,584,680
(a)
Zero
coupon
bond.
(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,
2022,
the
total
value
of
these
securities
amounted
to
$1,402,640,
which
represents
0.63%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
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.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2022
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Municipal
Bonds
–
219,507,876
–
219,507,876
Money
Market
Funds
5,508,711
–
–
5,508,711
Total
Investments
in
Securities
5,508,711
219,507,876
–
225,016,587
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,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
23
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$251,075,280)
$225,016,587
Cash
863
Receivable
for:
Interest
3,077,953
Total
assets
228,095,403
Liabilities
Payable
for:
Investments
purchased
4,469,312
Investment
management
fees
41,411
Total
liabilities
4,510,723
Net
assets
applicable
to
outstanding
capital
stock
$223,584,680
Represented
by:
Paid-in
capital
$250,062,118
Total
distributable
earnings
(loss)
(26,477,438)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$223,584,680
Shares
outstanding
11,600,000
Net
asset
value
per
share
$19.27
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2022
Investment
Income:
Interest
$3,518,547
Total
income
3,518,547
Expenses:
Investment
management
fees
435,109
Overdraft
expense
28
Total
expenses
435,137
Net
Investment
Income
3,083,410
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(760,476)
Net
realized
loss
(760,476)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(28,317,930)
Net
change
in
unrealized
depreciation
(28,317,930)
Net
realized
and
unrealized
loss
(29,078,406)
Net
Decrease
in
net
assets
resulting
from
operations
$(25,994,996)
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
2022
25
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Operations
Net
investment
income
$3,083,410
$1,559,527
Net
realized
gain
(loss)
(760,476)
142,741
Net
change
in
unrealized
appreciation
(depreciation)
(28,317,930)
396,180
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(25,994,996)
2,098,448
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(3,038,834)
(1,616,392)
Shareholder
transactions
Proceeds
from
shares
sold
133,379,155
84,369,700
Cost
of
shares
redeemed
(22,379,887)
(1,112)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
110,999,268
84,368,588
Increase
in
net
assets
81,965,438
84,850,644
Net
Assets:
Net
assets
beginning
of
year
141,619,242
56,768,598
Net
assets
at
end
of
year
$223,584,680
$141,619,242
Capital
stock
activity
Shares
outstanding,
beginning
of
year
6,350,000
2,600,050
Subscriptions
6,300,000
3,750,000
Redemptions
(1,050,000)
(50)
Shares
outstanding,
end
of
year
11,600,000
6,350,000
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022
2021
2020
2019
2018
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
22
.30
$
21
.83
$
21
.56
$
20
.02
$
20
.00
Income
(loss)
from
investment
operations:
Net
investment
income
0
.34
0
.37
0
.51
0
.56
0
.03
Net
realized
and
unrealized
gain
(loss)
(
3
.03
)
0
.52
0
.30
1
.51
(
0
.01
)
Total
from
investment
operations
(
2
.69
)
0
.89
0
.81
2
.07
0
.02
Less
distributions
to
shareholders:
Net
investment
income
(
0
.32
)
(
0
.38
)
(
0
.51
)
(
0
.53
)
–
Net
realized
gains
(
0
.02
)
(
0
.04
)
(
0
.03
)
–
–
Total
distribution
to
shareholders
(
0
.34
)
(
0
.42
)
(
0
.54
)
(
0
.53
)
–
Net
asset
value,
end
of
year
$
19
.27
$
22
.30
$
21
.83
$
21
.56
$
20
.02
Total
Return
at
NAV
(
12
.17
)
%
4
.11
%
3
.82
%
10
.42
%
0
.10
%
Total
Return
at
Market
(
12
.40
)
%
3
.85
%
4
.18
%
10
.24
%
0
.45
%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0
.23
%
(c)
0
.23
%
(c)
0
.23
%
0
.26
%
0
.28
%
(d)
Total
net
expenses
(b)(e)
0
.23
%
(c)
0
.23
%
(c)
0
.23
%
0
.26
%
0
.28
%
(d)
Net
investment
income
1
.63
%
1
.65
%
2
.37
%
2
.67
%
2
.34
%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
223,585
$
141,619
$
56,769
$
26,946
$
16,014
Portfolio
turnover
14
%
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%
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,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
27
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
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
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
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,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
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
net
asset
value
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
net
tax-exempt
and
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
Recent
accounting
pronouncement
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
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;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
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
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Fund.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
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,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
At
October
31,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
capital
loss
carryforwards,
distribution
reclassifications
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:
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,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
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,
2022,
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,
2022,
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
$133,509,078
and
$25,933,420,
respectively,
for
the
year
ended
October
31,
2022.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
(86)
86
-
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
28,543
2,892,137
118,154
3,038,834
1,234
1,506,551
108,607
1,616,392
Undistributed
ordinary
income
($)
Undistributed
tax-exempt
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
-
338,337
-
(748,184)
(26,067,591)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
251,084,178
63,514
(26,131,105)
(26,067,591)
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
594,885
153,299
748,184
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
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,
2022,
the
cost
basis
of
securities
contributed
was
$5,187,578.
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,
2022,
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
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
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
0.10%
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
27,
2022
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
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2022.
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.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
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
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
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
objective.
Any
such
events
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
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
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
33
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
the
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
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
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.
34
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022,
the
related
statement
of
operations
for
the
year
ended
October
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2022
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,
2022,
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,
2022
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2022
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,
2022
by
correspondence
with
the
custodian,
transfer
agent
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 22,
2022
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
2022
35
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2022
.
Shareholders
will
be
notified
in
early
2023
of
the
amounts
for
use
in
preparing
2022
income
tax
returns.
Exempt-interest
dividends.
The
percentage
of
net
investment
income
distributed
during
the
fiscal
year
that
qualifies
as
exempt-interest
dividends
for
federal
income
tax
purposes.
A
portion
of
the
income
may
be
subject
to
federal
alternative
minimum
tax.
Exempt-
interest
dividends
99.87%
TRUSTEES
AND
OFFICERS
(Unaudited)
36
Strategic
Beta
ETFs
|
Annual
Report
2022
The
Board
oversees
the
Fund’s
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
Fund’s
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
176
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,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(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;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
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)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
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
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
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
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
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
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;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
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
176
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
176
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
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
174
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
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,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
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)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Director,
Blue
Cross
Blue
Shield
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
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
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
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
Hacker
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
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
Sandra
L.
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
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2022
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Fund’s
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
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
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
Fund’s
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
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
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/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
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
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
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);
formerly,
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;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
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)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
23,
2022
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2022
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
2022
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. The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
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,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
47
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
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
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
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
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
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
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
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.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2022
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Strategic
Beta
ETFs
|
Annual
Report
2022
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
23
Statement
of
Operations
24
Statement
of
Changes
in
Net
Assets
25
Financial
Highlights
26
Notes
to
Financial
Statements
28
Report
of
Independent
Registered
Public
Accounting
Firm
36
Federal
Income
Tax
Information
37
Trustees
and
Officers
38
Approval
of
Investment
Management
Services
Agreement
47
Additional
Information
50
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
Columbia
Research
Enhanced
Core
ETF
(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.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
Life
Market
Price
09/25/19
-10.32
12.40
Net
Asset
Value
09/25/19
-10.57
12.29
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Equity
Index
-10.42
12.52
Russell
1000®
Index
-16.38
10.49
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2022)
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,
2022)
Information
Technology
25
.9
Health
Care
14
.8
Financials
11
.5
Consumer
Discretionary
10
.9
Industrials
9
.0
Communication
Services
6
.6
Consumer
Staples
6
.4
Energy
5
.7
Real
Estate
3
.4
Utilities
3
.1
Materials
2
.7
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)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Research
Enhanced
Core
ETF
returned
-10.57%
based
on
net
asset
value
(NAV)
and
-10.32%
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
-10.42%
during
the
same
period.
To
compare,
the
Russell
1000®
Index
returned
-16.38%
for
the
same
period.
The
Fund
had
a
NAV
of
$31.23
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$22.98.
The
Fund’s
market
price
on
October
31,
2022
was
$23.04
per
share.
Market
overview
U.S.
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
a
broad
array
of
domestic
and
external
factors.
Early
in
the
period,
the
emergence
of
the
COVID-19
Omicron
variant
intensified
concerns
about
the
economic
recovery.
As
these
concerns
eased
somewhat,
investor
focus
turned
to
inflation
and
interest
rates
for
the
remainder
of
the
period.
Inflation
increased
at
its
fastest
pace
in
40
years,
with
oil
prices
reaching
their
highest
levels
since
2008
before
declining
modestly.
In
an
effort
to
reduce
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
interest
rates
for
the
first
time
since
December
2018
in
mid-March
2022
and
then
did
so
another
four
times,
bringing
the
targeted
federal
funds
rate
to
a
range
of
3.00%
to
3.25%.
Several
global
factors
also
contributed
to
risk-averse
investor
sentiment,
most
notably
Russia’s
war
with
Ukraine,
China’s
COVID-19-related
lockdowns,
global
supply-chain
snags,
and
the
emergence
of
an
energy
crisis
in
Europe.
Unusual
volatility
in
the
global
currency
and
fixed-income
markets
was
an
additional
source
of
disruption.
Together,
these
developments
raised
concerns
about
the
potential
for
a
slowdown
in
global
economic
growth
and
a
concurrent
decline
in
corporate
earnings.
There
were
brief
periods
when
U.S.
equities
rallied.
For
example,
in
December
2021,
reports
of
positive
economic
data
eased
investors’
COVID-19
concerns
and
pushed
U.S.
equities
higher.
In
mid-March
2022,
when
most
U.S.
equity
indices
were
near
year-to-date
lows,
oil
price
declines
boosted
investor
sentiment,
and
despite
the
uncertainty
surrounding
the
Fed’s
future
tightening,
U.S.
equities
rallied
in
the
last
two
weeks
of
the
first
quarter
of
2022.
In
July
through
mid-August
2022,
U.S.
equities
rallied,
as
investors
appeared
to
grow
increasingly
optimistic
the
Fed
would
pivot
toward
a
more
accommodative
policy.
However,
subsequent
comments
from
Fed
Chair
Powell
in
late
August,
together
with
a
stronger
than
consensus
expected
inflation
report
in
early
September,
made
it
clear
the
Fed
would
continue
to
raise
interest
rates
aggressively.
In
October
2022,
U.S.
equities
advanced
significantly,
as
corporate
earnings
overall
proved
better
than
many
had
feared,
with
the
exception
of
mega-cap
technology
companies.
Still,
within
the
broad
U.S.
equity
market,
all
capitalization
segments
posted
double-digit
negative
absolute
returns
for
the
period.
Large-cap
stocks
were
least
weak,
followed
closely
behind
by
mid-cap
stocks
and
then
small-cap
stocks.
Value
stocks
notably
outpaced
growth
stocks
across
the
capitalization
spectrum,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
Russell
1000®
Index,
energy
was
by
far
the
best
performing
sector,
followed
at
some
distance
by
consumer
staples
and
utilities,
the
only
sectors
to
post
positive
absolute
returns
during
the
annual
period.
The
weakest
sectors
in
the
Russell
1000®
Index
were
communication
services,
consumer
discretionary
and
information
technology,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
consumer
discretionary,
information
technology
and
health
care
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
Russell
1000®
Index
during
the
period.
Relative
to
the
Russell
1000®
Index,
overweight
positions
in
fast-food
restaurant
retailer
McDonald’s
Corp.
and
information
technology
giant
Apple
Inc.
and
having
no
exposure
to
e-commerce
retailing
behemoth
Amazon.com,
Inc.
contributed
most
positively.
McDonald’s
and
Apple
each
posted
a
positive
absolute
return
and
Amazon.com
generated
a
robust
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
communication
services
sector
detracted
from
the
Index’s
results
relative
to
the
Russell
1000®
Index,
the
only
sector
to
do
so
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(RECS)
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
Relative
to
the
Russell
1000®
Index,
an
overweight
position
in
Facebook
parent
company
Meta
Platforms,
Inc.-Class
A
and
having
no
exposure
to
managed
health
care
and
insurance
company
UnitedHealth
Group,
Inc.
and
pharmaceuticals
company
Eli
Lilly
&
Co.
detracted
most.
Meta
Platforms
generated
a
significant
double-digit
negative
absolute
return,
while
UnitedHealth
Group
and
Eli
Lilly
&
Co.
each
posted
a
double-digit
positive
absolute
return
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.
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
Columbia
Research
Enhanced
Value
ETF
(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.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
Life
Market
Price
09/25/19
-4.46
8.86
Net
Asset
Value
09/25/19
-4.66
8.82
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Value
Index
-4.43
8.95
Russell
1000®
Value
Index
-7.00
7.65
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2022)
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,
2022)
Financials
20
.0
Health
Care
17
.4
Industrials
10
.2
Energy
9
.6
Information
Technology
8
.3
Consumer
Staples
7
.1
Consumer
Discretionary
6
.3
Communication
Services
6
.1
Utilities
6
.0
Real
Estate
5
.0
Materials
4
.0
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)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
9
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Research
Enhanced
Value
ETF
returned
-4.66%
based
on
net
asset
value
(NAV)
and
-4.46%
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
-4.43%
during
the
same
period.
To
compare,
the
Russell
1000®
Value
Index
returned
-7.00%
for
the
same
period.
The
Fund
had
a
NAV
of
$20.96
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$19.74.
The
Fund’s
market
price
on
October
31,
2022
was
$19.78
per
share.
Market
overview
U.S.
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
a
broad
array
of
domestic
and
external
factors.
Early
in
the
period,
the
emergence
of
the
COVID-19
Omicron
variant
intensified
concerns
about
the
economic
recovery.
As
these
concerns
eased
somewhat,
investor
focus
turned
to
inflation
and
interest
rates
for
the
remainder
of
the
period.
Inflation
increased
at
its
fastest
pace
in
40
years,
with
oil
prices
reaching
their
highest
levels
since
2008
before
declining
modestly.
In
an
effort
to
reduce
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
interest
rates
for
the
first
time
since
December
2018
in
mid-March
2022
and
then
did
so
another
four
times,
bringing
the
targeted
federal
funds
rate
to
a
range
of
3.00%
to
3.25%.
Several
global
factors
also
contributed
to
risk-averse
investor
sentiment,
most
notably
Russia’s
war
with
Ukraine,
China’s
COVID-19-related
lockdowns,
global
supply-chain
snags,
and
the
emergence
of
an
energy
crisis
in
Europe.
Unusual
volatility
in
the
global
currency
and
fixed-income
markets
was
an
additional
source
of
disruption.
Together,
these
developments
raised
concerns
about
the
potential
for
a
slowdown
in
global
economic
growth
and
a
concurrent
decline
in
corporate
earnings.
There
were
brief
periods
when
U.S.
equities
rallied.
For
example,
in
December
2021,
reports
of
positive
economic
data
eased
investors’
COVID-19
concerns
and
pushed
U.S.
equities
higher.
In
mid-March
2022,
when
most
U.S.
equity
indices
were
near
year-to-date
lows,
oil
price
declines
boosted
investor
sentiment,
and
despite
the
uncertainty
surrounding
the
Fed’s
future
tightening,
U.S.
equities
rallied
in
the
last
two
weeks
of
the
first
quarter
of
2022.
In
July
through
mid-August
2022,
U.S.
equities
rallied,
as
investors
appeared
to
grow
increasingly
optimistic
the
Fed
would
pivot
toward
a
more
accommodative
policy.
However,
subsequent
comments
from
Fed
Chair
Powell
in
late
August,
together
with
a
stronger
than
consensus
expected
inflation
report
in
early
September,
made
it
clear
the
Fed
would
continue
to
raise
interest
rates
aggressively.
In
October
2022,
U.S.
equities
advanced
significantly,
as
corporate
earnings
overall
proved
better
than
many
had
feared,
with
the
exception
of
mega-cap
technology
companies.
Still,
within
the
broad
U.S.
equity
market,
all
capitalization
segments
posted
double-digit
negative
absolute
returns
for
the
period.
Large-cap
stocks
were
least
weak,
followed
closely
behind
by
mid-cap
stocks
and
then
small-cap
stocks.
Value
stocks
notably
outpaced
growth
stocks
across
the
capitalization
spectrum,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
Russell
1000®
Value
Index,
energy
was
by
far
the
best
performing
sector,
followed
at
some
distance
by
consumer
staples,
utilities
and
health
care,
the
only
sectors
to
post
positive
absolute
returns
during
the
period.
The
weakest
performing
sectors
in
the
Russell
1000®
Value
Index,
were
communication
services,
information
technology
and
real
estate,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
health
care,
energy
and
consumer
discretionary
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
period.
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
pharmaceuticals
company
Merck
&
Co.,
Inc.
and
medical
device,
pharmaceutical
and
consumer
goods
manufacturer
Johnson
&
Johnson
and
having
no
exposure
to
investment
bank
and
financial
services
company
JPMorgan
Chase
&
Co.
contributed
most
positively.
Merck
and
Johnson
&
Johnson
each
generated
a
positive
absolute
return
during
the
period.
JPMorgan
Chase
posted
a
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
communication
services,
information
technology
and
consumer
staples
sectors
detracted
most
from
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(REVS)
(Unaudited)
10
Strategic
Beta
ETFs
|
Annual
Report
2022
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
Facebook
parent
company
Meta
Platforms,
Inc.-
Class
A
and
options
and
futures
exchange
CME
Group,
Inc.
and
having
no
exposure
to
diversified
conglomerate
holding
company
Berkshire
Hathaway,
Inc.-Class
B
detracted
most.
Meta
Platforms
and
CME
Group
each
posted
a
double-digit
negative
absolute
return
during
the
period.
Berkshire
Hathaway-Class
B
generated
a
modestly
positive
absolute
return
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
2022
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
year
ended
October
31,
2022.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
—
October
31,
2022
Beginning
account
value
($)
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
948.80
1,024.45
0.74
0.77
0.15
Columbia
Research
Enhanced
Value
ETF
1,000.00
1,000.00
968.60
1,024.25
0.94
0.97
0.19
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
(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
2022
Common
Stocks
99.3%
Issuer
Shares
Value
($)
Communication
Services 6.6%
Diversified
Telecommunication
Services
0.7%
Lumen
Technologies,
Inc.
3,243
23,869
Verizon
Communications,
Inc.
13,471
503,411
Total
527,280
Entertainment
0.2%
Electronic
Arts,
Inc.
879
110,719
Live
Nation
Entertainment,
Inc.
(a)
470
37,417
World
Wrestling
Entertainment,
Inc.
Class
A
143
11,281
Total
159,417
Interactive
Media
&
Services
5.2%
Alphabet,
Inc.
Class
A
(a)
19,165
1,811,284
Alphabet,
Inc.
Class
C
(a)
17,200
1,628,152
Meta
Platforms,
Inc.
Class
A
(a)
7,253
675,689
Total
4,115,125
Media
0.5%
Charter
Communications,
Inc.
Class
A
(a)
327
120,212
Fox
Corp.
Class
A
973
28,090
Fox
Corp.
Class
B
454
12,349
Interpublic
Group
of
Cos.,
Inc.
(The)
1,242
36,999
New
York
Times
Co.
(The)
Class
A
527
15,262
News
Corp.
Class
A
1,234
20,818
News
Corp.
Class
B
389
6,663
Nexstar
Media
Group,
Inc.
122
20,899
Omnicom
Group,
Inc.
648
47,142
Trade
Desk,
Inc.
(The)
Class
A
(a)
1,180
62,823
Total
371,257
Total
Communication
Services
5,173,079
Consumer
Discretionary 10.9%
Automobiles
0.2%
Harley-Davidson,
Inc.
1,378
59,254
Thor
Industries,
Inc.
551
44,890
Total
104,144
Distributors
0.5%
Genuine
Parts
Co.
1,464
260,387
LKQ
Corp.
2,638
146,778
Total
407,165
Diversified
Consumer
Services
0.3%
ADT,
Inc.
2,132
18,037
Grand
Canyon
Education,
Inc.
(a)
309
31,095
H&R
Block,
Inc.
1,670
68,720
Service
Corp.
