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, 2023
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,
2023
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2023
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
11
Understanding
Your
Fund’s
Expenses
13
Portfolio
of
Investments
14
Statement
of
Assets
and
Liabilities
20
Statement
of
Operations
21
Statement
of
Changes
in
Net
Assets
22
Financial
Highlights
23
Notes
to
Financial
Statements
25
Report
of
Independent
Registered
Public
Accounting
Firm
34
Federal
Income
Tax
Information
35
Trustees
and
Officers
36
Approval
of
Investment
Management
Services
Agreement
43
Additional
Information
47
FUND
AT
A
GLANCE
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
July
2023
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).
*
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,
2023.
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
Fund’s
performance
prior
to
October
14,
2022,
reflects
returns
achieved
according
to
different
principal
investment
strategies.
If
the
Fund’s
strategies
effective
at
October
14,
2022
had
been
in
place
for
the
prior
periods,
results
shown
may
have
been
different.
The
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
Fund's
Current
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
EAFE
Index
(Net)
(the
Investment
Universe)
in
order
to
meet
this
objective.
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
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
(the
Fund's
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
Combined
Former
Index
and
Current
Index
performance
consists
of
the
Fund's
Former
Index
(Net)
from
June
13,
2016
to
October
14,
2022
and
the
Fund's
Current
Index
(Net)
from
October
14,
2022
through
October
31,
2023.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2023)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
21.46
4.57
5.88
Net
Asset
Value
06/13/16
20.70
3.84
5.11
{
Beta
Advantage
}
®
International
ESG
Equity
Income
Index
(Net)
21.43
N/A*
26.81*
MSCI
EAFE
Value
Index
(Net)
18.11
3.30
4.72
Combined
Former
Index
and
Current
Index
21.43
4.42
5.73
FUND
AT
A
GLANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2023
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),
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
2023
5
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2023)
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)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2023
Country
breakdown
(%)
(at
October
31,
2023
)
Austria
0.9
Belgium
0.4
Brazil
0.3
Burkina
Faso
0.2
Denmark
2.1
Finland
1.9
France
6.2
Germany
21.2
Hong
Kong
2.1
Israel
0.4
Italy
2.4
Japan
35.8
Netherlands
6.6
Norway
2.8
Spain
1.5
Sweden
6.3
Switzerland
1.3
United
Kingdom
7.4
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,
2023
)
Industrials
26.8
Energy
18.5
Financials
17.1
Information
Technology
9.8
Health
Care
5.8
Communication
Services
5.7
Consumer
Discretionary
5.0
Utilities
3.8
Materials
3.1
Consumer
Staples
3.1
Real
Estate
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
2023
7
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
International
ESG
Equity
Income
ETF
returned
20.70%
based
on
net
asset
value
(NAV)
and
21.46%
based
on
market
price.
The
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
21.43%
during
the
annual
period.
To
compare,
the
MSCI
EAFE
Value
Index
(Net)
returned
18.11%
for
the
same
period.
The
Fund
had
a
NAV
of
$21.99
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
a
NAV
of
$25.72.
The
Fund’s
market
price
on
October
31,
2023
was
$25.93
per
share.
Market
overview
International
equities
rallied
strongly
overall,
but
such
performance
was
attributable
primarily
to
the
first
eight
months
of
the
annual
period.
International
equities
as
a
whole
struggled
in
the
last
four
months
of
the
annual
period.
Amid
persistent
inflation
pressures,
both
the
European
Central
Bank
(ECB)
and
Bank
of
England
(BoE)
raised
their
key
interest
rates
several
times
during
the
annual
period,
but
stocks
in
Europe
were
lifted
overall
on
hopes
that
inflation
may
have
peaked
and
interest
rate
hikes
may
soon
ease.
Also,
following
a
relatively
mild
winter
in
Europe,
optimistic
data
regarding
gas
storage
levels
and
prices
helped
alleviate
investor
concerns
of
a
potential
energy
crisis
in
the
region.
Further,
European
earnings
reports
and
economic
data
were
generally
favorable,
with
the
region
returning
to
positive
Gross
Domestic
Product
growth
in
early
2023
following
zero
growth
in
the
fourth
quarter
of
2022.
In
the
last
months
of
the
annual
period,
however,
economic
growth
showed
signs
of
stalling
even
as
inflation
continued
to
decelerate
in
both
continental
Europe
and
the
United
Kingdom.
The
monetary
policy
of
the
ECB
and
BoE
diverged
in
September,
with
the
ECB
hiking
interest
rates
by
a
quarter
point,
its
tenth
consecutive
hike,
while
the
BoE
paused,
ending
its
streak
of
14
straight
increases.
In
October,
the
ECB
paused
its
streak
of
rate
hikes,
providing
optimism
that
its
rate
hike
cycle
might
be
nearing
an
end.
However,
both
European
and
U.K.
equities
fell
in
October
2023,
as
markets
faced
ongoing
challenges,
including
prolonged
higher
interest
rates,
persistent
inflation,
recessionary
risk
and
added
geopolitical
concerns
as
terrorists
attacked
Israel,
taking
hostages
in
the
process,
and
Russia’s
war
on
Ukraine
continued.
In
Japan,
equities
were
initially
boosted
by
anticipation
of
slowing
interest
rate
increases,
especially
in
the
United
States,
coupled
with
a
strong
earnings
season.
However,
the
Bank
of
Japan
subsequently
surprised
investors,
lifting
its
cap
on
10-year
government
bond
yields
in
an
effort
to
improve
the
functioning
of
its
bond
markets.
Core
inflation
in
Japan
recorded
its
highest
level
in
the
last
40
years
in
January
2023
and
then
hit
a
five-month
low
in
February
before
climbing
again
as
wage
growth
accelerated
following
negotiations
between
major
companies
and
trade
unions.
In
the
Bank
of
Japan’s
first
policy
meeting
under
its
new
governor
during
the
second
quarter
of
2023,
Governor
Ueda
pledged
to
maintain
loose
monetary
policy
for
the
time
being.
Japanese
equities
rose
in
part
due
to
a
recovering
economy
and
in
part
due
to
the
“Buffett
effect”
after
famed
investor
Warren
Buffett
added
to
his
Japanese
equity
investments.
Japanese
equities
bucked
the
trend
of
international
equities
broadly
during
the
third
calendar
quarter,
gaining
modestly,
supported
by
weakness
in
the
yen,
consumption
and
wage
growth
data,
and
the
Bank
of
Japan’s
introduction
of
a
more
relaxed
yield
curve
policy.
Despite
ongoing
weakness
in
the
yen,
Japanese
equities
then
fell
in
October
2023
in
concert
with
the
broad
international
equities
markets.
Within
the
international
equities
market,
both
value
and
growth
stocks
generated
double-digit
positive
absolute
returns,
but
value
stocks
notably
outpaced
growth
stocks.
Within
the
MSCI
EAFE
Value
Index
(Net),
industrials,
financials
and
consumer
discretionary
were
the
best
performing
sectors,
each
posting
a
double-digit
positive
absolute
return
during
the
annual
period.
The
weakest
performing
sectors
in
the
MSCI
EAFE
Value
Index
(Net)
were
real
estate,
communication
services
and
consumer
staples,
each
generating
a
more
modest,
albeit
still
positive,
return
during
the
annual
period.
From
a
country
perspective,
Italy,
Jordan,
Japan,
Ireland
and
Austria
were
the
strongest
performing
constituents
of
the
MSCI
EAFE
Value
Index
(Net).
The
weakest
constituents
of
the
MSCI
EAFE
Value
Index
(Net)
during
the
annual
period
were
Luxembourg,
Israel,
Finland,
Portugal
and
Hong
Kong.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
consumer
discretionary,
materials
and
financials
sectors
detracted
from
the
Index’s
results
relative
to
the
MSCI
EAFE
Value
Index
(Net)
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2023
From
a
country
perspective,
Index
constituents
in
Germany,
Finland
and
Denmark
detracted
most
from
the
Index’s
results
relative
to
the
MSCI
EAFE
Value
Index
(Net).
Relative
to
the
MSCI
EAFE
Value
Index
(Net),
overweight
positions
in
Germany-based
luxury
car
maker
Mercedes-Benz
Group
AG,
Denmark-based
clean
energy
company
Orsted
A/S
and
U.K.-based
financial
services
group
Lloyds
Banking
Group
PLC
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
within
the
Fund’s
portfolio
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
information
technology,
energy
and
real
estate
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
EAFE
Value
Index
(Net)
during
the
annual
period.
From
a
country
perspective,
Index
constituents
in
the
U.K.,
Switzerland
and
Hong
Kong
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
EAFE
Value
Index
(Net)
during
the
annual
period.
Relative
to
the
MSCI
EAFE
Value
Index
(Net),
out-of-benchmark
positions
in
Japan-based
manufacturer
of
semiconductor
test
systems
and
mechatronic
products
Advantest
Corp.
and
Dutch
supplier
of
photolithography
systems
ASML
Holding
NV
and
an
overweight
position
in
France-based
multi-energy
company
TotalEnergies
SE
contributed
most
positively.
During
the
annual
period,
Advantest
generated
a
triple-digit
positive
absolute
return,
and
ASML
and
TotalEnergies
each
posted
a
double-digit
positive
absolute
return
within
the
Fund’s
portfolio.
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
2023
9
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
July
2023
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.
*
The
Life
of
the
Fund
Index
Performance
for
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
is
for
the
period
from
October
14,
2022
through
October
31,
2023.
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
Fund’s
performance
prior
to
October
14,
2022,
reflects
returns
achieved
according
to
different
principal
investment
strategies.
If
the
Fund’s
strategies
effective
at
October
14,
2022
had
been
in
place
for
the
prior
periods,
results
shown
may
have
been
different.
The
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(the
Fund's
Current
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
MSCI
USA
Value
Index
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.
The
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(the
Fund's
Former
Index)
is
designed
to
reflect
the
performance
of
the
top
100
U.S.
large
and
mid-cap
companies
(excluding
real
estate
investment
trusts)
using
a
subset
of
the
MSCI
USA
Index,
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
Combined
Former
Index
and
Current
Index
performance
consists
of
the
Fund's
Former
Index
from
June
13,
2016
to
October
14,
2022
and
the
Fund's
Current
Index
from
October
14,
2022
through
October
31,
2023.
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,
2023)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
3.29
9.36
10.54
Net
Asset
Value
06/13/16
3.72
9.43
10.53
{
Beta
Advantage
}
®
U.S.
ESG
Equity
Income
Index
4.08
NA*
10.75*
MSCI
USA
Value
Index
-1.37
6.45
7.75
Combined
Former
Index
and
Current
Index
4.08
9.81
10.95
FUND
AT
A
GLANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
10
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2023)
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,
2023
)
Common
Stocks
98.9
Exchange-Traded
Equity
Funds
0.7
Money
Market
Funds
0.4
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sector
breakdown
(%)
(at
October
31,
2023)
Information
Technology
18
.4
Energy
15
.2
Consumer
Staples
14
.4
Health
Care
10
.8
Financials
10
.1
Industrials
8
.6
Utilities
8
.0
Communication
Services
7
.0
Consumer
Discretionary
6
.0
Materials
1
.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)
Strategic
Beta
ETFs
|
Annual
Report
2023
11
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
U.S.
ESG
Equity
Income
ETF
returned
3.72%
based
on
net
asset
value
(NAV)
and
3.29%
based
on
market
price.
The
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
4.08%
for
the
annual
period.
To
compare,
the
MSCI
USA
Value
Index
returned
-1.37%
for
the
same
period.
The
Fund
had
a
NAV
of
$36.28
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
a
NAV
of
$36.65.
The
Fund’s
market
price
on
October
31,
2023
was
$36.62
per
share.
Market
overview
U.S.
equities
gained
during
the
annual
period
overall,
although
growth-oriented
stocks
significantly
outperformed
value-
oriented
stocks
across
the
capitalization
spectrum.
As
the
annual
period
began
in
November
2022,
the
U.S.
equity
market
ticked
higher,
despite
a
75
basis
point
interest
rate
increase
by
the
U.S.
Federal
Reserve
(Fed),
both
on
hopes
that
rate
hikes
beyond
November
would
be
smaller
and
on
resilient
third
calendar
quarter
corporate
earnings
reports.
(A
basis
point
is
1/100th
of
a
percentage
point.)
The
Fed
then
raised
the
federal
funds
target
rate
50
basis
points
in
December,
but
a
stronger
than
consensus
expected
November
jobs
report
rattled
the
market,
intensifying
worries
about
how
high
the
Fed
might
raise
interest
rates
in
2023.
U.S.
equities
gained
in
the
first
quarter
of
2023,
attributable
primarily
to
January,
based
on
hopes
the
Fed
had
largely
finished
raising
interest
rates.
Also,
a
string
of
better
than
expected
economic
data
fueled
optimism
the
U.S.
may
be
able
to
avoid
a
recession.
However,
the
investment
backdrop
grew
more
challenging
as
the
quarter
progressed,
given
persistent
inflation
and
the
failure
of
several
U.S.
regional
banks.
Despite
apprehension
in
the
banking
sector,
investor
sentiment
improved
in
the
second
calendar
quarter
as
the
Fed
slowed
its
pace
of
interest
rate
hikes
in
response
to
cooling
inflation.
Investors
were
further
encouraged
by
economic
growth
and
corporate
earnings,
which,
though
slowing,
did
not
decline
to
the
extent
the
markets
had
anticipated
in
late
2022.
Notably,
however,
most
of
the
quarter’s
positive
return
was
generated
by
a
small
group
of
mega-cap
technology-related
stocks,
especially
from
companies
expected
to
benefit
from
the
evolution
of
artificial
intelligence
(AI).
Following
two
quarters
of
gains,
the
broad
U.S.
equity
market
stumbled
toward
the
end
of
the
annual
period.
In
July
and
August
2023,
optimism
surrounding
a
slowing
trend
in
inflation,
combined
with
resilient
preliminary
second
calendar
quarter
economic
growth
data,
supported
U.S.
equities
and
fueled
a
soft
landing
narrative.
Though
economic
activity
remained
rather
resilient,
a
pickup
in
soft
landing
concerns,
surging
energy
prices
and
disinflationary
pressures
on
corporate
earnings,
along
with
worries
about
a
looming
federal
government
shutdown,
strikes
against
automakers
by
the
United
Auto
Workers,
upward
pressure
on
long-term
U.S.
Treasury
yields
and
outbreak
of
war
in
the
Middle
East,
drove
a
decline
in
the
U.S.
equity
market
in
September
and
October.
The
Fed
acted
in
line
with
expectations,
hiking
interest
rates
25
basis
points
in
July
and
keeping
rates
unchanged
at
a
range
of
5.25%-5.50%
in
September.
For
the
annual
period
overall,
capitalization
segment
performance
within
the
broad
U.S.
equity
market
was
mixed.
Large-
cap
stocks
were
strongest,
posting
solid
positive
absolute
returns.
Mid-cap
stocks
and
small-cap
stocks
each
generated
negative
absolute
returns
for
the
annual
period.
Growth
stocks
outpaced
value
stocks
across
the
capitalization
spectrum,
but
most
significantly
in
the
large-cap
segment
of
the
U.S.
equity
market.
Within
the
MSCI
USA
Value
Index
(Gross),
information
technology
was
by
far
the
best
performing
sector,
followed
at
some
distance
by
materials
and
communication
services.
The
weakest
performing
sectors
in
the
MSCI
USA
Value
Index
(Gross)
were
real
estate,
health
care
and
utilities,
with
each
generating
a
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
consumer
staples,
consumer
discretionary
and
financials
sectors
detracted
from
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross)
during
the
annual
period.
Relative
to
the
MSCI
USA
Value
Index
(Gross),
overweight
positions
in
semiconductor
device
developer
Broadcom
Inc.,
integrated
energy
company
Chevron
Corp.
and
general
merchandise
and
food
products
retailer
Target
Corp.
detracted
most.
Broadcom
posted
a
single-digit
positive
absolute
return
and
Chevron
and
Target
each
posted
a
double-digit
negative
absolute
return
within
the
Fund’s
portfolio
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
12
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
health
care,
information
technology
and
communication
services
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross)
during
the
annual
period.
Relative
to
the
MSCI
USA
Value
Index
(Gross),
an
underweight
position
in
diversified
health
care
company
UnitedHealth
Group,
Inc.
and
overweight
positions
in
media,
Internet
and
phone
service
provider
Comcast
Corp.
(Class
A)
and
semiconductor
processing
equipment
manufacturer
Lam
Research
Corp.
contributed
most
positively.
Each
generated
a
double-digit
positive
absolute
return
within
the
Fund’s
portfolio
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Investments
in
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
ESG
factors
may
cause
the
Fund
to
forgo
certain
investment
opportunities
and/or
exposures
to
certain
industries,
sectors
or
regions.
Additional
information
regarding
the
risks
of
this
investment
is
available
in
the
prospectus.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
13
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,
2023.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2023
—
October
31,
2023
Beginning
account
value
($)
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
969.80
1,022.94
2.23
2.29
0.45
Columbia
U.S.
ESG
Equity
Income
ETF
1,000.00
1,000.00
985.80
1,023.44
1.75
1.79
0.35
PORTFOLIO
OF
INVESTMENTS
Columbia
International
ESG
Equity
Income
ETF
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
99.1%
Issuer
Shares
Value
($)
Austria 0.8%
Erste
Group
Bank
AG
990
35,317
OMV
AG
445
19,455
Total
54,772
Belgium 0.4%
Solvay
SA
225
23,721
Brazil 0.3%
Yara
International
ASA
513
16,761
Burkina
Faso 0.2%
Endeavour
Mining
PLC
575
11,861
Denmark 2.1%
AP
Moller
-
Maersk
A/S
Class
A
8
13,029
Chr
Hansen
Holding
A/S
324
22,047
Coloplast
A/S
Class
B
421
43,821
Orsted
AS
(a)
595
28,632
Pandora
A/S
265
29,955
Total
137,484
Finland 1.9%
Elisa
OYJ
447
18,937
Kesko
OYJ
Class
B
831
14,023
Nokia
OYJ
16,530
54,863
Orion
OYJ
Class
B
328
13,015
Stora
Enso
OYJ
Class
R
1,791
21,440
Total
122,278
France 6.1%
Legrand
SA
820
70,622
TotalEnergies
SE
4,829
322,590
Total
393,212
Germany 21.1%
Bayerische
Motoren
Werke
AG
885
81,973
Brenntag
SE
457
33,872
Commerzbank
AG
3,220
34,546
Deutsche
Boerse
AG
580
95,147
DHL
Group
2,984
115,945
E.ON
SE
6,994
82,946
Evonik
Industries
AG
635
11,652
Fresenius
SE
&
Co.
KGaA
1,300
33,308
Mercedes-Benz
Group
AG
2,715
159,071
Merck
KGaA
408
61,390
RWE
AG
2,136
81,573
SAP
SE
2,212
296,330
Siemens
AG
2,018
266,544
Total
1,354,297
Hong
Kong 2.1%
Hong
Kong
Exchanges
&
Clearing
Ltd.
3,766
132,358
Israel 0.4%
Bank
Hapoalim
BM
3,870
27,617
Italy 2.3%
Eni
SpA
6,507
106,113
Prysmian
SpA
811
30,252
Recordati
Industria
Chimica
e
Farmaceutica
SpA
307
14,148
Total
150,513
Japan 35.5%
Asahi
Group
Holdings
Ltd.
1,404
50,395
Astellas
Pharma,
Inc.
5,450
68,375
Canon,
Inc.
2,849
66,802
Chugai
Pharmaceutical
Co.
Ltd.
1,960
57,721
Daiwa
House
Industry
Co.
Ltd.
1,694
46,163
Hirose
Electric
Co.
Ltd.
94
10,521
Hitachi
Ltd.
2,798
175,091
Hulic
Co.
Ltd.
1,090
9,911
Common
Stocks
(continued)
Issuer
Shares
Value
($)
ITOCHU
Corp.
3,741
132,724
JFE
Holdings,
Inc.
1,499
20,632
KDDI
Corp.
4,577
135,607
Kirin
Holdings
Co.
Ltd.
2,427
33,966
Komatsu
Ltd.
2,757
63,043
Kyowa
Kirin
Co.
Ltd.
776
12,082
Marubeni
Corp.
4,740
68,168
Mitsubishi
Chemical
Group
Corp.
3,907
21,879
Mitsubishi
Corp.
3,708
170,287
Mitsubishi
HC
Capital,
Inc.
2,353
15,365
Mitsui
&
Co.
Ltd.
4,198
150,157
Mizuho
Financial
Group,
Inc.
7,374
123,943
MS&AD
Insurance
Group
Holdings,
Inc.
1,245
45,157
NEC
Corp.
752
35,776
Nippon
Sanso
Holdings
Corp.
506
12,599
Nitto
Denko
Corp.
433
27,685
Nomura
Real
Estate
Holdings,
Inc.
335
7,753
Ono
Pharmaceutical
Co.
Ltd.
1,106
18,999
Osaka
Gas
Co.
Ltd.
1,103
20,699
Otsuka
Corp.
347
13,800
Otsuka
Holdings
Co.
Ltd.
1,302
43,416
SoftBank
Corp.
8,848
99,613
Sompo
Holdings,
Inc.
896
38,498
Sumitomo
Corp.
3,441
66,766
Sumitomo
Mitsui
Financial
Group,
Inc.
3,962
188,885
Sumitomo
Realty
&
Development
Co.
Ltd.
831
20,599
Suntory
Beverage
&
Food
Ltd.
393
11,620
Toho
Co.
Ltd.
330
11,180
Tokio
Marine
Holdings,
Inc.
5,413
119,487
Toyota
Tsusho
Corp.
605
31,583
Trend
Micro,
Inc.
406
15,125
Yamaha
Motor
Co.
Ltd.
898
21,566
Total
2,283,638
Netherlands 6.6%
Koninklijke
Ahold
Delhaize
NV
3,028
89,617
Randstad
NV
340
17,552
Shell
PLC
9,892
317,670
Total
424,839
Norway 2.8%
Aker
BP
ASA
962
27,650
DNB
Bank
ASA
2,790
50,272
Equinor
ASA
2,503
83,895
Telenor
ASA
1,988
20,313
Total
182,130
Spain 1.5%
Enagas
SA
716
11,954
Endesa
SA
999
18,759
Telefonica
SA
16,430
63,318
Total
94,031
Sweden 6.3%
H
&
M
Hennes
&
Mauritz
AB
Class
B
1,845
24,655
Hexagon
AB
Class
B
6,635
53,863
Holmen
AB
Class
B
286
10,769
Sandvik
AB
3,294
55,899
Skandinaviska
Enskilda
Banken
AB
Class
A
4,880
54,292
SKF
AB
Class
B
1,110
17,893
Svenska
Handelsbanken
AB
Class
A
4,609
39,190
Tele2
AB
Class
B
1,676
11,872
Telefonaktiebolaget
LM
Ericsson
Class
B
9,186
41,117
Volvo
AB
Class
B
4,709
93,104
Total
402,654
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
ESG
Equity
Income
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
15
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Switzerland 1.3%
Kuehne
+
Nagel
International
AG
157
42,180
Logitech
International
SA
515
40,270
Total
82,450
United
Kingdom 7.4%
Ashtead
Group
PLC
1,354
77,287
BP
PLC
49,303
300,688
Lloyds
Banking
Group
PLC
198,230
96,072
Total
474,047
Total
Common
Stocks
(Cost
$6,434,358)
6,368,663
Money
Market
Funds
0.2%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.261%
(b)
12,931
12,931
Total
Money
Market
Funds
(Cost
$12,931)
12,931
Total
Investments
in
Securities
(Cost
$6,447,289)
6,381,594
Other
Assets
&
Liabilities,
Net
47,977
Net
Assets
6,429,571
(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,
2023,
the
total
value
of
these
securities
amounted
to
$28,632,
which
represents
0.45%
of
total
net
assets.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
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,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Austria
54,772
–
–
54,772
Belgium
23,721
–
–
23,721
Brazil
16,761
–
–
16,761
Burkina
Faso
11,861
–
–
11,861
Denmark
137,484
–
–
137,484
Finland
122,278
–
–
122,278
France
393,212
–
–
393,212
Germany
1,354,297
–
–
1,354,297
Hong
Kong
132,358
–
–
132,358
Israel
27,617
–
–
27,617
Italy
150,513
–
–
150,513
Japan
2,283,638
–
–
2,283,638
Netherlands
424,839
–
–
424,839
Norway
182,130
–
–
182,130
Spain
94,031
–
–
94,031
Sweden
402,654
–
–
402,654
Switzerland
82,450
–
–
82,450
United
Kingdom
474,047
–
–
474,047
Total
Common
Stocks
6,368,663
–
–
6,368,663
Money
Market
Funds
12,931
–
–
12,931
Total
Investments
in
Securities
6,381,594
–
–
6,381,594
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
U.S.
ESG
Equity
Income
ETF
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
17
Common
Stocks
98.9%
Issuer
Shares
Value
($)
Communication
Services 6.9%
Diversified
Telecommunication
Services
3.1%
Verizon
Communications,
Inc.
39,102
1,373,653
Media
3.8%
Comcast
Corp.
Class
A
37,993
1,568,731
Fox
Corp.
Class
A
2,320
70,505
Sirius
XM
Holdings,
Inc.
6,007
25,710
Total
1,664,946
Total
Communication
Services
3,038,599
Consumer
Discretionary 5.9%
Automobile
Components
0.2%
BorgWarner,
Inc.
2,174
80,221
Hotels,
Restaurants
&
Leisure
0.2%
Vail
Resorts,
Inc.
355
75,349
Household
Durables
0.5%
Lennar
Corp.
Class
A
2,297
245,044
Specialty
Retail
5.0%
Best
Buy
Co.,
Inc.
1,806
120,677
Dick's
Sporting
Goods,
Inc.
563
60,213
Home
Depot,
Inc.
(The)
6,391
1,819,453
Tractor
Supply
Co.
1,009
194,293
Total
2,194,636
Total
Consumer
Discretionary
2,595,250
Consumer
Staples 14.2%
Beverages
10.5%
Coca-Cola
Co.
(The)
34,509
1,949,413
Constellation
Brands,
Inc.
Class
A
1,568
367,147
Keurig
Dr
Pepper,
Inc.
9,224
279,764
Molson
Coors
Beverage
Co.
Class
B
1,796
103,755
PepsiCo,
Inc.
11,721
1,913,805
Total
4,613,884
Consumer
Staples
Distribution
1.8%
Kroger
Co.
(The)
6,624
300,531
Target
Corp.
4,281
474,292
Total
774,823
Food
Products
1.9%
General
Mills,
Inc.
5,388
351,513
Hershey
Co.
(The)
1,391
260,604
JM
Smucker
Co.
(The)
925
105,302
Kellanova
2,653
133,897
WK
Kellogg
Co.
(a)
663
6,643
Total
857,959
Total
Consumer
Staples
6,246,666
Energy 15.0%
Energy
Equipment
&
Services
2.4%
Halliburton
Co.
8,328
327,623
Schlumberger
NV
13,192
734,267
Total
1,061,890
Oil,
Gas
&
Consumable
Fuels
12.6%
Chevron
Corp.
13,093
1,908,043
ConocoPhillips
11,128
1,322,007
Kinder
Morgan,
Inc.