International
1,600
96,976
Total
214,828
Hotels,
Restaurants
&
Leisure
2.7%
Airbnb,
Inc.
Class
A
(a)
3,816
407,968
Booking
Holdings,
Inc.
(a)
402
751,531
Boyd
Gaming
Corp.
793
45,804
Expedia
Group,
Inc.
(a)
1,510
141,140
Hyatt
Hotels
Corp.
Class
A
(a)
520
48,989
Marriott
International,
Inc.
Class
A
2,860
457,915
Marriott
Vacations
Worldwide
Corp.
389
57,479
MGM
Resorts
International
3,342
118,875
Six
Flags
Entertainment
Corp.
(a)
708
15,788
Travel
+
Leisure
Co.
833
31,637
Wyndham
Hotels
&
Resorts,
Inc.
917
69,628
Total
2,146,754
Household
Durables
1.1%
DR
Horton,
Inc.
3,367
258,855
Lennar
Corp.
Class
A
2,605
210,223
Lennar
Corp.
Class
B
153
9,979
Mohawk
Industries,
Inc.
(a)
535
50,691
NVR,
Inc.
(a)
30
127,133
Common
Stocks
(continued)
Issuer
Shares
Value
($)
PulteGroup,
Inc.
2,407
96,256
Toll
Brothers,
Inc.
1,119
48,207
TopBuild
Corp.
(a)
323
54,955
Total
856,299
Multiline
Retail
0.1%
Macy's,
Inc.
2,790
58,171
Nordstrom,
Inc.
1,143
23,249
Total
81,420
Specialty
Retail
3.7%
Advance
Auto
Parts,
Inc.
634
120,409
AutoNation,
Inc.
(a)
380
40,398
AutoZone,
Inc.
(a)
202
511,642
Lithia
Motors,
Inc.
267
52,906
Lowe's
Cos.,
Inc.
6,624
1,291,349
O'Reilly
Automotive,
Inc.
(a)
656
549,184
Penske
Automotive
Group,
Inc.
270
30,137
Ulta
Beauty,
Inc.
(a)
530
222,266
Victoria's
Secret
&
Co.
(a)
829
31,170
Williams-Sonoma,
Inc.
691
85,567
Total
2,935,028
Textiles,
Apparel
&
Luxury
Goods
2.3%
Capri
Holdings
Ltd.
(a)
1,361
62,170
Lululemon
Athletica,
Inc.
(a)
1,130
371,815
NIKE,
Inc.
Class
B
12,742
1,180,929
PVH
Corp.
670
34,384
Ralph
Lauren
Corp.
426
39,486
Tapestry,
Inc.
2,490
78,883
Under
Armour,
Inc.
Class
A
(a)
1,915
14,267
Under
Armour,
Inc.
Class
C
(a)
2,030
13,317
Total
1,795,251
Total
Consumer
Discretionary
8,540,889
Consumer
Staples 6.4%
Beverages
0.3%
Keurig
Dr
Pepper,
Inc.
4,523
175,673
Molson
Coors
Beverage
Co.
Class
B
927
46,749
Total
222,422
Food
&
Staples
Retailing
0.4%
Albertsons
Cos.,
Inc.
Class
A
914
18,746
Kroger
Co.
(The)
3,717
175,777
Walgreens
Boots
Alliance,
Inc.
3,811
139,102
Total
333,625
Food
Products
2.0%
Archer-Daniels-Midland
Co.
3,013
292,201
Campbell
Soup
Co.
1,008
53,333
Darling
Ingredients,
Inc.
(a)
850
66,708
General
Mills,
Inc.
3,159
257,711
JM
Smucker
Co.
(The)
548
82,562
Kellogg
Co.
1,335
102,555
Kraft
Heinz
Co.
(The)
3,720
143,108
Mondelez
International,
Inc.
Class
A
7,252
445,853
Tyson
Foods,
Inc.
Class
A
1,491
101,910
Total
1,545,941
Household
Products
2.2%
Procter
&
Gamble
Co.
(The)
12,682
1,707,885
Tobacco
1.5%
Altria
Group,
Inc.
9,555
442,110
Philip
Morris
International,
Inc.
8,189
752,159
Total
1,194,269
Total
Consumer
Staples
5,004,142
Energy 5.7%
Energy
Equipment
&
Services
0.1%
Baker
Hughes
Co.
3,049
84,335
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
5.6%
APA
Corp.
1,113
50,597
Chevron
Corp.
6,627
1,198,824
ConocoPhillips
4,487
565,766
Devon
Energy
Corp.
2,312
178,833
Exxon
Mobil
Corp.
14,256
1,579,707
Marathon
Oil
Corp.
2,312
70,400
Marathon
Petroleum
Corp.
1,684
191,336
Occidental
Petroleum
Corp.
2,695
195,657
PDC
Energy,
Inc.
333
24,023
Phillips
66
1,651
172,183
Valero
Energy
Corp.
1,341
168,363
Total
4,395,689
Total
Energy
4,480,024
Financials 11.4%
Banks
2.8%
Bank
OZK
904
38,854
Comerica,
Inc.
1,065
75,083
East
West
Bancorp,
Inc.
1,139
81,518
Fifth
Third
Bancorp
5,476
195,438
KeyCorp
7,552
134,954
Popular,
Inc.
580
41,018
Regions
Financial
Corp.
7,625
167,369
Synovus
Financial
Corp.
1,144
45,588
Wells
Fargo
&
Co.
30,524
1,403,799
Zions
Bancorp
NA
1,213
63,003
Total
2,246,624
Capital
Markets
2.4%
Cboe
Global
Markets,
Inc.
862
107,319
CME
Group,
Inc.
2,993
518,687
FactSet
Research
Systems,
Inc.
307
130,625
Janus
Henderson
Group
PLC
1,102
25,092
Jefferies
Financial
Group,
Inc.
1,660
57,121
Lazard
Ltd.
Class
A
732
27,604
Morgan
Stanley
10,444
858,183
Northern
Trust
Corp.
1,680
141,708
SEI
Investments
Co.
837
45,449
Virtu
Financial,
Inc.
Class
A
794
17,770
Total
1,929,558
Consumer
Finance
1.1%
Ally
Financial,
Inc.
2,485
68,486
Capital
One
Financial
Corp.
2,984
316,364
Credit
Acceptance
Corp.
(a)
47
21,884
Discover
Financial
Services
2,134
222,918
OneMain
Holdings,
Inc.
918
35,398
SLM
Corp.
1,964
32,583
Synchrony
Financial
3,819
135,804
Total
833,437
Diversified
Financial
Services
0.1%
Voya
Financial,
Inc.
802
54,825
Insurance
5.0%
American
International
Group,
Inc.
6,067
345,819
Aon
PLC
Class
A
1,700
478,533
Arthur
J
Gallagher
&
Co.
1,695
317,101
Assurant,
Inc.
432
58,691
Axis
Capital
Holdings
Ltd.
633
34,606
Brown
&
Brown,
Inc.
1,932
113,582
CNA
Financial
Corp.
229
9,549
Everest
Re
Group
Ltd.
310
100,025
Hartford
Financial
Services
Group,
Inc.
(The)
2,645
191,524
Lincoln
National
Corp.
1,363
73,425
Loews
Corp.
1,623
92,543
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Marsh
&
McLennan
Cos.,
Inc.
4,118
665,016
MetLife,
Inc.
5,567
407,560
Prudential
Financial,
Inc.
3,072
323,144
Reinsurance
Group
of
America,
Inc.
545
80,208
Travelers
Cos.,
Inc.
(The)
1,939
357,668
Unum
Group
1,647
75,087
Willis
Towers
Watson
PLC
877
191,370
Total
3,915,451
Thrifts
&
Mortgage
Finance
0.0%
MGIC
Investment
Corp.
2,416
32,978
Total
Financials
9,012,873
Health
Care 14.7%
Biotechnology
2.4%
AbbVie,
Inc.
3,882
568,325
Alnylam
Pharmaceuticals,
Inc.
(a)
261
54,095
Amgen,
Inc.
1,141
308,469
Biogen,
Inc.
(a)
299
84,749
BioMarin
Pharmaceutical,
Inc.
(a)
386
33,439
Exact
Sciences
Corp.
(a)
373
12,973
Exelixis,
Inc.
(a)
657
10,893
Gilead
Sciences,
Inc.
2,711
212,705
Horizon
Therapeutics
PLC
(a)
464
28,917
Incyte
Corp.
(a)
384
28,547
Ionis
Pharmaceuticals,
Inc.
(a)
292
12,906
Mirati
Therapeutics,
Inc.
(a)
93
6,261
Moderna,
Inc.
(a)
697
104,780
Natera,
Inc.
(a)
179
8,406
Neurocrine
Biosciences,
Inc.
(a)
190
21,873
Novavax,
Inc.
(a)
157
3,496
Regeneron
Pharmaceuticals,
Inc.
(a)
224
167,720
Sarepta
Therapeutics,
Inc.
(a)
168
19,155
Seagen,
Inc.
(a)
265
33,697
Ultragenyx
Pharmaceutical,
Inc.
(a)
137
5,543
United
Therapeutics
Corp.
(a)
102
23,514
Vertex
Pharmaceuticals,
Inc.
(a)
535
166,920
Total
1,917,383
Health
Care
Equipment
&
Supplies
2.2%
Abbott
Laboratories
7,014
693,965
Becton
Dickinson
and
Co.
1,173
276,793
DENTSPLY
SIRONA,
Inc.
860
26,505
Enovis
Corp.
(a)
638
31,549
Envista
Holdings
Corp.
(a)
673
22,216
Hologic,
Inc.
(a)
994
67,393
Integra
LifeSciences
Holdings
Corp.
(a)
292
14,673
Medtronic
PLC
5,448
475,828
QuidelOrtho
Corp.
(a)
188
16,886
Teleflex,
Inc.
189
40,552
Zimmer
Biomet
Holdings,
Inc.
861
97,595
Total
1,763,955
Health
Care
Providers
&
Services
3.2%
AmerisourceBergen
Corp.
600
94,332
Cardinal
Health,
Inc.
1,112
84,401
Centene
Corp.
(a)
2,343
199,460
Cigna
Corp.
1,247
402,856
CVS
Health
Corp.
5,463
517,346
Elevance
Health,
Inc.
1,007
550,597
Humana,
Inc.
518
289,085
McKesson
Corp.
596
232,065
Molina
Healthcare,
Inc.
(a)
243
87,203
Premier,
Inc.
Class
A
488
17,021
Tenet
Healthcare
Corp.
(a)
429
19,030
Total
2,493,396
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Life
Sciences
Tools
&
Services
0.8%
Agilent
Technologies,
Inc.
1,253
173,352
IQVIA
Holdings,
Inc.
(a)
768
161,027
Mettler-Toledo
International,
Inc.
(a)
99
125,228
QIAGEN
NV
(a)
932
40,598
Syneos
Health,
Inc.
(a)
412
20,757
Waters
Corp.
(a)
255
76,288
Total
597,250
Pharmaceuticals
6.1%
Bristol-Myers
Squibb
Co.
8,620
667,792
Johnson
&
Johnson
10,854
1,888,270
Merck
&
Co.,
Inc.
10,430
1,055,516
Perrigo
Co.
PLC
532
21,429
Pfizer,
Inc.
23,708
1,103,607
Viatris,
Inc.
4,896
49,597
Total
4,786,211
Total
Health
Care
11,558,195
Industrials 8.9%
Aerospace
&
Defense
2.6%
Curtiss-Wright
Corp.
165
27,692
General
Dynamics
Corp.
1,086
271,283
L3Harris
Technologies,
Inc.
847
208,760
Lockheed
Martin
Corp.
1,055
513,447
Northrop
Grumman
Corp.
657
360,700
Raytheon
Technologies
Corp.
6,605
626,286
Textron,
Inc.
923
63,170
Total
2,071,338
Air
Freight
&
Logistics
0.8%
Expeditors
International
of
Washington,
Inc.
729
71,333
United
Parcel
Service,
Inc.
Class
B
3,268
548,272
Total
619,605
Building
Products
0.3%
A
O
Smith
Corp.
562
30,786
Builders
FirstSource,
Inc.
(a)
680
41,929
Lennox
International,
Inc.
140
32,700
Masco
Corp.
991
45,853
Owens
Corning
426
36,470
Trex
Co.,
Inc.
(a)
465
22,362
Total
210,100
Commercial
Services
&
Supplies
0.8%
Cintas
Corp.
387
165,462
Republic
Services,
Inc.
922
122,276
Tetra
Tech,
Inc.
238
33,625
Waste
Management,
Inc.
1,861
294,726
Total
616,089
Construction
&
Engineering
0.1%
AECOM
570
42,910
MasTec,
Inc.
(a)
261
20,118
WillScot
Mobile
Mini
Holdings
Corp.
(a)
921
39,170
Total
102,198
Electrical
Equipment
0.4%
Acuity
Brands,
Inc.
147
26,985
Emerson
Electric
Co.
2,690
232,954
nVent
Electric
PLC
726
26,499
Total
286,438
Industrial
Conglomerates
0.4%
3M
Co.
2,518
316,739
Machinery
1.3%
Allison
Transmission
Holdings,
Inc.
426
17,999
Crane
Holdings
Co.
183
18,362
Cummins,
Inc.
605
147,929
Esab
Corp.
234
8,728
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Flowserve
Corp.
579
16,606
Gates
Industrial
Corp.
PLC
(a)
466
5,196
Illinois
Tool
Works,
Inc.
1,374
293,390
Lincoln
Electric
Holdings,
Inc.
253
35,926
Nordson
Corp.
259
58,275
Oshkosh
Corp.
286
25,168
Otis
Worldwide
Corp.
1,874
132,379
Parker-Hannifin
Corp.
571
165,944
Snap-on,
Inc.
233
51,738
Westinghouse
Air
Brake
Technologies
Corp.
808
75,370
Total
1,053,010
Professional
Services
0.4%
Booz
Allen
Hamilton
Holding
Corp.
572
62,262
CACI
International,
Inc.
Class
A
(a)
107
32,531
FTI
Consulting,
Inc.
(a)
146
22,722
ManpowerGroup,
Inc.
230
18,018
Robert
Half
International,
Inc.
492
37,618
Science
Applications
International
Corp.
249
26,977
Verisk
Analytics,
Inc.
673
123,045
Total
323,173
Road
&
Rail
1.6%
CSX
Corp.
9,475
275,344
Knight-Swift
Transportation
Holdings,
Inc.
697
33,477
Landstar
System,
Inc.
160
24,995
Norfolk
Southern
Corp.
1,047
238,789
Old
Dominion
Freight
Line,
Inc.
444
121,922
Union
Pacific
Corp.
2,787
549,429
Total
1,243,956
Trading
Companies
&
Distributors
0.2%
Watsco,
Inc.
145
39,289
WW
Grainger,
Inc.
215
125,635
Total
164,924
Total
Industrials
7,007,570
Information
Technology 25.6%
Communications
Equipment
0.9%
Arista
Networks,
Inc.
(a)
684
82,668
Cisco
Systems,
Inc.
11,624
528,078
F5,
Inc.
(a)
161
23,009
Juniper
Networks,
Inc.
902
27,601
Total
661,356
Electronic
Equipment,
Instruments
&
Components
0.1%
Keysight
Technologies,
Inc.
(a)
498
86,727
Vontier
Corp.
425
8,117
Total
94,844
IT
Services
3.7%
Accenture
PLC
Class
A
1,749
496,541
Akamai
Technologies,
Inc.
(a)
426
37,629
Amdocs
Ltd.
326
28,137
Automatic
Data
Processing,
Inc.
1,175
283,997
Concentrix
Corp.
123
15,034
Gartner,
Inc.
(a)
217
65,517
GoDaddy,
Inc.
Class
A
(a)
430
34,572
Mastercard,
Inc.
Class
A
2,387
783,366
Paychex,
Inc.
915
108,254
SS&C
Technologies
Holdings,
Inc.
606
31,160
VeriSign,
Inc.
(a)
263
52,721
Visa,
Inc.
Class
A
4,578
948,378
Western
Union
Co.
(The)
1,062
14,348
Total
2,899,654
Semiconductors
&
Semiconductor
Equipment
2.8%
Advanced
Micro
Devices,
Inc.
(a)
4,545
272,973
Allegro
MicroSystems,
Inc.
(a)
176
4,472
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Applied
Materials,
Inc.
2,429
214,456
KLA
Corp.
397
125,631
Lam
Research
Corp.
386
156,245
Micron
Technology,
Inc.
3,040
164,464
NVIDIA
Corp.
6,618
893,232
QUALCOMM,
Inc.
3,135
368,864
Teradyne,
Inc.
426
34,655
Total
2,234,992
Software
9.6%
Adobe,
Inc.
(a)
1,341
427,109
Atlassian
Corp.
Class
A
(a)
362
73,388
Autodesk,
Inc.
(a)
590
126,437
Cadence
Design
Systems,
Inc.
(a)
744
112,634
Crowdstrike
Holdings,
Inc.
Class
A
(a)
562
90,595
Datadog,
Inc.
Class
A
(a)
708
57,001
DocuSign,
Inc.
(a)
522
25,213
Dropbox,
Inc.
Class
A
(a)
724
15,747
Dynatrace,
Inc.
(a)
542
19,100
Fair
Isaac
Corp.
(a)
59
28,252
Fortinet,
Inc.
(a)
1,771
101,230
Intuit,
Inc.
742
317,205
Manhattan
Associates,
Inc.
(a)
167
20,319
Microsoft
Corp.
20,716
4,808,805
Palo
Alto
Networks,
Inc.
(a)
809
138,816
Paycom
Software,
Inc.
(a)
140
48,440
Paylocity
Holding
Corp.
(a)
111
25,729
Roper
Technologies,
Inc.
291
120,631
Salesforce,
Inc.
(a)
2,634
428,262
ServiceNow,
Inc.
(a)
542
228,041
Synopsys,
Inc.
(a)
416
121,701
Teradata
Corp.
(a)
278
8,782
VMware,
Inc.
Class
A
580
65,267
Workday,
Inc.
Class
A
(a)
543
84,610
Zoom
Video
Communications,
Inc.
Class
A
(a)
682
56,906
Zscaler,
Inc.
(a)
226
34,827
Total
7,585,047
Technology
Hardware,
Storage
&
Peripherals
8.5%
Apple,
Inc.
42,321
6,489,502
Dell
Technologies,
Inc.
Class
C
697
26,765
Hewlett
Packard
Enterprise
Co.
3,607
51,472
HP,
Inc.
2,828
78,109
NetApp,
Inc.
602
41,701
Pure
Storage,
Inc.
Class
A
(a)
768
23,700
Total
6,711,249
Total
Information
Technology
20,187,142
Materials 2.7%
Chemicals
1.5%
Celanese
Corp.
1,055
101,407
CF
Industries
Holdings,
Inc.
2,005
213,051
Chemours
Co.
(The)
1,492
42,716
Dow,
Inc.
7,008
327,554
Huntsman
Corp.
1,839
49,212
LyondellBasell
Industries
NV
Class
A
2,512
192,042
Mosaic
Co.
(The)
3,339
179,471
Olin
Corp.
1,325
70,159
Westlake
Corp.
317
30,638
Total
1,206,250
Containers
&
Packaging
0.1%
Packaging
Corp.
of
America
909
109,271
Metals
&
Mining
1.0%
Cleveland-Cliffs,
Inc.
(a)
4,880
63,391
Nucor
Corp.
2,488
326,873
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Reliance
Steel
&
Aluminum
Co.
566
114,038
Southern
Copper
Corp.
833
39,126
SSR
Mining,
Inc.
2,032
28,042
Steel
Dynamics,
Inc.
1,625
152,831
United
States
Steel
Corp.
2,225
45,301
Total
769,602
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
702
39,768
Total
Materials
2,124,891
Real
Estate 3.3%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.1%
Boston
Properties,
Inc.
987
71,755
Brixmor
Property
Group,
Inc.
1,908
40,659
EastGroup
Properties,
Inc.
269
42,150
EPR
Properties
460
17,756
Essex
Property
Trust,
Inc.
415
92,230
Extra
Space
Storage,
Inc.