18,079
292,880
Marathon
Petroleum
Corp.
3,713
561,591
Occidental
Petroleum
Corp.
8,205
507,151
Ovintiv,
Inc.
1,933
92,784
Phillips
66
4,133
471,451
Williams
Cos.,
Inc.
(The)
11,272
387,757
Total
5,543,664
Total
Energy
6,605,554
Financials 10.0%
Banks
1.1%
Regions
Financial
Corp.
8,706
126,498
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Truist
Financial
Corp.
12,354
350,360
Total
476,858
Capital
Markets
5.8%
Bank
of
New
York
Mellon
Corp.
(The)
7,228
307,190
Charles
Schwab
Corp.
(The)
15,427
802,821
CME
Group,
Inc.
3,331
711,035
Intercontinental
Exchange,
Inc.
5,160
554,390
Raymond
James
Financial,
Inc.
1,756
167,593
Total
2,543,029
Insurance
3.1%
Aflac,
Inc.
4,984
389,300
American
International
Group,
Inc.
6,613
405,443
Hartford
Financial
Services
Group,
Inc.
(The)
2,833
208,084
Principal
Financial
Group,
Inc.
2,236
151,333
Willis
Towers
Watson
PLC
971
229,049
Total
1,383,209
Total
Financials
4,403,096
Health
Care 10.7%
Biotechnology
2.9%
Amgen,
Inc.
4,965
1,269,550
Health
Care
Equipment
&
Supplies
0.1%
DENTSPLY
SIRONA,
Inc.
1,950
59,300
Health
Care
Providers
&
Services
7.7%
Cencora,
Inc.
1,558
288,464
Cigna
Group
(The)
2,702
835,458
UnitedHealth
Group,
Inc.
4,234
2,267,561
Total
3,391,483
Total
Health
Care
4,720,333
Industrials 8.5%
Aerospace
&
Defense
0.7%
L3Harris
Technologies,
Inc.
1,750
313,968
Air
Freight
&
Logistics
0.5%
CH
Robinson
Worldwide,
Inc.
1,068
87,394
Expeditors
International
of
Washington,
Inc.
1,367
149,345
Total
236,739
Building
Products
1.7%
A
O
Smith
Corp.
1,139
79,456
Allegion
PLC
812
79,868
Fortune
Brands
Innovations,
Inc.
1,174
65,509
Johnson
Controls
International
PLC
6,285
308,091
Lennox
International,
Inc.
296
109,680
Owens
Corning
829
93,984
Total
736,588
Electrical
Equipment
1.4%
Emerson
Electric
Co.
5,298
471,363
Hubbell,
Inc.
497
134,240
Total
605,603
Machinery
2.2%
Cummins,
Inc.
1,295
280,109
IDEX
Corp.
702
134,370
Nordson
Corp.
475
100,980
Parker-Hannifin
Corp.
1,187
437,896
Total
953,355
Professional
Services
2.0%
Automatic
Data
Processing,
Inc.
3,814
832,291
Robert
Half,
Inc.
968
72,377
Total
904,668
Total
Industrials
3,750,921
Information
Technology 18.2%
Electronic
Equipment,
Instruments
&
Components
0.6%
CDW
Corp.
1,244
249,298
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Strategic
Beta
ETFs
|
Annual
Report
2023
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
IT
Services
3.5%
Cognizant
Technology
Solutions
Corp.
Class
A
4,693
302,558
International
Business
Machines
Corp.
8,469
1,224,956
Total
1,527,514
Semiconductors
&
Semiconductor
Equipment
14.1%
Analog
Devices,
Inc.
4,688
737,563
Broadcom,
Inc.
2,529
2,127,825
KLA
Corp.
1,269
596,049
Lam
Research
Corp.
1,224
719,981
Microchip
Technology,
Inc.
4,958
353,456
NXP
Semiconductors
NV
2,395
412,970
QUALCOMM,
Inc.
10,372
1,130,444
Skyworks
Solutions,
Inc.
1,478
128,202
Total
6,206,490
Total
Information
Technology
7,983,302
Materials 1.5%
Chemicals
0.2%
Mosaic
Co.
(The)
3,071
99,746
Containers
&
Packaging
0.5%
Avery
Dennison
Corp.
738
128,464
Westrock
Co.
2,339
84,040
Total
212,504
Metals
&
Mining
0.8%
Nucor
Corp.
2,298
339,621
Total
Materials
651,871
Utilities 8.0%
Electric
Utilities
4.2%
Alliant
Energy
Corp.
2,347
114,510
American
Electric
Power
Co.,
Inc.
4,790
361,836
Edison
International
3,563
224,683
Entergy
Corp.
1,958
187,165
Evergy,
Inc.
2,106
103,489
Eversource
Energy
3,235
174,011
Exelon
Corp.
9,235
359,611
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Xcel
Energy,
Inc.
5,125
303,759
Total
1,829,064
Gas
Utilities
0.4%
Atmos
Energy
Corp.
1,377
148,248
UGI
Corp.
1,936
40,269
Total
188,517
Multi-Utilities
2.9%
Ameren
Corp.
2,432
184,127
Consolidated
Edison,
Inc.
3,204
281,279
DTE
Energy
Co.
1,905
183,604
NiSource,
Inc.
3,829
96,337
Public
Service
Enterprise
Group,
Inc.
4,637
285,871
WEC
Energy
Group,
Inc.
2,930
238,473
Total
1,269,691
Water
Utilities
0.5%
American
Water
Works
Co.,
Inc.
1,807
212,593
Total
Utilities
3,499,865
Total
Common
Stocks
(Cost
$42,090,454)
43,495,457
Exchange-Traded
Equity
Funds
0.7%
Issuer
Shares
Value
($)
Financials 0.7%
Financial
Select
Sector
SPDR
Fund
9,363
302,987
Total
Exchange-Traded
Equity
Funds
(Cost
$295,095)
302,987
Money
Market
Funds
0.4%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.261%
(b)
162,794
162,794
Total
Money
Market
Funds
(Cost
$162,794)
162,794
Total
Investments
in
Securities
(Cost
$42,548,343)
43,961,238
Other
Assets
&
Liabilities,
Net
20,882
Net
Assets
43,982,120
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
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,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
19
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
3,038,599
–
–
3,038,599
Consumer
Discretionary
2,595,250
–
–
2,595,250
Consumer
Staples
6,246,666
–
–
6,246,666
Energy
6,605,554
–
–
6,605,554
Financials
4,403,096
–
–
4,403,096
Health
Care
4,720,333
–
–
4,720,333
Industrials
3,750,921
–
–
3,750,921
Information
Technology
7,983,302
–
–
7,983,302
Materials
651,871
–
–
651,871
Utilities
3,499,865
–
–
3,499,865
Total
Common
Stocks
43,495,457
–
–
43,495,457
Exchange-Traded
Equity
Funds
302,987
–
–
302,987
Money
Market
Funds
162,794
–
–
162,794
Total
Investments
in
Securities
43,961,238
–
–
43,961,238
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$6,447,289
and
$42,548,343,
respectively)
$6,381,594
$43,961,238
Foreign
currency
(cost
$587
and
$–)
588
–
Receivable
for:
Dividends
27,307
42,019
Reclaims
receivable
22,589
–
Total
assets
6,432,078
44,003,257
Liabilities
Payable
for:
Investment
management
fees
2,507
13,235
Investments
purchased
–
7,902
Total
liabilities
2,507
21,137
Net
assets
applicable
to
outstanding
capital
stock
$6,429,571
$43,982,120
Represented
by:
Paid-in
capital
$7,132,200
$43,658,105
Total
distributable
earnings
(loss)
(702,629)
324,015
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$6,429,571
$43,982,120
Shares
outstanding
250,000
1,200,000
Net
asset
value
per
share
$25.72
$36.65
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
21
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$272,879
$1,363,021
Foreign
taxes
withheld
(37,567)
(1,485)
Total
income
235,312
1,361,536
Expenses:
Investment
management
fees
29,536
162,960
Overdraft
expense
2
20
Total
expenses
29,538
162,980
Net
Investment
Income
205,774
1,198,556
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
1,165,778
953,848
In-kind
transactions
-
unaffiliated
issuers
–
1,090,266
Foreign
currency
translations
(6,192)
–
Net
realized
gain
1,159,586
2,044,114
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(227,890)
(1,629,677)
Foreign
currency
translations
771
–
Net
change
in
unrealized
depreciation
(227,119)
(1,629,677)
Net
realized
and
unrealized
gain
932,467
414,437
Net
Increase
in
net
assets
resulting
from
operations
$1,138,241
$1,612,993
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Operations
Net
investment
income
$205,774
$189,359
$1,198,556
$728,029
Net
realized
gain
(loss)
1,159,586
(999,466)
2,044,114
(1,906,661)
Net
change
in
unrealized
appreciation
(depreciation)
(227,119)
(88,561)
(1,629,677)
2,400,148
Net
increase
(decrease)
in
net
assets
resulting
from
operations
1,138,241
(898,668)
1,612,993
1,221,516
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(205,611)
(205,543)
(1,186,601)
(808,579)
Shareholder
transactions
Proceeds
from
shares
sold
–
1,212,245
13,134,119
35,848,578
Cost
of
shares
redeemed
–
–
(9,489,052)
(1,895,913)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
–
1,212,245
3,645,067
33,952,665
Increase
in
net
assets
932,630
108,034
4,071,459
34,365,602
Net
Assets:
Net
assets
beginning
of
year
5,496,941
5,388,907
39,910,661
5,545,059
Net
assets
at
end
of
year
$6,429,571
$5,496,941
$43,982,120
$39,910,661
Capital
stock
activity
Shares
outstanding,
beginning
of
year
250,000
200,000
1,100,000
150,000
Shares
sold
–
50,000
350,000
1,000,000
Shares
redeemed
–
–
(250,000)
(50,000)
Shares
outstanding,
end
of
year
250,000
250,000
1,200,000
1,100,000
FINANCIAL
HIGHLIGHTS
Columbia
International
ESG
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
23
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
ratio
of
expenses
and
net
investment
income
are
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,
2023
2022
2021
2020
2019
Per
share
data
Net
asset
value,
beginning
of
year
$21.99
$26.94
$21.08
$25.78
$26.68
Income
(loss)
from
investment
operations:
Net
investment
income
0.82
0.90
0.82
0.70
0.87
Net
realized
and
unrealized
gain
(loss)
3.73
(4.85)
5.83
(4.71)
0.50
Total
from
investment
operations
4.55
(3.95)
6.65
(4.01)
1.37
Less
distributions
to
shareholders:
Net
investment
income
(0.82)
(1.00)
(0.79)
(0.69)
(1.01)
Net
realized
gains
–
–
–
–
(1.26)
Total
distribution
to
shareholders
(0.82)
(1.00)
(0.79)
(0.69)
(2.27)
Net
asset
value,
end
of
year
$25.72
$21.99
$26.94
$21.08
$25.78
Total
Return
at
NAV
20.70%
(14.97)%
31.60%
(15.68)%
6.05%
Total
Return
at
Market
Price
21.46%
(15.76)%
32.24%
(15.02)%
8.74%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.45%
(b)
0.45%
0.45%
(b)
0.45%
(b)
0.45%
(b)
Total
net
expenses
(a)(c)
0.45%
(b)
0.45%
0.45%
(b)
0.45%
(b)
0.45%
(b)
Net
investment
income
3.14%
3.60%
3.07%
3.08%
3.43%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$6,430
$5,497
$5,389
$4,217
$5,157
Portfolio
turnover
156%
177%
90%
98%
76%
(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
this
statement.
24
Strategic
Beta
ETFs
|
Annual
Report
2023
Year
Ended
October
31,
2023
2022
2021
2020
2019
Per
share
data
Net
asset
value,
beginning
of
year
$36.28
$36.97
$25.42
$28.60
$28.25
Income
(loss)
from
investment
operations:
Net
investment
income
0.97
1.00
0.86
0.78
0.80
Net
realized
and
unrealized
gain
(loss)
0.38
(0.57)
(a)
11.53
(3.15)
1.44
Total
from
investment
operations
1.35
0.43
12.39
(2.37)
2.24
Less
distributions
to
shareholders:
Net
investment
income
(0.98)
(0.88)
(0.84)
(0.74)
(0.78)
Net
realized
gains
–
(0.24)
–
(0.07)
(1.11)
Total
distribution
to
shareholders
(0.98)
(1.12)
(0.84)
(0.81)
(1.89)
Net
asset
value,
end
of
year
$36.65
$36.28
$36.97
$25.42
$28.60
Total
Return
at
NAV
3.72%
1.22%
49.08%
(8.18)%
9.19%
Total
Return
at
Market
Price
3.29%
1.27%
50.13%
(8.64)%
9.04%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.35%
(c)
0.35%
(c)
0.35%
0.35%
0.35%
(c)
Total
net
expenses
(b)(d)
0.35%
(c)
0.35%
(c)
0.35%
0.35%
0.35%
(c)
Net
investment
income
2.57%
2.73%
2.55%
2.98%
2.94%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$43,982
$39,911
$5,545
$5,084
$4,291
Portfolio
turnover
90%
167%
77%
77%
56%
(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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
25
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
and
Columbia
U.S.
ESG
Equity
Income
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
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.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
26
Strategic
Beta
ETFs
|
Annual
Report
2023
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
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
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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
27
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.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
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
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Funds
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
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
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,
2023
28
Strategic
Beta
ETFs
|
Annual
Report
2023
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
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Funds
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,
2023,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
from
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
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
30,913
(30,913)
-
Columbia
U.S.
ESG
Equity
Income
ETF
(22,258)
(940,944)
963,202
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
29
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,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
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,
2023,
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,
2023,
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,
2023,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
International
ESG
Equity
Income
ETF
205,611
-
205,611
205,543
-
205,543
Columbia
U.S.
ESG
Equity
Income
ETF
1,186,601
-
1,186,601
808,579
-
808,579
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
ESG
Equity
Income
ETF
66,576
-
(694,434)
(74,771)
Columbia
U.S.
ESG
Equity
Income
ETF
31,000
-
(708,673)
1,001,688
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
ESG
Equity
Income
ETF
6,456,365
350,300
(425,071)
(74,771)
Columbia
U.S.
ESG
Equity
Income
ETF
42,959,550
2,942,917
(1,941,229)
1,001,688
Fund
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
International
ESG
Equity
Income
ETF
-
694,434
694,434
(1,118,379)
Columbia
U.S.
ESG
Equity
Income
ETF
419,408
289,265
708,673
(857,813)
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
International
ESG
Equity
Income
ETF
10,022,258
10,041,782
Columbia
U.S.
ESG
Equity
Income
ETF
41,801,810
41,999,313
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
30
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
2023,
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
Funds.
For
the
year
ended
October
31,
2023,
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
26,
2023
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
$900
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
26,
2023
amendment
and
restatement,
each
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
0.10%
and
(iii)
the
overnight
bank
funding
rate
plus,
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2023.
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
on
the
quality
and
accuracy
of
the
assumptions
and
framework
(which
may
be
amended
over
time)
on
which
these
research
tools
are
based.
Fund
performance
will
also
depend
on
the
accuracy
and
availability
of
data
that
the
research
tools
employ,
and
such
data
may
be
based
on
proprietary
research
based
on
third-party
research,
or
by
the
issuers
themselves
(which
also
may
be
based
upon
data
obtained
from
third
parties).
Any
errors
in
the
data
could
adversely
affect
these
research
tools
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
-
Columbia
U.S.
ESG
Equity
Income
ETF
13,101,206
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
International
ESG
Equity
Income
ETF
-
-
-
Columbia
U.S.
ESG
Equity
Income
ETF
8,191,129
9,281,395
1,090,266
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
31
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
Fund
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
Fund
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
Fund’s
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
Fund
than
if
the
Fund
were
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Fund’s
investments
and
losses
for
the
Fund.
Also,
securities
of
some
companies
in
the
region
can
be
less
liquid
than
U.S.
or
other
foreign
securities,
potentially
making
it
difficult
for
the
Fund
to
sell
such
securities
at
a
desirable
time
and
price
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,
significant
private
or
public
debt
problems
in
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.
Uncertainty
caused
by
the
departure
of
the
United
Kingdom
(UK)
from
the
EU,
which
occurred
in
January
2020,
could
have
negative
impacts
on
the
UK
and
EU,
as
well
as
other
European
economies
and
the
broader
global
economy.
These
could
include
negative
impacts
on
currencies
and
financial
markets
as
well
as
increased
volatility
and
illiquidity,
and
potentially
lower
economic
growth
in
markets
in
Europe,
which
could
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
upon
international
trade,
including,
among
other
things,
the
export
of
finished
goods
and
the
import
of
oil
and
other
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
32
Strategic
Beta
ETFs
|
Annual
Report
2023
commodities
and
raw
materials.
Because
of
its
trade
dependence,
the
Japanese
economy
is
particularly
exposed
to
the
risks
of
currency
fluctuation,
foreign
trade
policy
and
regional
and
global
economic
disruption,
including
the
risk
of
increased
tariffs,
embargoes,
and
other
trade
limitations
or
factors.
Strained
relationships
between
Japan
and
its
neighboring
countries,
including
China,
South
Korea
and
North
Korea,
based
on
historical
grievances,
territorial
disputes,
and
defense
concerns,
may
also
cause
uncertainty
in
Japanese
markets.
As
a
result,
additional
tariffs,
other
trade
barriers,
or
boycotts
may
have
an
adverse
impact
on
the
Japanese
economy.
Japanese
government
policy
has
been
characterized
by
economic
regulation,
intervention,
protectionism
and
large
government
deficits.
The
Japanese
economy
is
also
challenged
by
an
unstable
financial
services
sector,
highly
leveraged
corporate
balance
sheets
and
extensive
cross-ownership
among
major
corporations.
Structural
social
and
labor
market
changes,
including
an
aging
workforce,
population
decline
and
traditional
aversion
to
labor
mobility
may
adversely
affect
Japan’s
economic
competitiveness
and
growth
potential.
The
potential
for
natural
disasters,
such
as
earthquakes,
volcanic
eruptions,
typhoons
and
tsunamis,
could
also
have
significant
negative
effects
on
Japan’s
economy.
As
a
result
of
the
Fund’s
investment
in
Japanese
securities,
the
Fund’s
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
Fund
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,
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,
other
conflicts,
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
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
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,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
33
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
Index’s
investment
exposure.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
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
their
activities
as
part
of
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
provide
services
to
the
Funds.
34
Strategic
Beta
ETFs
|
Annual
Report
2023
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
International
ESG
Equity
Income
ETF
and
Columbia
U.S.
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
International
ESG
Equity
Income
ETF
and
Columbia
U.S.
ESG
Equity
Income
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2023,
the
related
statements
of
operations
for
the
year
ended
October
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2023
(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,
2023,
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,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2023
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,
2023
by
correspondence
with
the
custodian
and
broker;
when
a
reply
was
not
received
from
the
broker,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
20,
2023
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
2023
35
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2023
.
Shareholders
will
be
notified
in
early
2024
of
the
amounts
for
use
in
preparing
2023
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%
79.28%
Columbia
U.S.
ESG
Equity
Income
ETF
100.00%
100.00%
Columbia
International
ESG
Equity
Income
ETF
Foreign
Taxes
Paid
$37,567
Foreign
Taxes
Paid
Per
Share
0.15
Foreign
Source
Income
271,630
Foreign
Source
Income
Per
Share
1.09
TRUSTEES
AND
OFFICERS
(Unaudited)
36
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
170
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;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
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
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
170
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
2023
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
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
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
170
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee),
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee)
(financial
services),
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
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
170
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
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
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
168
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,
(former
mutual
fund
complex),
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
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
168
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
170
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
170
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
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
170
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
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
since
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
168
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
168
Director,
CSX
Corporation
(transportation
suppliers);
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;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
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.
170
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
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
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
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
168
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2023
*
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,
Carrig,
Flynn,
Paglia,
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
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.
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
and
Other
Relevant
Board
Experience
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
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
170
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
since
2022
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
and
Other
Relevant
Board
Experience
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;
Co-President
and
Principal
Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
170
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;
Director,
Columbia
Threadneedle
Canada,
Inc.,
since
December
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman
who
is
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
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
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.
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.
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.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2023
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
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.
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
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
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
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
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
February,
March,
April,
May
and
June
2023,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
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
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement
for
each
Fund.
The
Board,
at
its
June
22,
2023
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
for
each
Fund.
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
one
or
more
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
for
each
Fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2023
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.
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
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
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
each
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
for
each
Fund.
Investment
performance
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
each
Fund,
(ii)
each
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Funds
and
(iv)
index
tracking
error
data
of
each
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
for
each
Fund.
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
45
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
for
each
Fund.
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
the
profitability
generated
by
the
Investment
Manager
in
2022
had
declined
from
2021
levels,
due
to
a
variety
of
factors,
including
the
decreased
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
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
for
each
Fund.
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
22,
2023,
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
for
each
Fund.
Strategic
Beta
ETFs
|
Annual
Report
2023
47
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.
©
2023
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2023
Columbia
Diversified
Fixed
Income
Allocation
ETF
Strategic
Beta
ETFs
|
Annual
Report
2023
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
42
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
the
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
The
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
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
2023
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
segments,
each
focused
on
yield,
quality,
and
liquidity
of
the
particular
eligible
universe.
The
index
will
have
exposure
to
the
following
six
segments
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,
2023)
Inception
1
Year
5
Years
Life
Market
Price
10/12/17
2.22
0.51
-0.05
Net
Asset
Value
10/12/17
2.10
0.45
-0.07
{
Beta
Advantage®
}
Multi-Sector
Bond
Index
2.53
0.54
0.04
Bloomberg
U.S.
Aggregate
Bond
Index
0.36
-0.06
-0.38
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(October
12,
2017
—
October
31,
2023)
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
2023
5
Quality
breakdown
(%)
(at
October
31,
2023)
AA
rating
31.8
BBB
rating
20.3
BB
rating
19.3
B
rating
12.2
Not
rated
16.4
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
Bond
ratings
apply
to
the
underlying
holdings
of
the
Fund
and
not
the
Fund
itself
and
are
divided
into
categories
ranging
from
highest
to
lowest
credit
quality,
determined
by
using
the
middle
rating
of
Moody's,
S&P
and
Fitch,
after
dropping
the
highest
and
lowest
available
ratings.
When
ratings
are
available
from
only
two
rating
agencies,
the
lower
rating
is
used.
When
a
rating
is
available
from
only
one
agency,
that
rating
is
used.
If
a
security
is
not
rated
but
has
a
rating
by
Kroll
and/or
DBRS,
the
same
methodology
is
applied
to
those
bonds
that
would
otherwise
be
not
rated.
When
a
bond
is
not
rated
by
any
rating
agency,
it
is
designated
as
"Not
rated."
Credit
quality
ratings
assigned
by
a
rating
agency
are
subjective
opinions,
not
statements
of
fact,
and
are
subject
to
change,
including
daily.
The
ratings
assigned
by
credit
rating
agencies
are
but
one
of
the
considerations
that
the
Investment
Manager
and/
or
Fund's
subadviser
incorporates
into
its
credit
analysis
process,
along
with
such
other
issuer-specific
factors
as
cash
flows,
capital
structure
and
leverage
ratios,
ability
to
de-leverage
(repay)
through
free
cash
flow,
quality
of
management,
market
positioning
and
access
to
capital,
as
well
as
such
security-specific
factors
as
the
terms
of
the
security
(e.g.,
interest
rate
and
time
to
maturity)
and
the
amount
and
type
of
any
collateral.
Portfolio
breakdown
(%)
(at
October
31,
2023
)
Corporate
Bonds
41.4
Foreign
Government
Obligations
25.2
Residential
Mortgage-Backed
Securities
-
Agency
13.5
Treasury
Bills
7.7
U.S.
Treasury
Obligations
8.8
Money
Market
Funds
3.4
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
2023
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Diversified
Fixed
Income
Allocation
ETF
returned
2.10%
based
on
net
asset
value
(NAV)
and
2.22%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
2.53%
during
the
same
period.
To
compare,
the
Bloomberg
U.S.
Aggregate
Bond
Index
returned
0.36%
for
the
same
period.
The
Fund
had
an
NAV
of
$16.80
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
an
NAV
of
$16.50.
The
Fund’s
market
price
on
October
31,
2023
was
$16.52
per
share.
Market
overview
As
the
annual
period
began
in
the
last
two
months
of
2022,
bonds
performed
well.
Signs
that
inflation
may
have
peaked,
along
with
slightly
less
hawkish
commentary
from
U.S.
Federal
Reserve
(Fed)
officials,
raised
hopes
the
Fed
may
be
approaching
the
end
of
its
series
of
sharp
interest
rate
hikes.
(Hawkish
tends
to
suggest
higher
interest
rates;
opposite
of
dovish.)
The
Fed
raised
the
federal
funds
target
rate
by
75
basis
points
in
November
and
another
50
basis
points
in
December.
(A
basis
point
is
1/100th
of
a
percentage
point.)
The
U.S.
bond
market
continued
to
rally
in
January
2023,
but
sentiment
reversed
course
in
February
as
fresh
economic
data
showed
that
prices
did
not
decelerate
as
much
as
expected
and
many
more
jobs
had
been
created
to
start
the
new
year,
both
of
which
served
as
red
flags
for
the
Fed.
As
the
market
accepted
that
the
Fed
might
still
have
a
way
to
go
in
its
tightening
cycle,
U.S.
Treasury
yields
climbed
and
credit
spreads
widened.
Rate
expectations
took
another
turn
in
mid-March
following
clear
signs
of
stress
in
the
banking
sector.
Yields
tumbled
across
the
U.S.
Treasury
curve,
or
spectrum
of
maturities,
when
regulators
shut
down
two
U.S.
regional
banks.
The
Fed
looked
through
this
financial
sector
instability
and
hiked
interest
rates
for
a
ninth
time
in
this
cycle.
Led
by
a
recovery
from
the
indiscriminate
sell-off
in
March,
April
2023
saw
all
major
credit
sectors
generate
positive
returns.
Then,
as
widely
anticipated,
the
Fed
raised
the
federal
funds
target
25
basis
points
in
May.
May
was
also
highlighted
by
the
potential
of
a
U.S.
federal
debt
crisis,
though
a
deal
was
ultimately
made,
suspending
the
debt
ceiling
until
January
2025.
In
mid-June,
the
Fed
opted
out
of
a
rate
increase
for
the
first
time
in
ten
consecutive
meetings.
The
Fed,
however,
released
updated
forecasts
indicating
there
may
be
further
rate
hikes
coming.
As
a
result,
U.S.
Treasury
yields
moved
higher,
and
the
yield
curve
became
more
inverted,
meaning
shorter-term
yields
moved
even
higher
compared
to
longer
maturity
yields.
The
U.S.
fixed-income
market
delivered
mostly
negative
returns
for
the
last
four
months
of
the
annual
period.
As
expected,
the
Fed
raised
interest
rates
by
25
basis
points
at
its
July
meeting
but
then
left
the
federal
funds
target
rate
unchanged
at
a
range
of
5.25%-5.50%
in
September.
Of
greater
interest
to
the
U.S.
fixed-income
market
were
the
Fed
policymakers’
expectations
for
only
two
interest
rate
cuts
in
2024,
due
to
resilience
in
the
economy
and
labor
market.