853
151,356
First
Industrial
Realty
Trust,
Inc.
855
40,724
Highwoods
Properties,
Inc.
662
18,688
Host
Hotels
&
Resorts,
Inc.
4,693
88,604
Invitation
Homes,
Inc.
3,945
125,017
Iron
Mountain,
Inc.
1,866
93,431
Kilroy
Realty
Corp.
719
30,730
Kimco
Realty
Corp.
3,855
82,420
Lamar
Advertising
Co.
Class
A
536
49,435
Life
Storage,
Inc.
544
60,172
Mid-America
Apartment
Communities,
Inc.
730
114,938
National
Retail
Properties,
Inc.
1,108
46,569
National
Storage
Affiliates
Trust
552
23,548
Prologis,
Inc.
6,024
667,158
Rayonier,
Inc.
944
31,813
SBA
Communications
Corp.
685
184,882
Simon
Property
Group,
Inc.
2,079
226,569
Weyerhaeuser
Co.
4,775
147,691
Total
2,448,295
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.
Class
A
(a)
2,014
142,873
Jones
Lang
LaSalle,
Inc.
(a)
286
45,500
Total
188,373
Total
Real
Estate
2,636,668
Utilities 3.1%
Electric
Utilities
1.9%
American
Electric
Power
Co.,
Inc.
4,401
386,936
Constellation
Energy
Corp.
2,774
262,254
Entergy
Corp.
1,780
190,709
Evergy,
Inc.
1,906
116,514
FirstEnergy
Corp.
4,661
175,766
NRG
Energy,
Inc.
2,034
90,310
PG&E
Corp.
(a)
13,564
202,511
Pinnacle
West
Capital
Corp.
978
65,731
Total
1,490,731
Gas
Utilities
0.3%
Atmos
Energy
Corp.
1,189
126,688
National
Fuel
Gas
Co.
772
52,102
UGI
Corp.
1,801
63,629
Total
242,419
Independent
Power
and
Renewable
Electricity
Producers
0.3%
AES
Corp.
(The)
5,575
145,842
Vistra
Corp.
3,510
80,625
Total
226,467
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Multi-Utilities
0.6%
Ameren
Corp.
2,199
179,262
Consolidated
Edison,
Inc.
3,036
267,047
Total
446,309
Total
Utilities
2,405,926
Total
Common
Stocks
(Cost
$79,460,928)
78,131,399
Exchange-Traded
Equity
Funds
0.3%
Issuer
Shares
Value
($)
Financials 0.3%
Financial
Select
Sector
SPDR
Fund
7,906
268,646
Total
Exchange-Traded
Equity
Funds
(Cost
$269,807)
268,646
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(b)
223,324
223,324
Total
Money
Market
Funds
(Cost
$223,324)
223,324
Total
Investments
in
Securities
(Cost
$79,954,059)
78,623,369
Other
Assets
&
Liabilities,
Net
75,696
Net
Assets
78,699,065
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
5,173,079
–
–
5,173,079
Consumer
Discretionary
8,540,889
–
–
8,540,889
Consumer
Staples
5,004,142
–
–
5,004,142
Energy
4,480,024
–
–
4,480,024
Financials
9,012,873
–
–
9,012,873
Health
Care
11,558,195
–
–
11,558,195
Industrials
7,007,570
–
–
7,007,570
Information
Technology
20,187,142
–
–
20,187,142
Materials
2,124,891
–
–
2,124,891
Real
Estate
2,636,668
–
–
2,636,668
Utilities
2,405,926
–
–
2,405,926
Total
Common
Stocks
78,131,399
–
–
78,131,399
Exchange-Traded
Equity
Funds
268,646
–
–
268,646
Money
Market
Funds
223,324
–
–
223,324
Total
Investments
in
Securities
78,623,369
–
–
78,623,369
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
99.3%
Issuer
Shares
Value
($)
Communication
Services 6.1%
Diversified
Telecommunication
Services
1.8%
Lumen
Technologies,
Inc.
1,889
13,903
Verizon
Communications,
Inc.
7,866
293,953
Total
307,856
Entertainment
0.4%
Electronic
Arts,
Inc.
486
61,217
Live
Nation
Entertainment,
Inc.
(a)
140
11,145
Playtika
Holding
Corp.
(a)
16
151
Total
72,513
Interactive
Media
&
Services
3.3%
Alphabet,
Inc.
Class
A
(a)
1,454
137,417
Alphabet,
Inc.
Class
C
(a)
1,304
123,437
Meta
Platforms,
Inc.
Class
A
(a)
3,331
310,316
Total
571,170
Media
0.6%
Fox
Corp.
Class
A
569
16,427
Fox
Corp.
Class
B
268
7,290
Interpublic
Group
of
Cos.,
Inc.
(The)
725
21,598
News
Corp.
Class
A
721
12,163
News
Corp.
Class
B
226
3,871
Nexstar
Media
Group,
Inc.
63
10,792
Omnicom
Group,
Inc.
375
27,281
Total
99,422
Total
Communication
Services
1,050,961
Consumer
Discretionary 6.3%
Automobiles
0.3%
Harley-Davidson,
Inc.
684
29,412
Thor
Industries,
Inc.
274
22,323
Total
51,735
Distributors
1.1%
Genuine
Parts
Co.
665
118,277
LKQ
Corp.
1,312
72,999
Total
191,276
Diversified
Consumer
Services
0.5%
ADT,
Inc.
1,054
8,917
Grand
Canyon
Education,
Inc.
(a)
156
15,698
H&R
Block,
Inc.
145
5,967
Service
Corp.
International
791
47,942
Total
78,524
Hotels,
Restaurants
&
Leisure
0.9%
Boyd
Gaming
Corp.
392
22,642
Hyatt
Hotels
Corp.
Class
A
(a)
256
24,118
Marriott
Vacations
Worldwide
Corp.
192
28,370
MGM
Resorts
International
1,662
59,117
Six
Flags
Entertainment
Corp.
(a)
176
3,925
Travel
+
Leisure
Co.
116
4,406
Wyndham
Hotels
&
Resorts,
Inc.
138
10,478
Total
153,056
Household
Durables
1.3%
DR
Horton,
Inc.
793
60,966
Lennar
Corp.
Class
A
1,293
104,345
Lennar
Corp.
Class
B
77
5,022
NVR,
Inc.
(a)
4
16,951
PulteGroup,
Inc.
725
28,993
Toll
Brothers,
Inc.
269
11,588
TopBuild
Corp.
(a)
26
4,424
Total
232,289
Multiline
Retail
0.2%
Macy's,
Inc.
1,388
28,940
Nordstrom,
Inc.
83
1,688
Total
30,628
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Specialty
Retail
1.3%
AutoNation,
Inc.
(a)
186
19,774
AutoZone,
Inc.
(a)
9
22,796
O'Reilly
Automotive,
Inc.
(a)
191
159,899
Penske
Automotive
Group,
Inc.
134
14,957
Victoria's
Secret
&
Co.
(a)
117
4,399
Williams-Sonoma,
Inc.
72
8,916
Total
230,741
Textiles,
Apparel
&
Luxury
Goods
0.7%
Capri
Holdings
Ltd.
(a)
675
30,834
PVH
Corp.
331
16,987
Ralph
Lauren
Corp.
212
19,650
Tapestry,
Inc.
1,070
33,898
Under
Armour,
Inc.
Class
A
(a)
950
7,077
Under
Armour,
Inc.
Class
C
(a)
1,005
6,593
Total
115,039
Total
Consumer
Discretionary
1,083,288
Consumer
Staples 7.1%
Beverages
0.4%
Keurig
Dr
Pepper,
Inc.
1,312
50,958
Molson
Coors
Beverage
Co.
Class
B
268
13,515
Total
64,473
Food
&
Staples
Retailing
0.6%
Albertsons
Cos.,
Inc.
Class
A
263
5,394
Kroger
Co.
(The)
1,079
51,026
Walgreens
Boots
Alliance,
Inc.
1,105
40,332
Total
96,752
Food
Products
2.5%
Archer-Daniels-Midland
Co.
874
84,760
Campbell
Soup
Co.
294
15,556
Darling
Ingredients,
Inc.
(a)
231
18,129
General
Mills,
Inc.
917
74,809
JM
Smucker
Co.
(The)
159
23,955
Kellogg
Co.
174
13,367
Kraft
Heinz
Co.
(The)
1,080
41,548
Mondelez
International,
Inc.
Class
A
2,103
129,292
Tyson
Foods,
Inc.
Class
A
432
29,527
Total
430,943
Household
Products
1.6%
Procter
&
Gamble
Co.
(The)
2,110
284,154
Tobacco
2.0%
Altria
Group,
Inc.
2,770
128,168
Philip
Morris
International,
Inc.
2,374
218,052
Total
346,220
Total
Consumer
Staples
1,222,542
Energy 9.5%
Energy
Equipment
&
Services
0.3%
Baker
Hughes
Co.
1,810
50,065
Oil,
Gas
&
Consumable
Fuels
9.2%
APA
Corp.
661
30,049
ConocoPhillips
2,656
334,895
Exxon
Mobil
Corp.
8,448
936,123
Marathon
Oil
Corp.
1,369
41,686
Marathon
Petroleum
Corp.
1,001
113,734
Occidental
Petroleum
Corp.
277
20,110
PDC
Energy,
Inc.
94
6,781
Phillips
66
979
102,100
Total
1,585,478
Total
Energy
1,635,543
Financials 19.8%
Banks
6.1%
Bank
OZK
419
18,009
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Comerica,
Inc.
497
35,039
East
West
Bancorp,
Inc.
536
38,362
Fifth
Third
Bancorp
2,563
91,473
KeyCorp
3,537
63,206
Popular,
Inc.
274
19,377
Regions
Financial
Corp.
3,566
78,274
Synovus
Financial
Corp.
539
21,479
Wells
Fargo
&
Co.
14,287
657,059
Zions
Bancorp
NA
567
29,450
Total
1,051,728
Capital
Markets
4.5%
Cboe
Global
Markets,
Inc.
406
50,547
CME
Group,
Inc.
1,400
242,620
Janus
Henderson
Group
PLC
516
11,749
Jefferies
Financial
Group,
Inc.
778
26,771
Lazard
Ltd.
Class
A
346
13,048
Morgan
Stanley
4,891
401,893
SEI
Investments
Co.
393
21,340
Virtu
Financial,
Inc.
Class
A
370
8,281
Total
776,249
Consumer
Finance
2.2%
Ally
Financial,
Inc.
1,165
32,107
Capital
One
Financial
Corp.
1,395
147,898
Credit
Acceptance
Corp.
(a)
23
10,709
Discover
Financial
Services
995
103,938
OneMain
Holdings,
Inc.
427
16,465
SLM
Corp.
922
15,296
Synchrony
Financial
1,787
63,546
Total
389,959
Diversified
Financial
Services
0.1%
Voya
Financial,
Inc.
374
25,567
Insurance
6.8%
American
International
Group,
Inc.
2,843
162,051
Aon
PLC
Class
A
46
12,949
Assurant,
Inc.
191
25,949
Axis
Capital
Holdings
Ltd.
293
16,018
Brown
&
Brown,
Inc.
837
49,207
CNA
Financial
Corp.
104
4,337
Everest
Re
Group
Ltd.
102
32,911
Hartford
Financial
Services
Group,
Inc.
(The)
1,241
89,861
Lincoln
National
Corp.
506
27,258
Loews
Corp.
758
43,221
Marsh
&
McLennan
Cos.,
Inc.
206
33,267
MetLife,
Inc.
2,603
190,566
Prudential
Financial,
Inc.
1,442
151,684
Reinsurance
Group
of
America,
Inc.
255
37,528
Travelers
Cos.,
Inc.
(The)
909
167,674
Unum
Group
771
35,150
Willis
Towers
Watson
PLC
414
90,339
Total
1,169,970
Thrifts
&
Mortgage
Finance
0.1%
MGIC
Investment
Corp.
1,128
15,397
Total
Financials
3,428,870
Health
Care 17.3%
Biotechnology
1.7%
Amgen,
Inc.
80
21,628
Biogen,
Inc.
(a)
131
37,131
BioMarin
Pharmaceutical,
Inc.
(a)
165
14,294
Exact
Sciences
Corp.
(a)
130
4,521
Exelixis,
Inc.
(a)
38
630
Gilead
Sciences,
Inc.
1,171
91,877
Horizon
Therapeutics
PLC
(a)
14
872
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Incyte
Corp.
(a)
22
1,636
Ionis
Pharmaceuticals,
Inc.
(a)
10
442
Mirati
Therapeutics,
Inc.
(a)
38
2,558
Moderna,
Inc.
(a)
284
42,694
Natera,
Inc.
(a)
6
282
Regeneron
Pharmaceuticals,
Inc.
(a)
80
59,900
Ultragenyx
Pharmaceutical,
Inc.
(a)
13
526
United
Therapeutics
Corp.
(a)
42
9,682
Vertex
Pharmaceuticals,
Inc.
(a)
13
4,056
Total
292,729
Health
Care
Equipment
&
Supplies
2.6%
Abbott
Laboratories
3,153
311,958
DENTSPLY
SIRONA,
Inc.
448
13,807
Envista
Holdings
Corp.
(a)
347
11,454
Hologic,
Inc.
(a)
517
35,053
Integra
LifeSciences
Holdings
Corp.
(a)
153
7,688
QuidelOrtho
Corp.
(a)
101
9,072
Zimmer
Biomet
Holdings,
Inc.
449
50,894
Total
439,926
Health
Care
Providers
&
Services
5.5%
Cardinal
Health,
Inc.
577
43,794
Centene
Corp.
(a)
1,214
103,348
Cigna
Corp.
544
175,745
CVS
Health
Corp.
2,827
267,717
Elevance
Health,
Inc.
366
200,118
Humana,
Inc.
78
43,530
McKesson
Corp.
251
97,732
Molina
Healthcare,
Inc.
(a)
28
10,048
Premier,
Inc.
Class
A
249
8,685
Total
950,717
Life
Sciences
Tools
&
Services
0.2%
Agilent
Technologies,
Inc.
66
9,131
QIAGEN
NV
(a)
481
20,952
Syneos
Health,
Inc.
(a)
176
8,867
Total
38,950
Pharmaceuticals
7.3%
Bristol-Myers
Squibb
Co.
4,462
345,671
Merck
&
Co.,
Inc.
3,138
317,566
Pfizer,
Inc.
12,274
571,355
Viatris,
Inc.
2,532
25,649
Total
1,260,241
Total
Health
Care
2,982,563
Industrials 10.1%
Aerospace
&
Defense
3.5%
Curtiss-Wright
Corp.
85
14,266
General
Dynamics
Corp.
545
136,141
L3Harris
Technologies,
Inc.
428
105,489
Raytheon
Technologies
Corp.
3,322
314,992
Textron,
Inc.
461
31,551
Total
602,439
Air
Freight
&
Logistics
0.3%
Expeditors
International
of
Washington,
Inc.
255
24,952
United
Parcel
Service,
Inc.
Class
B
177
29,695
Total
54,647
Building
Products
0.5%
A
O
Smith
Corp.
215
11,778
Builders
FirstSource,
Inc.
(a)
342
21,088
Lennox
International,
Inc.
71
16,583
Masco
Corp.
474
21,932
Owens
Corning
215
18,406
Total
89,787
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Commercial
Services
&
Supplies
0.5%
Cintas
Corp.
13
5,558
Republic
Services,
Inc.
431
57,159
Tetra
Tech,
Inc.
69
9,748
Waste
Management,
Inc.
59
9,344
Total
81,809
Construction
&
Engineering
0.2%
AECOM
271
20,401
MasTec,
Inc.
(a)
130
10,020
WillScot
Mobile
Mini
Holdings
Corp.
(a)
215
9,144
Total
39,565
Electrical
Equipment
0.6%
Acuity
Brands,
Inc.
74
13,584
Emerson
Electric
Co.
918
79,499
nVent
Electric
PLC
368
13,432
Total
106,515
Industrial
Conglomerates
0.9%
3M
Co.
1,269
159,627
Machinery
1.9%
Allison
Transmission
Holdings,
Inc.
45
1,901
Crane
Holdings
Co.
105
10,536
Cummins,
Inc.
308
75,309
Esab
Corp.
115
4,290
Gates
Industrial
Corp.
PLC
(a)
238
2,654
Illinois
Tool
Works,
Inc.
70
14,947
Nordson
Corp.
99
22,275
Oshkosh
Corp.
145
12,760
Otis
Worldwide
Corp.
824
58,207
Parker-Hannifin
Corp.
223
64,808
Snap-on,
Inc.
114
25,314
Westinghouse
Air
Brake
Technologies
Corp.
405
37,778
Total
330,779
Professional
Services
0.2%
CACI
International,
Inc.
Class
A
(a)
52
15,810
FTI
Consulting,
Inc.
(a)
43
6,692
ManpowerGroup,
Inc.
112
8,774
Robert
Half
International,
Inc.
29
2,217
Total
33,493
Road
&
Rail
1.4%
CSX
Corp.
3,563
103,541
Knight-Swift
Transportation
Holdings,
Inc.
351
16,858
Landstar
System,
Inc.
9
1,406
Norfolk
Southern
Corp.
523
119,281
Total
241,086
Trading
Companies
&
Distributors
0.1%
Watsco,
Inc.
35
9,484
Total
Industrials
1,749,231
Information
Technology 8.2%
Communications
Equipment
2.1%
Cisco
Systems,
Inc.
7,309
332,048
F5,
Inc.
(a)
104
14,862
Juniper
Networks,
Inc.
563
17,228
Total
364,138
Electronic
Equipment,
Instruments
&
Components
0.0%
Keysight
Technologies,
Inc.
(a)
23
4,006
Vontier
Corp.
101
1,929
Total
5,935
IT
Services
1.4%
Akamai
Technologies,
Inc.
(a)
269
23,761
Amdocs
Ltd.
210
18,125
Automatic
Data
Processing,
Inc.
60
14,502
Concentrix
Corp.
76
9,290
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Fidelity
National
Information
Services,
Inc.
1,061
88,052
Genpact
Ltd.
148
7,178
GoDaddy,
Inc.
Class
A
(a)
235
18,894
SS&C
Technologies
Holdings,
Inc.
386
19,848
VeriSign,
Inc.
(a)
147
29,468
Western
Union
Co.
(The)
441
5,958
Total
235,076
Semiconductors
&
Semiconductor
Equipment
2.5%
Advanced
Micro
Devices,
Inc.
(a)
607
36,456
Cirrus
Logic,
Inc.
(a)
98
6,578
Intel
Corp.
7,277
206,885
Microchip
Technology,
Inc.
137
8,458
Micron
Technology,
Inc.
1,552
83,963
MKS
Instruments,
Inc.
101
8,297
Teradyne,
Inc.
25
2,034
Texas
Instruments,
Inc.
515
82,725
Total
435,396
Software
2.0%
Dropbox,
Inc.
Class
A
(a)
31
674
Manhattan
Associates,
Inc.
(a)
41
4,989
Roper
Technologies,
Inc.
185
76,690
Salesforce,
Inc.
(a)
1,304
212,017
Teradata
Corp.
(a)
80
2,527
VMware,
Inc.
Class
A
189
21,268
Zoom
Video
Communications,
Inc.
Class
A
(a)
213
17,773
Total
335,938
Technology
Hardware,
Storage
&
Peripherals
0.2%
Dell
Technologies,
Inc.
Class
C
372
14,285
HP,
Inc.
960
26,515
Total
40,800
Total
Information
Technology
1,417,283
Materials 4.0%
Chemicals
2.0%
Celanese
Corp.
397
38,160
Dow,
Inc.
2,653
124,001
Huntsman
Corp.
699
18,705
LyondellBasell
Industries
NV
Class
A
953
72,857
Mosaic
Co.
(The)
1,110
59,663
Olin
Corp.
499
26,422
Westlake
Corp.
122
11,791
Total
351,599
Containers
&
Packaging
0.3%
Packaging
Corp.
of
America
341
40,991
Metals
&
Mining
1.6%
Cleveland-Cliffs,
Inc.