Notably,
August
witnessed
the
U.S.
government’s
second-ever
credit
downgrade,
when
independent
rating
agency
Fitch
lowered
its
rating
from
AAA
to
AA+,
noting
the
high
U.S.
debt
to
Gross
Domestic
Product
ratio.
The
U.S.
Treasury’s
ensuing
announcement
of
its
higher
than
expected
borrowing
intentions
during
the
coming
months
ignited
a
dramatic
sell-off
in
longer
dated
U.S.
Treasuries.
A
convergence
of
concerns
about
U.S.
federal
deficits,
resilient
U.S.
economic
growth,
hawkish
foreign
central
banks,
a
looming
U.S.
government
shutdown
and
outbreak
of
war
in
the
Middle
East
roiled
the
markets
through
the
end
of
the
annual
period.
Yields
on
the
benchmark
10-year
U.S.
Treasury
briefly
topped
5%
in
October
for
the
first
time
since
2007,
and
riskier
sectors,
which
had
seemed
impervious
to
the
tightening
of
financing
conditions
given
the
more
optimistic
economic
growth
outlook,
began
to
sell
off.
For
the
annual
period
overall,
U.S.
Treasury
yields
rose
significantly
across
the
yield
curve,
and
the
yield
curve
remained
inverted
virtually
throughout.
Securitized
assets,
including
mortgage-backed
securities
and
asset-based
securities,
also
generated
negative
absolute
returns.
Most
other
spread,
or
non-government
bond,
sectors,
posted
positive
absolute
returns,
led
by
emerging
markets
debt
and
U.S.
high-yield
corporate
bonds.
U.S.
investment-grade
corporate
bonds
and
Treasury
inflation-protected
securities
generated
more
modest
positive
absolute
returns
for
the
annual
period.
As
a
whole,
the
global
fixed-income
market,
as
measured
by
the
Bloomberg
Global
Aggregate
Index,
outperformed
the
U.S.
fixed-income
market,
as
measured
by
the
Bloomberg
U.S.
Aggregate
Bond
Index
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Having
more
duration
exposure
to
non-U.S.
developed
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
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
7
Having
an
underweight
to
U.S.
investment-grade
corporate
debt
relative
to
the
Bloomberg
U.S.
Aggregate
Bond
Index,
hurt
the
Index’s
relative
results,
as
spreads
in
that
sector
tightened
and
prices
rose.
Holdings
in
longer
term,
higher
yielding
U.S.
agency
mortgage-backed
securities
detracted
from
the
Index’s
relative
results,
as
spreads
were
disproportionately
affected
by
higher
rates
and
elevated
interest
rate
volatility.
The
Fund’s
notable
contributors
during
the
period
Having
greater
exposure
than
the
Bloomberg
U.S.
Aggregate
Bond
Index
to
credit
sectors,
especially
emerging
markets
debt
and
U.S.
high-yield
corporate
debt,
boosted
the
Index’s
relative
results
most,
as
credit
spreads
tightened
and
prices
rose
during
the
annual
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
during
the
annual
period.
Having
exposure
to
global
non-U.S.
dollar-denominated
sovereign
debt
added
value
to
the
Index’s
results
relative
to
the
Bloomberg
U.S.
Aggregate
Bond
Index,
as
the
U.S.
dollar
depreciated
in
value
during
the
annual
period
and
the
Bloomberg
U.S.
Aggregate
Bond
Index
holds
only
U.S.
dollar-denominated
bonds.
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
2023
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,
2023.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2023
—
October
31,
2023
Beginning
account
value
($)
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
942.30
1,023.79
1.37
1.43
0.28
PORTFOLIO
OF
INVESTMENTS
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
9
Corporate
Bonds
46.1%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.5%
Bombardier,
Inc.
7.125%,
06/15/26
(a)
550,000
529,280
7.875%,
04/15/27
(a)
700,000
674,001
L3Harris
Technologies,
Inc.
5.400%,
07/31/33
250,000
233,554
Rolls-Royce
PLC
5.750%,
10/15/27
(a)
440,000
417,059
RTX
Corp.
5.150%,
02/27/33
350,000
322,711
Spirit
AeroSystems
,
Inc.
9.375%,
11/30/29
(a)
305,000
313,317
Teledyne
Technologies,
Inc.
2.750%,
04/01/31
500,000
394,133
Textron,
Inc.
3.000%,
06/01/30
86,000
70,871
3.900%,
09/17/29
23,000
20,457
TransDigm
,
Inc.
6.250%,
03/15/26
(a)
2,271,000
2,220,470
Total
5,195,853
Airlines
1.4%
Air
Canada
3.875%,
08/15/26
(a)
407,000
370,509
American
Airlines,
Inc./
AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
641,667
623,950
5.750%,
04/20/29
(a)
1,568,000
1,414,351
Delta
Air
Lines,
Inc.
7.375%,
01/15/26
672,000
678,798
Hawaiian
Brand
Intellectual
Property
Ltd.
/
HawaiianMiles
Loyalty
Ltd.
5.750%,
01/20/26
(a)
545,000
402,584
Southwest
Airlines
Co.
2.625%,
02/10/30
50,000
40,345
United
Airlines,
Inc.
4.375%,
04/15/26
(a)
102,000
94,869
4.625%,
04/15/29
(a)
1,470,000
1,242,807
Total
4,868,213
Apartment
REIT
0.1%
Essex
Portfolio
LP
3.000%,
01/15/30
167,000
136,310
Invitation
Homes
Operating
Partnership
LP
2.000%,
08/15/31
110,000
79,317
Total
215,627
Automotive
0.8%
Allison
Transmission,
Inc.
3.750%,
01/30/31
(a)
240,000
190,321
Aptiv
PLC
4.350%,
03/15/29
100,000
92,777
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.250%,
05/15/26
(a)
361,000
353,033
Ford
Motor
Co.
3.250%,
02/12/32
1,232,000
928,595
General
Motors
Co.
5.600%,
10/15/32
300,000
273,863
General
Motors
Financial
Co.,
Inc.
3.600%,
06/21/30
18,000
14,839
Goodyear
Tire
&
Rubber
Co.
(The)
5.000%,
07/15/29
346,000
297,924
Lear
Corp.
4.250%,
05/15/29
100,000
89,416
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Tenneco,
Inc.
8.000%,
11/17/28
(a)
500,000
401,250
Total
2,642,018
Banking
1.7%
Banco
Santander
SA
3.225%,
(US
1
Year
CMT
T-Note
+
1.600%),
11/22/32
(b)
600,000
441,491
Bank
of
Montreal
3.088%,
(US
5
Year
CMT
T-Note
+
1.400%),
01/10/37
(b)
250,000
180,996
Barclays
6.224%,
05/09/34
700,000
641,225
Capital
One
Financial
Corp.
5.817%,
02/01/34
446,000
389,332
Citigroup,
Inc.
6.174%,
(SOFRRATE
+
2.661%),
05/25/34
(b)
500,000
466,310
Citizens
Financial
Group,
Inc.
2.638%,
09/30/32
78,000
51,761
Deutsche
Bank
AG/New
York
NY
3.729%,
01/14/32
550,000
398,993
Fifth
Third
Bancorp
4.772%,
07/28/30
302,000
267,549
HSBC
Holdings
PLC
4.762%,
(SOFRRATE
+
2.530%),
03/29/33
(b)
740,000
611,933
Huntington
Bancshares,
Inc.
2.487%,
08/15/36
198,000
133,986
KeyCorp
Series
MTN,
2.550%,
10/01/29
138,000
103,204
Lloyds
Banking
Group
PLC
7.953%,
(US
1
Year
CMT
T-Note
+
3.750%),
11/15/33
(b)
200,000
202,728
Morgan
Stanley
2.484%,
(SOFRRATE
+
1.360%),
09/16/36
(b)
276,000
195,677
5.297%,
04/20/37
341,000
296,099
Sumitomo
Mitsui
Financial
Group,
Inc.
2.142%,
09/23/30
216,000
163,725
Synchrony
Financial
5.150%,
03/19/29
85,000
73,386
UniCredit
SpA
5.459%,
(US
5
Year
CMT
T-Note
+
4.750%),
06/30/35
(a),(b)
802,000
658,271
7.296%,
(USD
5
Year
Swap
+
4.914%),
04/02/34
(a),(b)
200,000
185,769
Westpac
Banking
Corp.
2.668%,
11/15/35
557,000
405,345
Total
5,867,780
Brokerage/Asset
Managers/Exchanges
0.3%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
100,000
82,984
CI
Financial
Corp.
3.200%,
12/17/30
78,000
56,927
Coinbase
Global,
Inc.
3.375%,
10/01/28
(a)
255,000
187,477
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.000%,
08/15/28
(a)
350,000
280,237
Nasdaq,
Inc.
1.650%,
01/15/31
123,000
90,870
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Nomura
Holdings,
Inc.
2.679%,
07/16/30
302,000
234,026
Total
932,521
Building
Materials
0.6%
Builders
FirstSource
,
Inc.
4.250%,
02/01/32
(a)
565,000
449,758
Martin
Marietta
Materials,
Inc.
2.400%,
07/15/31
200,000
153,273
Masco
Corp.
2.000%,
02/15/31
345,000
258,649
Owens
Corning
3.875%,
06/01/30
200,000
172,516
Standard
Industries,
Inc.
3.375%,
01/15/31
(a)
344,000
260,209
4.375%,
07/15/30
(a)
822,000
672,486
Total
1,966,891
Cable
and
Satellite
2.4%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.250%,
02/01/31
(a)
1,000,000
778,085
4.750%,
03/01/30
(a)
998,000
823,470
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.400%,
04/01/33
500,000
414,230
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.750%,
10/01/26
(a)
730,000
679,535
CSC
Holdings
LLC
4.500%,
11/15/31
(a)
1,142,000
754,394
6.500%,
02/01/29
(a)
270,000
213,211
DISH
DBS
Corp.
5.250%,
12/01/26
(a)
1,572,000
1,270,002
5.750%,
12/01/28
(a)
1,117,000
798,576
Intelsat
Jackson
Holdings
SA
6.500%,
03/15/30
(a)
1,107,000
974,194
LCPR
Senior
Secured
Financing
DAC
6.750%,
10/15/27
(a)
323,000
292,456
Sirius
XM
Radio,
Inc.
5.000%,
08/01/27
(a)
29,000
26,627
Telenet
Finance
Luxembourg
Notes
Sarl
5.500%,
03/01/28
(a)
200,000
176,178
UPC
Broadband
Finco
BV
4.875%,
07/15/31
(a)
240,000
190,551
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(a)
450,000
398,421
VZ
Secured
Financing
BV
5.000%,
01/15/32
(a)
425,000
322,952
Ziggo
BV
4.875%,
01/15/30
(a)
350,000
279,918
Total
8,392,800
Chemicals
0.4%
Celanese
US
Holdings
LLC
6.379%,
07/15/32
250,000
234,893
Dow
Chemical
Co.
(The)
4.800%,
11/30/28
244,000
233,205
FMC
Corp.
3.450%,
10/01/29
46,000
38,089
Huntsman
International
LLC
2.950%,
06/15/31
50,000
37,978
LYB
International
Finance
III
LLC
2.250%,
10/01/30
100,000
77,219
NewMarket
Corp.
2.700%,
03/18/31
26,000
19,926
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Sherwin-Williams
Co.
(The)
2.950%,
08/15/29
185,000
157,732
Tronox
,
Inc.
4.625%,
03/15/29
(a)
500,000
392,576
Westlake
Corp.
3.375%,
06/15/30
114,000
94,734
Total
1,286,352
Construction
Machinery
0.4%
H&E
Equipment
Services,
Inc.
3.875%,
12/15/28
(a)
480,000
406,691
Herc
Holdings,
Inc.
5.500%,
07/15/27
(a)
48,000
45,163
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/01/28
(a)
384,000
355,081
United
Rentals
North
America,
Inc.
3.875%,
02/15/31
560,000
460,075
Total
1,267,010
Consumer
Cyclical
Services
1.1%
ADT
Security
Corp.
(The)
4.125%,
08/01/29
(a)
442,000
379,268
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
6.625%,
07/15/26
(a)
47,000
44,000
Arches
Buyer,
Inc.
4.250%,
06/01/28
(a)
500,000
414,028
Compass
Group
Diversified
Holdings
LLC
5.250%,
04/15/29
(a)
414,000
354,076
eBay,
Inc.
2.600%,
05/10/31
316,000
246,514
Expedia
Group,
Inc.
2.950%,
03/15/31
46,000
36,131
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(a)
802,000
709,188
5.750%,
04/15/26
(a)
175,000
169,846
Service
Corp
International
3.375%,
08/15/30
435,000
348,397
Uber
Technologies,
Inc.
4.500%,
08/15/29
(a)
688,000
607,128
8.000%,
11/01/26
(a)
500,000
503,762
Total
3,812,338
Consumer
Products
0.2%
Coty,
Inc.
5.000%,
04/15/26
(a)
300,000
287,365
Haleon
US
Capital
LLC
3.625%,
03/24/32
500,000
416,308
Whirlpool
Corp.
2.400%,
05/15/31
60,000
46,037
4.750%,
02/26/29
63,000
58,903
Total
808,613
Diversified
Manufacturing
1.1%
Carlisle
Cos.,
Inc.
2.750%,
03/01/30
250,000
202,138
Chart
Industries,
Inc.
7.500%,
01/01/30
(a)
750,000
736,891
Dover
Corp.
2.950%,
11/04/29
80,000
68,756
Emerald
Debt
Merger
Sub
LLC
6.625%,
12/15/30
(a)
600,000
571,239
Flowserve
Corp.
3.500%,
10/01/30
128,000
103,124
Regal
Rexnord
Corp.
6.400%,
04/15/33
(a)
250,000
229,670
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
TK
Elevator
US
Newco
,
Inc.
5.250%,
07/15/27
(a)
614,000
558,947
Vertiv
Group
Corp.
4.125%,
11/15/28
(a)
300,000
262,239
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(a)
360,000
360,522
7.250%,
06/15/28
(a)
857,000
852,360
Total
3,945,886
Electric
2.1%
AES
Corp.
(The)
2.450%,
01/15/31
100,000
75,155
Ameren
Corp.
3.500%,
01/15/31
112,000
93,831
American
Electric
Power
Co.,
Inc.
Series
J,
4.300%,
12/01/28
85,000
79,028
Avangrid
,
Inc.
3.800%,
06/01/29
29,000
25,483
Calpine
Corp.
4.500%,
02/15/28
(a)
751,000
677,349
5.125%,
03/15/28
(a)
395,000
353,511
Clearway
Energy
Operating
LLC
3.750%,
02/15/31
(a)
555,000
434,649
4.750%,
03/15/28
(a)
126,000
112,849
Dominion
Energy,
Inc.
Series
C,
2.250%,
08/15/31
500,000
373,429
Duke
Energy
Corp.
2.450%,
06/01/30
331,000
263,532
Entergy
Corp.
2.400%,
06/15/31
380,000
288,761
Eversource
Energy
Series
R,
1.650%,
08/15/30
190,000
142,335
Exelon
Corp.
5.300%,
03/15/33
250,000
232,039
IPALCO
Enterprises,
Inc.
4.250%,
05/01/30
140,000
120,858
NextEra
Energy
Capital
Holdings,
Inc.
5.000%,
07/15/32
500,000
454,537
NRG
Energy,
Inc.
3.625%,
02/15/31
(a)
49,000
36,972
3.875%,
02/15/32
(a)
653,000
487,737
Pacific
Gas
and
Electric
Co.
2.500%,
02/01/31
178,000
131,968
4.550%,
07/01/30
165,000
142,805
PG&E
Corp.
5.000%,
07/01/28
130,000
117,796
5.250%,
07/01/30
840,000
735,606
Public
Service
Enterprise
Group,
Inc.
1.600%,
08/15/30
200,000
150,266
Southern
Co.
(The)
Series
A,
3.700%,
04/30/30
342,000
296,535
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
818,000
750,476
5.625%,
02/15/27
(a)
187,000
175,989
WEC
Energy
Group,
Inc.
1.800%,
10/15/30
200,000
149,571
Xcel
Energy,
Inc.
2.600%,
12/01/29
326,000
269,418
Total
7,172,485
Environmental
0.1%
Republic
Services,
Inc.
2.375%,
03/15/33
305,000
227,596
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Finance
Companies
0.9%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%,
01/30/32
1,158,000
898,016
Air
Lease
Corp.
Series
MTN,
2.875%,
01/15/32
84,000
63,915
Aon
Corp.
2.800%,
05/15/30
296,000
241,503
First
American
Financial
Corp.
4.000%,
05/15/30
100,000
83,208
Fortress
Transportation
and
Infrastructure
Investors
LLC
5.500%,
05/01/28
(a)
420,000
382,579
GATX
Corp.
4.700%,
04/01/29
86,000
79,286
Midcap
Financial
Issuer
Trust
6.500%,
05/01/28
(a)
400,000
340,598
OneMain
Finance
Corp.
4.000%,
09/15/30
500,000
366,224
Rocket
Mortgage
LLC
5.250%,
01/15/28
(a)
565,000
520,485
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.875%,
03/01/31
(a)
201,000
155,378
Total
3,131,192
Food
and
Beverage
1.3%
Aramark
Services,
Inc.
5.000%,
02/01/28
(a)
83,000
76,130
Campbell
Soup
Co.
2.375%,
04/24/30
49,000
38,806
Constellation
Brands,
Inc.
4.900%,
05/01/33
250,000
225,702
Darling
Ingredients,
Inc.
6.000%,
06/15/30
(a)
300,000
279,554
Flowers
Foods,
Inc.
2.400%,
03/15/31
120,000
91,988
General
Mills,
Inc.
4.950%,
03/29/33
250,000
227,163
Ingredion,
Inc.
2.900%,
06/01/30
55,000
45,134
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
Luxembourg
SARL
6.750%,
03/15/34
(a)
500,000
467,772
Jbs
USA
Lux
SA
/
Jbs
USA
Food
Co.
/
Jbs
USA
Finance,
Inc.
5.750%,
04/01/33
44,000
38,696
JM
Smucker
Co.
(The)
2.375%,
03/15/30
65,000
51,877
Keurig
Dr
Pepper,
Inc.
4.050%,
04/15/32
350,000
300,833
Lamb
Weston
Holdings,
Inc.
4.125%,
01/31/30
(a)
350,000
297,451
McCormick
&
Co.,
Inc.
1.850%,
02/15/31
45,000
33,363
2.500%,
04/15/30
129,000
103,346
Mondelez
International,
Inc.
2.750%,
04/13/30
187,000
153,832
Performance
Food
Group,
Inc.
5.500%,
10/15/27
(a)
767,000
717,671
Pilgrim's
Pride
Corp.
3.500%,
03/01/32
240,000
182,815
6.250%,
07/01/33
100,000
92,103
Post
Holdings,
Inc.
4.625%,
04/15/30
(a)
1,148,000
963,248
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Sysco
Corp.
5.950%,
04/01/30
95,000
94,275
Total
4,481,759
Foreign
Agencies
1.6%
Comision
Federal
de
Electricidad
Series
REGS,
3.348%,
02/09/31
1,846,000
1,398,688
Ecopetrol
SA
6.875%,
04/29/30
44,000
39,607
KazMunayGas
National
Co.
JSC
Series
REGS,
5.375%,
04/24/30
1,830,000
1,631,855
Pertamina
Persero
PT
Series
REGS,
2.300%,
02/09/31
1,115,000
857,891
Series
REGS,
3.650%,
07/30/29
312,000
276,681
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
5.450%,
05/21/28
350,000
339,570
Power
Finance
Corp.
Ltd.
Series
REGS,
3.950%,
04/23/30
224,000
191,513
4.500%,
06/18/29
1,000,000
908,131
Total
5,643,936
Gaming
1.5%
Boyd
Gaming
Corp.
4.750%,
06/15/31
(a)
620,000
514,973
Caesars
Entertainment,
Inc.
6.250%,
07/01/25
(a)
960,000
944,786
7.000%,
02/15/30
(a)
575,000
553,448
Caesars
Resort
Collection
LLC
/
CRC
Finco
,
Inc.
5.750%,
07/01/25
(a)
75,000
73,895
CDI
Escrow
Issuer,
Inc.
5.750%,
04/01/30
(a)
650,000
581,766
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
4.000%,
01/15/30
201,000
167,695
Las
Vegas
Sands
Corp.
3.500%,
08/18/26
360,000
331,175
Melco
Resorts
Finance
Ltd.
5.375%,
12/04/29
(a)
861,000
684,322
Studio
City
Finance
Ltd.
5.000%,
01/15/29
(a)
460,000
329,653
VICI
Properties
LP
5.125%,
05/15/32
557,000
480,926
Wynn
Macau
Ltd.
5.125%,
12/15/29
(a)
496,000
388,853
5.625%,
08/26/28
(a)
200,000
167,911
Total
5,219,403
Health
Care
2.9%
Agilent
Technologies,
Inc.
2.300%,
03/12/31
290,000
224,528
Avantor
Funding,
Inc.
4.625%,
07/15/28
(a)
776,000
692,087
Bausch
&
Lomb
Escrow
Corp.
8.375%,
10/01/28
(a)
500,000
496,925
Baxter
International,
Inc.
2.539%,
02/01/32
518,000
388,117
Becton
Dickinson
and
Co.
1.957%,
02/11/31
300,000
228,332
Boston
Scientific
Corp.
2.650%,
06/01/30
59,000
48,519
Cencora
,
Inc.
2.700%,
03/15/31
200,000
158,379
CHS/Community
Health
Systems,
Inc.
5.625%,
03/15/27
(a)
83,000
67,807
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Cigna
Group
(The)
2.400%,
03/15/30
240,000
193,737
5.400%,
03/15/33
100,000
94,512
CVS
Health
Corp.
5.250%,
02/21/33
600,000
553,243
DaVita,
Inc.
3.750%,
02/15/31
(a)
1,306,000
939,305
4.625%,
06/01/30
(a)
508,000
398,283
GE
HealthCare
Technologies,
Inc.
5.905%,
11/22/32
525,000
507,912
HCA,
Inc.
5.500%,
06/01/33
410,000
374,115
Hologic
,
Inc.
3.250%,
02/15/29
(a)
548,000
460,176
IQVIA,
Inc.
5.000%,
05/15/27
(a)
525,000
494,958
Laboratory
Corp.
of
America
Holdings
2.950%,
12/01/29
76,000
64,099
Medline
Borrower
LP
3.875%,
04/01/29
(a)
1,786,000
1,507,254
Ochsner
LSU
Health
System
of
North
Louisiana
Series
2021,
2.510%,
05/15/31
190,000
119,320
Revvity
,
Inc.
3.300%,
09/15/29
40,000
34,092
Smith
&
Nephew
PLC
2.032%,
10/14/30
76,000
57,179
Tenet
Healthcare
Corp.
4.875%,
01/01/26
1,317,000
1,263,489
6.125%,
06/15/30
485,000
449,864
6.250%,
02/01/27
21,000
20,173
Universal
Health
Services,
Inc.
2.650%,
10/15/30
290,000
221,734
Total
10,058,139
Healthcare
Insurance
0.3%
Centene
Corp.
3.000%,
10/15/30
568,000
449,073
Elevance
Health,
Inc.
2.550%,
03/15/31
320,000
253,128
4.750%,
02/15/33
100,000
90,596
Humana,
Inc.
2.150%,
02/03/32
226,000
166,477
Total
959,274
Healthcare
REIT
0.3%
Healthpeak
OP
LLC
3.000%,
01/15/30
180,000
147,998
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
3.500%,
03/15/31
675,000
410,571
4.625%,
08/01/29
290,000
201,524
Omega
Healthcare
Investors,
Inc.
3.250%,
04/15/33
110,000
78,294
Physicians
Realty
LP
2.625%,
11/01/31
150,000
110,376
Ventas
Realty
LP
4.400%,
01/15/29
97,000
88,578
Welltower
OP
LLC
2.800%,
06/01/31
230,000
180,039
Total
1,217,380
Independent
Energy
1.3%
Chesapeake
Energy
Corp.
6.750%,
04/15/29
(a)
520,000
509,574
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Civitas
Resources,
Inc.
8.375%,
07/01/28
(a)
500,000
503,589
8.750%,
07/01/31
(a)
500,000
504,865
Comstock
Resources,
Inc.
5.875%,
01/15/30
(a)
675,000
577,115
6.750%,
03/01/29
(a)
84,000
76,515
Coterra
Energy,
Inc.
4.375%,
03/15/29
100,000
91,545
Devon
Energy
Corp.
4.500%,
01/15/30
194,000
172,714
Diamondback
Energy,
Inc.
3.500%,
12/01/29
76,000
66,522
6.250%,
03/15/33
250,000
246,719
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
5.750%,
01/30/28
(a)
17,000
16,317
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(a)
1,109,000
992,775
Occidental
Petroleum
Corp.
6.625%,
09/01/30
142,000
142,522
Southwestern
Energy
Co.
4.750%,
02/01/32
853,000
733,549
Total
4,634,321
Integrated
Energy
0.0%
New
Fortress
Energy,
Inc.
6.750%,
09/15/25
(a)
160,000
148,516
Leisure
1.3%
Carnival
Corp.
4.000%,
08/01/28
(a)
1,120,000
974,857
5.750%,
03/01/27
(a)
34,000
30,347
Carnival
Holdings
Bermuda
Ltd.
10.375%,
05/01/28
(a)
630,000
671,763
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op
5.500%,
05/01/25
(a)
620,000
608,040
Life
Time,
Inc.
5.750%,
01/15/26
(a)
276,000
267,449
Live
Nation
Entertainment,
Inc.
6.500%,
05/15/27
(a)
755,000
736,877
NCL
Corp.
Ltd.
5.875%,
02/15/27
(a)
500,000
460,253
Royal
Caribbean
Cruises
Ltd.
9.250%,
01/15/29
(a)
453,000
473,521
11.500%,
06/01/25
(a)
388,000
410,392
Total
4,633,499
Life
Insurance
0.3%
Athene
Holding
Ltd.
3.500%,
01/15/31
162,000
129,140
6.150%,
04/03/30
12,000
11,667
Corebridge
Financial,
Inc.
3.900%,
04/05/32
480,000
392,642
Globe
Life,
Inc.
2.150%,
08/15/30
200,000
152,481
Prudential
Financial,
Inc.
5.125%,
(US
5
Year
CMT
T-Note
+
3.162%),
03/01/52
(b)
420,000
356,008
Total
1,041,938
Lodging
0.3%
Choice
Hotels
International,
Inc.
3.700%,
01/15/31
200,000
157,087
Hilton
Domestic
Operating
Co.,
Inc.
3.625%,
02/15/32
(a)
951,000
751,701
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Marriott
International,
Inc.
Series
FF,
4.625%,
06/15/30
284,000
255,955
Total
1,164,743
Materials
0.0%
Acuity
Brands
Lighting,
Inc.
2.150%,
12/15/30
90,000
68,142
Media
and
Entertainment
1.6%
AMC
Networks,
Inc.
4.250%,
02/15/29
335,000
209,905
Clear
Channel
Outdoor
Holdings,
Inc.
5.125%,
08/15/27
(a)
427,000
379,346
Electronic
Arts,
Inc.