(a)
1,843
23,940
Nucor
Corp.
942
123,760
Reliance
Steel
&
Aluminum
Co.
215
43,318
Southern
Copper
Corp.
108
5,073
SSR
Mining,
Inc.
768
10,598
Steel
Dynamics,
Inc.
614
57,747
United
States
Steel
Corp.
844
17,184
Total
281,620
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
241
13,653
Total
Materials
687,863
Real
Estate 4.9%
Equity
Real
Estate
Investment
Trusts
(REITs)
4.7%
Boston
Properties,
Inc.
393
28,571
Brixmor
Property
Group,
Inc.
756
16,110
EastGroup
Properties,
Inc.
107
16,766
EPR
Properties
185
7,141
Essex
Property
Trust,
Inc.
165
36,670
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Extra
Space
Storage,
Inc.
300
53,232
First
Industrial
Realty
Trust,
Inc.
341
16,242
Highwoods
Properties,
Inc.
261
7,368
Host
Hotels
&
Resorts,
Inc.
1,863
35,173
Iron
Mountain,
Inc.
185
9,263
Kilroy
Realty
Corp.
287
12,266
Kimco
Realty
Corp.
1,530
32,711
Lamar
Advertising
Co.
Class
A
25
2,306
Life
Storage,
Inc.
216
23,892
Mid-America
Apartment
Communities,
Inc.
292
45,975
National
Retail
Properties,
Inc.
440
18,493
National
Storage
Affiliates
Trust
219
9,343
Prologis,
Inc.
2,389
264,582
Rayonier,
Inc.
374
12,604
SBA
Communications
Corp.
210
56,679
Simon
Property
Group,
Inc.
425
46,317
Weyerhaeuser
Co.
1,893
58,550
Total
810,254
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.
Class
A
(a)
408
28,944
Jones
Lang
LaSalle,
Inc.
(a)
114
18,136
Total
47,080
Total
Real
Estate
857,334
Utilities 6.0%
Electric
Utilities
3.8%
American
Electric
Power
Co.,
Inc.
1,953
171,708
Constellation
Energy
Corp.
1,232
116,473
Entergy
Corp.
789
84,534
Evergy,
Inc.
845
51,655
FirstEnergy
Corp.
2,067
77,947
NRG
Energy,
Inc.
901
40,004
PG&E
Corp.
(a)
6,015
89,804
Pinnacle
West
Capital
Corp.
435
29,236
Total
661,361
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Gas
Utilities
0.6%
Atmos
Energy
Corp.
525
55,939
National
Fuel
Gas
Co.
312
21,057
UGI
Corp.
800
28,264
Total
105,260
Independent
Power
and
Renewable
Electricity
Producers
0.4%
AES
Corp.
(The)
2,025
52,974
Vistra
Corp.
657
15,091
Total
68,065
Multi-Utilities
1.2%
Ameren
Corp.
976
79,563
Consolidated
Edison,
Inc.
1,348
118,570
Total
198,133
Total
Utilities
1,032,819
Total
Common
Stocks
(Cost
$18,276,623)
17,148,297
Exchange-Traded
Equity
Funds
0.3%
Issuer
Shares
Value
($)
Financials 0.3%
Financial
Select
Sector
SPDR
Fund
1,339
45,499
Total
Exchange-Traded
Equity
Funds
(Cost
$50,448)
45,499
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(b)
60,364
60,364
Total
Money
Market
Funds
(Cost
$60,364)
60,364
Total
Investments
in
Securities
(Cost
$18,387,435)
17,254,160
Other
Assets
&
Liabilities,
Net
21,670
Net
Assets
17,275,830
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
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
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
22
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
1,050,961
–
–
1,050,961
Consumer
Discretionary
1,083,288
–
–
1,083,288
Consumer
Staples
1,222,542
–
–
1,222,542
Energy
1,635,543
–
–
1,635,543
Financials
3,428,870
–
–
3,428,870
Health
Care
2,982,563
–
–
2,982,563
Industrials
1,749,231
–
–
1,749,231
Information
Technology
1,417,283
–
–
1,417,283
Materials
687,863
–
–
687,863
Real
Estate
857,334
–
–
857,334
Utilities
1,032,819
–
–
1,032,819
Total
Common
Stocks
17,148,297
–
–
17,148,297
Exchange-Traded
Equity
Funds
45,499
–
–
45,499
Money
Market
Funds
60,364
–
–
60,364
Total
Investments
in
Securities
17,254,160
–
–
17,254,160
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
23
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$79,954,059
and
$18,387,435,
respectively)
$78,623,369
$17,254,160
Receivable
for:
Dividends
76,306
24,316
Capital
shares
sold
8,636
–
Total
assets
78,708,311
17,278,476
Liabilities
Payable
for:
Investment
management
fees
9,246
2,646
Total
liabilities
9,246
2,646
Net
assets
applicable
to
outstanding
capital
stock
$78,699,065
$17,275,830
Represented
by:
Paid-in
capital
$79,724,326
$19,501,439
Total
distributable
earnings
(loss)
(1,025,261)
(2,225,609)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$78,699,065
$17,275,830
Shares
outstanding
3,425,000
875,000
Net
asset
value
per
share
$22.98
$19.74
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2022
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$759,476
$558,687
Foreign
taxes
withheld
(98)
(102)
Total
income
759,378
558,585
Expenses:
Investment
management
fees
63,900
42,563
Net
Investment
Income
695,478
516,022
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(770,415)
(1,347,105)
In-kind
transactions
-
unaffiliated
issuers
4,498,813
921,498
Net
realized
gain
(loss)
3,728,398
(425,607)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(5,515,816)
(1,675,845)
Net
change
in
unrealized
depreciation
(5,515,816)
(1,675,845)
Net
realized
and
unrealized
loss
(1,787,418)
(2,101,452)
Net
Decrease
in
net
assets
resulting
from
operations
$(1,091,940)
$(1,585,430)
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
2022
25
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Operations
Net
investment
income
$695,478
$899,043
$516,022
$101,844
Net
realized
gain
(loss)
3,728,398
26,906,505
(425,607)
133,704
Net
change
in
unrealized
appreciation
(depreciation)
(5,515,816)
(1,905,580)
(1,675,845)
580,706
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(1,091,940)
25,899,968
(1,585,430)
816,254
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(4,861,229)
(903,804)
(315,575)
(116,961)
Shareholder
transactions
Proceeds
from
shares
sold
94,285,126
13,953,190
24,312,629
9,842,033
Cost
of
shares
redeemed
(37,739,867)
(83,290,815)
(16,138,638)
(943)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
56,545,259
(69,337,625)
8,173,991
9,841,090
Increase
(decrease)
in
net
assets
50,592,090
(44,341,461)
6,272,986
10,540,383
Net
Assets:
Net
assets
beginning
of
year
28,106,975
72,448,436
11,002,844
462,461
Net
assets
at
end
of
year
$78,699,065
$28,106,975
$17,275,830
$11,002,844
Capital
stock
activity
Shares
outstanding,
beginning
of
year
900,000
3,325,050
525,000
25,050
Subscriptions
4,075,000
525,000
1,150,000
500,000
Redemptions
(1,550,000)
(2,950,050)
(800,000)
(50)
Shares
outstanding,
end
of
year
3,425,000
900,000
875,000
525,000
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Core
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
Year
Ended
October
31,
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
31
.23
$
21
.79
$
20
.31
$
19
.81
Income
(loss)
from
investment
operations:
Net
investment
income
0
.39
0
.41
0
.37
0
.04
Net
realized
and
unrealized
gain
(loss)
(
3
.08
)
9
.30
1
.22
0
.46
Total
from
investment
operations
(
2
.69
)
9
.71
1
.59
0
.50
Less
distributions
to
shareholders:
Net
investment
income
(
0
.78
)
(
0
.25
)
(
0
.11
)
–
Net
realized
gains
(
4
.78
)
(
0
.02
)
(
0
.00
)
(b)
–
Total
distribution
to
shareholders
(
5
.56
)
(
0
.27
)
(
0
.11
)
–
Net
asset
value,
end
of
year
$
22
.98
$
31
.23
$
21
.79
$
20
.31
Total
Return
at
NAV
(
10
.57
)
%
44
.90
%
7
.82
%
2
.52
%
Total
Return
at
Market
(
10
.32
)
%
45
.27
%
7
.46
%
2
.63
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
(d)
Total
net
expenses
(c)(e)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
(d)
Net
investment
income
1
.63
%
1
.58
%
1
.73
%
1
.77
%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
78,699
$
28,107
$
72,448
$
5,079
Portfolio
turnover
65
%
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.
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Value
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
27
Year
Ended
October
31,
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
20
.96
$
18
.46
$
20
.24
$
19
.84
Income
(loss)
from
investment
operations:
Net
investment
income
0
.47
0
.43
0
.56
0
.05
Net
realized
and
unrealized
gain
(loss)
(
1
.44
)
6
.74
(
2
.19
)
0
.35
Total
from
investment
operations
(
0
.97
)
7
.17
(
1
.63
)
0
.40
Less
distributions
to
shareholders:
Net
investment
income
(
0
.12
)
(
4
.16
)
(
0
.15
)
–
Net
realized
gains
(
0
.13
)
(
0
.51
)
(
0
.00
)
(b)
–
Total
distribution
to
shareholders
(
0
.25
)
(
4
.67
)
(
0
.15
)
–
Net
asset
value,
end
of
year
$
19
.74
$
20
.96
$
18
.46
$
20
.24
Total
Return
at
NAV
(
4
.66
)
%
45
.48
%
(
8
.16
)
%
2
.02
%
Total
Return
at
Market
(
4
.46
)
%
45
.90
%
(
8
.50
)
%
2
.02
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.19
%
0
.19
%
0
.19
%
0
.19
%
(d)
Total
net
expenses
(c)(e)
0
.19
%
0
.19
%
0
.19
%
0
.19
%
(d)
Net
investment
income
2
.30
%
2
.14
%
2
.93
%
2
.41
%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
17,276
$
11,003
$
462
$
5,060
Portfolio
turnover
99
%
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,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
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
net
asset
value
per
share
of
each
fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
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,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncement
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
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,
2022
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
Research
Enhanced
Core
ETF
0.15
Columbia
Research
Enhanced
Value
ETF
0.19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
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.
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,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
re-characerization
of
distributions
from
investments,
investemnts
in
partnerships,
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
($)
Columbia
Research
Enhanced
Core
ETF
(32,288)
(3,964,620)
3,996,908
Columbia
Research
Enhanced
Value
ETF
(19,800)
(821,987)
841,787
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
4,797,937
63,292
4,861,229
900,870
2,934
903,804
Columbia
Research
Enhanced
Value
ETF
315,575
-
315,575
116,290
671
116,961
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
At
October
31,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
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,
2022,
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,
2022,
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,
2022,
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,
2022,
the
cost
basis
of
securities
contributed
was
as
follows:
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
583,932
-
(54,769)
(1,554,424)
Columbia
Research
Enhanced
Value
ETF
437,401
-
(1,468,205)
(1,194,805)
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
80,177,793
3,378,696
(4,933,120)
(1,554,424)
Columbia
Research
Enhanced
Value
ETF
18,448,965
1,179,708
(2,374,513)
(1,194,805)
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
Research
Enhanced
Core
ETF
54,769
-
54,769
-
Columbia
Research
Enhanced
Value
ETF
1,343,366
124,839
1,468,205
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
27,512,851
31,452,559
Columbia
Research
Enhanced
Value
ETF
20,997,829
20,780,437
Fund
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
93,750,437
Columbia
Research
Enhanced
Value
ETF
24,210,398
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
33
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,
2022,
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
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
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
0.10%
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
27,
2022
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
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2022.
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
were
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
one
or
more
industries
or
sectors,
which
makes
them
vulnerable
to
economic
conditions
that
affect
such
industries
or
sectors.
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.
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
33,157,882
37,656,695
4,498,813
Columbia
Research
Enhanced
Value
ETF
15,180,739
16,102,237
921,498
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
34
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
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
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
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
objective.
Any
such
events
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
35
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
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
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
2022
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,
2022,
the
related
statements
of
operations
for
the
year
ended
October
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2022
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,
2022,
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,
2022
and
each
of
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2022
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,
2022
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
22,
2022
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
2022
37
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2022
.
Shareholders
will
be
notified
in
early
2023
of
the
amounts
for
use
in
preparing
2022
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.
Fund
DRD
QDI
Columbia
Research
Enhanced
Core
ETF
16.73%
19.84%
Columbia
Research
Enhanced
Value
ETF
46.85%
48.84%
TRUSTEES
AND
OFFICERS
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2022
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
176
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,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(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;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
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)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
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
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
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
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
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
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;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
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
176
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
176
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
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
174
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
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,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
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)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Director,
Blue
Cross
Blue
Shield
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
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
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
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
43
*
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
Hacker
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
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
Sandra
L.
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
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
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
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
45
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
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
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/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
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
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
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);
formerly,
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;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
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)
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2022
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
47
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
(each,
an
IMS
Agreement,
and
together,
the
IMS
Agreements),
the
Investment
Manager
provides
investment
advice
and
other
services
to
each
of
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
each
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
each
IMS
Agreement.
The
Board,
at
its
June
23,
2022
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
each
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
each
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
each
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
each
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
48
Strategic
Beta
ETFs
|
Annual
Report
2022
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
2022
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.
The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
each
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
Agreements
and
the
Funds’
other
service
agreements.
The
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
each
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreements.
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
each
Fund
under
the
IMS
Agreement
supported
the
continuation
of
each
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
its
comparison
group,
(iv)
the
Funds’
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
Funds
and
(vi)
index
tracking
error
data
of
the
Funds.
The
Board
observed
each
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
each
IMS
Agreement..
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
49
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
each
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Funds,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Funds
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
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
each
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
in
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Columbia
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
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
each
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
each
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
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
23,
2022,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
each
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
each
IMS
Agreement.
50
Strategic
Beta
ETFs
|
Annual
Report
2022
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
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
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.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2022
Columbia
Short
Duration
Bond
ETF
Strategic
Beta
ETFs
|
Annual
Report
2022
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
6
Understanding
Your
Fund’s
Expenses
8
Portfolio
of
Investments
9
Statement
of
Assets
and
Liabilities
20
Statement
of
Operations
21
Statement
of
Changes
in
Net
Assets
22
Financial
Highlights
23
Notes
to
Financial
Statements
24
Report
of
Independent
Registered
Public
Accounting
Firm
33
Trustees
and
Officers
34
Approval
of
Investment
Management
Services
Agreement
43
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,
is
available
on
columbiathreadneedle.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
3
Portfolio
management
Ronald
Stahl,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2021
Gregory
Liechty
Portfolio
Manager
Managed
Fund
since
2021
David
Janssen,
CFA
Portfolio
Manager
Managed
Fund
since
2021
Investment
objective
Columbia
Short
Duration
Bond
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage®
Short
Term
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.
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
®
Short
Term
Bond
Index
is
a
fixed
weight
composite
index
that
blends
six
custom
sub-indices
based
off
the
following
Bloomberg
flagship
indices:
US
Corporate,
US
High
Yield,
US
MBS,
US
CMBS,
US
ABS,
and
the
EM
USD
Aggregate.
The
Bloomberg
U.S.
Credit
1-5
Year
Index
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-
rate,
taxable
corporate
and
government
related
bond
markets
with
maturities
of
one
to
five
years.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
Life
Market
Price
09/21/21
-9.25
-8.94
Net
Asset
Value
09/21/21
-8.96
-8.68
{
Beta
Advantage®
}
Short
Term
Bond
Index
-10.14
-9.64
Bloomberg
U.S.
1-5
Year
Credit
Index
-7.64
-7.49
FUND
AT
A
GLANCE
(continued)
Columbia
Short
Duration
Bond
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(September
21,
2021
—
October
31,
2022)
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,
2022)
AAA
rating
29.9
AA
rating
2.8
A
rating
2.3
BBB
rating
37.9
BB
rating
27.1
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
Quality
breakdown
(%)
(at
October
31,
2022)
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
rating
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.
FUND
AT
A
GLANCE
(continued)
Columbia
Short
Duration
Bond
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
Portfolio
breakdown
(%)
(at
October
31,
2022
)
Asset-Backed
Securities
-
Non-Agency
9.2
Commercial
Mortgage-Backed
Securities
-
Non-Agency
9.2
Corporate
Bonds
50.9
Foreign
Government
Obligations
12.8
U.S.
Government
&
Agency
Obligations
9.0
U.S.
Treasury
Obligations
7.1
Money
Market
Funds
1.8
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
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Short
Duration
Bond
ETF
returned
-8.96%
based
on
net
asset
value
(NAV)
and
-9.25%
based
on
market
price.
The
Beta
Advantage
®
Short
Term
Bond
Index,
against
which
the
performance
of
the
Fund
is
measured,
returned
-10.14%.
The
Bloomberg
U.S.
1-5
Year
Credit
Index
returned
-7.64%
during
the
same
time
period.
The
Fund
had
a
NAV
of
$19.86
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$17.66.
The
Fund’s
market
price
on
October
31,
2022
was
$17.64
per
share.
Market
overview
Investor
sentiment
has
generally
deteriorated
in
2022
relative
to
2021.
Inflation
has
proven
to
be
more
persistent
than
originally
expected,
leading
the
U.S.
Federal
Reserve
(the
Fed)
to
tighten
monetary
policy
even
if
that
results
in
a
weaker
job
market
and
below-trend
economic
growth.
The
Fed
began
to
decrease
the
size
of
its
balance
sheet
by
letting
a
combined
$95
billion
of
Treasuries
and
agency
mortgage-backed
securities
(MBS)
runoff
per
month
and
raised
its
policy
rate
from
the
zero
lower
bound
to
a
range
of
3.00%-3.25%
over
the
course
of
5
meetings
in
2022.
Economic
growth
indicators
have
softened
in
2022,
but
the
labor
market
remains
tight,
and
inflation
is
still
well
above
the
Fed’s
2%
goal
at
the
close
of
the
reporting
period.
The
Fed’s
most
recent
Summary
of
Economic
Projections
showed
that
board
members
expected
to
continue
raising
the
policy
rate
into
2023.
Financial
markets
are
reflecting
similar
interest
rates
moves
as
the
Fed’s
projections.
Given
the
likely
trajectory
of
the
fed
funds
target
rate,
short-term
Treasury
yields
moved
sharply
higher
over
the
year,
while
longer
term
yields
also
rose,
albeit
to
a
lesser
degree.
Credit-related
sectors
produced
negative
absolute
returns
and
negative
excess
returns
relative
to
Treasuries
over
the
12-month
period
that
ended
October
31,
2022.
On
an
excess
returns
basis,
emerging
market
bonds
performed
the
worst,
followed
by
lower
rated
investment-grade
corporates
and
mortgage-backed
securities.
Asset-backed
securities
(ABS)
and
agency
securities
outperformed
other
sectors
over
the
period,
although
the
sectors
still
generated
negative
excess
returns.
Shorter
duration
bonds
outperformed
longer
duration
bonds.
Within
the
short-term
investment-grade
corporate
market,
lower
rated
securities
outperformed
higher
quality
securities
and
all
ratings
buckets
generated
positive
excess
returns,
besides
AAA-rated
securities.
The
trend
was
reversed
in
longer
term
investment-grade
corporates,
with
higher
rated
securities
outperforming
lower
quality
securities
and
excess
returns
for
all
ratings
buckets
being
negative.
Relative
to
October
2021,
interest
rates
increased,
the
yield
curve
inverted,
and
credit
spreads
widened.
The
Fund’s
notable
contributors
during
the
period
Security
selection
resulted
in
positive
relative
performance
and
was
the
primary
factor
that
caused
the
Fund’s
return
to
deviate
from
its
benchmark.
At
the
start
of
the
year,
the
benchmark
and
Fund
had
exposure
to
Russian
issuers.
After
Russia’s
invasion
of
Ukraine,
the
United
States
government
issued
wide-ranging
sanctions
on
Russia
and
Russian-related
investments.
Bloomberg,
the
benchmark
manager,
announced
all
securities
with
a
country
of
risk
of
Russia
would
exit
Bloomberg
indexes
at
a
valuation
of
near
zero
at
the
end
of
March
2022.
However,
the
Fund’s
Russian
holdings
were
sold
at
a
later
date
for
a
price
greater
than
zero.
The
difference
between
Fund’s
performance
and
its
benchmark
was
largely
due
to
the
Russian-related
holdings.
The
Fund’s
notable
detractors
during
the
period
The
Fund’s
performance
was
negatively
affected
by
its
exposure
to
interest
rate
and
credit
risk.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
Interest
rates
across
the
yield
curve
increased
materially
over
the
last
year,
more
so
for
shorter
maturities
than
longer
maturities.
The
three-year
Treasury
yield
increased
approximately
305
bps
to
4.23%
over
the
period
while
the
30-year
Treasury
yield
rose
223
bps
to
4.16%.
The
Fund’s
duration
averaged
3.13
years,
close
to
the
benchmark’s
average
duration
of
3.14
years.
The
Fund
and
benchmark
also
had
material
allocations
to
credit-related
sectors
such
as
investment-grade
and
high-yield
corporates,
asset-backed
securities,
and
commercial
mortgage-backed
securities,
which
detracted
from
performance
as
credit
spreads
widened.
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
the
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)
8
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
—
October
31,
2022
Beginning
account
value
($)
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
968.80
1,023.95
1.24
1.28
0.25
PORTFOLIO
OF
INVESTMENTS
Columbia
Short
Duration
Bond
ETF
October
31,
2022
(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
2022
9
Asset-Backed
Securities
-
Non-Agency
10.0%
Issue
Description
Principal
Amount
($)
Value
($)
AmeriCredit
Automobile
Receivables
Trust
Class
C,
Subordinated
Series
2021-1,
0.890%,
10/19/26
115,000
105,833
Class
D,
Series
2020-3,
1.490%,
09/18/26
135,000
124,033
AmeriCredit
Automobile
Receivables
Trust
2022-2
Class
A3,
Series
2022-2,
4.380%,
04/18/28
125,000
122,621
BMW
Vehicle
Owner
Trust
Class
A4,
Series
2020-A,
0.620%,
04/26/27
100,000
95,069
Carmax
Auto
Owner
Trust
Class
A3,
Series
2021-2,
0.520%,
02/17/26
65,000
62,248
Class
C,
Series
2018-4,
3.850%,
07/15/24
100,000
99,871
Class
C,
Subordinated
Series
2020-3,
1.690%,
04/15/26
25,000
23,454
Class
C,
Series
2022-1,
2.200%,
11/15/27
100,000
89,923
Carvana
Auto
Receivables
Trust
2022-P1
Class
C,
Series
2022-P1,
3.300%,
04/10/28
300,000
269,063
Drive
Auto
Receivables
Trust
Class
C,
Subordinated
Series
2021-3,
1.470%,
01/15/27
125,000
118,691
Exeter
Automobile
Receivables
Trust
Class
D,
Subordinated
Series
2021-3A,
1.550%,
06/15/27
75,000
67,480
Exeter
Automobile
Receivables
Trust
2021-4
Class
D,
Series
2021-4A,
1.960%,
01/17/28
100,000
89,812
Ford
Credit
Auto
Owner
Trust
Class
B,
Series
2020-C,
0.790%,
08/15/26
135,000
122,487
Class
C,
Subordinated
Series
2020-C,
1.040%,
05/15/28
100,000
90,682
Class
A4,
Series
2022-B,
3.930%,
08/15/27
150,000
145,529
Ford
Credit
Floorplan
Master
Owner
Trust
Class
A,
Series
2019-2,
3.060%,
04/15/26
275,000
264,646
Class
A,
Series
2020-2,
1.060%,
09/15/27
150,000
133,117
GM
Financial
Automobile
Leasing
Trust
Class
A3,
Series
2022-2,
3.420%,
06/20/25
100,000
97,308
Class
A4,
Series
2021-2,
0.410%,
05/20/25
43,000
41,217
Class
B,
Subordinated
Series
2021-2,
0.690%,
05/20/25
100,000
94,884
GM
Financial
Consumer
Automobile
Receivables
Trust
Class
A4,
Series
2021-4,
0.990%,
10/18/27
118,000
105,629
Class
A4,
Series
2022-2,
3.250%,
04/17/28
150,000
143,378
Class
A3,
Series
2021-2,
0.510%,
04/16/26
100,000
95,339
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Harley-Davidson
Motorcycle
Trust
Class
A3,
Series
2021-A,
0.370%,
04/15/26
72,260
70,374
Honda
Auto
Receivables
2020-2
Owner
Trust
Class
A4,
Series
2020-2,
1.090%,
10/15/26
150,000
144,464
Honda
Auto
Receivables
Owner
Trust
Class
A4,
Series
2020-3,
0.460%,
04/19/27
150,000
143,067
Hyundai
Auto
Receivables
Trust
Class
A4,
Series
2020-C,
0.490%,
11/16/26
100,000
92,063
Hyundai
Auto
Receivables
Trust
2022-A
Class
A3,
Series
2022-A,
2.220%,
10/15/26
150,000
143,635
Class
A4,
Series
2022-A,
2.350%,
04/17/28
145,000
134,820
Mercedes-Benz
Auto
Lease
Trust
2021-B
Class
A4,
Series
2021-B,
0.510%,
03/15/27
150,000
140,854
Nissan
Auto
Receivables
Owner
Trust
Class
A4,
Series
2020-B,
0.710%,
02/16/27
150,000
143,232
Santander
Drive
Auto
Receivables
Trust
Class
B,
Series
2022-3,
4.130%,
08/16/27
45,000
43,739
Class
D,
Subordinated
Series
2021-4,
1.670%,
10/15/27
50,000
46,095
Class
A3,
Series
2022-4,
4.140%,
02/16/27
90,000
88,512
Class
D,
Series
2021-1,
1.130%,
11/16/26
100,000
94,723
Class
D,
Series
2020-4,
1.480%,
01/15/27
100,000
94,988
Toyota
Auto
Receivables
2021-B
Owner
Trust
Class
A4,
Series
2021-B,
0.530%,
10/15/26
100,000
90,274
Toyota
Auto
Receivables
Owner
Trust
Class
A3,
Series
2020-D,
0.350%,
01/15/25
57,868
56,826
Class
A3,
Series
2022-B,
2.930%,
09/15/26
100,000
96,024
World
Omni
Auto
Receivables
Trust
Class
A4,
Series
2019-A,
3.220%,
06/16/25
100,000
99,711
Class
B,
Subordinated
Series
2019-A,
3.340%,
06/16/25
125,000
124,558
Class
B,
Series
2020-C,
0.870%,
10/15/26
100,000
92,903
World
Omni
Automobile
Lease
Securitization
Trust
Class
B,
Series
2022-A,
3.670%,
06/15/27
100,000
96,694
World
Omni
Automobile
Lease
Securitization
Trust
2022-A
Class
A4,
Series
2022-A,
3.340%,
06/15/27
150,000
145,340
Total
Asset-Backed
Securities
-
Non-
Agency
(Cost
$4,992,281)
4,785,210
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2022
Commercial
Mortgage-Backed
Securities
-
Non-Agency
10.0%
Issue
Description
Principal
Amount
($)
Value
($)
Bank
Class
A2,
Series
2019-BN18,
3.474%,
05/15/62
125,000
120,167
Class
A2,
Series
2019-BN16,
3.933%,
02/15/52
131,484
128,656
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Class
A4,
Series
2016-UB10,
3.170%,
07/15/49
75,000
68,476
Class
A3,
Series
2017-BNK3,
3.311%,
02/15/50
98,956
89,966
BBCMS
Mortgage
Trust
Class
ASB,
Series
2018-C2,
4.236%,
12/15/51
100,000
95,284
CD
Mortgage
Trust
Class
A3,
Series
2017-CD6,
3.104%,
11/13/50
100,000
94,996
Class
ASB,
Series
2017-CD6,
3.332%,
11/13/50
100,000
94,772
Class
A3,
Series
2017-CD4,
3.248%,
05/10/50
138,285
124,502
CFCRE
Commercial
Mortgage
Trust
Class
A3,
Series
2016-C3,
3.865%,
01/10/48
150,000
141,252
Class
AM,
Subordinated
Series
2016-C6,
3.502%,
11/10/49
(a)
50,000
44,669
CGMS
Commercial
Mortgage
Trust
Class
A4,
Series
2017-B1,
3.458%,
08/15/50
125,000
112,365
Citigroup
Commercial
Mortgage
Trust
Class
A3,
Series
2018-C5,
3.963%,
06/10/51
35,224
32,117
Class
AS,
Subordinated
Series
2016-P6,
4.032%,
12/10/49
(a)
100,000
91,060
Class
AS,
Series
2015-GC27,
3.571%,
02/10/48
100,000
93,872
Class
A4,
Series
2015-GC31,
3.762%,
06/10/48
100,000
94,445
Class
B,
Subordinated
Series
2015-P1,
4.315%,
09/15/48
(a)
100,000
92,598
Class
A2,
Series
2020-GC46,
2.708%,
02/15/53
100,000
93,209
Class
A4,
Series
2016-P3,
3.329%,
04/15/49
100,000
92,124
Citigroup
Commercial
Mortgage
Trust
2017-P7
Class
B,
Series
2017-P7,
4.137%,
04/14/50
(a)
150,000
132,078
Citigroup
Commercial
Mortgage
Trust
2017-P8
Class
AAB,
Series
2017-P8,
3.268%,
09/15/50
144,795
137,428
COMM
Mortgage
Trust
Class
A4,
Series
2014-UBS3,
3.819%,
06/10/47
100,000
96,490
Class
D,
Series
2015-CR26,
3.469%,
10/10/48
(a)
56,000
45,847
Class
A3,
Series
2017-COR2,
3.510%,
09/10/50
100,000
90,606
Class
C,
Series
2013-CR13,
4.877%,
11/10/46
(a)
100,000
94,892
Class
A3,
Series
2015-LC23,
3.521%,
10/10/48
125,000
117,879
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
A4,
Series
2015-LC19,
3.183%,
02/10/48
65,000
61,004
GS
Mortgage
Securities
Trust
Class
AS,
Series
2013-GC16,
4.649%,
11/10/46
150,000
146,895
Class
C,
Subordinated
Series
2016-GS3,
3.991%,
10/10/49
(a)
75,000
64,546
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-JP2,
2.822%,
08/15/49
150,000
134,926
JPMBB
Commercial
Mortgage
Securities
Trust
Class
AS,
Series
2016-C2,
3.484%,
06/15/49
100,000
89,543
Class
B,
Series
2017-C5,
4.009%,
03/15/50
(a)
150,000
126,249
Class
AS,
Subordinated
Series
2013-C17,
4.458%,
01/15/47
100,000
97,373
Class
A4,
Series
2014-C22,
3.801%,
09/15/47
100,000
96,172
Class
A4A1,
Series
2014-C25,
3.408%,
11/15/47
75,969
72,389
Class
A4,
Series
2015-C27,
3.179%,
02/15/48
100,000
93,868
Class
A3,
Series
2015-C31,
3.801%,
08/15/48
86,813
81,694
JPMCC
Commercial
Mortgage
Securities
Trust
Class
A3,
Series
2019-COR4,
3.763%,
03/10/52
100,000
90,463
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Class
A3,
Series
2015-C24,
3.479%,
05/15/48
89,683
85,014
Class
A3,
Series
2016-C28,
3.272%,
01/15/49
101,619
94,387
Class
C,
Subordinated
Series
2016-C31,
4.266%,
11/15/49
(a)
50,000
40,254
Class
ASB,
Series
2017-C34,
3.354%,
11/15/52
94,511
89,010
Morgan
Stanley
Capital
I
Trust
Class
A4,
Series
2016-UB12,
3.596%,
12/15/49
150,000
137,196
SG
Commercial
Mortgage
Securities
Trust
2016-C5
Class
A4,
Series
2016-C5,
3.055%,
10/10/48
150,000
135,525
Wells
Fargo
Commercial
Mortgage
Trust
Class
A4,
Series
2015-LC20,
2.925%,
04/15/50
100,000
93,664
Class
A3,
Series
2015-NXS4,
3.452%,
12/15/48
92,136
86,458
Class
A3,
Series
2015-P2,
3.541%,
12/15/48
70,813
66,430
Class
A5,
Series
2017-C39,
3.418%,
09/15/50
125,000
112,581
Class
C,
Series
2017-C39,
4.118%,
09/15/50
100,000
83,450
Class
A2,
Series
2020-C56,
2.498%,
06/15/53
45,000
41,759
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
11
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
WFRBS
Commercial
Mortgage
Trust
Class
A5,
Series
2014-C22,
3.752%,
09/15/57
150,000
144,542
Total
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(Cost
$5,282,739)
4,785,142
Corporate
Bonds
55.6%
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)
2.196%,
02/04/26
80,000
71,129
5.040%,
05/01/27
119,000
114,849
Howmet
Aerospace,
Inc.
6.875%,
05/01/25
60,000
61,341
Huntington
Ingalls
Industries,
Inc.
2.043%,
08/16/28
85,000
68,313
L3Harris
Technologies,
Inc.
4.400%,
06/15/28
40,000
37,451
Northrop
Grumman
Corp.
3.250%,
08/01/23
40,000
39,452
3.250%,
01/15/28
60,000
54,280
Rolls-Royce
PLC
3.625%,
10/14/25
(b)
85,000
75,026
Spirit
AeroSystems
,
Inc.
5.500%,
01/15/25
(b)
120,000
116,277
Teledyne
Technologies,
Inc.
1.600%,
04/01/26
40,000
34,707
Total
672,825
Airlines
1.2%
American
Airlines
Pass
Through
Trust
Class
AA,
Series
2016-3,
3.000%,
10/15/28
36,108
30,216
Class
A,
Series
2015-1,
3.375%,
05/01/27
55,341
44,648
Class
AA,
Series
2015-2,
3.600%,
09/22/27
34,605
30,216
American
Airlines,
Inc./
AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(b)
120,000
114,365
Delta
Air
Lines,
Inc.
2.900%,
10/28/24
130,000
122,808
7.375%,
01/15/26
85,000
86,910
Southwest
Airlines
Co.
5.250%,
05/04/25
40,000
39,821
United
Airlines
Pass
Through
Trust
Class
A,
Series
2013-1,
4.300%,
08/15/25
51,264
47,017
United
Airlines,
Inc.
4.375%,
04/15/26
(b)
60,000
54,897
Total
570,898
Automotive
2.8%
Ford
Motor
Co.
4.346%,
12/08/26
110,000
102,394
Ford
Motor
Credit
Co.
LLC
4.125%,
08/17/27
200,000
177,539
4.134%,
08/04/25
204,000
189,618
4.271%,
01/09/27
200,000
180,755
Series
GMTN,
4.389%,
01/08/26
300,000
277,765
General
Motors
Co.
6.125%,
10/01/25
40,000
39,844
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
General
Motors
Financial
Co.,
Inc.
1.250%,
01/08/26
120,000
102,601
Goodyear
Tire
&
Rubber
Co.
(The)
4.875%,
03/15/27
50,000
45,503
5.000%,
05/31/26
60,000
57,624
ZF
North
America
Capital,
Inc.
4.750%,
04/29/25
(b)
153,000
143,600
Total
1,317,243
Banking
4.9%
Ally
Financial,
Inc.
1.450%,
10/02/23
60,000
57,557
5.750%,
11/20/25
100,000
96,512
Bank
of
America
Corp.
Series
L,
3.950%,
04/21/25
120,000
114,916
Bank
of
Nova
Scotia
(The)
Subordinated
4.500%,
12/16/25
120,000
115,023
Barclays
PLC
4.375%,
01/12/26
200,000
185,735
Capital
One
Financial
Corp.
3.300%,
10/30/24
60,000
57,188
4.200%,
10/29/25
40,000
37,975
Citigroup,
Inc.
4.125%,
07/25/28
80,000
72,085
Subordinated
4.600%,
03/09/26
120,000
115,184
Citizens
Financial
Group,
Inc.
2.850%,
07/27/26
80,000
72,514
Deutsche
Bank
AG
4.500%,
04/01/25
200,000
185,895
Deutsche
Bank
AG/New
York
NY
2.552%,
(SOFRRATE
+
1.318%),
01/07/28
(c)
150,000
120,010
Fifth
Third
Bancorp
2.550%,
05/05/27
40,000
34,957
First-Citizens
Bank
&
Trust
Co.
3.929%,
(SOFRRATE
+
3.827%),
06/19/24
(c)
40,000
39,376
Goldman
Sachs
Group,
Inc.
(The)
5.950%,
01/15/27
80,000
80,736
HSBC
Holdings
PLC
4.250%,
08/18/25
204,000
190,010
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(b)
200,000
181,927
Morgan
Stanley
Subordinated
5.000%,
11/24/25
120,000
118,074
NatWest
Group
PLC
4.892%,
(3-month
USD
LIBOR
+
1.754%),
05/18/29
(c)
204,000
181,907
Regions
Financial
Corp.
1.800%,
08/12/28
40,000
32,518
Santander
Holdings
USA,
Inc.
4.500%,
07/17/25
40,000
38,285
Synchrony
Financial
3.950%,
12/01/27
85,000
73,162
4.250%,
08/15/24
70,000
67,587
Webster
Financial
Corp.
4.100%,
03/25/29
85,000
76,131
Total
2,345,264
Building
Materials
0.3%
Martin
Marietta
Materials,
Inc.
3.500%,
12/15/27
85,000
77,357
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Standard
Industries,
Inc.
5.000%,
02/15/27
(b)
50,000
45,699
Total
123,056
Cable
and
Satellite
1.6%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
05/01/27
(b)
150,000
138,987
5.500%,
05/01/26
(b)
60,000
57,684
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.200%,
03/15/28
120,000
107,407
Series
USD,
4.500%,
02/01/24
40,000
39,383
4.908%,
07/23/25
100,000
97,091
Sirius
XM
Radio,
Inc.
3.125%,
09/01/26
(b)
50,000
44,685
5.000%,
08/01/27
(b)
100,000
92,000
Viasat
,
Inc.
5.625%,
04/15/27
(b)
85,000
78,566
Videotron
Ltd.
5.375%,
06/15/24
(b)
85,000
84,295
Total
740,098
Chemicals
0.3%
Celanese
US
Holdings
LLC
6.330%,
07/15/29
60,000
55,844
DuPont
de
Nemours,
Inc.
4.205%,
11/15/23
40,000
39,574
4.493%,
11/15/25
20,000
19,600
Sherwin-Williams
Co.
(The)
3.450%,
06/01/27
40,000
36,736
Total
151,754
Construction
Machinery
0.1%
CNH
Industrial
NV
4.500%,
08/15/23
40,000
39,682
Consumer
Cyclical
Services
0.8%
Brink's
Co.
(The)
4.625%,
10/15/27
(b)
50,000
46,007
CoreCivic
,
Inc.
8.250%,
04/15/26
50,000
50,867
eBay,
Inc.
1.400%,
05/10/26
40,000
34,811
Newmark
Group,
Inc.
6.125%,
11/15/23
85,000
84,696
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(b)
50,000
43,425
5.750%,
04/15/26
(b)
120,000
117,313
Total
377,119
Consumer
Products
0.5%
Brunswick
Corp.
0.850%,
08/18/24
85,000
77,809
Clorox
Co.
(The)
3.100%,
10/01/27
40,000
36,231
Newell
Brands,
Inc.
4.875%,
06/01/25
120,000
115,777
Total
229,817
Diversified
Manufacturing
1.0%
Carrier
Global
Corp.
2.493%,
02/15/27
40,000
35,226
Newell
Brands,
Inc.
4.450%,
04/01/26
60,000
55,803
Otis
Worldwide
Corp.
2.056%,
04/05/25
40,000
37,025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Parker-Hannifin
Corp.
2.700%,
06/14/24
40,000
38,328
Raytheon
Technologies
Corp.
4.125%,
11/16/28
120,000
111,744
Trane
Technologies
Global
Holding
Co.
Ltd.