1.850%,
02/15/31
240,000
182,509
Gray
Escrow
II,
Inc.
5.375%,
11/15/31
(a)
432,000
270,911
Interpublic
Group
of
Cos.,
Inc.
(The)
2.400%,
03/01/31
160,000
123,122
News
Corp.
3.875%,
05/15/29
(a)
489,000
418,689
Nexstar
Media,
Inc.
4.750%,
11/01/28
(a)
935,000
786,818
Paramount
Global
4.950%,
01/15/31
31,000
25,885
ROBLOX
Corp.
3.875%,
05/01/30
(a)
404,000
327,762
TEGNA,
Inc.
4.625%,
03/15/28
50,000
43,309
5.000%,
09/15/29
901,000
756,520
Univision
Communications,
Inc.
4.500%,
05/01/29
(a)
876,000
696,526
6.625%,
06/01/27
(a)
290,000
264,888
Warnermedia
Holdings,
Inc.
4.279%,
03/15/32
1,280,000
1,060,967
Total
5,547,157
Media
Cable
0.7%
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(a)
1,389,000
1,216,334
LCPR
Senior
Secured
Financing
DAC
5.125%,
07/15/29
(a)
300,000
235,569
Sirius
XM
Radio,
Inc.
4.000%,
07/15/28
(a)
1,146,000
974,229
Total
2,426,132
Metals
and
Mining
0.6%
Arcelormittal
SA
6.800%,
11/29/32
250,000
239,284
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(a)
434,000
432,317
FMG
Resources
August
2006
Pty
Ltd.
4.375%,
04/01/31
(a)
680,000
548,108
Newmont
Corp.
2.250%,
10/01/30
174,000
136,105
Novelis
Corp.
4.750%,
01/30/30
(a)
580,000
493,727
Reliance
Steel
&
Aluminum
Co.
2.150%,
08/15/30
100,000
76,577
Steel
Dynamics,
Inc.
3.250%,
01/15/31
94,000
77,643
Vale
Overseas
Ltd.
3.750%,
07/08/30
34,000
28,611
Total
2,032,372
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Midstream
2.1%
Boardwalk
Pipelines
LP
3.400%,
02/15/31
120,000
97,888
Cheniere
Energy
Partners
LP
4.000%,
03/01/31
548,000
458,763
Cheniere
Energy,
Inc.
4.625%,
10/15/28
330,000
301,581
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.500%,
06/15/31
(a)
750,000
654,568
DT
Midstream,
Inc.
4.125%,
06/15/29
(a)
134,000
115,295
4.375%,
06/15/31
(a)
800,000
665,130
Enbridge,
Inc.
5.700%,
03/08/33
600,000
561,199
EQM
Midstream
Partners
LP
4.750%,
01/15/31
(a)
701,000
587,115
6.500%,
07/01/27
(a)
129,000
125,994
ITT
Holdings
LLC
6.500%,
08/01/29
(a)
8,000
6,711
Kinder
Morgan,
Inc.
2.000%,
02/15/31
359,000
268,379
Kinetik
Holdings
LP
5.875%,
06/15/30
(a)
494,000
458,561
MPLX
LP
2.650%,
08/15/30
422,000
333,462
National
Fuel
Gas
Co.
2.950%,
03/01/31
120,000
91,185
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
7.500%,
02/01/26
(a)
828,000
808,477
ONEOK,
Inc.
4.350%,
03/15/29
48,000
43,637
6.050%,
09/01/33
300,000
287,677
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
3.800%,
09/15/30
71,000
59,838
Sabine
Pass
Liquefaction
LLC
4.500%,
05/15/30
88,000
78,968
Venture
Global
Calcasieu
Pass
LLC
3.875%,
08/15/29
(a)
125,000
104,284
4.125%,
08/15/31
(a)
1,070,000
861,963
Western
Midstream
Operating
LP
3.100%,
02/01/25
2,000
1,922
Williams
Cos.,
Inc.
(The)
2.600%,
03/15/31
480,000
374,399
3.500%,
11/15/30
102,000
85,933
Total
7,432,929
Office
REIT
0.2%
Boston
Properties
LP
3.250%,
01/30/31
346,000
262,344
Corporate
Office
Properties
LP
2.000%,
01/15/29
123,000
93,322
Highwoods
Realty
LP
2.600%,
02/01/31
136,000
95,321
Piedmont
Operating
Partnership
LP
3.150%,
08/15/30
128,000
88,976
Total
539,963
Oil
Field
Services
0.4%
NOV,
Inc.
3.600%,
12/01/29
113,000
97,603
Venture
Global
LNG,
Inc.
8.375%,
06/01/31
(a)
1,470,000
1,402,938
Total
1,500,541
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Other
Financial
Institutions
0.4%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
5.250%,
05/15/27
557,000
477,045
6.250%,
05/15/26
589,000
538,938
Nationstar
Mortgage
Holdings,
Inc.
5.500%,
08/15/28
(a)
370,000
326,773
Total
1,342,756
Other
Industry
0.1%
Coherent
Corp.
5.000%,
12/15/29
(a)
464,000
394,203
Rexford
Industrial
Realty
LP
2.125%,
12/01/30
120,000
89,407
Total
483,610
Other
REIT
0.5%
Broadstone
Net
Lease
LLC
2.600%,
09/15/31
68,000
47,028
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5.750%,
05/15/26
(a)
378,000
346,269
CubeSmart
LP
2.000%,
02/15/31
98,000
72,401
EPR
Properties
3.750%,
08/15/29
222,000
175,240
Extra
Space
Storage
LP
2.550%,
06/01/31
240,000
182,391
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.375%,
06/15/26
(a)
270,000
237,799
Host
Hotels
&
Resorts
LP
Series
H,
3.375%,
12/15/29
258,000
212,326
LXP
Industrial
Trust
2.700%,
09/15/30
56,000
42,533
Safehold
GL
Holdings
LLC
2.800%,
06/15/31
110,000
81,028
Service
Properties
Trust
4.350%,
10/01/24
396,000
379,657
WP
Carey,
Inc.
2.400%,
02/01/31
150,000
113,923
Total
1,890,595
Other
Utility
0.1%
American
Water
Capital
Corp.
3.750%,
09/01/28
73,000
66,996
Essential
Utilities,
Inc.
2.704%,
04/15/30
220,000
177,867
Total
244,863
Packaging
1.0%
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4.000%,
09/01/29
(a)
300,000
224,973
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.125%,
08/15/26
(a)
500,000
441,310
Avery
Dennison
Corp.
2.650%,
04/30/30
30,000
24,156
Ball
Corp.
2.875%,
08/15/30
588,000
458,363
3.125%,
09/15/31
80,000
61,857
6.000%,
06/15/29
200,000
191,554
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
395,000
381,053
Mauser
Packaging
Solutions
Holding
Co.
7.875%,
08/15/26
(a)
1,180,000
1,105,549
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Pactiv
Evergreen
Group
Issuer
Inc
/Pactiv
Evergreen
Group
Issuer
LLC
4.000%,
10/15/27
(a)
440,000
387,048
Trivium
Packaging
Finance
BV
5.500%,
08/15/26
(a)
200,000
181,518
Total
3,457,381
Paper
0.2%
Mercer
International,
Inc.
5.125%,
02/01/29
331,000
259,610
Rayonier
LP
2.750%,
05/17/31
150,000
114,864
Suzano
Austria
GmbH
3.750%,
01/15/31
55,000
44,517
Weyerhaeuser
Co.
4.000%,
04/15/30
88,000
76,960
WRKCo
,
Inc.
3.000%,
06/15/33
190,000
145,250
Total
641,201
Pharmaceuticals
1.0%
AbbVie,
Inc.
3.200%,
11/21/29
69,000
60,133
Amgen,
Inc.
5.250%,
03/02/33
1,200,000
1,119,414
Biogen,
Inc.
2.250%,
05/01/30
175,000
137,368
Gilead
Sciences,
Inc.
5.250%,
10/15/33
100,000
94,726
Jazz
Securities
DAC
4.375%,
01/15/29
(a)
364,000
316,380
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(a)
600,000
518,338
5.125%,
04/30/31
(a)
940,000
734,511
Royalty
Pharma
PLC
2.200%,
09/02/30
200,000
152,498
Viatris
,
Inc.
2.700%,
06/22/30
228,000
175,174
Zoetis,
Inc.
2.000%,
05/15/30
268,000
211,035
Total
3,519,577
Property
&
Casualty
0.6%
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.750%,
04/15/28
(a)
700,000
665,654
Assurant,
Inc.
2.650%,
01/15/32
40,000
28,772
Brown
&
Brown,
Inc.
2.375%,
03/15/31
256,000
191,748
Enstar
Group
Ltd.
3.100%,
09/01/31
101,000
74,646
Fairfax
Financial
Holdings
Ltd.
3.375%,
03/03/31
300,000
241,503
Fidelity
National
Financial,
Inc.
2.450%,
03/15/31
127,000
95,264
3.400%,
06/15/30
8,000
6,580
Hanover
Insurance
Group,
Inc.
(The)
2.500%,
09/01/30
80,000
59,883
HUB
International
Ltd.
7.250%,
06/15/30
(a)
500,000
489,064
Markel
Group,
Inc.
3.350%,
09/17/29
44,000
38,279
Willis
North
America,
Inc.
4.500%,
09/15/28
121,000
112,521
Total
2,003,914
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Railroads
0.1%
Canadian
Pacific
Railway
Co.
2.450%,
12/02/31
500,000
436,946
Real
Estate
0.1%
Alexandria
Real
Estate
Equities,
Inc.
2.000%,
05/18/32
380,000
267,129
Refining
0.2%
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
539,000
498,277
Phillips
66
Co.
3.150%,
12/15/29
120,000
102,351
Valero
Energy
Corp.
4.350%,
06/01/28
21,000
19,672
Total
620,300
Restaurants
0.7%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.000%,
10/15/30
(a)
1,557,000
1,276,190
Starbucks
Corp.
4.800%,
02/15/33
300,000
274,531
Yum!
Brands,
Inc.
3.625%,
03/15/31
168,000
136,468
4.625%,
01/31/32
691,000
587,051
Total
2,274,240
Retail
0.0%
Genuine
Parts
Co.
1.875%,
11/01/30
100,000
73,845
Retail
REIT
0.1%
Agree
LP
2.900%,
10/01/30
90,000
71,686
Brixmor
Operating
Partnership
LP
4.125%,
05/15/29
110,000
96,364
Kimco
Realty
OP
LLC
2.700%,
10/01/30
29,000
22,825
Total
190,875
Retailers
0.8%
Advance
Auto
Parts,
Inc.
3.900%,
04/15/30
134,000
108,708
AutoNation,
Inc.
4.750%,
06/01/30
120,000
105,029
AutoZone,
Inc.
4.000%,
04/15/30
73,000
64,308
4.750%,
02/01/33
250,000
220,906
Bath
&
Body
Works,
Inc.
6.625%,
10/01/30
(a)
494,000
455,183
Best
Buy
Co.,
Inc.
1.950%,
10/01/30
125,000
95,218
Dollar
General
Corp.
3.500%,
04/03/30
108,000
91,186
LCM
Investments
Holdings
II
LLC
4.875%,
05/01/29
(a)
250,000
209,962
Lowe's
Cos.,
Inc.
2.625%,
04/01/31
250,000
197,408
3.750%,
04/01/32
250,000
209,559
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.750%,
02/15/28
(a)
1,000,000
884,792
Tractor
Supply
Co.
5.250%,
05/15/33
250,000
228,691
Total
2,870,950
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Supermarkets
0.3%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.500%,
03/15/29
(a)
1,116,000
951,395
4.625%,
01/15/27
(a)
82,000
76,977
Total
1,028,372
Technology
4.9%
Amdocs
Ltd.
2.538%,
06/15/30
160,000
125,716
Amphenol
Corp.
2.800%,
02/15/30
212,000
176,268
Avnet,
Inc.
3.000%,
05/15/31
475,000
359,304
Black
Knight
InfoServ
LLC
3.625%,
09/01/28
(a)
560,000
499,452
Block,
Inc.
3.500%,
06/01/31
1,104,000
854,184
Broadcom,
Inc.
3.137%,
11/15/35
(a)
800,000
563,990
3.469%,
04/15/34
(a)
373,000
283,939
Broadridge
Financial
Solutions,
Inc.
2.600%,
05/01/31
170,000
131,766
CDW
LLC
/
CDW
Finance
Corp.
3.569%,
12/01/31
200,000
161,029
CGI,
Inc.
2.300%,
09/14/31
45,000
33,181
Clarivate
Science
Holdings
Corp.
3.875%,
07/01/28
(a)
436,000
375,866
Cloud
Software
Group,
Inc.
6.500%,
03/31/29
(a)
1,500,000
1,316,427
CommScope
,
Inc.
4.750%,
09/01/29
(a)
1,150,000
784,764
6.000%,
03/01/26
(a)
91,000
76,449
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/01/29
500,000
476,664
Entegris
Escrow
Corp.
5.950%,
06/15/30
(a)
440,000
402,493
Equinix
,
Inc.
2.150%,
07/15/30
476,000
365,246
Fidelity
National
Information
Services,
Inc.
2.250%,
03/01/31
190,000
144,813
Fiserv,
Inc.
5.625%,
08/21/33
500,000
468,759
Fortinet,
Inc.
2.200%,
03/15/31
70,000
53,358
Gen
Digital,
Inc.
6.750%,
09/30/27
(a)
300,000
292,301
Global
Payments,
Inc.
3.200%,
08/15/29
326,000
273,839
GTCR
W-2
Merger
Sub
LLC
7.500%,
01/15/31
(a)
500,000
493,053
HP,
Inc.
5.500%,
01/15/33
300,000
275,169
Imola
Merger
Corp.
4.750%,
05/15/29
(a)
676,000
590,314
Iron
Mountain,
Inc.
4.500%,
02/15/31
(a)
270,000
221,053
5.250%,
07/15/30
(a)
812,000
705,067
Jabil,
Inc.
3.000%,
01/15/31
250,000
197,901
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Kyndryl
Holdings,
Inc.
3.150%,
10/15/31
292,000
212,705
Leidos
,
Inc.
2.300%,
02/15/31
350,000
263,149
Marvell
Technology,
Inc.
2.950%,
04/15/31
200,000
157,834
Micron
Technology,
Inc.
4.663%,
02/15/30
250,000
223,924
Motorola
Solutions,
Inc.
4.600%,
05/23/29
296,000
275,650
MSCI,
Inc.
3.875%,
02/15/31
(a)
62,000
51,287
NCR
Voyix
Corp.
5.125%,
04/15/29
(a)
687,000
590,957
Neptune
Bidco
US,
Inc.
9.290%,
04/15/29
(a)
964,000
851,512
NetApp,
Inc.
2.700%,
06/22/30
250,000
200,464
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
3.400%,
05/01/30
194,000
162,364
Open
Text
Holdings,
Inc.
4.125%,
02/15/30
(a)
521,000
432,120
Oracle
Corp.
2.875%,
03/25/31
867,000
695,265
Qorvo
,
Inc.
4.375%,
10/15/29
134,000
116,510
Rakuten
Group,
Inc.
6.250%,
(US
5
Year
CMT
T-Note
+
4.956%),
10/22/72
(a),(b)
600,000
379,539
Sensata
Technologies
BV
4.000%,
04/15/29
(a)
300,000
255,134
SS&C
Technologies,
Inc.
5.500%,
09/30/27
(a)
677,000
635,042
VMware,
Inc.
2.200%,
08/15/31
228,000
168,549
Vontier
Corp.
2.950%,
04/01/31
275,000
206,481
Western
Union
Co.
(The)
2.750%,
03/15/31
44,000
33,436
Workday,
Inc.
3.800%,
04/01/32
300,000
249,381
Total
16,863,668
Tobacco
0.2%
Altria
Group,
Inc.
4.800%,
02/14/29
240,000
224,702
Bat
Capital
Corp.
6.421%,
08/02/33
400,000
376,952
Vector
Group
Ltd.
5.750%,
02/01/29
(a)
270,000
228,912
Total
830,566
Transportation
Services
0.1%
FedEx
Corp.
2.400%,
05/15/31
500,000
390,430
GXO
Logistics,
Inc.
2.650%,
07/15/31
110,000
82,171
Total
472,601
Wireless
1.3%
American
Tower
Corp.
1.875%,
10/15/30
250,000
184,786
3.800%,
08/15/29
19,000
16,627
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
17
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Crown
Castle,
Inc.
2.100%,
04/01/31
430,000
318,120
Rogers
Communications,
Inc.
3.800%,
03/15/32
250,000
202,707
SBA
Communications
Corp.
3.125%,
02/01/29
848,000
702,991
3.875%,
02/15/27
472,000
430,452
T-Mobile
USA,
Inc.
3.875%,
04/15/30
1,517,000
1,320,398
Vmed
O2
UK
Financing
I
PLC
4.750%,
07/15/31
(a)
334,000
268,844
Vodafone
Group
PLC
7.000%,
(USD
5
Year
Swap
+
4.873%),
04/04/79
(b)
1,111,000
1,075,058
Total
4,519,983
Wirelines
1.6%
AT&T,
Inc.
2.550%,
12/01/33
882,000
632,935
5.400%,
02/15/34
250,000
229,716
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
5.100%,
05/11/33
250,000
227,659
Frontier
Communications
Holdings
LLC
5.000%,
05/01/28
(a)
1,066,000
923,562
Iliad
Holding
SASU
7.000%,
10/15/28
(a)
897,000
811,114
Level
3
Financing,
Inc.
10.500%,
05/15/30
(a)
250,000
250,215
Lumen
Technologies,
Inc.
4.000%,
02/15/27
(a)
605,000
412,167
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
10.500%,
02/15/28
(a)
1,080,000
1,040,617
Verizon
Communications,
Inc.
2.355%,
03/15/32
1,520,000
1,134,892
Total
5,662,877
Total
Corporate
Bonds
(Cost
$191,511,221)
160,179,568
Foreign
Government
Obligations
(c),(d)
28.1%
Principal
Amount
($)
Value
($)
Australia
1.0%
Australia
Government
Bond
Series
163,
1.000%,
11/21/31
AUD
7,016,000
3,309,188
Brazil
1.7%
Brazilian
Government
International
Bond
3.875%,
06/12/30
2,302,000
1,977,300
6.000%,
10/20/33
2,300,000
2,127,788
Petrobras
Global
Finance
BV
6.500%,
07/03/33
2,000,000
1,863,167
Total
5,968,255
Canada
0.8%
Canadian
Government
Bond
1.250%,
06/01/30
CAD
2,168,000
1,310,060
1.500%,
06/01/31
CAD
2,395,000
1,435,283
Total
2,745,343
Colombia
1.8%
Colombia
Government
International
Bond
3.125%,
04/15/31
1,782,000
1,314,425
7.500%,
02/02/34
2,375,000
2,220,228
Ecopetrol
SA
8.875%,
01/13/33
2,821,000
2,710,285
Total
6,244,938
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Costa
Rica
0.5%
Costa
Rica
Government
International
Bond
Series
REGS,
6.550%,
04/03/34
2,000,000
1,908,343
Dominican
Republic
0.9%
Dominican
Republic
International
Bond
Series
REGS,
4.875%,
09/23/32
3,832,000
3,101,653
France
1.0%
French
Republic
Government
Bond
OAT
2.500%,
05/25/30
EUR
2,491,000
2,539,214
1.500%,
05/25/31
EUR
875,000
822,349
Total
3,361,563
Germany
0.8%
Bundesrepublik
Deutschland
Bundesanleihe
0.172%,
08/15/30
EUR
2,048,000
1,814,498
2.300%,
02/15/33
EUR
1,050,000
1,068,004
Total
2,882,502
Guatemala
0.3%
Guatemala
Government
Bond
Series
REGS,
6.600%,
06/13/36
1,000,000
925,082
Hungary
0.8%
Hungary
Government
International
Bond
Series
REGS,
2.125%,
09/22/31
2,402,000
1,728,656
Series
REGS,
6.250%,
09/22/32
1,125,000
1,078,578
Total
2,807,234
India
0.5%
Export-Import
Bank
of
India
Series
REGS,
3.250%,
01/15/30
307,000
259,021
Series
REGS,
2.250%,
01/13/31
2,000,000
1,528,345
Total
1,787,366
Indonesia
1.6%
Indonesia
Government
International
Bond
3.850%,
10/15/30
447,000
397,164
Series
REGS,
7.750%,
01/17/38
2,260,000
2,576,232
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.700%,
06/06/32
2,500,000
2,318,454
Total
5,291,850
Italy
1.0%
Italy
Buoni
Poliennali
Del
Tesoro
Series
31Y,
6.000%,
05/01/31
EUR
2,936,000
3,433,771
Japan
0.8%
Japan
Government
Ten
Year
Bond
Series
360,
0.100%,
09/20/30
JPY
31,000,000
197,244
Series
368,
0.200%,
09/20/32
JPY
326,000,000
2,029,389
Series
366,
0.200%,
03/20/32
JPY
88,000,000
551,755
Total
2,778,388
Mexico
1.4%
Mexico
Government
International
Bond
2.659%,
05/24/31
6,313,000
4,902,839
Morocco
0.6%
Morocco
Government
International
Bond
6.500%,
09/08/33
2,200,000
2,102,590
New
Zealand
0.8%
New
Zealand
Government
Bond
Series
0429,
3.000%,
04/20/29
NZD
1,468,000
757,678
Series
0531,
1.500%,
05/15/31
NZD
1,652,000
725,640
Series
0433,
3.500%,
04/14/33
NZD
2,500,000
1,234,937
Total
2,718,255
Norway
0.9%
Norway
Government
Bond
Series
482,
1.375%,
08/19/30
(a)
NOK
28,980,000
2,191,319
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Strategic
Beta
ETFs
|
Annual
Report
2023
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Series
484,
2.125%,
05/18/32
(a)
NOK
14,000,000
1,080,726
Total
3,272,045
Oman
0.8%
Oman
Government
International
Bond
Series
REGS,
6.000%,
08/01/29
3,000,000
2,904,318
Panama
0.9%
Panama
Government
International
Bond
6.700%,
01/26/36
2,753,000
2,570,272
2.252%,
09/29/32
690,000
467,116
Total
3,037,388
Paraguay
0.3%
Paraguay
Government
International
Bond
Series
REGS,
4.950%,
04/28/31
498,000
452,084
Series
REGS,
2.739%,
01/29/33
1,000,000
743,787
Total
1,195,871
Peru
1.1%
Peruvian
Government
International
Bond
8.750%,
11/21/33
312,000
363,602
2.783%,
01/23/31
3,371,000
2,699,422
3.000%,
01/15/34
894,000
675,862
Total
3,738,886
Philippines
1.1%
Philippine
Government
International
Bond
9.500%,
02/02/30
3,156,000
3,740,394
Romania
0.6%
Romanian
Government
International
Bond
Series
REGS,
3.000%,
02/14/31
1,852,000
1,465,034
7.125%,
01/17/33
744,000
738,815
Total
2,203,849
Russia
0.5%
Serbia
International
Bond
Series
REGS,
6.500%,
09/26/33
2,000,000
1,887,314
South
Africa
0.6%
Republic
of
South
Africa
Government
International
Bond
4.850%,
09/30/29
2,650,000
2,254,720
Sweden
0.9%
Sweden
Government
Bond
Series
1056,
2.250%,
06/01/32
SEK
20,000
1,698
Series
1062,
0.125%,
05/12/31
SEK
41,300,000
3,007,813
Series
1061,
0.750%,
11/12/29
SEK
30,000
2,366
Total
3,011,877
Switzerland
1.0%
Swiss
Confederation
Government
Bond
3.500%,
04/08/33
CHF
2,531,000
3,372,718
0.138%,
06/22/29
CHF
56,000
58,184
Total
3,430,902
United
Arab
Emirates
1.2%
DP
World
PLC
Series
REGS,
6.850%,
07/02/37
2,550,000
2,519,332
Sharjah
Sukuk
Program
Ltd.
3.234%,
10/23/29
1,400,000
1,202,253
3.200%,
07/13/31
500,000
409,242
Total
4,130,827
United
Kingdom
1.0%
United
Kingdom
Gilt
4.750%,
12/07/30
GBP
2,675,000
3,323,983
Uruguay
0.9%
Uruguay
Government
International
Bond
5.750%,
10/28/34
1,400,000
1,401,736
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.375%,
01/23/31
1,698,000
1,603,457
Total
3,005,193
Total
Foreign
Government
Obligations
(Cost
$110,099,235)
97,406,727
Residential
Mortgage-Backed
Securities
-
Agency
15.0%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
11.8%
2.000%,
11/15/53
(e)
12,440,000
9,133,681
2.500%,
11/15/53
(e)
11,520,000
8,836,200
3.000%,
11/15/53
(e)
1,290,000
1,032,013
3.500%,
11/15/53
(e)
1,229,000
1,023,302
4.000%,
11/15/53
(e)
3,145,000
2,716,494
4.500%,
11/15/53
(e)
4,610,000
4,116,153
5.000%,
11/15/53
(e)
5,800,000
5,346,875
5.500%,
11/15/53
(e)
4,825,000
4,576,211
6.000%,
11/15/53
(e)
4,500,000
4,378,656
Total
41,159,585
Federal
Home
Loan
Mortgage
Corporation
2.5%
2.500%,
08/01/50
5,187,343
4,012,142
3.000%,
01/01/50
236,909
191,179
3.000%,
02/01/50
242,009
195,634
3.000%,
08/01/50
3,508,943
2,826,552
3.500%,
08/01/47
445,804
382,059
3.500%,
08/01/49
126,137
107,024
3.500%,
09/01/49
153,041
130,032
3.500%,
10/01/49
168,459
142,525
3.500%,
11/01/49
167,337
142,346
3.500%,
02/01/50
190,141
163,026
4.000%,
08/01/49
132,938
116,776
4.000%,
09/01/49
165,989
145,704
Total
8,554,999
Federal
National
Mortgage
Association
0.7%
3.000%,
12/01/49
222,851
180,233
3.000%,
01/01/50
290,408
234,871
3.000%,
01/01/50
232,544
187,688
3.000%,
02/01/50
228,464
184,724
3.000%,
03/01/50
239,624
193,364
3.500%,
04/01/49
45,850
39,010
3.500%,
08/01/49
131,462
112,973
3.500%,
09/01/49
246,256
209,312
3.500%,
09/01/49
148,149
125,830
3.500%,
10/01/49
157,580
135,326
3.500%,
12/01/49
177,961
151,041
3.500%,
02/01/50
179,151
153,344
4.000%,
09/01/47
193,190
170,518
4.000%,
03/01/48
351,609
310,125
4.000%,
05/01/49
38,045
33,407
Total
2,421,766
Total
Residential
Mortgage-Backed
Securities
-
Agency
(Cost
$55,923,775)
52,136,350
Treasury
Bills
8.5%
Principal
Amount
($)
Value
($)
United
States
8.5%
U.S.
Treasury
Bills
5.479%,
01/18/24
10,000,000
9,884,983
5.508%,
02/22/24
10,000,000
9,833,354
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
19
Notes
to
Portfolio
of
Investments
Treasury
Bills
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.527%,
03/07/24
10,000,000
9,812,578
Total
29,530,915
Total
Treasury
Bills
(Cost
$29,528,444)
29,530,915
U.S.
Treasury
Obligations
9.8%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bond
7.3%
2.375%,
02/15/42
4,186,000
2,764,068
2.750%,
08/15/42
5,600,000
3,918,250
3.000%,
05/15/42
4,500,000
3,294,844
3.250%,
05/15/42
9,002,000
6,854,179
3.625%,
02/15/53
1,397,000
1,088,569
3.625%,
05/15/53
959,000
747,421
4.000%,
11/15/52
37,000
30,924
4.125%,
08/15/53
3,806,000
3,255,914
4.375%,
08/15/43
3,748,000
3,341,576
Total
25,295,745
U.S.
Treasury
Note
2.5%
2.875%,
05/15/32
200,000
171,625
3.375%,
05/15/33
2,077,000
1,836,847
3.500%,
02/15/33
2,600,000
2,327,812
3.875%,
08/15/33
2,833,000
2,607,688
4.125%,
11/15/32
2,005,000
1,889,086
Total
8,833,058
Total
U.S.
Treasury
Obligations
(Cost
$39,189,430)
34,128,803
Money
Market
Funds
3.8%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
5.270%
(f)
13,284,112
13,284,112
Total
Money
Market
Funds
(Cost
$13,284,112)
13,284,112
Total
Investments
in
Securities
(Cost
$439,536,217)
386,666,475
Other
Assets
&
Liabilities,
Net
(39,346,365)
Net
Assets
347,320,110
(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,
2023,
the
total
value
of
these
securities
amounted
to
$93,470,267,
which
represents
26.91%
of
total
net
assets.
(b)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2023.
(c)
Principal
amounts
are
shown
in
United
States
Dollars
unless
otherwise
noted.
(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,
2023.
Abbreviation
Legend
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Strategic
Beta
ETFs
|
Annual
Report
2023
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
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Corporate
Bonds
–
160,179,568
–
160,179,568
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
21
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Foreign
Government
Obligations
–
97,406,727
–
97,406,727
Residential
Mortgage-Backed
Securities
-
Agency
–
52,136,350
–
52,136,350
Treasury
Bills
–
29,530,915
–
29,530,915
U.S.
Treasury
Obligations
–
34,128,803
–
34,128,803
Money
Market
Funds
13,284,112
–
–
13,284,112
Total
Investments
in
Securities
13,284,112
373,382,363
–
386,666,475
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,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Strategic
Beta
ETFs
|
Annual
Report
2023
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$439,536,217)
$386,666,475
Cash
746,394
Receivable
for:
Investments
sold
on
a
delayed
delivery
basis
8,371,469
Investments
sold
4,172,752
Interest
3,849,164
Reclaims
receivable
68,542
Dividends
48,477
Total
assets
403,923,273
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
50,313,624
Investments
purchased
6,193,911
Investment
management
fees
88,198
Due
to
custodian
7,430
Total
liabilities
56,603,163
Net
assets
applicable
to
outstanding
capital
stock
$347,320,110
Represented
by:
Paid-in
capital
$491,092,124
Total
distributable
earnings
(loss)
(143,772,014)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$347,320,110
Shares
outstanding
21,050,000
Net
asset
value
per
share
$16.50
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
23
3
Investment
Income:
Interest
$18,673,905
Dividends
-
unaffiliated
issuers
502,284
Total
income
19,176,189
Expenses:
Investment
management
fees
1,296,624
Overdraft
expense
1,825
Total
expenses
1,298,449
Net
Investment
Income
17,877,740
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(24,245,763)
In-kind
transactions
-
unaffiliated
issuers
(35,639,291)
Foreign
currency
translations
44,398
Net
realized
loss
(59,840,656)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
62,483,210
Foreign
currency
translations
7,268
Net
change
in
unrealized
appreciation
62,490,478
Net
realized
and
unrealized
gain
2,649,82
2
Net
Increase
in
net
assets
resulting
from
operations
$20,527,562
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Strategic
Beta
ETFs
|
Annual
Report
2023
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Operations
Net
investment
income
$17,877,740
$25,418,310
Net
realized
loss
(59,840,656)
(106,543,345)
Net
change
in
unrealized
appreciation
(depreciation)
62,490,478
(112,910,989
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
20,527,562
(194,036,024)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(18,320,604)
(26,247,144)
Shareholder
transactions
Proceeds
from
shares
sold
83,563,108
114,913,729
Cost
of
shares
redeemed
(310,480,813)
(538,110,640)
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(226,917,705)
(423,196,911)
Decrease
in
net
assets
(224,710,747)
(643,480,079)
Net
Assets:
Net
assets
beginning
of
year
572,030,857
1,215,510,936
Net
assets
at
end
of
year
$347,320,110
$572,030,857
Capital
stock
activity
Shares
outstanding,
beginning
of
year
34,050,000
57,100,000
Shares
sold
4,750,000
5,850,000
Shares
redeemed
(17,750,000)
(28,900,000)
Shares
outstanding,
end
of
year
21,050,000
34,050,000
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
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
ratio
of
expenses
and
net
investment
income
are
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,
2023
2022
2021
2020
2019
Per
share
data
Net
asset
value,
beginning
of
year
$16.80
$21.29
$21.36
$20.78
$18.86
Income
(loss)
from
investment
operations:
Net
investment
income
0.68
0.54
0.50
0.60
0.72
Net
realized
and
unrealized
gain
(loss)
(0.30)
(
a
)
(4.48)
(0.04)
0.57
1.91
Total
from
investment
operations
0.38
(3.94)
0.46
1.17
2.63
Less
distributions
to
shareholders:
Net
investment
income
(0.68)
(0.55)
(0.53)
(0.59)
(0.71)
Total
distribution
to
shareholders
(0.68)
(0.55)
(0.53)
(0.59)
(0.71)
Net
asset
value,
end
of
year
$16.50
$16.80
$21.29
$21.36
$20.78
Total
Return
at
NAV
2.10%
(18.80)%
2.16%
5.71%
14.21%
Total
Return
at
Market
Price
2.22%
(18.87)%
1.97%
5.69%
14.78%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.28%
(
c
)
0.28%
(
c
)
0.28%
0.28%
0.28%
Total
net
expenses
(b)(d)
0.28%
(
c
)
0.28%
(
c
)
0.28%
0.28%
0.28%
Net
investment
income
3.86%
2.78%
2.34%
2.87%
3.62%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$347,320
$572,031
$1,215,511
$536,060
$193,227
Portfolio
turnover
184%
198%
171%
156%
171%
(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,
2023
26
Strategic
Beta
ETFs
|
Annual
Report
2023
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.
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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
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
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
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
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.
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.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
28
Strategic
Beta
ETFs
|
Annual
Report
2023
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.
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.
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.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
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
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
provision
is
recorded.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
29
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.
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
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Fund 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
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
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
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
30
Strategic
Beta
ETFs
|
Annual
Report
2023
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2023,
these
differences
are
primarily
due
to
differing
treatment
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,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
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)
($)
Paid-in
capital
($)
(795,737)
37,666,252
(36,870,515)
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
18,320,604
-
18,320,604
26,247,144
-
26,247,144
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
depreciation
($)
381,619
-
(90,401,307)
(53,752,326)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
depreciation
($)
440,418,801
89,520
(53,841,846)
(53,752,326)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
31
The
following
capital
loss
carryforwards,
determined
at
October
31,
2023,
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,
2023,
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
$839,707,094
and
$866,734,479,
respectively,
for
the
year
ended
October
31,
2023,
of
which
$35,423,693
and
$33,333,368,
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,
2023,
the
cost
basis
of
securities
contributed
was
$63,186,094.
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,
2023,
the
in-kind
redemption
cost
basis
was
$297,641,250,
the
proceeds
from
sales
were
$262,001,959
and
the
net
realized
loss
was
$35,639,291.
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
26,
2023
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
$900
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
26,
2023
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
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2023.
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
54,663,601
35,737,706
90,401,307
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
32
Strategic
Beta
ETFs
|
Annual
Report
2023
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower-rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
High-yield
investments
risk
Securities
and
other
debt
instruments
held
by
the
Fund
that
are
rated
below
investment
grade
(commonly
called
"high-
yield"
or
"junk"
bonds)
and
unrated
debt
instruments
of
comparable
quality
expose
the
Fund
to
a
greater
risk
of
loss
of
principal
and
income
than
a
fund
that
invests
solely
or
primarily
in
investment
grade
debt
instruments.
In
addition,
these
investments
have
greater
price
fluctuations,
are
less
liquid
and
are
more
likely
to
experience
a
default
than
higher-
rated
debt
instruments.
High-yield
debt
instruments
are
considered
to
be
predominantly
speculative
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
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,
other
conflicts, 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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
33
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
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
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,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
Index’s
investment
exposures.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
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
their
activities
as
part
of
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
provide
services
to
the
Fund.
34
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
2023,
the
related
statement
of
operations
for
the
year
ended
October
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2023
(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,
2023,
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,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2023
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,
2023
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
28,
2023
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
2023
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).
In
dependent
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
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
170
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;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
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
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
170
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
2023
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
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
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
170
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee),
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee)
(financial
services),
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
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
170
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
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
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
168
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,
(former
mutual
fund
complex),
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
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
168
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
170
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
170
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
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
170
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
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
since
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
168
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
168
Director,
CSX
Corporation
(transportation
suppliers);
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;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
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.
170
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
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
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
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
168
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Hacker
and
Mses.
Blatz,
Carlton,
Carrig,
Flynn,
Paglia,
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
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.
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
and
Other
Relevant
Board
Experience
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
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
170
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
since
2022
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
and
Other
Relevant
Board
Experience
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;
Co-President
and
Principal
Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
170
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;
Director,
Columbia
Threadneedle
Canada,
Inc.,
since
December
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Fund
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
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
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
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.
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.
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.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
41
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
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.
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
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2023
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
February,
March,
April,
May
and
June
2023,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
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
(including
their
subcommittees),
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
22,
2023
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
one
or
more
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
2023
43
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
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
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
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
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Fund
and
(iv)
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
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2023
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
the
profitability
generated
by
the
Investment
Manager
in
2022
had
declined
from
2021
levels,
due
to
a
variety
of
factors,
including
the
decreased
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
22,
2023,
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.
©
2023
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2023
Columbia
Multi-Sector
Municipal
Income
ETF
Strategic
Beta
ETFs
|
Annual
Report
2023
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
33
Federal
Income
Tax
Information
34
Trustees
and
Officers
35
Approval
of
Investment
Management
Services
Agreement
42
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
the
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
The
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
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
2023
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
sectors
of
the
municipal
debt
market
in
the
Index,
with
a
focus
on
yield,
quality,
maturity,
liquidity,
and
interest
rate
sensitivity
of
the
particular
eligible
universe.
The
Index
includes
publicly
issued
U.S.
dollar
denominated,
fixed
rate
municipal
bonds.
California
bonds,
Guam
bonds,
Puerto
Rico
bonds,
U.S.
Virgin
Island
bonds,
other
U.S.
territories,
commonwealths
and
possessions,
pre-refunded
bonds,
insured
bonds,
floaters,
callable
bonds
with
less
than
1
year
to
call,
tobacco
bonds,
and
derivatives
are
all
excluded
from
the
Index.
The
five
fixed
sectors
with
their
respective
weightings
are
as
follows:
Municipal
Core
Revenue
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
segment
of
the
Index
is
constructed
with
rules
specific
to
the
sector
to
provide
a
better
balance
of
quality,
yield
and
liquidity.
The
rules
for
each
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,
2023)
Inception
1
Year
5
Years
Life
Market
Price
10/10/18
2.38
1.36
1.43
Net
Asset
Value
10/10/18
2.44
1.43
1.44
{
Beta
Advantage®
}
Multi-Sector
Municipal
Bond
Index
3.09
1.44
1.43
Bloomberg
Municipal
Bond
Index
2.64
1.00
1.00
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(October
10,
2018
—
October
31,
2023)
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,
2023)
AAA
rating
9.0
AA
rating
38.2
A
rating
38.8
BBB
rating
5.3
BB
rating
7.9
B
rating
0.8
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
Quality
breakdown
(%)
(at
October
31,
2023)
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
2023
5
Top
ten
states/territories
(%)
(at
October
31,
2023)
New
York
18
.0
Texas
10
.1
New
Jersey
9
.9
Illinois
7
.9
Pennsylvania
7
.2
Florida
6
.4
Colorado
4
.5
Connecticut
3
.7
Ohio
3
.6
Michigan
2
.7
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
2023
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Multi-Sector
Municipal
Income
ETF
returned
2.44%
based
on
net
asset
value
(NAV)
and
2.38%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
3.09%
during
the
same
period.
To
compare,
the
Bloomberg
Municipal
Bond
Index
returned
2.64%
for
the
same
period.
The
Fund
had
an
NAV
of
$19.27
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
an
NAV
of
$19.27.
The
Fund’s
market
price
on
October
31,
2023
was
$19.27
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
through
July
2023
for
a
total
of
500
basis
points
across
11
hikes.
(A
basis
point
is
1/100th
of
a
percentage
point.)
The
federal
funds
target
rate
ended
October
2023
in
a
range
of
5.25%-5.50%.
In
addition,
the
Fed
continued
its
quantitative
tightening
process
—
tapering
its
asset
purchases
—
in
an
effort
to
reduce
the
size
of
its
balance
sheet.
This
Fed
activity,
combined
with
elevated
inflation,
expanding
labor
strikes,
supply-chain
constraints,
high
food
and
fuel
prices,
ongoing
war
in
Ukraine,
outbreak
of
war
in
the
Middle
East,
and
resurgent
COVID-19
concerns,
were
top
of
mind
for
investors.
However,
while
the
interest
rate-
sensitive
U.S.
Treasury
market
produced
negative
returns
amid
these
conditions,
other
markets,
including
municipal
bonds,
corporate
bonds
and
large-cap
equities,
were
able
to
deliver
positive
returns.
The
stronger
performance
by
these
markets
was
supported
by
the
anticipation
of
investors
of
a
Fed
pause
and
an
eventual
series
of
interest
rate
cuts,
while
the
economy
and
employment
picture
remained
strong.
Municipal
bond
yields
followed
the
upward
march
of
U.S.
Treasury
yields
during
the
annual
period,
closing
October
2023
approximately
20
to
60
basis
points
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
municipal
bonds,
i.e.,
those
with
maturities
of
15
years
and
longer,
still
saw
yields
rise
40
to
45
basis
points.
However,
longer
maturity
bonds,
supported
by
their
higher
levels
of
income,
still
produced
positive
returns
and
outperformed
their
shorter
maturity
counterparts.
More
specifically,
the
one-year,
ten-year
and
22+
year
municipal
indices
within
the
Bloomberg
Municipal
Bond
Index
returned
2.44%,
2.77%
and
3.26%,
respectively,
for
the
annual
period.
Also,
lower
credit
quality
segments,
similarly
offering
higher
levels
of
income,
outperformed
their
higher
credit
quality,
lower
yielding
AAA
and
AA
rated
counterparts.
Municipal
bonds
rated
AAA,
A
and
high
yield
returned
1.71%,
3.60%
and
3.96%,
respectively,
for
the
annual
period.
(Remember,
there
is
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
fall
when
yields
increase
and
vice
versa.)
In
addition
to
the
broadly
positive
municipal
bond
market
returns
across
maturity,
credit
quality,
sector
and
states,
there
were
a
number
of
notable
bright
spots
during
the
annual
period.
First,
fundamental
credit
health
across
much
of
the
municipal
bond
market
remained
strong.
Upgrades
outpaced
downgrades
during
the
annual
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
over
the
last
two
years
and
experienced
inflows
for
the
second
consecutive
year,
using
those
monies
to
take
advantage
of
higher
absolute
yield
levels
and
more
inexpensive
offerings.
Notably,
municipal
bond
market
performance
was
able
to
remain
positive
even
as
industry-wide
fund
outflows
persisted.
Finally,
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
annual
period,
outperforming
U.S.
Treasuries
and
securitized
sectors.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
toll
roads,
leasing
and
charter
schools
sectors
detracted
most
from
the
Index’s
results
on
a
relative
basis
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
7
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
transportation,
special
tax
and
electric
sectors
contributed
most
positively
to
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”
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
2023
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,
2023.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2023—
October
31,
2023
Beginning
account
value
($)
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
951.00
1,024.05
1.13
1.17
0.23
PORTFOLIO
OF
INVESTMENTS
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
9
Municipal
Bonds
98
.5
%
Issue
Description
Principal
Amount
($)
Value
($)
Alabama
0.5%
Health
Care
Authority
of
The
City
of
Huntsville
(The),
Series
B1
Revenue
Bonds
5.000%,
06/01/36
370,000
377,096
5.000%,
06/01/38
525,000
528,024
UAB
Medicine
Finance
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/35
235,000
238,474
4.000%,
09/01/36
525,000
483,175
Total
Alabama
1,626,769
Arizona
1.8%
Arizona
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
12/01/39
470,000
449,135
Arizona
Industrial
Development
Authority
Revenue
Bonds
3.000%
02/01/45,
Series
A
110,000
75,111
6.000%
07/01/47
(a)
330,000
309,280
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
Bonds
5.000%
07/01/25,
Series
B
500,000
503,787
4.000%
07/01/28,
Series
B
975,000
975,512
5.000%
07/01/36,
Series
D
1,500,000
1,537,979
Maricopa
County
Industrial
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
01/01/35
315,000
319,233
4.000%,
01/01/38
1,720,000
1,553,750
Maricopa
County
Special
Health
Care
District
Series
C
5.000%,
07/01/31
510,000
533,322
Total
Arizona
6,257,109
California
0.0%
Department
of
Veterans
Affairs
Veteran's
Farm
&
Home
Purchase
Program
Series
A
Revenue
Bonds
2.100%,
12/01/35
150,000
111,353
Colorado
4.4%
City
&
County
of
Denver
Revenue
Bonds
5.000%,
10/01/32
100,000
93,186
City
&
County
of
Denver
CO
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
12/01/26
270,000
274,043
5.000%,
12/01/27
160,000
163,193
5.000%,
11/15/29
325,000
332,334
5.000%,
12/01/29
555,000
565,757
5.000%,
11/15/30
2,700,000
2,774,274
5.000%,
12/01/30
150,000
153,667
Colorado
Health
Facilities
Authority
Revenue
Bonds
5.000%
08/01/35,
Series
A-1
500,000
504,747
5.000%
08/01/35,
Series
A-2
200,000
200,928
4.000%
08/01/37,
Series
A
370,000
330,108
4.000%
08/01/38,
Series
A-1
500,000
438,372
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
11/01/39,
Series
A
180,000
179,970
5.000%
11/15/41,
Series
A
250,000
252,662
4.000%
11/15/43,
Series
A
790,000
680,526
5.000%
08/01/44,
Series
A-2
1,200,000
1,142,151
5.000%
11/01/44,
Series
A
700,000
686,537
4.000%
11/15/46,
Series
A
715,000
587,357
5.000%
11/15/57,
Series
A-2
1,500,000
1,570,862
Colorado
Housing
and
Finance
Authority
Series
L
Revenue
Bonds
1.650%,
05/01/29
250,000
214,752
Denver
City
&
County
School
District
No
1
4.000%,
12/01/31
500,000
498,645
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(b)
140,000
86,171
State
of
Colorado
Revenue
Bonds
5.000%
12/15/29,
Series
A
1,000,000
1,049,704
4.000%
03/15/30,
Series
L
250,000
247,291
5.000%
12/15/31,
Series
A
435,000
462,948
5.000%
12/15/33,
Series
A
1,000,000
1,057,992
4.000%
12/15/36,
Series
A
500,000
464,016
3.000%
12/15/37,
Series
A
250,000
196,131
Total
Colorado
15,208,324
Connecticut
3.7%
Connecticut
Housing
Finance
Authority
Revenue
Bonds
2.875%
11/15/30,
Series
A-1
175,000
154,002
2.000%
11/15/36,
Series
B-3
250,000
171,505
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
A
1,930,000
1,931,479
5.000%
07/01/33,
Series
A
235,000
243,266
5.000%
07/01/35,
Series
A
265,000
271,426
3.000%
07/01/39,
Series
A
345,000
234,883
5.000%
12/01/45
775,000
742,380
5.000%
09/01/46,
Series
A
(a)
500,000
376,205
State
of
Connecticut
5.000%
03/15/32,
Series
A
1,000,000
1,025,425
5.000%
11/15/32,
Series
E
670,000
729,325
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%
01/01/29,
Series
A
520,000
544,546
5.000%
09/01/30,
Series
A
325,000
335,870
5.000%
10/01/31,
Series
B
125,000
131,196
5.000%
01/01/33,
Series
A
260,000
270,750
5.000%
05/01/33,
Series
A
465,000
497,135
5.000%
08/01/34,
Series
A
345,000
348,966
5.000%
05/01/35,
Series
A
950,000
1,011,284
4.000%
05/01/36,
Series
A
745,000
713,755
4.000%
09/01/36,
Series
A
750,000
711,338
5.000%
11/01/36,
Series
D
750,000
791,405
4.000%
05/01/37,
Series
A
750,000
708,474
University
of
Connecticut
Series
A
Revenue
Bonds
5.000%,
11/15/43
650,000
654,903
Total
Connecticut
12,599,518
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Strategic
Beta
ETFs
|
Annual
Report
2023
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Delaware
0.7%
Delaware
State
Health
Facilities
Authority,
Series
A
Revenue
Bonds
4.000%,
07/01/40
600,000
515,951
5.000%,
10/01/40
715,000
725,072
5.000%,
10/01/45
1,205,000
1,205,922
Total
Delaware
2,446,945
District
of
Columbia
1.6%
District
of
Columbia
Revenue
Bonds
5.000%
04/01/33
470,000
477,781
5.000%
04/01/36
450,000
451,803
4.000%
07/15/40
130,000
111,426
District
of
Columbia
5.000%
10/15/32,
Series
A
200,000
212,645
District
of
Columbia
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/29
250,000
255,966
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/28,
Series
A
900,000
894,099
5.000%
10/01/29,
Series
A
875,000
892,159
5.000%
10/01/30
200,000
203,248
5.000%
10/01/30,
Series
A
750,000
770,187
5.000%
10/01/32,
Series
A
350,000
357,572
5.000%
10/01/33,
Series
A
450,000
460,639
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%
10/01/30,
Series
B
(b)
130,000
95,496
0.000%
10/01/37,
Series
A
(b)
500,000
234,223
Total
District
of
Columbia
5,417,244
Florida
6.3%
Alachua
County
Health
Facilities
Authority,
Series
B-1
Revenue
Bonds
5.000%,
12/01/34
150,000
150,792
5.000%,
12/01/37
285,000
277,350
Brevard
County
Health
Facilities
Authority
Revenue
Bonds
4.000%
04/01/36
140,000
126,431
5.000%
04/01/42,
Series
A
1,500,000
1,468,052
Capital
Trust
Agency,
Inc.
Series
A
Revenue
Bonds
5.250%,
12/01/43
(a)
150,000
132,155
Central
Florida
Expressway
Authority
Revenue
Bonds
5.000%
07/01/34,
Series
D
645,000
690,562
4.000%
07/01/35,
Series
B
390,000
364,533
City
of
Gainesville
FL
Utilities
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
10/01/31
395,000
410,467
5.000%,
10/01/32
385,000
399,528
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Port
St
Lucie
FL
Utility
System
Revenue
Revenue
Bonds
5.000%,
09/01/29
285,000
294,840
4.000%,
09/01/30
250,000
248,781
City
of
Tampa,
Series
B
Revenue
Bonds
4.000%,
07/01/38
175,000
151,579
4.000%,
07/01/39
500,000
428,508
County
of
Miami-Dade
FL
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/32
1,000,000
999,860
5.000%
10/01/32,
Series
A
250,000
244,909
5.000%
10/01/33,
Series
A
1,000,000
981,601
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
Revenue
Bonds
5.000%
10/01/30,
Series
B
250,000
255,061
5.000%
10/01/32,
Series
A
640,000
652,674
County
of
Miami-Dade
Seaport
Department
Series
A
Revenue
Bonds
5.250%,
10/01/52
1,885,000
1,812,208
Escambia
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
08/15/45
600,000
464,285
Florida
Development
Finance
Corp.