3.750%,
08/21/28
40,000
36,516
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(b)
115,000
116,151
Westinghouse
Air
Brake
Technologies
Corp.
3.200%,
06/15/25
60,000
55,728
Total
486,521
Electric
2.4%
AES
Corp.
(The)
1.375%,
01/15/26
40,000
34,642
American
Electric
Power
Co.,
Inc.
Subordinated
3.875%,
(US
5
Year
CMT
T-Note
+
2.675%),
02/15/62
(c)
120,000
92,714
Cleco
Corporate
Holdings
LLC
3.743%,
05/01/26
80,000
74,090
Dominion
Energy,
Inc.
Subordinated
5.750%,
(3-month
USD
LIBOR
+
3.057%),
10/01/54
(c)
120,000
111,596
Duke
Energy
Corp.
3.750%,
04/15/24
40,000
39,248
Emera
US
Finance
LP
3.550%,
06/15/26
80,000
73,795
Enel
Americas
SA
4.000%,
10/25/26
85,000
78,580
FirstEnergy
Corp.
Series
B,
4.400%,
07/15/27
30,000
28,102
FirstEnergy
Transmission
LLC
4.350%,
01/15/25
(b)
60,000
57,977
Interstate
Power
and
Light
Co.
3.250%,
12/01/24
40,000
38,360
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
01/15/27
40,000
34,615
3.550%,
05/01/27
40,000
36,906
NextEra
Energy
Operating
Partners
LP
4.250%,
07/15/24
(b)
85,000
82,454
Pacific
Gas
and
Electric
Co.
2.100%,
08/01/27
85,000
69,835
Public
Service
Enterprise
Group,
Inc.
2.875%,
06/15/24
40,000
38,438
Southern
Co.
(The)
2.950%,
07/01/23
40,000
39,342
Vistra
Operations
Co.
LLC
5.500%,
09/01/26
(b)
205,000
196,645
Xcel
Energy,
Inc.
3.300%,
06/01/25
40,000
37,957
Total
1,165,296
Environmental
0.2%
GFL
Environmental,
Inc.
5.125%,
12/15/26
(b)
50,000
47,686
Republic
Services,
Inc.
2.900%,
07/01/26
40,000
36,617
Total
84,303
Finance
Companies
2.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.450%,
10/29/26
170,000
143,755
Air
Lease
Corp.
Series
MTN,
2.875%,
01/15/26
80,000
71,137
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ares
Capital
Corp.
2.150%,
07/15/26
40,000
33,069
Bain
Capital
Specialty
Finance,
Inc.
2.950%,
03/10/26
120,000
101,548
Blackstone
Private
Credit
Fund
1.750%,
09/15/24
120,000
109,636
Equitable
Holdings,
Inc.
4.350%,
04/20/28
120,000
111,250
Navient
Corp.
5.875%,
10/25/24
60,000
58,351
6.750%,
06/25/25
80,000
76,447
Oaktree
Specialty
Lending
Corp.
3.500%,
02/25/25
85,000
79,128
OneMain
Finance
Corp.
3.500%,
01/15/27
170,000
140,005
7.125%,
03/15/26
50,000
48,136
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
2.875%,
10/15/26
(b)
50,000
41,898
SLM
Corp.
4.200%,
10/29/25
80,000
74,428
United
Wholesale
Mortgage
LLC
5.500%,
11/15/25
(b)
120,000
108,469
Total
1,197,257
Food
and
Beverage
1.4%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
3.650%,
02/01/26
40,000
38,345
Anheuser-Busch
InBev
Worldwide,
Inc.
4.750%,
01/23/29
100,000
97,375
Bunge
Ltd.
Finance
Corp.
3.250%,
08/15/26
40,000
36,510
Campbell
Soup
Co.
3.950%,
03/15/25
40,000
38,792
Conagra
Brands,
Inc.
4.300%,
05/01/24
60,000
58,998
Constellation
Brands,
Inc.
4.350%,
05/09/27
85,000
81,230
General
Mills,
Inc.
4.000%,
04/17/25
40,000
38,934
Kellogg
Co.
3.250%,
04/01/26
40,000
37,483
Keurig
Dr
Pepper,
Inc.
0.750%,
03/15/24
40,000
37,686
Kraft
Heinz
Foods
Co.
3.000%,
06/01/26
60,000
55,294
McCormick
&
Co.,
Inc.
0.900%,
02/15/26
85,000
73,375
Sysco
Corp.
3.300%,
07/15/26
40,000
37,018
Tyson
Foods,
Inc.
3.950%,
08/15/24
60,000
58,567
Total
689,607
Foreign
Agencies
3.6%
China
Construction
Bank
Corp.
2.450%,
(US
5
Year
CMT
T-Note
+
2.150%),
06/24/30
(c)
200,000
184,802
CNAC
HK
Finbridge
Co.
Ltd.
3.375%,
06/19/24
200,000
190,683
DP
World
Salaam
6.000%,
(US
5
Year
CMT
T-Note
+
5.750%),
01/01/71
(c)
200,000
193,830
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ecopetrol
SA
4.125%,
01/16/25
100,000
92,287
5.875%,
09/18/23
230,000
226,399
Petrobras
Global
Finance
BV
7.375%,
01/17/27
180,000
183,490
Petroleos
Mexicanos
4.500%,
01/23/26
220,000
194,435
6.875%,
08/04/26
250,000
231,346
Southern
Gas
Corridor
CJSC
Series
REGS,
6.875%,
03/24/26
200,000
197,146
Total
1,694,418
Foreign
Government
Obligations
2.4%
Equate
Petrochemical
BV
Series
REGS,
4.250%,
11/03/26
200,000
186,993
Industrial
&
Commercial
Bank
of
China
Ltd.
Series
REGS,
4.875%,
09/21/25
455,000
447,127
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
4.125%,
05/15/27
200,000
183,440
Petroleos
Mexicanos
5.350%,
02/12/28
424,000
338,573
Total
1,156,133
Gaming
1.2%
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
5.375%,
04/15/26
40,000
38,173
5.750%,
06/01/28
85,000
79,290
International
Game
Technology
PLC
6.250%,
01/15/27
(b)
200,000
198,172
Las
Vegas
Sands
Corp.
3.500%,
08/18/26
180,000
156,850
Melco
Resorts
Finance
Ltd.
Series
REGS,
5.250%,
04/26/26
85,000
53,594
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
4.625%,
06/15/25
(b)
60,000
56,455
Total
582,534
Health
Care
2.7%
AmerisourceBergen
Corp.
3.450%,
12/15/27
40,000
36,521
Baxter
International,
Inc.
1.915%,
02/01/27
85,000
73,083
Becton
Dickinson
and
Co.
3.363%,
06/06/24
40,000
38,829
Boston
Scientific
Corp.
3.450%,
03/01/24
18,000
17,612
Cardinal
Health,
Inc.
3.079%,
06/15/24
40,000
38,502
Cigna
Corp.
3.400%,
03/01/27
85,000
78,254
4.125%,
11/15/25
40,000
38,630
4.375%,
10/15/28
50,000
46,994
CVS
Health
Corp.
1.300%,
08/21/27
85,000
70,474
4.300%,
03/25/28
80,000
75,110
HCA,
Inc.
5.250%,
06/15/26
50,000
48,495
5.375%,
09/01/26
85,000
82,495
5.875%,
02/15/26
100,000
99,149
IQVIA,
Inc.
5.000%,
05/15/27
(b)
200,000
190,470
Laboratory
Corp.
of
America
Holdings
1.550%,
06/01/26
80,000
69,427
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
PerkinElmer,
Inc.
0.850%,
09/15/24
120,000
110,822
Quest
Diagnostics,
Inc.
3.500%,
03/30/25
40,000
38,349
Tenet
Healthcare
Corp.
4.875%,
01/01/26
(b)
100,000
94,522
Toledo
Hospital
(The)
Series
B,
5.325%,
11/15/28
85,000
55,535
Total
1,303,273
Healthcare
Insurance
0.2%
Elevance
Health,
Inc.
4.101%,
03/01/28
40,000
37,564
Humana,
Inc.
1.350%,
02/03/27
85,000
71,247
Total
108,811
Healthcare
REIT
0.9%
Healthcare
Realty
Holdings
LP
3.625%,
01/15/28
85,000
73,866
Healthpeak
Properties,
Inc.
3.400%,
02/01/25
120,000
114,478
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
5.000%,
10/15/27
100,000
85,502
Omega
Healthcare
Investors,
Inc.
4.750%,
01/15/28
85,000
76,298
Ventas
Realty
LP
4.125%,
01/15/26
40,000
37,936
Welltower
,
Inc.
4.250%,
04/15/28
40,000
36,687
Total
424,767
Home
Construction
0.1%
Lennar
Corp.
4.750%,
05/30/25
40,000
38,851
Independent
Energy
1.7%
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
40,000
36,918
Coterra
Energy,
Inc.
4.375%,
03/15/29
(b)
85,000
78,292
EQT
Corp.
3.125%,
05/15/26
(b)
80,000
72,782
6.125%,
02/01/25
40,000
40,035
Harbour
Energy
PLC
5.500%,
10/15/26
(b)
85,000
76,610
Matador
Resources
Co.
5.875%,
09/15/26
85,000
83,513
MEG
Energy
Corp.
7.125%,
02/01/27
(b)
40,000
40,705
Occidental
Petroleum
Corp.
5.875%,
09/01/25
240,000
242,156
PDC
Energy,
Inc.
5.750%,
05/15/26
120,000
115,164
Southwestern
Energy
Co.
5.700%,
01/23/25
11,000
10,840
Total
797,015
Leisure
0.3%
Royal
Caribbean
Cruises
Ltd.
11.500%,
06/01/25
(b)
120,000
129,193
Life
Insurance
0.3%
CNO
Financial
Group,
Inc.
5.250%,
05/30/29
85,000
77,453
Lincoln
National
Corp.
3.800%,
03/01/28
40,000
36,649
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%,
09/01/23
40,000
39,700
Total
153,802
Lodging
0.7%
Hilton
Domestic
Operating
Co.,
Inc.
5.375%,
05/01/25
(b)
153,000
150,662
Hyatt
Hotels
Corp.
4.375%,
09/15/28
85,000
75,903
Marriott
International,
Inc.
Series
X,
4.000%,
04/15/28
60,000
54,142
Travel
+
Leisure
Co.
6.625%,
07/31/26
(b)
40,000
39,030
Total
319,737
Media
and
Entertainment
1.3%
AMC
Networks,
Inc.
4.750%,
08/01/25
120,000
110,124
Discovery
Communications
LLC
3.950%,
03/20/28
125,000
108,475
Fox
Corp.
3.050%,
04/07/25
80,000
75,591
Netflix,
Inc.
3.625%,
06/15/25
(b)
40,000
38,069
5.875%,
02/15/25
60,000
60,353
Omnicom
Group,
Inc.
/
Omnicom
Capital,
Inc.
3.650%,
11/01/24
40,000
38,594
Paramount
Global
4.000%,
01/15/26
40,000
37,542
Take-Two
Interactive
Software,
Inc.
3.550%,
04/14/25
85,000
81,081
Warnermedia
Holdings,
Inc.
4.054%,
03/15/29
(b)
100,000
85,041
Total
634,870
Media
Cable
0.3%
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(b)
150,000
135,002
Metals
and
Mining
1.1%
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(b)
40,000
39,715
FMG
Resources
August
2006
Pty
Ltd.
5.125%,
05/15/24
(b)
85,000
83,339
Freeport-McMoRan,
Inc.
4.550%,
11/14/24
150,000
147,390
Novelis
Corp.
3.250%,
11/15/26
(b)
150,000
132,077
Nucor
Corp.
2.000%,
06/01/25
40,000
36,779
Reliance
Steel
&
Aluminum
Co.
1.300%,
08/15/25
120,000
106,719
Total
546,019
Midstream
3.2%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
7.875%,
05/15/26
(b)
85,000
86,657
Buckeye
Partners
LP
3.950%,
12/01/26
85,000
74,523
4.125%,
03/01/25
(b)
40,000
37,671
Cheniere
Corpus
Christi
Holdings
LLC
5.125%,
06/30/27
40,000
39,058
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
5.750%,
04/01/25
50,000
48,768
DCP
Midstream
Operating
LP
5.375%,
07/15/25
40,000
39,096
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Enbridge,
Inc.
4.000%,
10/01/23
40,000
39,458
Energy
Transfer
LP
4.950%,
05/15/28
70,000
64,913
EnLink
Midstream
Partners
LP
4.150%,
06/01/25
16,000
15,057
Enterprise
Products
Operating
LLC
3.700%,
02/15/26
40,000
37,975
EQM
Midstream
Partners
LP
4.000%,
08/01/24
15,000
14,199
6.000%,
07/01/25
(b)
45,000
43,618
Kinder
Morgan,
Inc.
4.300%,
06/01/25
85,000
82,677
MPLX
LP
4.875%,
06/01/25
40,000
39,079
National
Fuel
Gas
Co.
3.950%,
09/15/27
85,000
75,322
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(b)
100,000
97,021
NuStar
Logistics
LP
5.625%,
04/28/27
85,000
78,943
6.000%,
06/01/26
40,000
38,764
ONEOK,
Inc.
4.000%,
07/13/27
80,000
72,530
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
4.650%,
10/15/25
85,000
82,121
Sabine
Pass
Liquefaction
LLC
5.000%,
03/15/27
40,000
38,546
5.625%,
03/01/25
40,000
39,818
Sunoco
LP
/
Sunoco
Finance
Corp.
6.000%,
04/15/27
50,000
48,988
TransCanada
PipeLines
Ltd.
4.875%,
01/15/26
40,000
39,169
Western
Midstream
Operating
LP
3.350%,
02/01/25
120,000
114,064
Williams
Cos.,
Inc.
(The)
3.750%,
06/15/27
125,000
114,793
Total
1,502,828
Natural
Gas
0.1%
Sempra
Energy
3.400%,
02/01/28
40,000
35,739
Office
REIT
0.3%
Alexandria
Real
Estate
Equities,
Inc.
3.950%,
01/15/27
40,000
37,483
Office
Properties
Income
Trust
4.500%,
02/01/25
120,000
100,169
Total
137,652
Oil
Field
Services
0.1%
Petrofac
Ltd.
9.750%,
11/15/26
(b)
85,000
62,899
Other
Financial
Institutions
0.5%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
4.750%,
09/15/24
50,000
48,274
6.250%,
05/15/26
40,000
38,415
6.375%,
12/15/25
170,000
165,034
Total
251,723
Other
Industry
0.1%
AECOM
5.125%,
03/15/27
50,000
47,315
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Other
REIT
0.4%
Digital
Realty
Trust
LP
4.450%,
07/15/28
40,000
36,927
EPR
Properties
4.500%,
04/01/25
40,000
37,218
iStar
,
Inc.
4.250%,
08/01/25
60,000
58,110
Service
Properties
Trust
7.500%,
09/15/25
60,000
58,487
Total
190,742
Packaging
1.0%
Amcor
Finance
USA,
Inc.
3.625%,
04/28/26
120,000
110,689
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.125%,
08/15/26
(b)
85,000
73,121
Ball
Corp.
5.250%,
07/01/25
180,000
177,570
Berry
Global,
Inc.
1.650%,
01/15/27
85,000
70,101
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
40,000
38,333
Total
469,814
Paper
0.2%
Celulosa
Arauco
y
Constitucion
SA
3.875%,
11/02/27
85,000
74,306
Pharmaceuticals
1.5%
AbbVie,
Inc.
2.950%,
11/21/26
185,000
168,921
3.800%,
03/15/25
60,000
57,959
Amgen,
Inc.
1.650%,
08/15/28
90,000
74,023
Gilead
Sciences,
Inc.
2.950%,
03/01/27
90,000
81,901
3.650%,
03/01/26
40,000
37,912
Mylan,
Inc.
4.550%,
04/15/28
60,000
53,792
Perrigo
Finance
Unlimited
Co.
3.900%,
12/15/24
85,000
80,921
4.375%,
03/15/26
40,000
37,492
Shire
Acquisitions
Investments
Ireland
DAC
3.200%,
09/23/26
80,000
73,569
Zoetis,
Inc.
4.500%,
11/13/25
40,000
39,179
Total
705,669
Property
&
Casualty
0.4%
American
International
Group,
Inc.
3.900%,
04/01/26
24,000
22,861
Aon
Global
Ltd.
3.875%,
12/15/25
40,000
38,072
Assurant,
Inc.
4.900%,
03/27/28
40,000
37,481
CNA
Financial
Corp.
3.450%,
08/15/27
85,000
76,830
Total
175,244
Railroads
0.3%
Canadian
Pacific
Railway
Co.
1.750%,
12/02/26
85,000
73,934
CSX
Corp.
2.600%,
11/01/26
85,000
77,129
Total
151,063
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Refining
0.4%
Marathon
Petroleum
Corp.
3.800%,
04/01/28
50,000
44,905
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
7.250%,
06/15/25
50,000
49,468
Phillips
66
3.900%,
03/15/28
40,000
36,944
Phillips
66
Co.
3.750%,
03/01/28
(b)
70,000
62,973
Total
194,290
Restaurants
0.4%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
5.750%,
04/15/25
(b)
70,000
69,991
McDonald's
Corp.
Series
MTN,
3.800%,
04/01/28
80,000
74,814
Starbucks
Corp.
3.500%,
03/01/28
40,000
36,797
Total
181,602
Retail
REIT
0.3%
Agree
LP
2.000%,
06/15/28
85,000
67,927
Kimco
Realty
Corp.
3.300%,
02/01/25
40,000
38,015
Realty
Income
Corp.
4.875%,
06/01/26
40,000
38,921
Total
144,863
Retailers
1.3%
AutoNation,
Inc.
3.800%,
11/15/27
125,000
109,319
Dollar
Tree,
Inc.
4.200%,
05/15/28
40,000
37,247
Hanesbrands,
Inc.
4.625%,
05/15/24
(b)
85,000
82,632
Lowe's
Cos.,
Inc.
3.650%,
04/05/29
85,000
76,460
O'Reilly
Automotive,
Inc.
3.600%,
09/01/27
120,000
110,724
QVC,
Inc.
4.450%,
02/15/25
80,000
69,944
Under
Armour
,
Inc.
3.250%,
06/15/26
170,000
146,125
Total
632,451
Supermarkets
0.2%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.250%,
03/15/26
(b)
50,000
45,014
4.625%,
01/15/27
(b)
40,000
37,099
Kroger
Co.
(The)
4.500%,
01/15/29
40,000
37,521
Total
119,634
Technology
3.8%
Avnet,
Inc.
4.625%,
04/15/26
40,000
37,816
Block,
Inc.
2.750%,
06/01/26
50,000
44,745
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
125,000
114,959
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
40,000
38,411
6.020%,
06/15/26
60,000
59,908
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Equifax,
Inc.
2.600%,
12/01/24
40,000
37,764
Equinix
,
Inc.
2.625%,
11/18/24
60,000
56,508
Fidelity
National
Information
Services,
Inc.
1.150%,
03/01/26
40,000
34,532
Fiserv,
Inc.
2.750%,
07/01/24
85,000
81,303
3.200%,
07/01/26
40,000
36,726
Flex
Ltd.
3.750%,
02/01/26
85,000
78,739
Global
Payments,
Inc.
1.200%,
03/01/26
40,000
34,151
Hewlett
Packard
Enterprise
Co.
4.450%,
10/02/23
40,000
39,697
HP,
Inc.
1.450%,
06/17/26
85,000
72,715
3.000%,
06/17/27
40,000
35,268
Iron
Mountain,
Inc.
4.875%,
09/15/27
(b)
50,000
46,132
Microchip
Technology,
Inc.
2.670%,
09/01/23
60,000
58,484
Moody's
Corp.
3.750%,
03/24/25
85,000
82,264
Motorola
Solutions,
Inc.
4.600%,
02/23/28
80,000
75,034
NortonLifeLock
,
Inc.
5.000%,
04/15/25
(b)
85,000
82,642
Oracle
Corp.
2.500%,
04/01/25
40,000
37,393
2.650%,
07/15/26
85,000
76,453
3.250%,
11/15/27
80,000
71,050
Seagate
HDD
Cayman
4.875%,
03/01/24
40,000
39,204
Sensata
Technologies
BV
5.000%,
10/01/25
(b)
60,000
58,377
Skyworks
Solutions,
Inc.
1.800%,
06/01/26
120,000
102,457
TD
SYNNEX
Corp.
1.750%,
08/09/26
85,000
71,790
VMware,
Inc.
1.400%,
08/15/26
85,000
72,620
3.900%,
08/21/27
40,000
36,653
Western
Digital
Corp.
4.750%,
02/15/26
60,000
55,435
Western
Union
Co.
(The)
2.850%,
01/10/25
40,000
37,558
Total
1,806,788
Tobacco
0.3%
Altria
Group,
Inc.
2.350%,
05/06/25
40,000
36,925
BAT
Capital
Corp.
3.557%,
08/15/27
125,000
109,408
Total
146,333
Transportation
Services
0.2%
FedEx
Corp.
3.250%,
04/01/26
60,000
56,526
Penske
Automotive
Group,
Inc.
Subordinated
3.500%,
09/01/25
60,000
55,982
Total
112,508
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wireless
1.2%
American
Tower
Corp.
5.000%,
02/15/24
40,000
39,795
Rogers
Communications,
Inc.
3.625%,
12/15/25
100,000
93,563
Sprint
Corp.
7.125%,
06/15/24
85,000
86,328
7.625%,
03/01/26
170,000
177,126
T-Mobile
USA,
Inc.
2.050%,
02/15/28
110,000
91,228
5.375%,
04/15/27
85,000
84,244
Total
572,284
Wirelines
1.2%
AT&T,
Inc.
0.900%,
03/25/24
40,000
37,786
2.300%,
06/01/27
40,000
34,909
4.350%,
03/01/29
85,000
78,907
British
Telecommunications
PLC
5.125%,
12/04/28
85,000
78,002
Level
3
Financing,
Inc.
3.400%,
03/01/27
(b)
100,000
86,205
Lumen
Technologies,
Inc.
4.000%,
02/15/27
(b)
100,000
85,115
Verizon
Communications,
Inc.
2.100%,
03/22/28
40,000
33,624
4.125%,
03/16/27
75,000
71,392
4.329%,
09/21/28
85,000
79,779
Total
585,719
Total
Corporate
Bonds
(Cost
$29,028,588)
26,516,631
Foreign
Government
Obligations
(d)
14.0%
Principal
Amount
($)
Value
($)
Brazilian
Government
International
Bond
8.875%,
04/15/24
280,000
296,471
6.000%,
04/07/26
289,000
296,036
2.875%,
06/06/25
300,000
281,515
Colombia
Government
International
Bond
8.125%,
05/21/24
180,000
180,955
4.500%,
01/28/26
574,000
516,527
Dominican
Republic
International
Bond
Series
REGS,
5.500%,
01/27/25
200,000
196,472
Series
REGS,
5.950%,
01/25/27
272,000
256,174
Hungary
Government
International
Bond
5.375%,
03/25/24
200,000
198,075
Indonesia
Government
International
Bond
4.100%,
04/24/28
255,000
240,070
Series
REGS,
4.750%,
01/08/26
200,000
196,180
Kazakhstan
Government
International
Bond
Series
REGS,
5.125%,
07/21/25
200,000
204,599
Mexico
Government
International
Bond
4.125%,
01/21/26
200,000
192,915
3.750%,
01/11/28
255,000
233,859
Oman
Government
International
Bond
Series
REGS,
6.750%,
10/28/27
200,000
200,724
Series
REGS,
5.625%,
01/17/28
400,000
381,773
Oman
Sovereign
Sukuk
Co.
Series
REGS,
5.932%,
10/31/25
200,000
201,714
Panama
Government
International
Bond
Series
REGS,
3.750%,
04/17/26
240,000
224,758
Foreign
Government
Obligations
(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.350%,
09/10/24
200,000
198,086
Series
REGS,
4.400%,
03/01/28
255,000
241,859
Peruvian
Government
International
Bond
2.392%,
01/23/26
240,000
216,824
Philippine
Government
International
Bond
10.625%,
03/16/25
240,000
268,206
4.200%,
01/21/24
200,000
196,553
Republic
of
South
Africa
Government
International
Bond
5.875%,
09/16/25
200,000
198,261
4.875%,
04/14/26
200,000
188,217
4.850%,
09/27/27
255,000
231,407
Romanian
Government
International
Bond
Series
REGS,
4.375%,
08/22/23
410,000
406,986
Sharjah
Sukuk
Program
Ltd.
Series
EMTN,
4.226%,
03/14/28
200,000
176,266
Uruguay
Government
International
Bond
4.500%,
08/14/24
26,667
26,610
Total
Foreign
Government
Obligations
(Cost
$7,130,590)
6,648,092
U.S.
Government
&
Agency
Obligations
9.9%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
9.9%
1.500%,
11/15/37
(e)
1,789,000
1,521,784
2.000%,
11/15/37
(e)
2,720,000
2,381,724
2.500%,
11/15/37
(e)
649,000
584,669
3.000%,
11/15/37
(e)
147,000
135,172
3.500%,
11/15/37
(e)
56,000
52,614
4.000%,
11/15/37
(e)
25,000
23,873
Total
4,699,836
Total
U.S.
Government
&
Agency
Obligations
(Cost
$4,719,420)
4,699,836
U.S.
Treasury
Obligations
7.7%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bill
7.7%
0.827%,
12/29/22
1,750,000
1,739,230
2.944%,
07/13/23
2,000,000
1,940,014
Total
3,679,244
Total
U.S.
Treasury
Obligations
(Cost
$3,707,549)
3,679,244
Money
Market
Funds
2.0%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
3.010%
(f)
943,880
943,880
Total
Money
Market
Funds
(Cost
$943,880)
943,880
Total
Investments
in
Securities
(Cost
$55,805,047)
52,058,035
Other
Assets
&
Liabilities,
Net
(4,367,088)
Net
Assets
47,690,947
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
(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,
2022.
(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,
2022,
the
total
value
of
these
securities
amounted
to
$4,783,336,
which
represents
10.03%
of
total
net
assets.
(c)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2022.
(d)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(e)
Represents
a
security
purchased
on
a
when-issued
basis.
(f)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Abbreviation
Legend
LIBOR
London
Interbank
Offered
Rates
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.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Asset-Backed
Securities
-
Non-Agency
–
4,785,210
–
4,785,210
Commercial
Mortgage-Backed
Securities
-
Non-Agency
–
4,785,142
–
4,785,142
Corporate
Bonds
–
26,516,631
–
26,516,631
Foreign
Government
Obligations
–
6,648,092
–
6,648,092
U.S.
Government
&
Agency
Obligations
–
4,699,836
–
4,699,836
U.S.
Treasury
Obligations
–
3,679,244
–
3,679,244
Money
Market
Funds
943,880
–
–
943,880
Total
Investments
in
Securities
943,880
51,114,155
–
52,058,035
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,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$55,805,047)
$52,058,035
Receivable
for:
Investments
sold
494,734
Interest
414,979
Total
assets
52,967,748
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
4,719,420
Investments
purchased
547,271
Investment
management
fees
10,110
Total
liabilities
5,276,801
Net
assets
applicable
to
outstanding
capital
stock
$47,690,947
Represented
by:
Paid-in
capital
$52,823,157
Total
distributable
earnings
(loss)
(5,132,210)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$47,690,947
Shares
outstanding
2,700,050
Net
asset
value
per
share
$17.66
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Investment
Income:
Interest
$1,109,367
Foreign
taxes
withheld
(1,425)
Total
income
1,107,942
Expenses:
Investment
management
fees
104,781
Net
Investment
Income
1,003,161
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(1,433,142)
Net
realized
loss
(1,433,142)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(3,583,295)
Net
change
in
unrealized
depreciation
(3,583,295)
Net
realized
and
unrealized
loss
(5,016,437)
Net
Decrease
in
net
assets
resulting
from
operations
$(4,013,276)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2022
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
(a)
Operations
Net
investment
income
$1,003,161
$31,350
Net
realized
loss
(1,433,142)
(10,331)
Net
change
in
unrealized
depreciation
(3,583,295)
(163,717)
Net
decrease
in
net
assets
resulting
from
operations
(4,013,276)
(142,698)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(976,236)
–
Shareholder
transactions
Proceeds
from
shares
sold
39,388,579
–
Cost
of
shares
redeemed
(6,566,422)
–
Net
increase
in
net
assets
resulting
from
shareholder
transactions
32,822,157
–
Increase
(decrease)
in
net
assets
27,832,645
(142,698)
Net
Assets:
Net
assets
beginning
of
year
19,858,302
20,001,000
Net
assets
at
end
of
year
$47,690,947
$19,858,302
Capital
stock
activity
Shares
outstanding,
beginning
of
year
1,000,050
1,000,050
Subscriptions
2,050,000
–
Redemptions
(350,000)
–
Shares
outstanding,
end
of
year
2,700,050
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
2022
23
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,
2022
2021
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$19.86
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.44
0.03
Net
realized
and
unrealized
loss
(2.20)
(0.17)
Total
from
investment
operations
(1.76)
(0.14)
Less
distributions
to
shareholders:
Net
investment
income
(0.44)
–
Total
distribution
to
shareholders
(0.44)
–
Net
asset
value,
end
of
period
$17.66
$19.86
Total
Return
at
NAV
(8.96)%
(0.70)%
Total
Return
at
Market
(9.25)%
(0.70)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.25%
0.25%
(c)
Total
net
expenses
(b)(d)
0.25%
0.25%
(c)
Net
investment
income
2.39%
1.44%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$47,691
$19,858
Portfolio
turnover
163%
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,
2022
24
Strategic
Beta
ETFs
|
Annual
Report
2022
Note
1.
Organization
Columbia
Short
Duration
Bond
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
non-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
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
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
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
25
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
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
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,
2022
26
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
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
net
asset
value
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
in
the
Statement
of
Assets
and
Liabilities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
27
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
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;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
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
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Fund.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
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:
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,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
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.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
56,146
(56,146)
-
Year
Ended
October
31,
2022
Period
Ended
October
31,
2021
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
976,236
-
976,236
-
-
-
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
depreciation
($)
118,316
-
(1,459,762)
(3,790,764)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
depreciation
($)
55,848,799
5,967
(3,796,731)
(3,790,764)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
The
following
capital
loss
carryforwards,
determined
at
October
31,
2022,
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,
2022,
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
$71,964,809
and
$65,946,356,
respectively,
for
the
year
ended
October
31,
2022.
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,
2022,
the
cost
basis
of
securities
contributed
was
$27,198,614.
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,
2022,
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
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
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
0.10%
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
27,
2022
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
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2022.
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
1,446,692
13,070
1,459,762
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
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
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’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
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
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
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
objective.
Any
such
events
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
Mortgage-
and
other
asset-backed
securities
risk
The
value
of
any
mortgage-backed
and
other
asset-backed
securities
including
collateralized
debt
obligations,
if
any,
held
by
the
Fund
may
be
affected
by,
among
other
things,
changes
or
perceived
changes
in:
interest
rates;
factors
concerning
the
interests
in
and
structure
of
the
issuer
or
the
originator
of
the
mortgages
or
other
assets;
the
creditworthiness
of
the
entities
that
provide
any
supporting
letters
of
credit,
surety
bonds
or
other
credit
enhancements;
or
the
market’s
assessment
of
the
quality
of
underlying
assets.
Payment
of
principal
and
interest
on
some
mortgage-backed
securities
(but
not
the
market
value
of
the
securities
themselves)
may
be
guaranteed
by
the
full
faith
and
credit
of
a
particular
U.S.
Government
agency,
authority,
enterprise
or
instrumentality,
and
some,
but
not
all,
are
also
insured
or
guaranteed
by
the
U.S.
Government.
Mortgage-backed
securities
issued
by
non-governmental
issuers
(such
as
commercial
banks,
savings
and
loan
institutions,
private
mortgage
insurance
companies,
mortgage
bankers
and
other
secondary
market
issuers)
may
entail
greater
risk
than
obligations
guaranteed
by
the
U.S.
Government.
Mortgage-
and
other
asset-backed
securities
are
subject
to
liquidity
risk
and
prepayment
risk.
A
decline
or
flattening
of
housing
values
may
cause
delinquencies
in
mortgages
(especially
sub-prime
or
non-prime
mortgages)
underlying
mortgage-backed
securities
and
thereby
adversely
affect
the
ability
of
the
mortgage-backed
securities
issuer
to
make
principal
and/or
interest
payments
to
mortgage-
backed
securities
holders,
including
the
Fund.
Rising
or
high
interest
rates
tend
to
extend
the
duration
of
mortgage-
and
other
asset-backed
securities,
making
their
prices
more
volatile
and
more
sensitive
to
changes
in
interest
rates.
Non-diversification
risk
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
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
the
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,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
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
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
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
2022
33
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,
2022,
the
related
statement
of
operations
for
the
year
ended
October
31,
2022
and
the
statement
of
changes
in
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2022
and
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021,
including
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2022,
the
results
of
its
operations
for
the
year
ended
October
31,
2022,
and
the
changes
in
its
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2022
and
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
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,
2022
by
correspondence
with
the
custodian,
transfer
agent
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
22,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
TRUSTEES
AND
OFFICERS
(Unaudited)
34
Strategic
Beta
ETFs
|
Annual
Report
2022
The
Board
oversees
the
Fund's
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
Fund's
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
176
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,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(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;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
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)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
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
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
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
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
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
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;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
36
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
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
176
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
176
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
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
174
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
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,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
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)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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
176
Director,
Blue
Cross
Blue
Shield
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
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
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
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
39
*
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.
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
Sandra
L.
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
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Interested
trustee
affiliated
with
Investment
Manager*
Name,
Address,
Year
of
Birth
Position
Held
with
the
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
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
41
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
Fund's
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
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
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/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
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
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
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);
formerly,
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;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
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)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2022
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
43
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
Short
Duration
Bond
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
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
23,
2022
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
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
2022
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. The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
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,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
45
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
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
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
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
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
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
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
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.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
ANNUAL
REPORT
October
31,
2022
Columbia
Seligman
Semiconductor
and
Technology
ETF
An
Actively
Managed
ETF
Thematic
ETFs
|
Annual
Report
2022
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Understanding
Your
Fund’s
Expenses
6
Portfolio
of
Investments
7
Statement
of
Assets
and
Liabilities
9
Statement
of
Operations
10
Statement
of
Changes
in
Net
Assets
11
Financial
Highlights
12
Notes
to
Financial
Statements
13
Report
of
Independent
Registered
Public
Accounting
Firm
21
Trustees
and
Officers
22
Approval
of
Investment
Management
Services
Agreement
31
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,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
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
Seligman
Semiconductor
and
Technology
ETF
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
3
Portfolio
management
Paul
Wick
Lead
Portfolio
Manager
Managed
Fund
since
March
2022
Shekhar
Pramanick
Technology
Team
Member
Managed
Fund
since
March
2022
Sanjay
Devgan
Technology
Team
Member
Managed
Fund
since
March
2022
Christopher
Lo,
CFA
Implementation
Portfolio
Manager
Managed
Fund
since
March
2022
Investment
objective
Columbia
Seligman
Semiconductor
and
Technology
ETF
(the
Fund)
seeks
capital
appreciation.
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.
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
PHLX
Semiconductor
Sector
Index
is
a
modified
capitalization-weighted
index
composed
of
the
30
largest
companies
primarily
involved
in
the
design,
distribution,
manufacture,
and
sale
of
semiconductors.
The
S&P
500
Index,
an
unmanaged
index,
measures
the
performance
of
500
widely
held,
large-
capitalization
U.S.
stocks
and
is
frequently
used
as
a
general
measure
of
market
performance.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
Life
Market
Price
03/29/22
-25.80
Net
Asset
Value
03/29/22
-25.60
PHLX
Semiconductor
Sector
Index
-32.21
S&P
500
Index
-14.57
FUND
AT
A
GLANCE
(continued)
Columbia
Seligman
Semiconductor
and
Technology
ETF
(Unaudited)
4
Thematic
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(March
29,
2022
—
October
31,
2022)
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,
2022
)
Common
Stocks
98.0
Money
Market
Funds
2.0
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,
2022
)
Information
Technology
95.9
Industrials
2.3
Communication
Services
1.8
Total
100.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sub-industry
breakdown
(%)
(at
October
31,
2022
)
Information
Technology
Application
Software
7.4
Electronic
Equipment
&
Instruments
2.5
Semiconductor
Equipment
19.6
Semiconductors
60.1
Systems
Software
1.6
Technology
Hardware,
Storage
&
Peripherals
4.7
Total
95.9
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
5
Since
inception
on
March
29,
2022
through
October
31,
2022,
the
Fund
returned
-25.60%
based
on
net
asset
value
(NAV)
and
-25.80%
based
on
market
price.
The
PHLX
Semiconductor
Sector
Index,
the
Fund's
primary
benchmark,
returned
-32.21%
and
the
S&P
500
Index,
measuring
the
broad
U.S.
equity
market
returned
-14.57%
during
the
same
time
period.
Market
overview
Equities
reversed
course
in
2022,
erasing
robust
gains
achieved
in
2021.
Lingering
worries
related
to
the
COVID-19
Omicron
variant
were
a
headwind,
as
were
fears
around
inflation,
durability
of
growth
and
the
end
of
more
than
a
decade
of
easy
monetary
policy
coming
from
the
U.S
Federal
Reserve
(Fed)
and
other
global
central
banks.
Volatility
and
risk-
off
sentiment
spiked
as
investor
concerns
expanded
to
include
ramifications
of
a
prolonged
Russia-Ukraine
conflict.
Commodity
prices
surged,
particularly
for
oil
and
wheat,
as
the
conflict
in
eastern
Europe
escalated
into
war
and
further
complicated
global
supply
chains.
Despite
mostly
resilient
corporate
earnings
reports,
equities
continued
a
choppy
decline.
The
Fed
raised
interest
rates
five
times
during
the
period
(March,
May,
June,
July
and
September
2022),
ending
at
a
target
rate
of
3.00
–
3.25%
by
August
31,
2022.
Investor
sentiment
was
dominated
by
an
increasing
focus
on
persistent
inflation,
the
ongoing
war
in
Ukraine,
slowing
economic
growth
leading
to
a
possible
recession
and
continued
supply-chain
snarls.
Technology
was
not
immune
to
the
volatility.
Many
unprofitable
and
long-duration
growth
assets
sank
due
to
the
specter
of
rising
interest
rates
and
increased
cost
of
capital
to
fund
future
growth
opportunities.
Semiconductors
were
broadly
down
during
the
period
because
select
high-profile
earnings
reports
indicated
a
weakness
in
personal
computers
(PCs),
crypto
currency
and
gaming.
Additionally,
prolonged
COVID-19
lockdowns
negatively
impacted
new
sales
of
handsets
and
PCs,
leading
to
reports
of
inventory
correction/pricing
declines
in
memory.
While
some
semiconductor
end
markets
are
weak,
fundamentals
in
other
areas
remain
strong,
yet
semiconductor
stocks
were
uniformly
down
on
the
expectation
of
weakness
everywhere.
The
Fund’s
notable
contributors
during
the
period
The
Fund’s
outperformance
of
its
primary
benchmark
during
the
period
was
driven
by
strong
stock
selection.
The
Fund’s
allocations
to
semiconductor-related
names
in
the
software,
technology
hardware
and
interactive
media
industries
also
benefited
Fund
results
versus
the
benchmark.
Top
individual
contributors
to
relative
performance
during
the
period
included
Analog
Devices,
Inc.,
GlobalFoundries,
Inc.,
Advanced
Energy
Industries,
Inc.,
Marvell
Technology,
Inc.
and
Micron
Technology,
Inc.
The
Fund’s
notable
detractors
during
the
period
The
Fund
commenced
operations
on
March
29,
2022.
As
the
portfolio
was
becoming
fully
invested,
the
portfolio’s
higher
cash
exposure
lagged
the
benchmark
return
and
detracted
from
relative
returns.