Revenue
Bonds
4.000%
11/15/34
200,000
183,965
4.000%
06/01/36,
Series
A
(a)
400,000
292,721
4.000%
06/01/41,
Series
A
(a)
200,000
133,431
Greater
Orlando
Aviation
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/26
260,000
264,294
5.000%,
10/01/27
255,000
258,817
4.000%,
10/01/35
275,000
256,212
4.000%,
10/01/37
1,400,000
1,258,310
Hillsborough
County
School
Board
Revenue
Bonds
5.000%,
07/01/29
150,000
157,160
JEA
Electric
System
Revenue,
Series
B
Revenue
Bonds
4.000%,
10/01/36
1,000,000
925,171
4.000%,
10/01/37
1,015,000
921,277
JEA
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
555,000
580,420
Miami
Beach
Health
Facilities
Authority
Series
B
Revenue
Bonds
4.000%,
11/15/46
1,000,000
788,295
North
Broward
Hospital
District
Series
B
Revenue
Bonds
5.000%,
01/01/35
200,000
200,537
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
11
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Orange
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/39
200,000
200,359
Palm
Beach
County
School
District
Revenue
Bonds
5.000%
08/01/28,
Series
B
360,000
378,647
5.000%
08/01/30,
Series
D
685,000
698,652
Polk
County
School
District
Revenue
Bonds
5.000%,
10/01/33
435,000
458,339
School
Board
of
Miami-Dade
County
(The),
Series
A
Revenue
Bonds
5.000%,
05/01/30
195,000
197,001
5.000%,
05/01/32
285,000
289,503
School
District
of
Broward
County
Revenue
Bonds
5.000%
07/01/29,
Series
B
1,000,000
1,018,858
5.000%
07/01/34,
Series
A
250,000
262,506
South
Broward
Hospital
District
Series
A
Revenue
Bonds
3.500%,
05/01/39
370,000
297,228
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000
153,502
5.000%,
10/01/34
1,000,000
1,021,059
Total
Florida
21,750,440
Georgia
2.3%
Brookhaven
Development
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/44
490,000
424,212
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Revenue
Bonds
5.000%
07/01/36,
Series
C
200,000
206,972
4.000%
07/01/37,
Series
D
1,000,000
896,147
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.750%,
11/01/29
785,000
870,281
Gainesville
&
Hall
County
Hospital
Authority,
Series
A
Revenue
Bonds
5.000%,
02/15/36
500,000
506,267
5.000%,
02/15/42
805,000
781,784
George
L
Smith
II
Congress
Center
Authority
Series
A
Revenue
Bonds
2.375%,
01/01/31
200,000
159,895
Georgia
State
Road
&
Tollway
Authority
Revenue
Bonds
5.000%,
06/01/32
1,000,000
1,075,786
Griffin-Spalding
County
Hospital
Authority
Series
A
Revenue
Bonds
4.000%,
04/01/42
1,000,000
862,624
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
State
of
Georgia
5.000%
02/01/28,
Series
A-2
500,000
522,131
5.000%
07/01/28,
Series
F
460,000
479,578
5.000%
07/01/33,
Series
A
1,000,000
1,103,094
Total
Georgia
7,888,771
Hawaii
0.3%
State
of
Hawaii
5.000%
01/01/26
500,000
512,162
5.000%
10/01/27,
Series
FH
325,000
336,432
State
of
Hawaii
Airports
System
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/33
350,000
356,114
Total
Hawaii
1,204,708
Illinois
7.8%
Chicago
Board
of
Education
0.000%
12/01/29,
Series
A
(b)
185,000
136,193
5.000%
12/01/30,
Series
A
150,000
148,772
0.000%
12/01/31,
Series
A
(b)
355,000
233,203
0.000%
12/01/31,
Series
B-1
(b)
220,000
144,520
5.000%
12/01/33,
Series
A
850,000
834,361
5.000%
12/01/34,
Series
A
350,000
340,963
5.000%
12/01/35,
Series
A
250,000
240,663
5.250%
12/01/35,
Series
C
130,000
126,740
4.000%
12/01/36,
Series
B
1,200,000
1,026,795
5.000%
12/01/36,
Series
A
300,000
284,418
5.000%
12/01/37,
Series
A
600,000
562,997
5.000%
12/01/38,
Series
A
1,800,000
1,663,331
5.250%
12/01/39,
Series
C
875,000
808,701
5.000%
12/01/41,
Series
A
250,000
225,599
5.000%
12/01/42,
Series
A
200,000
177,221
4.000%
12/01/43,
Series
A
1,500,000
1,165,603
5.000%
12/01/46,
Series
H
1,000,000
877,917
5.000%
12/01/47,
Series
A
2,000,000
1,749,940
Chicago
Housing
Authority
Series
A
Revenue
Bonds
5.000%,
01/01/32
180,000
184,282
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.000%
01/01/31,
Series
B
450,000
455,226
5.000%
01/01/33,
Series
A
550,000
542,521
5.000%
01/01/33,
Series
B
330,000
339,682
5.000%
01/01/34,
Series
A
500,000
491,893
5.000%
01/01/34,
Series
B
675,000
693,388
5.000%
01/01/34,
Series
C
640,000
650,174
5.000%
01/01/35,
Series
B
350,000
354,816
4.000%
01/01/36,
Series
A
195,000
184,570
City
of
Chicago
0.000%
01/01/31,
Series
C
(b)
320,000
216,897
4.000%
01/01/34,
Series
B
188,000
174,333
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No
512
4.000%,
12/15/29
180,000
179,128
Illinois
Finance
Authority
Revenue
Bonds
5.000%
01/01/27
650,000
667,230
5.000%
07/01/28
115,000
119,143
5.000%
07/01/30
710,000
766,212
5.000%
07/01/31
140,000
144,237
5.000%
08/15/33,
Series
A
250,000
261,150
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Strategic
Beta
ETFs
|
Annual
Report
2023
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%
08/15/37,
Series
A
500,000
455,397
4.125%
08/15/37,
Series
C
840,000
720,108
4.125%
11/15/37,
Series
A
235,000
204,449
3.000%
07/15/40,
Series
A
400,000
295,375
4.000%
08/15/41,
Series
A
600,000
517,588
5.500%
08/01/43,
Series
A
(a)
500,000
458,516
4.125%
05/01/45
170,000
141,435
4.125%
05/15/47,
Series
A
1,000,000
824,236
Illinois
Municipal
Electric
Agency
Series
A
Revenue
Bonds
4.000%,
02/01/35
1,000,000
942,538
Illinois
State
Toll
Highway
Authority
Revenue
Bonds
5.000%
01/01/30,
Series
B
865,000
921,193
5.000%
01/01/31,
Series
C
150,000
159,633
4.000%
12/01/31,
Series
A
320,000
318,450
5.000%
12/01/31,
Series
A
435,000
444,815
Metropolitan
Pier
&
Exposition
Authority
Revenue
Bonds
0.000%
06/15/28
(b)
100,000
80,592
0.000%
12/15/29,
Series
A
(b)
160,000
118,941
0.000%
06/15/30
(b)
370,000
273,637
0.000%
06/15/30,
Series
A
(b)
415,000
300,807
0.000%
06/15/36,
Series
A
(b)
540,000
285,571
0.000%
12/15/36,
Series
A
(b)
750,000
374,320
0.000%
12/15/41,
Series
B
(b)
280,000
101,381
5.000%
06/15/42,
Series
B
1,000,000
965,814
Northern
Illinois
Municipal
Power
Agency
Series
A
Revenue
Bonds
4.000%,
12/01/32
200,000
188,975
State
of
Illinois
4.000%
06/01/33
100,000
92,970
4.000%
03/01/39,
Series
A
200,000
174,600
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(b)
300,000
220,870
Total
Illinois
26,755,030
Indiana
0.2%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000
129,007
Indiana
Finance
Authority
Revenue
Bonds
5.000%
02/01/26,
Series
A
160,000
164,364
3.000%
11/01/30,
Series
A
150,000
132,795
4.000%
11/01/33,
Series
C
100,000
95,376
St
Joseph
County
Hospital
Authority
Series
C
Revenue
Bonds
4.000%,
08/15/44
240,000
199,492
Total
Indiana
721,034
Iowa
0.1%
Iowa
Finance
Authority
Revenue
Bonds
2.250%
01/01/32,
Series
D
150,000
124,044
5.000%
05/15/43,
Series
A
160,000
121,734
Total
Iowa
245,778
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Kansas
0.2%
University
of
Kansas
Hospital
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/47
650,000
634,532
Kentucky
0.7%
County
of
Christian
Revenue
Bonds
5.375%,
02/01/36
250,000
250,160
Kentucky
State
Property
&
Building
Commission
Revenue
Bonds
5.000%,
05/01/36
1,000,000
1,025,270
Louisville/Jefferson
County
Metropolitan
Government,
Series
A
Revenue
Bonds
5.000%,
10/01/30
290,000
291,810
4.000%,
10/01/35
1,000,000
906,705
Total
Kentucky
2,473,945
Louisiana
0.2%
East
Baton
Rouge
Sewerage
Commission
Series
A
(Mandatory
Put
02/01/28)
Revenue
Bonds
1.300%,
02/01/41
725,000
616,551
State
of
Louisiana
Series
B
5.000%,
08/01/27
230,000
237,670
Total
Louisiana
854,221
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/45
790,000
628,466
Maryland
2.2%
County
of
Howard
Series
B
5.000%,
02/15/28
225,000
234,584
County
of
Montgomery,
Series
A
5.000%,
11/01/26
150,000
155,619
5.000%,
12/01/27
250,000
253,083
5.000%,
08/01/30
300,000
324,919
Maryland
Community
Development
Administration
Revenue
Bonds
0.900%
03/01/27,
Series
B
250,000
221,243
2.200%
09/01/36,
Series
C
350,000
250,906
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%
07/01/41
165,000
140,167
5.000%
05/15/45,
Series
A
250,000
243,117
5.500%
01/01/46,
Series
A
750,000
709,967
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
100,000
103,669
Maryland
Water
Infrastructure
Financing
Administration
Revenue
Bonds
3.000%,
03/01/30
310,000
285,630
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
13
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Montgomery
County
Housing
Opportunities
Commission
Series
A-2
(Mandatory
Put
01/01/25)
Revenue
Bonds
1.800%,
07/01/26
350,000
341,055
State
of
Maryland
5.000%
03/15/26,
Series
A
305,000
314,120
5.000%
08/01/30,
Series
A
1,500,000
1,607,354
5.000%
03/01/31,
Series
A
415,000
451,632
5.000%
03/15/31,
Series
2
640,000
689,883
5.000%
03/15/31,
Series
A
895,000
940,557
5.000%
03/15/32,
Series
2
265,000
282,550
Total
Maryland
7,550,055
Massachusetts
2.3%
Commonwealth
of
Massachusetts
5.000%
07/01/27,
Series
A
250,000
262,278
5.000%
11/01/30,
Series
E
325,000
353,492
5.000%
07/01/31,
Series
B
790,000
818,497
5.000%
11/01/31,
Series
E
250,000
262,975
Massachusetts
Department
of
Transportation
Series
A
Revenue
Bonds
0.000%,
01/01/28
(b)
435,000
370,042
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.000%
10/01/24
400,000
399,104
5.000%
10/01/25
250,000
248,807
5.000%
07/01/34,
Series
E
110,000
110,047
5.000%
07/01/36,
Series
I
150,000
150,356
5.000%
07/01/36,
Series
K
150,000
151,299
4.000%
07/01/38,
Series
K
150,000
123,986
5.000%
10/01/38
400,000
363,829
4.000%
07/01/40
200,000
160,835
5.000%
07/01/41,
Series
I
350,000
326,928
5.000%
07/01/43,
Series
J2
850,000
833,126
5.000%
07/01/46
1,000,000
927,222
Massachusetts
Housing
Finance
Agency,
Series
B-2
Revenue
Bonds
0.800%,
12/01/25
500,000
455,548
0.900%,
06/01/26
475,000
434,467
Massachusetts
Port
Authority
Series
A
Revenue
Bonds
5.000%,
07/01/36
250,000
252,543
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Revenue
Series
A
Revenue
Bonds
5.000%,
01/01/32
460,000
484,732
University
of
Massachusetts
Building
Authority
Series
1
Revenue
Bonds
4.000%,
11/01/46
500,000
426,188
Total
Massachusetts
7,916,301
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Michigan
2.7%
Advanced
Technology
Academy
Revenue
Bonds
5.000%,
11/01/44
500,000
416,747
City
of
Detroit
5.000%
04/01/35
400,000
392,750
5.000%
04/01/46,
Series
A
725,000
658,817
Flint
Hospital
Building
Authority
Revenue
Bonds
4.000%,
07/01/41
185,000
140,257
Great
Lakes
Water
Authority
Sewage
Disposal
System
Revenue
Series
B
Revenue
Bonds
5.000%,
07/01/29
200,000
211,526
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
Revenue
Bonds
5.000%
07/01/28,
Series
A
200,000
208,352
5.000%
07/01/31,
Series
C
1,565,000
1,588,998
5.250%
07/01/33,
Series
C
1,075,000
1,107,972
Michigan
Finance
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
C-3
500,000
502,647
5.000%
07/01/33,
Series
C
1,000,000
1,008,320
3.125%
12/01/35,
Series
A
100,000
82,082
5.000%
11/15/41
450,000
433,424
3.250%
11/15/42
150,000
106,107
5.000%
12/01/42,
Series
A-MI
605,000
592,158
4.000%
02/15/44,
Series
A
500,000
421,790
5.000%
11/01/44,
Series
A
1,400,000
1,353,669
Total
Michigan
9,225,616
Minnesota
0.6%
City
of
Apple
Valley
Series
A
Revenue
Bonds
4.250%,
01/01/37
260,000
179,588
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
210,000
178,637
City
of
Minneapolis
Series
A
Revenue
Bonds
5.000%,
11/15/33
200,000
198,501
City
of
St
Cloud
Series
A
Revenue
Bonds
4.000%,
05/01/37
320,000
284,161
Duluth
Housing
&
Redevelopment
Authority
Series
A
Revenue
Bonds
5.000%,
11/01/33
100,000
89,525
Housing
&
Redevelopment
Authority
of
The
City
of
St
Paul
Minnesota
Series
A
Revenue
Bonds
5.000%,
07/01/33
975,000
977,086
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Strategic
Beta
ETFs
|
Annual
Report
2023
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Minnesota
Housing
Finance
Agency
Series
G
Revenue
Bonds
1.650%,
01/01/28
305,000
270,345
Total
Minnesota
2,177,843
Mississippi
0.0%
Mississippi
Home
Corp.
Series
A
Revenue
Bonds
1.950%,
06/01/32
200,000
159,482
Missouri
1.4%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
Bonds
4.000%
11/15/42
500,000
418,338
4.000%
07/01/46,
Series
A
1,600,000
1,325,174
Health
&
Educational
Facilities
Authority
of
The
State
of
Missouri
Series
A
Revenue
Bonds
4.000%,
05/15/42
950,000
813,769
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000
132,648
Metropolitan
St
Louis
Sewer
District
Series
A
Revenue
Bonds
5.000%,
05/01/29
895,000
924,141
Missouri
Joint
Municipal
Electric
Utility
Commission,
Series
A
Revenue
Bonds
5.000%,
12/01/30
770,000
779,877
4.000%,
12/01/32
200,000
191,361
4.000%,
12/01/33
120,000
113,640
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000
91,556
Total
Missouri
4,790,504
Montana
0.1%
Montana
Facility
Finance
Authority
Series
A
Revenue
Bonds
4.000%,
01/01/37
335,000
308,798
Nebraska
0.5%
Nebraska
Investment
Finance
Authority
Revenue
Bonds
2.350%
09/01/35,
Series
A
740,000
560,515
4.100%
09/01/38,
Series
C
1,000,000
883,002
Public
Power
Generation
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/28
300,000
303,203
Total
Nebraska
1,746,720
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Nevada
0.3%
State
of
Nevada
Department
of
Business
&
Industry
Series
A
Revenue
Bonds
5.000%,
12/15/38
(a)
1,000,000
893,208
New
Jersey
9.7%
New
Jersey
Economic
Development
Authority
Revenue
Bonds
5.500%
09/01/27,
Series
N-1
120,000
126,530
4.000%
11/01/27,
Series
A
370,000
369,180
5.000%
06/15/30,
Series
B
210,000
218,696
3.125%
07/01/31,
Series
A
145,000
130,165
5.000%
06/15/32,
Series
EEE
175,000
181,448
4.000%
06/15/34,
Series
QQQ
350,000
336,865
4.000%
07/01/34,
Series
A
1,065,000
956,018
5.000%
06/15/36,
Series
AAA
525,000
531,836
5.000%
11/01/36,
Series
A
675,000
695,146
4.000%
06/15/37,
Series
QQQ
200,000
184,986
4.000%
06/15/44
1,000,000
849,428
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
Bonds
4.000%
07/01/32,
Series
A
225,000
219,927
5.000%
10/01/36
1,325,000
1,345,856
5.000%
10/01/37
1,105,000
1,118,137
4.000%
07/01/44
435,000
363,126
New
Jersey
Housing
&
Mortgage
Finance
Agency
Series
I
Revenue
Bonds
4.250%,
10/01/37
495,000
451,197
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%
12/15/25,
Series
C
(b)
180,000
163,905
0.000%
12/15/26,
Series
C
(b)
210,000
183,544
5.000%
06/15/27,
Series
A-1
385,000
393,605
0.000%
12/15/27,
Series
A
(b)
300,000
251,403
0.000%
12/15/27,
Series
C
(b)
350,000
294,311
5.000%
06/15/28,
Series
A-1
240,000
244,664
0.000%
12/15/28,
Series
A
(b)
335,000
267,756
5.000%
06/15/29,
Series
BB-1
245,000
255,601
0.000%
12/15/29,
Series
A
(b)
850,000
645,787
5.000%
06/15/30,
Series
A
835,000
848,526
0.000%
12/15/30,
Series
C
(b)
225,000
163,755
5.000%
06/15/31,
Series
A
470,000
496,359
5.000%
06/15/31,
Series
BB
115,000
119,549
5.000%
06/15/32,
Series
D
385,000
386,224
5.250%
06/15/32,
Series
C
445,000
447,908
0.000%
12/15/32,
Series
C
(b)
2,205,000
1,449,174
0.000%
12/15/32,
Series
A
(b)
595,000
387,997
5.000%
12/15/32,
Series
A
2,215,000
2,292,886
5.000%
06/15/33,
Series
A
1,000,000
1,050,059
5.000%
06/15/33,
Series
BB-1
1,250,000
1,291,565
0.000%
12/15/33,
Series
C
(b)
705,000
446,465
5.000%
06/15/34,
Series
2014
250,000
261,505
0.000%
12/15/34,
Series
A
(b)
815,000
475,515
0.000%
12/15/34,
Series
A
(b)
130,000
75,849
0.000%
12/15/34,
Series
C
(b)
250,000
149,878
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
15
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
12/15/34,
Series
A
1,075,000
1,101,991
4.750%
06/15/35,
Series
AA
350,000
350,879
5.000%
06/15/35,
Series
AA
2,000,000
2,083,992
0.000%
12/15/35,
Series
A
(b)
165,000
90,650
4.000%
06/15/36,
Series
A
850,000
792,329
4.000%
06/15/36,
Series
AA
1,510,000
1,421,328
5.000%
06/15/36,
Series
AA
945,000
975,280
4.000%
06/15/37,
Series
BB
250,000
231,233
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.000%
01/01/31,
Series
E
1,260,000
1,285,342
5.000%
01/01/32,
Series
B
255,000
264,773
5.000%
01/01/32,
Series
E
1,695,000
1,738,346
4.000%
01/01/33,
Series
G
225,000
218,661
5.000%
01/01/33,
Series
B
750,000
777,260
5.000%
01/01/34,
Series
A
205,000
209,232
5.000%
01/01/34,
Series
E
395,000
397,855
5.000%
01/01/36,
Series
G
435,000
445,762
Total
New
Jersey
33,507,244
New
Mexico
0.1%
New
Mexico
Hospital
Equipment
Loan
Council
Series
A
Revenue
Bonds
5.000%,
08/01/46
400,000
391,742
New
York
17.7%
Brooklyn
Arena
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
07/15/36
150,000
114,142
Broome
County
Local
Development
Corp.
Revenue
Bonds
3.000%,
04/01/45
200,000
131,887
City
of
New
York
5.000%
08/01/27,
Series
A
735,000
749,316
5.000%
08/01/27,
Series
C-1
175,000
182,711
5.000%
08/01/27,
Series
E
150,000
156,609
5.000%
08/01/28,
Series
A-1
455,000
480,121
5.000%
08/01/28,
Series
C
620,000
636,793
5.000%
08/01/30,
Series
1
605,000
626,311
5.000%
08/01/30,
Series
A-1
1,000,000
1,070,321
5.000%
04/01/32,
Series
L-5
240,000
257,611
5.000%
08/01/32,
Series
C-1
1,130,000
1,205,241
City
of
New
York
NY
5.000%
08/01/28,
Series
2008
J-5
820,000
864,914
5.000%
04/01/31
1,065,000
1,124,857
5.000%
08/01/32,
Series
C
330,000
351,979
Dutchess
County
Local
Development
Corp.
Revenue
Bonds
4.000%
07/01/34,
Series
B
300,000
270,291
3.000%
07/01/36,
Series
B
320,000
236,285
5.000%
07/01/45,
Series
A
500,000
466,338
Long
Island
Power
Authority
Revenue
Bonds
0.000%
06/01/28
(b)
220,000
183,943
5.250%
09/01/29,
Series
C
140,000
150,759
5.000%
09/01/34
810,000
848,392
5.000%
09/01/34,
Series
A
400,000
425,835
5.000%
09/01/37,
Series
A
250,000
259,378
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%
11/15/26,
Series
A2
275,000
280,587
5.000%
11/15/28,
Series
C-1
635,000
654,648
5.000%
11/15/31,
Series
C-1
560,000
574,399
5.000%
11/15/31,
Series
D
380,000
387,242
5.000%
11/15/31,
Series
D-1
705,000
714,225
5.000%
11/15/32,
Series
D
1,590,000
1,630,946
5.000%
11/15/33,
Series
D-1
555,000
564,763
4.000%
11/15/35,
Series
C-1
850,000
793,528
5.000%
11/15/35,
Series
B
305,000
308,127
Monroe
County
Industrial
Development
Corp.
Series
A
Revenue
Bonds
4.000%,
07/01/35
125,000
122,216
New
York
City
Housing
Development
Corp.
Revenue
Bonds
2.650%
05/01/27,
Series
A
265,000
253,505
2.000%
11/01/35,
Series
D-1B
370,000
270,625
New
York
City
Municipal
Water
Finance
Authority
Revenue
Bonds
5.000%
06/15/27,
Series
CC-2
285,000
292,872
5.000%
06/15/28,
Series
BB-2
530,000
555,722
5.000%
06/15/28,
Series
CC-2
880,000
916,425
5.000%
06/15/29,
Series
AA-2
230,000
246,398
5.000%
06/15/29,
Series
FF
640,000
648,419
5.000%
06/15/29,
Series
GG-2
500,000
526,816
5.000%
06/15/30,
Series
AA-2
335,000
361,864
5.000%
06/15/30,
Series
EE
630,000
680,521
5.000%
06/15/30,
Series
GG-1
505,000
545,497
5.000%
06/15/31,
Series
DD
1,000,000
1,088,124
5.000%
06/15/33,
Series
DD
755,000
816,937
New
York
Liberty
Development
Corp.,
Series
A
Revenue
Bonds
2.100%,
11/15/32
750,000
605,820
2.400%,
11/15/35
350,000
267,104
New
York
State
Dormitory
Authority
Revenue
Bonds
5.000%
07/01/29,
Series
A
415,000
426,357
5.000%
10/01/29,
Series
A
160,000
167,270
5.000%
07/01/30,
Series
A
295,000
301,178
5.000%
10/01/30,
Series
A
340,000
351,468
5.000%
08/01/31,
Series
A
200,000
198,505
5.000%
10/01/31,
Series
A
310,000
317,365
5.000%
08/01/32,
Series
A
390,000
386,415
5.000%
05/01/33,
Series
A
400,000
403,946
2.000%
07/01/33,
Series
1
1,060,000
817,765
5.000%
07/01/33,
Series
A
525,000
542,816
5.000%
08/01/33,
Series
A
110,000
108,698
5.000%
10/01/33,
Series
A
1,490,000
1,543,290
5.000%
07/01/34,
Series
A
1,000,000
1,032,900
4.000%
10/01/34,
Series
A
300,000
289,228
5.000%
10/01/34,
Series
A
2,115,000
2,212,415
4.000%
07/01/35,
Series
A
1,650,000
1,578,620
5.000%
07/01/35,
Series
A
450,000
456,266
5.000%
10/01/35,
Series
A
870,000
912,641
5.000%
05/01/38,
Series
A
750,000
747,434
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Strategic
Beta
ETFs
|
Annual
Report
2023
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
New
York
State
Environmental
Facilities
Corp.
Series
A
Revenue
Bonds
5.000%,
06/15/27
250,000
262,467
New
York
State
Housing
Finance
Agency
Revenue
Bonds
1.100%
05/01/26,
Series
E
250,000
231,360
1.100%
11/01/61,
Series
J-2
(Mandatory
Put
05/01/27)
1,335,000
1,183,929
New
York
State
Thruway
Authority
Revenue
Bonds
5.000%
01/01/29,
Series
B
200,000
211,049
4.000%
01/01/36,
Series
O
250,000
241,244
4.000%
01/01/38,
Series
B
150,000
133,937
4.000%
01/01/41,
Series
O
1,000,000
875,327
New
York
Transportation
Development
Corp.
Revenue
Bonds
5.000%
01/01/31
200,000
194,795
3.000%
08/01/31
250,000
209,544
5.000%
12/01/31
1,000,000
1,000,996
5.000%
12/01/32,
Series
A
180,000
178,900
5.000%
01/01/34
175,000
168,451
5.000%
07/01/34,
Series
A-P3
1,490,000
1,474,622
5.000%
10/01/35
1,155,000
1,095,425
5.000%
01/01/36
150,000
142,713
5.375%
08/01/36
1,000,000
966,349
5.000%
12/01/36,
Series
A
425,000
422,872
5.000%
10/01/40
1,000,000
908,441
4.000%
12/01/42,
Series
C
160,000
135,071
4.375%
10/01/45
2,750,000
2,264,278
Oneida
County
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
12/01/44
355,000
234,621
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
5.000%
09/15/27,
Series
207
860,000
880,924
5.000%
09/15/29,
Series
207
800,000
812,745
4.000%
03/15/30,
Series
207
300,000
289,809
5.000%
07/15/31,
Series
209
300,000
315,273
5.000%
09/15/31,
Series
207
500,000
509,232
3.250%
05/01/33,
Series
189
230,000
209,545
5.000%
10/15/33,
Series
194
440,000
449,762
5.000%
11/15/33,
Series
205
835,000
866,382
5.000%
07/15/35,
Series
222
870,000
916,806
5.000%
10/15/35,
Series
194
405,000
411,497
State
of
New
York
Mortgage
Agency
Revenue
Bonds
4.000%
04/01/31,
Series
248
500,000
453,976
1.900%
10/01/31,
Series
233
250,000
200,289
2.400%
10/01/34,
Series
220
140,000
108,003
2.650%
10/01/34,
Series
223
250,000
198,230
2.200%
10/01/36,
Series
239
560,000
378,216
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
Series
233
Revenue
Bonds
2.200%,
04/01/36
840,000
626,854
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Triborough
Bridge
&
Tunnel
Authority
Revenue
Bonds
5.000%
11/15/31,
Series
A
485,000
498,501
5.000%
11/15/31,
Series
B
1,370,000
1,462,460
0.000%
11/15/32,
Series
B
(b)
220,000
150,592
5.000%
11/15/36,
Series
B
1,000,000
1,022,346
Total
New
York
60,993,774
North
Carolina
0.2%
Charlotte-Mecklenburg
Hospital
Authority
(The)
Series
D
(Mandatory
Put
12/01/31)
Revenue
Bonds
5.000%,
01/15/49
205,000
217,394
State
of
North
Carolina
Revenue
Bonds
5.000%,
03/01/30
300,000
316,680
Total
North
Carolina
534,074
North
Dakota
0.4%
City
of
Grand
Forks
Series
A
Revenue
Bonds
3.000%,
12/01/39
1,000,000
703,837
County
of
Ward,
Series
C
Revenue
Bonds
5.000%,
06/01/34
200,000
173,566
5.000%,
06/01/43
500,000
384,611
North
Dakota
Housing
Finance
Agency
Series
A
Revenue
Bonds
2.750%,
07/01/27
185,000
175,018
Total
North
Dakota
1,437,032
Ohio
3.5%
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
Bonds
4.000%,
11/15/36
250,000
212,436
American
Municipal
Power,
Inc.