Top
individual
detractors
to
relative
performance
during
the
period
included
Synaptics,
Inc.,
Texas
Instruments
Incorporated,
Monolithic
Power
Systems,
Inc.,
Semtech
Corporation
and
SMART
Global
Holdings,
Inc.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
6
Thematic
ETFs
|
Annual
Report
2022
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,
2022.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
—
October
31,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Seligman
Semiconductor
and
Technology
ETF
1,000.00
1,000.00
862.10
1,021.42
3.52
3.82
0.75
PORTFOLIO
OF
INVESTMENTS
October
31,
2022
(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.
Thematic
ETFs
|
Annual
Report
2022
7
Notes
to
Portfolio
of
Investments
Common
Stocks
98.1%
Issuer
Shares
Value
($)
Communication
Services 1.8%
Interactive
Media
&
Services
1.8%
Alphabet,
Inc.
Class
C
(a)
2,321
219,706
Total
Communication
Services
219,706
Industrials 2.3%
Electrical
Equipment
2.3%
Bloom
Energy
Corp.
Class
A
(a)
14,826
277,395
Total
Industrials
277,395
Information
Technology 94.0%
Electronic
Equipment,
Instruments
&
Components
2.4%
Advanced
Energy
Industries,
Inc.
3,760
295,724
Semiconductors
&
Semiconductor
Equipment
78.2%
Advanced
Micro
Devices,
Inc.
(a)
1,080
64,865
Analog
Devices,
Inc.
3,822
545,094
Applied
Materials,
Inc.
4,590
405,251
Broadcom,
Inc.
1,337
628,550
Diodes,
Inc.
(a)
1,370
98,188
Entegris,
Inc.
630
49,984
GLOBALFOUNDRIES,
Inc.
(a)
9,602
544,433
Ichor
Holdings
Ltd.
(a)
2,306
58,665
indie
Semiconductor,
Inc.
Class
A
(a)
24,634
192,638
Intel
Corp.
9,949
282,850
KLA
Corp.
1,642
519,611
Lam
Research
Corp.
2,096
848,419
Marvell
Technology,
Inc.
9,538
378,468
MaxLinear,
Inc.
(a)
2,180
67,318
Microchip
Technology,
Inc.
8,743
539,793
Micron
Technology,
Inc.
7,703
416,732
MKS
Instruments,
Inc.
816
67,034
NXP
Semiconductors
NV
3,006
439,116
ON
Semiconductor
Corp.
(a)
5,598
343,885
Qorvo,
Inc.
(a)
4,107
353,531
QUALCOMM,
Inc.
3,147
370,276
Rambus,
Inc.
(a)
12,355
372,627
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Semtech
Corp.
(a)
1,233
34,142
Silicon
Laboratories,
Inc.
(a)
1,094
125,723
Skyworks
Solutions,
Inc.
2,179
187,416
SMART
Global
Holdings,
Inc.
(a)
9,504
128,589
STMicroelectronics
NV
6,023
187,436
Synaptics,
Inc.
(a)
3,845
340,667
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
4,006
246,569
Teradyne,
Inc.
4,966
403,984
Texas
Instruments,
Inc.
455
73,087
Tower
Semiconductor
Ltd.
(a)
6,608
282,558
Total
9,597,499
Software
8.8%
Adeia,
Inc.
11,539
129,006
Cadence
Design
Systems,
Inc.
(a)
2,738
414,506
Synopsys,
Inc.
(a)
1,642
480,367
Xperi,
Inc.
(a)
4,615
64,471
Total
1,088,350
Technology
Hardware,
Storage
&
Peripherals
4.6%
Apple,
Inc.
1,655
253,778
Western
Digital
Corp.
(a)
9,003
309,433
Total
563,211
Total
Information
Technology
11,544,784
Total
Common
Stocks
(Cost
$13,920,387)
12,041,885
Money
Market
Funds
2.0%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(b)
242,959
242,959
Total
Money
Market
Funds
(Cost
$242,959)
242,959
Total
Investments
in
Securities
(Cost
$14,163,346)
12,284,844
Other
Assets
&
Liabilities,
Net
(6,577)
Net
Assets
12,278,267
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Abbreviation
Legend
ADR
American
Depositary
Receipts
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.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Thematic
ETFs
|
Annual
Report
2022
Fair
Value
Measurements
(continued)
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.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
219,706
–
–
219,706
Industrials
277,395
–
–
277,395
Information
Technology
11,544,784
–
–
11,544,784
Total
Common
Stocks
12,041,885
–
–
12,041,885
Money
Market
Funds
242,959
–
–
242,959
Total
Investments
in
Securities
12,284,844
–
–
12,284,844
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
ETFs
|
Annual
Report
2022
9
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$14,163,346)
$12,284,844
Receivable
for:
Dividends
1,089
Total
assets
12,285,933
Liabilities
Payable
for:
Investment
management
fees
7,666
Total
liabilities
7,666
Net
assets
applicable
to
outstanding
capital
stock
$12,278,267
Represented
by:
Paid-in
capital
$14,449,137
Total
distributable
earnings
(loss)
(2,170,870)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$12,278,267
Shares
outstanding
825,050
Net
asset
value
per
share
$14.88
STATEMENT
OF
OPERATIONS
For
the
period
from
March
29,
2022
(commencement
of
operations)
through
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Thematic
ETFs
|
Annual
Report
2022
Investment
Income:
Dividends
-
unaffiliated
issuers
$49,862
Foreign
taxes
withheld
(1,219)
Total
income
48,643
Expenses:
Investment
management
fees
43,546
Net
Investment
Income
5,097
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(297,465)
Net
realized
loss
(297,465)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(1,878,502)
Net
change
in
unrealized
depreciation
(1,878,502)
Net
realized
and
unrealized
loss
(2,175,967)
Net
Decrease
in
net
assets
resulting
from
operations
$(2,170,870)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
ETFs
|
Annual
Report
2022
11
Year
Ended
October
31,
2022
(a)
Operations
Net
investment
income
$5,097
Net
realized
loss
(297,465)
Net
change
in
unrealized
depreciation
(1,878,502)
Net
decrease
in
net
assets
resulting
from
operations
(2,170,870)
Shareholder
transactions
Proceeds
from
shares
sold
9,448,137
Net
increase
in
net
assets
resulting
from
shareholder
transactions
9,448,137
Increase
in
net
assets
7,277,267
Net
Assets:
Net
assets
beginning
of
period
5,001,000
Net
assets
at
end
of
period
$12,278,267
Capital
stock
activity
Shares
outstanding,
beginning
of
period
250,050
Subscriptions
575,000
Shares
outstanding,
end
of
period
825,050
(a)
Based
on
operations
from
March
29,
2022
(commencement
of
operations)
through
the
stated
period
end.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Thematic
ETFs
|
Annual
Report
2022
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,
2022
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.00
(b)
Net
realized
and
unrealized
loss
(5.12)
Total
from
investment
operations
(5.12)
Net
asset
value,
end
of
year
$14.88
Total
Return
at
NAV
(25.60)%
Total
Return
at
Market
(25.80)%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.75%
(d)
Total
net
expenses
(c)(e)
0.75%
(d)
Net
investment
income
0.09%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$12,278
Portfolio
turnover
19%
(a)
The
Fund
commenced
operations
on
March
29,
2022.
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,
2022
Thematic
ETFs
|
Annual
Report
2022
13
Note
1.
Organization
Columbia
Seligman
Semiconductor
and
Technology
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
non-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
March
25,
2022,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
invested
$1,000
in
the
Fund,
which
represented
the
initial
capital
for
the
Fund
at
$20
per
share.
On
March
28,
2022,
Wells
Fargo
Securities
LLC
invested
$5,000,000
of
cash in
the
Fund
at
$20
per
share.
Shares
of
the
Fund
were
first
offered
to
the
public
on
March
30,
2022.
These
financial
statements
cover
the
period
from
March
29,
2022
(commencement
of
operations)
through
October
31,
2022.
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
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
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
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
14
Thematic
ETFs
|
Annual
Report
2022
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
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
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
Fund
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.
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
net
asset
value
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,
2022
Thematic
ETFs
|
Annual
Report
2022
15
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
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncement
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
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;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.75%
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
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Fund.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
16
Thematic
ETFs
|
Annual
Report
2022
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
31,2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses
and
capital
loss
carryforwards.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
applicable
Fund’s
net
assets
in
the
Statement
of
Assets
and
Liabilities.
Temporary
differences
do
not
require
reclassifications.
The
Fund
did
not
have
any
permanent
differences;
therefore,
no
reclassifications
were
made.
For
the
year
ended
October
31,
2022,
there
were
no
distributions.
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
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,
2022,
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,
2022,
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
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
($)
74,783
-
(127,556)
(2,118,097)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
($)
14,402,941
55,835
(2,173,932)
(2,118,097)
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
127,556
-
127,556
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Thematic
ETFs
|
Annual
Report
2022
17
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
$7,758,385
and
$1,743,357,
respectively,
for
the
year
ended
October
31,
2022.
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,
2022,
the
cost
basis
of
securities
contributed
was
$8,203,186.
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,
2022,
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
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
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
0.10%
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
27,
2022
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
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2022.
Note
8.
Significant
risks
Active
management
risk
The
Fund
is
actively
managed
and
its
performance
therefore
will
reflect,
in
part,
the
ability
of
the
portfolio
managers
to
make
investment
decisions
that
seek
to
achieve
the
Fund’s
investment
objective.
The
Fund
is
not
an
index
fund
(it
does
not
seek
to
track
the
performance
of
an
index),
nor
does
it
provide
daily
transparency
into
its
portfolio
holdings
like
most
other
ETFs.
Due
to
its
active
management,
the
Fund
could
underperform
its
benchmark
index
and/or
other
funds
with
similar
investment
objectives
and/or
strategies.
Active
trading
of
portfolio
and
Tracking
Basket
securities
may
result
in
added
expenses,
a
lower
return
and
increased
tax
liability,
including
relative
to
other
ETFs.
Semiconductor
and
semiconductor
equipment
industry
risk
The
Fund
will
concentrate
(have
at
least
25%
of
its
assets)
in
companies
in
the
semiconductor
and
semiconductor
equipment
industry
as
categorized
by
GICS®.
Companies
in
the
same
or
related
industries
may
be
similarly
affected
by
economic,
regulatory,
political
or
market
events
or
conditions,
which
may
make
the
Fund
more
vulnerable
to
unfavorable
developments
than
funds
that
invest
more
broadly.
Generally,
the
more
broadly
a
fund
invests,
the
more
it
spreads
risk
and
potentially
reduces
the
risks
of
loss
and
volatility.
The
Fund
is
sensitive
to,
and
its
performance
may
depend
to
a
greater
extent
on,
the
overall
condition
of
the
semiconductor
and
semiconductor
equipment
industry.
The
risks
of
investments
in
the
industry
include:
intense
competition,
both
domestically
and
internationally,
including
competition
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
18
Thematic
ETFs
|
Annual
Report
2022
from
subsidized
foreign
competitors
with
lower
production
costs;
wide
fluctuations
in
securities
prices
due
to
risks
of
rapid
obsolescence
of
products
and
related
technology;
economic
performance
of
the
customers
of
semiconductor
and
related
companies;
their
research
costs
and
the
risks
that
their
products
may
not
prove
commercially
successful;
and
thin
capitalization
and
limited
product
lines,
markets,
financial
resources
or
quality
management
and
personnel.
These
companies
rely
on
a
combination
of
patents,
trade
secret
laws
and
contractual
provisions
to
protect
their
technologies.
The
industry
is
characterized
by
frequent
litigation
regarding
patent
and
other
intellectual
property
rights,
which
may
require
such
companies
to
defend
against
competitors’
assertions
of
intellectual
property
infringement
or
misappropriation.
The
international
operations
of
many
companies
expose
them
to
the
risks
associated
with
instability
and
changes
in
economic
and
political
conditions,
foreign
currency
fluctuations,
changes
in
foreign
regulations,
tariffs,
and
trade
disputes.
Business
conditions
in
this
industry
can
change
rapidly
from
periods
of
strong
demand
to
periods
of
weak
demand.
Any
future
downturn
in
the
industry
could
harm
the
business
and
operating
results
of
these
companies.
The
stock
prices
of
companies
in
the
industry
have
been
and
will
likely
continue
to
be
volatile
relative
to
the
overall
market.
Information
technology
sector
risk
Columbia
EM
Core
ex-China
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
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’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
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
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Thematic
ETFs
|
Annual
Report
2022
19
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
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
objective.
Any
such
events
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
Non-diversification
risk
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Tracking
basket
structure
risk
The
Fund’s
Tracking
Basket
structure
may
affect
the
price
at
which
the
Fund
shares
trade
in
the
secondary
market.
Although
the
Tracking
Basket
is
intended
to
provide
investors
with
enough
information
to
allow
for
an
effective
arbitrage
mechanism
that
will
keep
the
market
price
of
the
Fund
at
or
close
to
the
Fund’s
NAV
per
share,
there
is
a
risk
that
market
prices
will
vary
significantly
from
NAV.
ETFs
trading
on
the
basis
of
a
published
Tracking
Basket
may
trade
at
a
wider
bid/
ask
spread
than
ETFs
that
publish
their
complete
portfolio
holdings
on
a
daily
basis
and
therefore,
may
cost
investors
more
to
trade.
These
risks
may
increase
during
periods
of
market
disruption
or
volatility.
In
addition,
although
the
Fund
seeks
to
benefit
from
not
disclosing
portfolio
holdings
daily,
market
participants
may
attempt
to
use
the
Tracking
Basket
to
identify
the
Fund’s
trading
strategy.
If
successful,
this
could
result
in
such
market
participants
engaging
in
certain
predatory
trading
practices
that
may
have
the
potential
to
harm
the
Fund
and
its
shareholders,
such
as
front-
running(trading
ahead)
or
free-riding
(mirroring)
the
Fund’s
strategy.
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
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
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,
2022
20
Thematic
ETFs
|
Annual
Report
2022
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.
Thematic
ETFs
|
Annual
Report
2022
21
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Seligman
Semiconductor
and
Technology
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Seligman
Semiconductor
and
Technology
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2022,
and
the
related
statements
of
operations
and
changes
in
net
assets,
including
the
related
notes,
and
the
financial
highlights
for
the
period
March
29,
2022
(commencement
of
operations)
through
October
31,
2022
(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,
2022,
and
the
results
of
its
operations,
changes
in
its
net
assets,
and
the
financial
highlights
for
the
period
March
29,
2022
(commencement
of
operations)
through
October
31,
2022
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,
2022
by
correspondence
with
the
custodian.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
22,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
TRUSTEES
AND
OFFICERS
(Unaudited)
22
Thematic
ETFs
|
Annual
Report
2022
The
Board
oversees
the
Fund's
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
Fund's
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
176
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,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(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;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
23
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,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
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)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
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
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
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
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
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
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;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
24
Thematic
ETFs
|
Annual
Report
2022
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
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
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
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
176
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
176
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
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
25
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
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
174
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
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,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
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)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
26
Thematic
ETFs
|
Annual
Report
2022
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
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
176
Director,
Blue
Cross
Blue
Shield
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
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
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
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
27
*
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.
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
Sandra
L.
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
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
28
Thematic
ETFs
|
Annual
Report
2022
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Interested
trustee
affiliated
with
Investment
Manager*
Name,
Address,
Year
of
Birth
Position
Held
with
the
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
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
29
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
Fund's
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
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
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/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
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
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
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);
formerly,
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;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
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)
(Unaudited)
30
Thematic
ETFs
|
Annual
Report
2022
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
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
31
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
Seligman
Semiconductor
and
Technology
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
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
23,
2022
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
Fund’s
management
fees
and
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
renewal
of
the
IMS
Agreement.
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
32
Thematic
ETFs
|
Annual
Report
2022
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2022
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. The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
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,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
Because
the
Fund
had
recently
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.
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
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
fee
structures.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
considered
that
the
unitary
management
fee
was
in
alignment
with
the
median
net
expense
ratio
of
peer
funds.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2022
33
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
expected
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
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
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
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
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.
©
2022
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 eight series of the registrant whose reports to stockholders are included in this annual filing. One fund commenced operations in 2022.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2022 and October 31, 2021 are approximately as follows:
|
|
|
2022
|
2021
|
|
$117,500
|
$94,300
|
Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended October 31, 2022 and October 31, 2021 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, 2022 and October 31, 2021, 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, 2022 and October 31, 2021 are approximately as follows:
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended October 31, 2022 and October 31, 2021, 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, 2022 and October 31, 2021 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, 2022 and October 31, 2021, 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, 2022 and October 31, 2021 are approximately as follows:
|
|
|
2022
|
2021
|
|
$57,700
|
$12,400
|
(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.
|
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, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
(registrant) |
Columbia ETF Trust I |
|
|
|
|
By (Signature and Title) |
/s/ Daniel J. Beckman |
|
|
Daniel J. Beckman, President and Principal Executive Officer |
|
|
|
|
Date |
December 22, 2022 |
|
|
|
|
|
|
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 22, 2022 |
|
By (Signature and Title) |
/s/ Michael G. Clarke |
|
|
Michael G. Clarke, Chief Financial Officer, |
|
|
Principal Financial Officer and Senior Vice President |
|
|
|
|
Date |
December 22, 2022 |
|
By (Signature and Title) |
/s/ Marybeth Pilat |
|
|
Marybeth Pilat, Treasurer, Chief Accounting |
|
|
Officer and Principal Financial Officer |
|
|
|
|
Date |
December 22, 2022 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
COLUMBIA FUNDS
Applicable Regulatory Authority |
Section 406 of the Sarbanes-Oxley Act of 2002; |
|
Item 2 of Form N-CSR |
Related Policies |
Overview and Implementation of Compliance Program |
|
Policy |
Requires Annual Board Approval |
No but Covered Officers Must provide annual |
|
certification |
|
|
Last Reviewed by AMC |
August 2022 |
Overview and Statement
Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:
•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and
•Any amendments to, or waivers from, the code of ethics relating to such officers.
The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.
This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.
Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:
I.Covered Officers/Purpose of the Code
This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:
•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;
•Compliance with applicable laws and governmental rules and regulations;
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 1 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
•Accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.
II.Administration of the Code
The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.
The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code
Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.
III.Managing Conflicts of Interest
A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.
Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 2 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.
This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.
Each Covered Officer must:
•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;
•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;
•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and
•Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.
If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 3 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:
•Service as a director on the board of a public or private company or service as a public official;
•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;
•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and
•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.
IV. Disclosure and Compliance
It is the responsibility of each Covered Officer:
•To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;
•To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;
•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and
•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 4 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
V.Reporting and Accountability by Covered Officers Each Covered Officer must:
•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;
•Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;
•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and
•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.
The Fund will follow the policy set forth below in investigating and enforcing this Code:
•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;
•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;
•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit
Committee;
•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and
•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.
VI. Other Policies
This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 5 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.
VII. Disclosure of Amendments to the Code
Any amendments will, to the extent required, be disclosed in accordance with law.
VIII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.
IX. Internal Use
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
Reporting Requirements
Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.
The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.
If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.
All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.
The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.
Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 6 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Monitoring/Oversight/Escalation
The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.
Recordkeeping
All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 7 of 9 |
Appendix A
INITIAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: ________________________________________________
(please print)
______________________________________________________________________________
Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!
Appendix B
ANNUAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.
______________________________________________________________
______________________________________________________________
______________________________________________________________
I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: ________________________________________________
(please print)
______________________________________________________________________________
Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!
1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.
I, 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.
Date: December 22, 2022 |
/s/ Daniel J. Beckman |
|
|
Daniel J. Beckman, President and Principal |
|
Executive Officer |
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.
Date: December 22, 2022 |
/s/ Michael G. Clarke |
|
|
Michael G. Clarke, Chief Financial Officer, |
|
Principal Financial Officer and Senior Vice |
|
President |
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
|
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.
Date: December 22, 2022 |
|
/s/ Marybeth Pilat |
|
|
|
Marybeth Pilat, Treasurer, Chief Accounting |
|
Officer and Principal Financial Officer |