Revenue
Bonds
5.000%
02/15/33,
Series
C
830,000
869,579
5.000%
02/15/35,
Series
B
1,000,000
1,041,827
5.000%
02/15/35,
Series
C
250,000
260,456
4.000%
02/15/36,
Series
A
385,000
360,847
City
of
Columbus,
Series
A
4.000%,
08/15/27
380,000
381,372
5.000%,
04/01/28
125,000
132,155
County
of
Montgomery
Revenue
Bonds
4.000%,
08/01/41
635,000
547,310
Franklin
County
Convention
Facilities
Authority
Revenue
Bonds
5.000%,
12/01/44
200,000
169,344
Ohio
Housing
Finance
Agency
Series
K
Revenue
Bonds
3.200%,
09/01/36
70,000
60,412
Ohio
Turnpike
&
Infrastructure
Commission
Revenue
Bonds
5.000%
02/15/33,
Series
A
775,000
808,360
5.700%
02/15/34,
Series
A-4
285,000
305,828
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
17
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.750%
02/15/35,
Series
A-4
150,000
166,664
Ohio
Water
Development
Authority
Revenue
Bonds
5.000%
06/01/29,
Series
A
1,000,000
1,063,073
5.000%
12/01/29
1,050,000
1,124,603
5.000%
12/01/32,
Series
A
1,010,000
1,042,772
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Series
A
Revenue
Bonds
5.000%,
06/01/28
2,000,000
2,094,897
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000
110,531
State
of
Ohio
Revenue
Bonds
3.250%
01/01/35,
Series
A
130,000
113,452
3.250%
01/01/37,
Series
A
140,000
116,645
4.000%
01/01/40,
Series
B
600,000
533,141
4.000%
01/01/46,
Series
B
575,000
482,137
State
of
Ohio
5.000%
09/15/28,
Series
B
195,000
207,121
Total
Ohio
12,204,962
Oklahoma
0.5%
Grand
River
Dam
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/30
200,000
206,361
5.000%,
06/01/31
525,000
539,824
Norman
Regional
Hospital
Authority
Revenue
Bonds
4.000%,
09/01/37
150,000
121,576
Oklahoma
Development
Finance
Authority
Series
B
Revenue
Bonds
5.000%,
08/15/38
500,000
429,853
Tulsa
County
Industrial
Authority
Revenue
Bonds
5.000%,
11/15/32
335,000
324,724
Total
Oklahoma
1,622,338
Oregon
0.9%
City
of
Eugene
OR
Electric
Utility
System
Revenue
Series
A
Revenue
Bonds
4.000%,
08/01/31
410,000
409,267
Medford
Hospital
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
08/15/38
655,000
654,542
5.000%,
08/15/45
700,000
679,286
Oregon
Health
&
Science
University
Series
A
Revenue
Bonds
4.000%,
07/01/41
1,000,000
870,720
Salem
Hospital
Facility
Authority,
Series
A
Revenue
Bonds
5.000%,
05/15/34
200,000
203,906
4.000%,
05/15/41
240,000
199,824
Total
Oregon
3,017,545
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Pennsylvania
7.1%
Allegheny
County
Hospital
Development
Authority
Revenue
Bonds
4.000%
07/15/36
470,000
429,926
4.000%
07/15/39,
Series
A
1,000,000
871,772
4.000%
04/01/44,
Series
A
680,000
541,780
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
Bonds
5.000%,
05/01/42
(a)
1,000,000
924,590
Cambria
County
General
Financing
Authority
Series
TT4
Revenue
Bonds
5.000%,
11/01/29
315,000
320,556
Chambersburg
Area
Municipal
Authority
Revenue
Bonds
5.500%,
10/01/33
150,000
138,740
Chester
County
Health
and
Education
Facilities
Authority
Revenue
Bonds
4.250%
11/01/32
100,000
85,321
4.000%
09/01/41,
Series
A
440,000
372,381
City
of
Philadelphia
PA
Airport
Revenue
Revenue
Bonds
5.000%,
07/01/36
250,000
249,476
Commonwealth
Financing
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
1,000,000
1,015,102
Commonwealth
of
Pennsylvania
5.000%
01/01/26,
Series
1
260,000
266,552
5.000%
01/01/28,
Series
1
600,000
622,186
5.000%
09/15/28,
Series
2
200,000
206,813
5.000%
03/15/29,
Series
1
955,000
965,341
4.000%
09/15/31
505,000
500,908
Cumberland
County
Municipal
Authority
Revenue
Bonds
4.000%,
11/01/44
1,000,000
824,992
Dauphin
County
General
Authority
Revenue
Bonds
5.000%,
10/15/34
(a)
100,000
80,902
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.700%
07/01/27,
Series
B
45,000
47,814
5.500%
08/01/28,
Series
A
1,080,000
1,146,559
5.750%
07/01/32
100,000
112,027
Geisinger
Authority
Series
A-2
Revenue
Bonds
5.000%,
02/15/39
375,000
369,512
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
Revenue
Bonds
5.000%,
07/01/33
100,000
97,873
Northampton
County
General
Purpose
Authority
Revenue
Bonds
4.000%,
11/01/34
315,000
304,107
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Strategic
Beta
ETFs
|
Annual
Report
2023
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Pennsylvania
Economic
Development
Financing
Authority
Revenue
Bonds
5.000%,
12/31/29
1,375,000
1,379,862
5.000%,
12/31/32
1,000,000
1,004,744
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%,
08/15/44
500,000
421,832
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
3.200%
10/01/32,
Series
124B
500,000
443,199
3.650%
10/01/32,
Series
122
135,000
127,544
3.550%
10/01/33,
Series
127B
360,000
325,238
2.070%
10/01/36,
Series
136
100,000
70,733
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%
06/01/28,
Series
B
465,000
477,366
5.000%
06/01/28,
Series
B-2
320,000
331,735
6.000%
12/01/30,
Series
E
760,000
809,006
5.000%
12/01/33
475,000
508,712
5.000%
06/01/36,
Series
B
1,000,000
1,011,900
4.000%
12/01/43,
Series
A
1,500,000
1,277,811
Philadelphia
Authority
For
Industrial
Development
Revenue
Bonds
5.000%
10/01/27
300,000
308,780
5.000%
04/01/33,
Series
2015
225,000
228,555
4.000%
05/01/42
1,000,000
648,923
5.000%
09/01/42,
Series
A
200,000
192,621
Pittsburgh
Water
&
Sewer
Authority
Revenue
Bonds
5.000%
09/01/26,
Series
A
130,000
133,468
5.000%
09/01/31,
Series
B
1,050,000
1,116,341
5.000%
09/01/33,
Series
B
1,130,000
1,207,737
Redevelopment
Authority
of
the
City
of
Philadelphia
Series
A
Revenue
Bonds
5.000%,
04/15/31
475,000
479,926
State
Public
School
Building
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
1,425,000
1,460,377
Total
Pennsylvania
24,461,640
Rhode
Island
0.4%
Rhode
Island
Commerce
Corp.
Series
B
Revenue
Bonds
5.000%,
06/15/31
865,000
886,698
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Series
76-A
Revenue
Bonds
2.350%,
10/01/36
500,000
358,908
Total
Rhode
Island
1,245,606
South
Carolina
1.4%
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(b)
120,000
94,681
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
South
Carolina
Jobs-Economic
Development
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
C
300,000
308,633
5.000%
05/01/43,
Series
A
650,000
628,005
4.000%
12/01/44,
Series
A
950,000
792,251
4.250%
02/01/48
1,000,000
869,913
South
Carolina
Public
Service
Authority,
Series
A
Revenue
Bonds
5.000%,
12/01/31
950,000
963,198
5.000%,
12/01/33
1,125,000
1,138,502
Total
South
Carolina
4,795,183
South
Dakota
0.6%
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/35
180,000
181,310
4.000%
07/01/37
150,000
131,640
5.000%
11/01/44,
Series
B
1,000,000
954,547
South
Dakota
Housing
Development
Authority
Revenue
Bonds
2.650%
11/01/27,
Series
F
500,000
470,874
3.400%
11/01/32,
Series
B
355,000
321,893
Total
South
Dakota
2,060,264
Tennessee
0.9%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000
93,252
Johnson
City
Health
&
Educational
Facilities
Board
Series
B
Revenue
Bonds
5.000%,
07/01/33
1,000,000
1,024,980
Memphis-Shelby
County
Industrial
Development
Board
Series
B
Revenue
Bonds
5.000%,
11/01/30
150,000
154,773
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facs
Bd
Series
A
Revenue
Bonds
5.000%,
07/01/46
1,500,000
1,452,546
Tennessee
Housing
Development
Agency
Revenue
Bonds
2.450%,
01/01/27
245,000
229,358
Total
Tennessee
2,954,909
Texas
9.9%
Alamo
Community
College
District
5.000%,
08/15/28
330,000
344,333
Austin
Convention
Enterprises,
Inc.
Series
B
Revenue
Bonds
5.000%,
01/01/32
250,000
233,505
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
19
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Central
Texas
Turnpike
System
Revenue
Bonds
0.000%
08/15/28,
Series
A
(b)
150,000
121,915
0.000%
08/15/29,
Series
A
(b)
270,000
209,076
5.000%
08/15/34,
Series
C
1,740,000
1,697,909
City
of
Austin
TX
Airport
System
Revenue
Revenue
Bonds
5.000%,
11/15/27
200,000
199,120
City
of
Austin
TX
Water
&
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
11/15/30
1,500,000
1,548,287
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
580,000
596,572
City
of
Garland
TX
Electric
Utility
System
Revenue
Revenue
Bonds
3.000%,
03/01/37
300,000
235,894
City
of
Houston
Series
A
5.000%,
03/01/26
355,000
364,540
City
of
Houston
TX
Airport
System
Revenue
Revenue
Bonds
5.000%
07/01/29
500,000
486,435
4.000%
07/15/41,
Series
B-1
1,450,000
1,145,977
4.500%
07/01/53,
Series
A
1,000,000
854,361
City
of
Houston
TX
Combined
Utility
System
Revenue
Series
B
Revenue
Bonds
5.000%,
11/15/27
695,000
719,548
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
Revenue
Bonds
4.000%
02/01/32,
Series
B
1,000,000
980,136
4.000%
02/01/36
750,000
712,493
5.000%
02/01/36
1,130,000
1,161,894
County
of
Harris,
Series
A
5.000%,
10/01/25
225,000
229,619
5.000%,
10/01/28
100,000
105,615
Cypress-Fairbanks
Independent
School
District
Series
A
3.000%,
02/15/33
1,000,000
892,044
Dallas
College
5.000%,
02/15/33
1,455,000
1,513,601
Dallas
Fort
Worth
International
Airport
Revenue
Bonds
4.000%,
11/01/34
1,255,000
1,211,110
Fort
Bend
Independent
School
District
5.000%,
08/15/29
480,000
498,817
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%,
07/01/45
240,000
236,935
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Harris
County-Houston
Sports
Authority
Series
A-3
Revenue
Bonds
0.000%,
11/15/32
(b)
200,000
114,476
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/32
350,000
374,030
5.000%,
05/15/35
350,000
359,424
Matagorda
County
Navigation
District
No
1
Revenue
Bonds
5.125%,
11/01/28
315,000
321,207
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
12/01/39,
Series
A-1
115,000
100,228
4.000%
08/15/40,
Series
A
225,000
199,122
North
Texas
Municipal
Water
District
Water
System
Revenue
Revenue
Bonds
5.000%,
09/01/28
250,000
255,128
North
Texas
Tollway
Authority
Revenue
Bonds
0.000%
01/01/28,
Series
D
(b)
230,000
194,546
5.000%
01/01/29,
Series
A
250,000
256,327
0.000%
01/01/30,
Series
D
(b)
500,000
386,642
5.000%
01/01/30,
Series
A
325,000
332,932
5.000%
01/01/31,
Series
A
850,000
870,573
0.000%
01/01/34,
Series
D
(b)
410,000
258,827
5.000%
01/01/36,
Series
A
370,000
376,246
4.000%
01/01/37,
Series
A
465,000
432,402
4.000%
01/01/38,
Series
A
1,825,000
1,636,785
4.125%
01/01/40,
Series
A
1,000,000
907,137
Northeast
Higher
Education
Finance
Corp.
Series
B
Revenue
Bonds
5.000%,
08/15/40
110,000
94,505
Northside
Independent
School
District
(Mandatory
Put
06/1/25)
0.700%,
06/01/50
1,000,000
951,710
Port
Freeport
Revenue
Bonds
5.000%,
06/01/33
895,000
903,300
Round
Rock
Independent
School
District
Series
A
5.000%,
08/01/30
315,000
335,990
San
Antonio
Water
System
Series
A
Revenue
Bonds
5.000%,
05/15/31
840,000
863,585
State
of
Texas
Series
A
5.000%,
10/01/29
270,000
275,213
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
07/01/32,
Series
B
120,000
122,820
5.000%
05/15/37
100,000
82,847
4.000%
10/01/47
485,000
399,826
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Strategic
Beta
ETFs
|
Annual
Report
2023
Notes
to
Portfolio
of
Investments
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Tarrant
Regional
Water
District
Water
Supply
System
Revenue
Revenue
Bonds
5.000%,
03/01/29
225,000
228,669
Texas
Water
Development
Board
Revenue
Bonds
5.000%
04/15/28,
Series
A
315,000
329,883
5.000%
10/15/28,
Series
A
200,000
210,545
5.000%
08/01/30
750,000
806,861
5.000%
10/15/31,
Series
A
605,000
619,619
5.000%
08/01/32
500,000
536,664
5.000%
10/15/32,
Series
B
1,000,000
1,054,446
Trinity
River
Authority
Central
Regional
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
08/01/28
750,000
783,637
5.000%,
08/01/30
550,000
586,832
3.000%,
08/01/31
1,415,000
1,293,170
Total
Texas
34,155,890
Utah
1.0%
City
of
Salt
Lake
City
UT
Airport
Revenue,
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000
101,694
5.000%,
07/01/35
500,000
502,251
5.000%,
07/01/37
1,515,000
1,506,912
Intermountain
Power
Agency,
Series
A
Revenue
Bonds
5.000%,
07/01/29
510,000
542,692
5.000%,
07/01/35
700,000
745,519
Total
Utah
3,399,068
Virginia
0.1%
Virginia
Small
Business
Financing
Authority
Revenue
Bonds
4.000%,
01/01/37
250,000
218,774
Washington
2.1%
City
of
Seattle
WA
Water
System
Revenue
Revenue
Bonds
5.000%,
05/01/27
1,500,000
1,526,773
County
of
King
4.000%,
07/01/30
250,000
250,278
County
of
King
WA
Sewer
Revenue
Series
B
Revenue
Bonds
5.000%,
07/01/27
235,000
242,853
King
County
School
District
No
405
Bellevue
5.000%,
12/01/25
500,000
512,091
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Port
of
Seattle
Revenue
Bonds
5.000%,
04/01/36
200,000
201,123
State
of
Washington
4.000%
07/01/29,
Series
R-2022D
1,000,000
1,015,873
5.000%
07/01/29,
Series
B
210,000
215,167
5.000%
08/01/30,
Series
R-2018C
555,000
580,620
5.000%
08/01/31,
Series
A-1
1,000,000
1,088,469
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%
08/01/38,
Series
A-2
150,000
146,874
5.000%
10/01/38,
Series
D
350,000
333,177
5.000%
08/15/45,
Series
A
425,000
418,111
5.000%
09/01/45
300,000
291,441
Washington
State
Convention
Center
Public
Facilities
District
Revenue
Bonds
4.000%,
07/01/32
210,000
196,044
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(a)
100,000
82,701
Total
Washington
7,101,595
Wisconsin
0.9%
Public
Finance
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/40
200,000
194,400
4.000%,
01/01/45
200,000
160,283
State
of
Wisconsin
5.000%
05/01/28,
Series
4
450,000
455,541
5.000%
11/01/28,
Series
2
500,000
516,260
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
Bonds
4.250%
07/01/33,
Series
B
200,000
157,384
4.000%
04/01/39,
Series
A
1,450,000
1,285,449
3.500%
02/15/46,
Series
A
690,000
457,724
Total
Wisconsin
3,227,041
Total
Municipal
Bonds
(Cost
$369,112,805)
338,921,395
Money
Market
Funds
0
.1
%
Shares
Value
($)
Dreyfus
Tax
Exempt
Cash
Management
Fund,
Institutional
Shares
3.852%
(c)
276,043
275,988
Total
Money
Market
Funds
(Cost
$275,988)
275,988
Total
Investments
in
Securities
(Cost
$369,388,793)
339,197,383
Other
Assets
&
Liabilities,
Net
4,684,103
Net
Assets
343,881,486
(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,
2023,
the
total
value
of
these
securities
amounted
to
$3,683,709,
which
represents
1.07%
of
total
net
assets.
(b)
Zero
coupon
bond.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
21
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Municipal
Bonds
–
338,921,395
–
338,921,395
Money
Market
Funds
275,988
–
–
275,988
Total
Investments
in
Securities
275,988
338,921,395
–
339,197,383
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,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Strategic
Beta
ETFs
|
Annual
Report
2023
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$369,388,793)
$339,197,383
Cash
292
Receivable
for:
Interest
4,750,042
Dividends
1,332
Total
assets
343,949,049
Liabilities
Payable
for:
Investment
management
fees
67,563
Total
liabilities
67,563
Net
assets
applicable
to
outstanding
capital
stock
$343,881,486
Represented
by:
Paid-in
capital
$377,053,043
Total
distributable
earnings
(loss)
(33,171,557)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$343,881,486
Shares
outstanding
17,850,000
Net
asset
value
per
share
$19.27
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
23
Investment
Income:
Interest
$8,456,756
Dividends
-
unaffiliated
issuers
46,178
Total
income
8,502,934
Expenses:
Investment
management
fees
708,182
Overdraft
expense
36
Total
expenses
708,218
Net
Investment
Income
7,794,716
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(2,995,275)
Net
realized
loss
(2,995,275)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(4,132,717)
Net
change
in
unrealized
depreciation
(4,132,717)
Net
realized
and
unrealized
loss
(7,127,992)
Net
Increase
in
net
assets
resulting
from
operations
$666,724
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Strategic
Beta
ETFs
|
Annual
Report
2023
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Operations
Net
investment
income
$7,794,716
$3,083,410
Net
realized
loss
(2,995,275)
(760,476)
Net
change
in
unrealized
depreciation
(4,132,717)
(28,317,930)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
666,724
(25,994,996)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(7,360,843)
(3,038,834)
Shareholder
transactions
Proceeds
from
shares
sold
126,990,925
133,379,155
Cost
of
shares
redeemed
–
(22,379,887)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
126,990,925
110,999,268
Increase
in
net
assets
120,296,806
81,965,438
Net
Assets:
Net
assets
beginning
of
year
223,584,680
141,619,242
Net
assets
at
end
of
year
$343,881,486
$223,584,680
Capital
stock
activity
Shares
outstanding,
beginning
of
year
11,600,000
6,350,000
Shares
sold
6,250,000
6,300,000
Shares
redeemed
–
(1,050,000)
Shares
outstanding,
end
of
year
17,850,000
11,600,000
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
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
ratio
of
expenses
and
net
investment
income
are
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,
2023
2022
2021
2020
2019
Per
share
data
Net
asset
value,
beginning
of
year
$
19
.27
$
22
.30
$
21
.83
$
21
.56
$
20
.02
Income
(loss)
from
investment
operations:
Net
investment
income
0
.51
0
.34
0
.37
0
.51
0
.56
Net
realized
and
unrealized
gain
(loss)
(
0
.02
)
(
3
.03
)
0
.52
0
.30
1
.51
Total
from
investment
operations
0
.49
(
2
.69
)
0
.89
0
.81
2
.07
Less
distributions
to
shareholders:
Net
investment
income
(
0
.49
)
(
0
.32
)
(
0
.38
)
(
0
.51
)
(
0
.53
)
Net
realized
gains
–
(
0
.02
)
(
0
.04
)
(
0
.03
)
–
Total
distribution
to
shareholders
(
0
.49
)
(
0
.34
)
(
0
.42
)
(
0
.54
)
(
0
.53
)
Net
asset
value,
end
of
year
$
19
.27
$
19
.27
$
22
.30
$
21
.83
$
21
.56
Total
Return
at
NAV
2
.44
%
(
12
.17
)
%
4
.11
%
3
.82
%
10
.42
%
Total
Return
at
Market
Price
2
.38
%
(
12
.40
)
%
3
.85
%
4
.18
%
10
.24
%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0
.23
%
(b)
0
.23
%
(b)
0
.23
%
(b)
0
.23
%
0
.26
%
Total
net
expenses
(a)(c)
0
.23
%
(b)
0
.23
%
(b)
0
.23
%
(b)
0
.23
%
0
.26
%
Net
investment
income
2
.53
%
1
.63
%
1
.65
%
2
.37
%
2
.67
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
343,881
$
223,585
$
141,619
$
56,769
$
26,946
Portfolio
turnover
11
%
14
%
6
%
11
%
20
%
(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,
2023
26
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
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.
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
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
net
tax-exempt
and
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
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,
2023
28
Strategic
Beta
ETFs
|
Annual
Report
2023
Recent
accounting
pronouncements
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Fund 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
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
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
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2023,
these
differences
are
primarily
due
to
differing
treatment
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
29
permanent,
reclassifications
are
made
among
the
components
of
the
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
Fund
did
not
have
any
permanent
differences;
therefore,
no
reclassifications
were
made.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
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,
2023,
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,
2023,
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
$144,994,709
and
$32,611,385,
respectively,
for
the
year
ended
October
31,
2023.
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,
2023,
the
cost
basis
of
securities
contributed
was
$18,948,635.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2023,
the
Fund
did
not
have
in-kind
redemptions.
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
99,373
7,261,470
-
7,360,843
28,543
2,892,137
118,154
3,038,834
Undistributed
ordinary
income
($)
Undistributed
tax-exempt
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
-
770,452
-
(3,743,459)
(30,198,550)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
369,395,933
92,665
(30,291,215)
(30,198,550)
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
1,837,742
1,905,717
3,743,459
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
30
Strategic
Beta
ETFs
|
Annual
Report
2023
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
26,
2023
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
$900
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
26,
2023
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
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2023.
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
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
31
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,
other
conflicts, 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
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
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,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
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
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
Index’s
investment
exposures.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
Index
regardless
of
their
investment
merits.
The
Fund
does
not
seek
temporary
defensive
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
32
Strategic
Beta
ETFs
|
Annual
Report
2023
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
their
activities
as
part
of
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
provide
services
to
the
Fund.
Strategic
Beta
ETFs
|
Annual
Report
2023
33
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,
2023,
the
related
statement
of
operations
for
the
year
ended
October
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2023
(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,
2023,
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,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2023
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,
2023
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December 28,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
34
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2023
.
Shareholders
will
be
notified
in
early
2024
of
the
amounts
for
use
in
preparing
2023
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
98.72%
TRUSTEES
AND
OFFICERS
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
tr
ustees
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
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
170
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;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
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
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
170
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
2023
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
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
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
170
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee),
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee)
(financial
services),
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
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
170
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
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
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
168
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,
(former
mutual
fund
complex),
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
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
168
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
170
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
170
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
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
170
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
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
since
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
168
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
168
Director,
CSX
Corporation
(transportation
suppliers);
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;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
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.
170
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
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
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
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
168
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Hacker
and
Mses.
Blatz,
Carlton,
Carrig,
Flynn,
Paglia,
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
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.
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
and
Other
Relevant
Board
Experience
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
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
170
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
since
2022
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
and
Other
Relevant
Board
Experience
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;
Co-President
and
Principal
Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
170
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;
Director,
Columbia
Threadneedle
Canada,
Inc.,
since
December
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Fund
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
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
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
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.
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.
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.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
41
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
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.
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
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2023
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
February,
March,
April,
May
and
June
2023,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
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
(including
their
subcommittees),
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
22,
2023
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
one
or
more
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
2023
43
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
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
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
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
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Fund
and
(iv)
index
tracking
error
data
of
the
Fund.
The
Board
observed
the
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2023
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
the
profitability
generated
by
the
Investment
Manager
in
2022
had
declined
from
2021
levels,
due
to
a
variety
of
factors,
including
the
decreased
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
22,
2023,
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.
©
2023
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Annual
Report
October
31,
2023
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
Research
Enhanced
Core
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Columbia
Research
Enhanced
Value
ETF
Fund
at
a
Glance
7
Manager
Discussion
of
Fund
Performance
9
Understanding
Your
Fund’s
Expenses
11
Portfolio
of
Investments
12
Statement
of
Assets
and
Liabilities
24
Statement
of
Operations
25
Statement
of
Changes
in
Net
Assets
26
Financial
Highlights
27
Notes
to
Financial
Statements
29
Report
of
Independent
Registered
Public
Accounting
Firm
37
Federal
Income
Tax
Information
38
Trustees
and
Officers
39
Approval
of
Investment
Management
Services
Agreement
46
Additional
Information
49
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
July
2023
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,
2023)
Inception
1
Year
Life
Market
Price
09/25/19
8.37
11.40
Net
Asset
Value
09/25/19
8.53
11.36
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Equity
Index
8.69
11.57
Russell
1000®
Index
9.48
10.25
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2023)
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,
2023)
Information
Technology
26
.8
Financials
13
.1
Health
Care
12
.6
Consumer
Discretionary
10
.7
Industrials
9
.5
Communication
Services
8
.5
Consumer
Staples
6
.3
Energy
4
.6
Real
Estate
2
.7
Materials
2
.7
Utilities
2
.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
Research
Enhanced
Core
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
5
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Research
Enhanced
Core
ETF
returned
8.53%
based
on
net
asset
value
(NAV)
and
8.37%
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
8.69%
during
the
same
period.
To
compare,
the
Russell
1000®
Index
returned
9.48%
for
the
same
period.
The
Fund
had
a
NAV
of
$22.98
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
a
NAV
of
$24.59.
The
Fund’s
market
price
on
October
31,
2023
was
$24.62
per
share.
Market
overview
U.S.
equities
gained
during
the
annual
period
overall.
As
the
annual
period
began
in
November
2022,
the
U.S.
equity
market
ticked
higher,
despite
a
75
basis
point
interest
rate
increase
by
the
U.S.
Federal
Reserve
(Fed),
both
on
hopes
that
rate
hikes
beyond
November
would
be
smaller
and
on
resilient
third
calendar
quarter
corporate
earnings
reports.
(A
basis
point
is
1/100th
of
a
percentage
point.)
The
Fed
then
raised
the
federal
funds
target
rate
50
basis
points
in
December,
but
a
stronger
than
consensus
expected
November
jobs
report
rattled
the
market,
intensifying
worries
about
how
high
the
Fed
might
raise
interest
rates
in
2023.
U.S.
equities
gained
in
the
first
quarter
of
2023,
attributable
primarily
to
January,
based
on
hopes
the
Fed
had
largely
finished
raising
interest
rates.
Also,
a
string
of
better
than
expected
economic
data
fueled
optimism
the
U.S.
may
be
able
to
avoid
a
recession.
However,
the
investment
backdrop
grew
more
challenging
as
the
quarter
progressed,
given
persistent
inflation
and
the
failure
of
several
U.S.
regional
banks.
Despite
apprehension
in
the
banking
sector,
investor
sentiment
improved
in
the
second
calendar
quarter
as
the
Fed
slowed
its
pace
of
interest
rate
hikes
in
response
to
cooling
inflation.
Investors
were
further
encouraged
by
economic
growth
and
corporate
earnings,
which,
though
slowing,
did
not
decline
to
the
extent
the
markets
had
anticipated
in
late
2022.
Notably,
however,
most
of
the
quarter’s
positive
return
was
generated
by
a
small
group
of
mega-cap
technology-related
stocks,
especially
from
companies
expected
to
benefit
from
the
evolution
of
artificial
intelligence
(AI).
Following
two
quarters
of
gains,
the
broad
U.S.
equity
market
stumbled
toward
the
end
of
the
annual
period.
In
July
and
August
2023,
optimism
surrounding
a
slowing
trend
in
inflation,
combined
with
resilient
preliminary
second
calendar
quarter
economic
growth
data,
supported
U.S.
equities
and
fueled
a
soft
landing
narrative.
Though
economic
activity
remained
rather
resilient,
a
pickup
in
soft
landing
concerns,
surging
energy
prices
and
disinflationary
pressures
on
corporate
earnings,
along
with
worries
about
a
looming
federal
government
shutdown,
strikes
against
automakers
by
the
United
Auto
Workers,
upward
pressure
on
long-term
U.S.
Treasury
yields
and
outbreak
of
war
in
the
Middle
East,
drove
a
decline
in
the
U.S.
equity
market
in
September
and
October.
The
Fed
acted
in
line
with
expectations,
hiking
interest
rates
25
basis
points
in
July
and
keeping
rates
unchanged
at
a
range
of
5.25%-5.50%
in
September.
For
the
annual
period
overall,
capitalization
segment
performance
within
the
broad
U.S.
equity
market
was
mixed.
Large-
cap
stocks
were
strongest,
posting
solid
positive
absolute
returns.
Mid-cap
stocks
and
small-cap
stocks
each
generated
negative
absolute
returns
for
the
annual
period.
Growth
stocks
outpaced
value
stocks
across
the
capitalization
spectrum,
but
most
significantly
in
the
large-cap
segment
of
the
U.S.
equity
market.
Within
the
Russell
1000®
Index,
communication
services
and
information
technology
were
by
far
the
best
performing
sectors
during
the
annual
period,
followed
at
some
distance
by
consumer
discretionary.
The
weakest
performing
sectors
in
the
Russell
1000®
Index
were
utilities,
real
estate
and
health
care,
with
each
generating
a
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
health
care,
information
technology
and
industrials
sectors
detracted
most
from
the
Index’s
results
relative
to
the
Russell
1000®
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Index,
an
underweight
position
in
graphics
and
computer
and
networking
solutions
provider
NVIDIA
Corp.
and
having
no
exposure
to
e-commerce
retailing
giant
Amazon.com,
Inc.
and
semiconductor
device
developer
Broadcom,
Inc.
detracted
most.
NVIDIA
generated
a
triple-digit
positive
absolute
return,
and
Amazon.
com,
Inc.
and
Broadcom,
Inc.
each
posted
a
robust
double-digit
positive
absolute
return
within
the
Russell
1000®
Index
during
the
annual
period.
The
Fund's
position
in
NVIDIA
was
eliminated
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
communication
services,
consumer
discretionary
and
utilities
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
Facebook
parent
company
Meta
Platforms,
Inc.
(Class
A)
and
software
behemoth
Microsoft
Corp.
and
having
no
exposure
to
electric
vehicle
maker
Tesla,
Inc.
contributed
most
positively.
Meta
Platforms
posted
a
triple-digit
positive
absolute
return
and
Microsoft
generated
a
double-digit
positive
absolute
return
within
the
Fund’s
portfolio
during
the
annual
period.
Tesla
posted
a
double-digit
negative
absolute
return
within
the
Russell
1000®
Index
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
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
2023
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
July
2023
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,
2023)
Inception
1
Year
Life
Market
Price
09/25/19
1.55
7.03
Net
Asset
Value
09/25/19
2.02
7.12
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Value
Index
2.19
7.26
Russell
1000®
Value
Index
0.13
5.77
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2023)
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,
2023)
Financials
20
.3
Health
Care
15
.3
Industrials
13
.3
Energy
9
.0
Information
Technology
8
.9
Consumer
Staples
8
.6
Utilities
5
.3
Communication
Services
5
.0
Materials
4
.9
Consumer
Discretionary
4
.7
Real
Estate
4
.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
Value
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
9
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Research
Enhanced
Value
ETF
returned
2.02%
based
on
net
asset
value
(NAV)
and
1.55%
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
2.19%
during
the
same
period.
To
compare,
the
Russell
1000®
Value
Index
returned
0.13%
for
the
same
period.
The
Fund
had
a
NAV
of
$19.74
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
a
NAV
of
$19.65.
The
Fund’s
market
price
on
October
31,
2023
was
$19.60
per
share.
Market
overview
U.S.
equities
gained
during
the
annual
period
overall,
although
growth-oriented
stocks
significantly
outperformed
value-
oriented
stocks
across
the
capitalization
spectrum.
As
the
annual
period
began
in
November
2022,
the
U.S.
equity
market
ticked
higher,
despite
a
75
basis
point
interest
rate
increase
by
the
U.S.
Federal
Reserve
(Fed),
both
on
hopes
that
rate
hikes
beyond
November
would
be
smaller
and
on
resilient
third
calendar
quarter
corporate
earnings
reports.
(A
basis
point
is
1/100th
of
a
percentage
point.)
The
Fed
then
raised
the
federal
funds
target
rate
50
basis
points
in
December,
but
a
stronger
than
consensus
expected
November
jobs
report
rattled
the
market,
intensifying
worries
about
how
high
the
Fed
might
raise
interest
rates
in
2023.
U.S.
equities
gained
in
the
first
quarter
of
2023,
attributable
primarily
to
January,
based
on
hopes
the
Fed
had
largely
finished
raising
interest
rates.
Also,
a
string
of
better
than
expected
economic
data
fueled
optimism
the
U.S.
may
be
able
to
avoid
a
recession.
However,
the
investment
backdrop
grew
more
challenging
as
the
quarter
progressed,
given
persistent
inflation
and
the
failure
of
several
U.S.
regional
banks.
Despite
apprehension
in
the
banking
sector,
investor
sentiment
improved
in
the
second
calendar
quarter
as
the
Fed
slowed
its
pace
of
interest
rate
hikes
in
response
to
cooling
inflation.
Investors
were
further
encouraged
by
economic
growth
and
corporate
earnings,
which,
though
slowing,
did
not
decline
to
the
extent
the
markets
had
anticipated
in
late
2022.
Notably,
however,
most
of
the
quarter’s
positive
return
was
generated
by
a
small
group
of
mega-cap
technology-related
stocks,
especially
from
companies
expected
to
benefit
from
the
evolution
of
artificial
intelligence
(AI).
Following
two
quarters
of
gains,
the
broad
U.S.
equity
market
stumbled
toward
the
end
of
the
annual
period.
In
July
and
August
2023,
optimism
surrounding
a
slowing
trend
in
inflation,
combined
with
resilient
preliminary
second
calendar
quarter
economic
growth
data,
supported
U.S.
equities
and
fueled
a
soft
landing
narrative.
Though
economic
activity
remained
rather
resilient,
a
pickup
in
soft
landing
concerns,
surging
energy
prices
and
disinflationary
pressures
on
corporate
earnings,
along
with
worries
about
a
looming
federal
government
shutdown,
strikes
against
automakers
by
the
United
Auto
Workers,
upward
pressure
on
long-term
U.S.
Treasury
yields
and
outbreak
of
war
in
the
Middle
East,
drove
a
decline
in
the
U.S.
equity
market
in
September
and
October.
The
Fed
acted
in
line
with
expectations,
hiking
interest
rates
25
basis
points
in
July
and
keeping
rates
unchanged
at
a
range
of
5.25%-5.50%
in
September.
For
the
annual
period
overall,
capitalization
segment
performance
within
the
broad
U.S.
equity
market
was
mixed.
Large-cap
stocks
were
strongest,
posting
solid
positive
absolute
returns.
Mid-cap
stocks
and
small-cap
stocks
each
generated
negative
absolute
returns
for
the
annual
period.
Growth
stocks
outpaced
value
stocks
across
the
capitalization
spectrum,
but
most
significantly
in
the
large-cap
segment
of
the
U.S.
equity
market.
Within
the
Russell
1000®
Value
Index,
communication
services
was
by
far
the
best
performing
sector
during
the
annual
period,
followed
at
some
distance
by
information
technology
and
industrials.
The
weakest
performing
sectors
in
the
Russell
1000®
Value
Index
were
health
care,
utilities
and
real
estate,
with
each
generating
a
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
health
care,
financials
and
industrials
sectors
detracted
most
from
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
annual
period.
Relative
to
the
Russell
1000®
Value
Index,
having
no
exposure
to
diversified
conglomerate
holding
company
Berkshire
Hathaway,
Inc.-Class
B
and
overweight
positions
in
diversified
financial
services
company
Wells
Fargo
&
Co.
and
biopharmaceuticals
company
Bristol-Myers
Squibb
Co.
detracted
most.
Berkshire
Hathaway
generated
a
double-digit
positive
absolute
return,
while
Wells
Fargo
and
Bristol-Myers
Squibb
each
posted
a
double-digit
negative
absolute
return
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
10
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
communication
services,
consumer
discretionary
and
utilities
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
Facebook
parent
company
Meta
Platforms,
Inc.
(Class
A)
and
Internet
Protocol-based
networking
products
and
services
company
Cisco
Systems,
Inc.
and
an
underweight
position
in
diversified
financial
institution
Bank
of
America
Corp.
contributed
most
positively.
During
the
annual
period,
Meta
Platforms
generated
a
triple-digit
positive
absolute
return;
Cisco
Systems
posted
a
double-digit
positive
absolute
return;
and
Bank
of
America
generated
a
negative
absolute
return.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
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
2023
11
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
October
31,
2023.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2023
—
October
31,
2023
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Research
Enhanced
Core
ETF
1,000.00
1,000.00
1,002.40
1,024.45
0.76
0.77
0.15
Columbia
Research
Enhanced
Value
ETF
1,000.00
1,000.00
968.50
1,024.25
0.94
0.97
0.19
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
99
.5
%
Issuer
Shares
Value
($)
Communication
Services 8.5%
Entertainment
0.2%
Electronic
Arts,
Inc.
2,478
306,752
Live
Nation
Entertainment,
Inc.
(a)
1,329
106,346
Madison
Square
Garden
Sports
Corp.
(a)
163
27,407
Playtika
Holding
Corp.
(a)
217
1,823
Total
442,328
Interactive
Media
&
Services
8.0%
Alphabet,
Inc.
Class
A
(a)
53,736
6,667,563
Alphabet,
Inc.
Class
C
(a)
45,988
5,762,296
Meta
Platforms,
Inc.
Class
A
(a)
19,050
5,739,194
Pinterest,
Inc.
Class
A
(a)
5,119
152,956
TripAdvisor,
Inc.
(a)
987
14,568
Total
18,336,577
Media
0.3%
Fox
Corp.
Class
A
2,414
73,361
Fox
Corp.
Class
B
1,227
34,245
New
York
Times
Co.
(The)
Class
A
1,452
58,530
News
Corp.
Class
A
3,408
70,477
News
Corp.
Class
B
1,038
22,255
Nexstar
Media
Group,
Inc.
320
44,826
Omnicom
Group,
Inc.
1,791
134,164
Trade
Desk,
Inc.
(The)
Class
A
(a)
3,908
277,312
Total
715,170
Total
Communication
Services
19,494,075
Consumer
Discretionary 10.7%
Automobile
Components
0.1%
BorgWarner,
Inc.
7,076
261,105
Phinia,
Inc.
1,415
36,620
Total
297,725
Automobiles
0.1%
Thor
Industries,
Inc.
1,626
142,974
Broadline
Retail
0.7%
Coupang,
Inc.
(a)
32,785
557,345
eBay,
Inc.
17,459
684,917
Etsy,
Inc.
(a)
3,667
228,454
Nordstrom,
Inc.
3,739
52,271
Total
1,522,987
Distributors
0.4%
Genuine
Parts
Co.
4,328
557,706
LKQ
Corp.
8,555
375,736
Total
933,442
Diversified
Consumer
Services
0.1%
ADT,
Inc.
6,493
36,751
H&R
Block,
Inc.
4,725
193,961
Total
230,712
Hotels,
Restaurants
&
Leisure
3.3%
Booking
Holdings,
Inc.
(a)
1,200
3,347,472
Boyd
Gaming
Corp.
2,396
132,379
Caesars
Entertainment,
Inc.
(a)
6,602
263,354
Darden
Restaurants,
Inc.
3,832
557,671
Expedia
Group,
Inc.
(a)
4,719
449,674
Hilton
Worldwide
Holdings,
Inc.
8,418
1,275,580
Hyatt
Hotels
Corp.
Class
A
1,516
155,299
MGM
Resorts
International
9,211
321,648
Penn
Entertainment,
Inc.
(a)
5,293
104,431
Royal
Caribbean
Cruises
Ltd.
(a)
7,154
606,158
Travel
+
Leisure
Co.
2,292
77,997
Wendy's
Co.
(The)
5,516
104,914
Wynn
Resorts
Ltd.
3,331
292,395
Total
7,688,972
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Household
Durables
1.6%
DR
Horton,
Inc.
9,776
1,020,614
Leggett
&
Platt,
Inc.
4,411
103,350
Lennar
Corp.
Class
A
7,583
808,954
Lennar
Corp.
Class
B
408
40,233
Mohawk
Industries,
Inc.
(a)
1,652
132,788
NVR,
Inc.
(a)
90
487,136
PulteGroup,
Inc.
6,816
501,589
Toll
Brothers,
Inc.
3,542
250,455
TopBuild
Corp.
(a)
970
221,897
Total
3,567,016
Specialty
Retail
4.1%
AutoNation,
Inc.
(a)
919
119,543
AutoZone,
Inc.
(a)
549
1,359,944
Bath
&
Body
Works,
Inc.
7,969
236,281
Best
Buy
Co.,
Inc.
5,941
396,978
Gap,
Inc.
(The)
6,186
79,181
Murphy
USA,
Inc.
635
230,308
O'Reilly
Automotive,
Inc.
(a)
1,907
1,774,349
Penske
Automotive
Group,
Inc.
644
92,144
Ross
Stores,
Inc.
10,385
1,204,348
TJX
Cos.,
Inc.
(The)
35,606
3,135,820
Ulta
Beauty,
Inc.
(a)
1,510
575,778
Williams-Sonoma,
Inc.
2,086
313,401
Total
9,518,075
Textiles,
Apparel
&
Luxury
Goods
0.3%
Deckers
Outdoor
Corp.
(a)
808
482,424
Tapestry,
Inc.
7,469
205,846
Total
688,270
Total
Consumer
Discretionary
24,590,173
Consumer
Staples 6.3%
Beverages
1.1%
Coca-Cola
Co.
(The)
42,676
2,410,767
Molson
Coors
Beverage
Co.
Class
B
1,955
112,941
Total
2,523,708
Consumer
Staples
Distribution
1.4%
Casey's
General
Stores,
Inc.
415
112,842
Kroger
Co.
(The)
7,230
328,025
Walgreens
Boots
Alliance,
Inc.
7,810
164,635
Walmart,
Inc.
15,634
2,554,752
Total
3,160,254
Food
Products
0.9%
Archer-Daniels-Midland
Co.
5,711
408,736
Campbell
Soup
Co.
2,156
87,124
Conagra
Brands,
Inc.
5,288
144,680
General
Mills,
Inc.
6,730
439,065
Hershey
Co.
(The)
1,609
301,446
JM
Smucker
Co.
(The)
1,089
123,972
Kellanova
2,919
147,322
Kraft
Heinz
Co.
(The)
9,033
284,178
Seaboard
Corp.
3
10,521
WK
Kellogg
Co.
(a)
727
7,284
Total
1,954,328
Household
Products
1.9%
Clorox
Co.
(The)
1,393
163,956
Kimberly-Clark
Corp.
3,690
441,472
Procter
&
Gamble
Co.
(The)
25,807
3,871,824
Total
4,477,252
Tobacco
1.0%
Altria
Group,
Inc.
20,577
826,578
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
13
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Philip
Morris
International,
Inc.
16,872
1,504,308
Total
2,330,886
Total
Consumer
Staples
14,446,428
Energy 4.5%
Energy
Equipment
&
Services
0.6%
Baker
Hughes
Co.
8,661
298,111
Halliburton
Co.
7,646
300,794
NOV,
Inc.
3,431
68,483
Schlumberger
NV
12,221
680,221
TechnipFMC
PLC
3,817
82,142
Total
1,429,751
Oil,
Gas
&
Consumable
Fuels
3.9%
Chevron
Corp.
15,470
2,254,443
ConocoPhillips
10,434
1,239,559
EQT
Corp.
3,054
129,428
Exxon
Mobil
Corp.
35,600
3,768,260
HF
Sinclair
Corp.
1,210
67,010
Marathon
Oil
Corp.
5,467
149,304
Marathon
Petroleum
Corp.
3,636
549,945
Phillips
66
4,061
463,238
Valero
Energy
Corp.
2,992
379,984
Total
9,001,171
Total
Energy
10,430,922
Financials 13.0%
Banks
5.4%
Bank
of
America
Corp.
98,093
2,583,770
Bank
OZK
1,537
55,040
BOK
Financial
Corp.
402
26,339
Citigroup,
Inc.
27,307
1,078,353
Comerica,
Inc.
1,891
74,505
East
West
Bancorp,
Inc.
1,980
106,168
First
Citizens
BancShares,
Inc.
Class
A
148
204,349
First
Horizon
Corp.
7,780
83,635
FNB
Corp.
5,177
55,342
Huntington
Bancshares,
Inc.
20,726
200,006
JPMorgan
Chase
&
Co.
39,884
5,546,269
Synovus
Financial
Corp.
2,040
53,183
Webster
Financial
Corp.
2,512
95,381
Wells
Fargo
&
Co.
51,854
2,062,233
Western
Alliance
Bancorp
1,649
67,774
Zions
Bancorp
NA
2,282
70,400
Total
12,362,747
Capital
Markets
2.3%
Affiliated
Managers
Group,
Inc.
497
61,012
Bank
of
New
York
Mellon
Corp.
(The)
10,769
457,682
CME
Group,
Inc.
5,091
1,086,725
Goldman
Sachs
Group,
Inc.
(The)
4,503
1,367,156
Invesco
Ltd.
4,881
63,307
Janus
Henderson
Group
PLC
1,878
43,325
Jefferies
Financial
Group,
Inc.
2,562
82,445
LPL
Financial
Holdings,
Inc.
1,054
236,644
MarketAxess
Holdings,
Inc.
515
110,081
Morgan
Stanley
16,568
1,173,346
Nasdaq,
Inc.
5,400
267,840
SEI
Investments
Co.
1,429
76,680
State
Street
Corp.
4,458
288,121
Stifel
Financial
Corp.
1,419
80,883
Virtu
Financial,
Inc.
Class
A
1,243
22,983
Total
5,418,230
Consumer
Finance
0.1%
Synchrony
Financial
6,004
168,412
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Financial
Services
3.2%
Corebridge
Financial,
Inc.
3,908
78,160
Equitable
Holdings,
Inc.
5,028
133,594
Fiserv,
Inc.
(a)
8,209
933,774
MGIC
Investment
Corp.
4,148
69,852
PayPal
Holdings,
Inc.
(a)
15,274
791,193
Visa,
Inc.
Class
A
22,195
5,218,044
Western
Union
Co.
(The)
5,354
60,447
Total
7,285,064
Insurance
2.0%
American
International
Group,
Inc.
10,059
616,717
Assurant,
Inc.
711
105,868
Axis
Capital
Holdings
Ltd.
1,079
61,611
CNA
Financial
Corp.
375
15,150
Hartford
Financial
Services
Group,
Inc.
(The)
4,225
310,326
Lincoln
National
Corp.
2,284
49,723
Loews
Corp.
2,630
168,346
Marsh
&
McLennan
Cos.,
Inc.
6,775
1,284,879
MetLife,
Inc.
8,803
528,268
Prudential
Financial,
Inc.
5,026
459,578
Reinsurance
Group
of
America,
Inc.
956
142,893
Travelers
Cos.,
Inc.
(The)
3,212
537,817
Unum
Group
2,762
135,062
Willis
Towers
Watson
PLC
1,422
335,436
Total
4,751,674
Total
Financials
29,986,127
Health
Care 12.6%
Biotechnology
2.3%
AbbVie,
Inc.
10,631
1,500,884
Alnylam
Pharmaceuticals,
Inc.
(a)
710
107,778
Amgen,
Inc.
3,114
796,250
Apellis
Pharmaceuticals,
Inc.
(a)
613
29,829
Biogen,
Inc.
(a)
903
214,499
BioMarin
Pharmaceutical,
Inc.
(a)
1,088
88,618
Exact
Sciences
Corp.
(a)
1,052
64,793
Exelixis,
Inc.
(a)
1,965
40,459
Gilead
Sciences,
Inc.
7,541
592,270
Incyte
Corp.
(a)
1,087
58,622
Ionis
Pharmaceuticals,
Inc.
(a)
872
38,603
Karuna
Therapeutics,
Inc.
(a)
216
35,988
Mirati
Therapeutics,
Inc.
(a)
287
15,937
Moderna,
Inc.
(a)
1,955
148,502
Natera,
Inc.
(a)
612
24,156
Neurocrine
Biosciences,
Inc.
(a)
578
64,123
Regeneron
Pharmaceuticals,
Inc.
(a)
606
472,613
Roivant
Sciences
Ltd.
(a)
2,108
18,213
Sarepta
Therapeutics,
Inc.
(a)
519
34,934
Seagen,
Inc.
(a)
832
177,058
Ultragenyx
Pharmaceutical,
Inc.
(a)
435
15,399
United
Therapeutics
Corp.
(a)
272
60,618
Vertex
Pharmaceuticals,
Inc.
(a)
1,495
541,354
Total
5,141,500
Health
Care
Equipment
&
Supplies
2.2%
Abbott
Laboratories
25,286
2,390,791
Align
Technology,
Inc.
(a)
1,092
201,572
Baxter
International,
Inc.
7,088
229,864
Cooper
Cos.,
Inc.
(The)
712
221,966
DENTSPLY
SIRONA,
Inc.
3,161
96,126
Edwards
Lifesciences
Corp.
(a)
8,467
539,517
Enovis
Corp.
(a)
769
35,297
GE
HealthCare
Technologies,
Inc.
5,932
394,893
Hologic,
Inc.
(a)
3,602
238,345
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Integra
LifeSciences
Holdings
Corp.
(a)
1,085
39,017
STERIS
PLC
1,474
309,511
Zimmer
Biomet
Holdings,
Inc.
3,032
316,571
Total
5,013,470
Health
Care
Providers
&
Services
3.6%
Cardinal
Health,
Inc.
3,669
333,879
Cencora,
Inc.
2,394
443,249
Centene
Corp.
(a)
8,575
591,503
Cigna
Group
(The)
4,425
1,368,210
CVS
Health
Corp.
20,890
1,441,619
DaVita,
Inc.
(a)
848
65,491
Elevance
Health,
Inc.
3,837
1,726,995
Humana,
Inc.
2,201
1,152,642
McKesson
Corp.
1,996
908,899
Molina
Healthcare,
Inc.
(a)
914
304,316
Total
8,336,803
Health
Care
Technology
0.0%
Teladoc
Health,
Inc.
(a)
2,459
40,672
Life
Sciences
Tools
&
Services
0.1%
Maravai
LifeSciences
Holdings,
Inc.
Class
A
(a)
1,646
11,292
Medpace
Holdings,
Inc.
(a)
358
86,876
QIAGEN
NV
(a)
3,396
127,112
Total
225,280
Pharmaceuticals
4.4%
Bristol-Myers
Squibb
Co.
31,961
1,646,950
Elanco
Animal
Health,
Inc.
(a)
6,786
59,785
Jazz
Pharmaceuticals
PLC
(a)
925
117,494
Johnson
&
Johnson
36,202
5,370,205
Organon
&
Co.
3,755
55,536
Pfizer,
Inc.
84,883
2,594,024
Royalty
Pharma
PLC
Class
A
6,174
165,895
Viatris,
Inc.
17,012
151,407
Total
10,161,296
Total
Health
Care
28,919,021
Industrials 9.4%
Aerospace
&
Defense
1.2%
L3Harris
Technologies,
Inc.
3,201
574,291
Lockheed
Martin
Corp.
3,997
1,817,196
Textron,
Inc.
3,377
256,652
Total
2,648,139
Air
Freight
&
Logistics
0.6%
CH
Robinson
Worldwide,
Inc.
1,932
158,096
Expeditors
International
of
Washington,
Inc.
2,604
284,487
FedEx
Corp.
3,900
936,390
Total
1,378,973
Building
Products
0.8%
A
O
Smith
Corp.
2,107
146,984
Advanced
Drainage
Systems,
Inc.
1,156
123,495
Builders
FirstSource,
Inc.
(a)
2,239
242,976
Fortune
Brands
Innovations,
Inc.
2,192
122,314
Masco
Corp.
3,860
201,067
Owens
Corning
1,515
171,756
Trane
Technologies
PLC
3,760
715,566
Total
1,724,158
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
1,488
754,595
Rollins,
Inc.
4,459
167,703
Total
922,298
Construction
&
Engineering
0.2%
AECOM
2,189
167,568
EMCOR
Group,
Inc.
820
169,453
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Valmont
Industries,
Inc.
355
69,903
WillScot
Mobile
Mini
Holdings
Corp.
(a)
3,457
136,240
Total
543,164
Electrical
Equipment
0.6%
Acuity
Brands,
Inc.
524
84,872
Emerson
Electric
Co.
9,593
853,489
Hubbell,
Inc.
888
239,849
nVent
Electric
PLC
2,874
138,326
Total
1,316,536
Ground
Transportation
1.1%
CSX
Corp.
34,305
1,024,004
Landstar
System,
Inc.
626
103,152
Ryder
System,
Inc.
791
77,154
Schneider
National,
Inc.
Class
B
967
24,494
Uber
Technologies,
Inc.
(a)
31,338
1,356,309
Total
2,585,113
Machinery
2.7%
AGCO
Corp.
1,019
116,838
Allison
Transmission
Holdings,
Inc.
1,557
78,504
Caterpillar,
Inc.
8,625
1,949,681
Donaldson
Co.,
Inc.
2,077
119,760
Fortive
Corp.
5,883
384,042
Gates
Industrial
Corp.
PLC
(a)
1,810
19,765
Illinois
Tool
Works,
Inc.
5,057
1,133,375
Ingersoll
Rand,
Inc.
6,870
416,872
Lincoln
Electric
Holdings,
Inc.
952
166,410
PACCAR,
Inc.
8,732
720,652
Parker-Hannifin
Corp.
2,154
794,632
Snap-on,
Inc.
889
229,309
Timken
Co.
(The)
1,075
74,304
Total
6,204,144
Passenger
Airlines
0.1%
American
Airlines
Group,
Inc.
(a)
10,518
117,276
United
Airlines
Holdings,
Inc.
(a)
5,312
185,973
Total
303,249
Professional
Services
1.4%
Automatic
Data
Processing,
Inc.
7,028
1,533,650
Booz
Allen
Hamilton
Holding
Corp.
2,175
260,848
CACI
International,
Inc.
Class
A
(a)
381
123,734
Genpact
Ltd.
2,983
100,050
KBR,
Inc.
2,270
132,000
ManpowerGroup,
Inc.
875
61,224
Paychex,
Inc.
5,500
610,775
Paylocity
Holding
Corp.
(a)
735
131,859
Science
Applications
International
Corp.
900
98,316
SS&C
Technologies
Holdings,
Inc.
3,581
179,945
Total
3,232,401
Trading
Companies
&
Distributors
0.3%
Ferguson
PLC
3,453
518,640
MSC
Industrial
Direct
Co.,
Inc.
Class
A
784
74,284
Watsco,
Inc.
547
190,843
Total
783,767
Total
Industrials
21,641,942
Information
Technology 26.7%
Communications
Equipment
1.0%
Cisco
Systems,
Inc.
35,253
1,837,739
F5,
Inc.
(a)
517
78,372
Motorola
Solutions,
Inc.
1,483
412,956
Total
2,329,067
Electronic
Equipment,
Instruments
&
Components
0.3%
CDW
Corp.
1,161
232,664
Crane
NXT
Co.
858
44,616
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Jabil,
Inc.
1,029
126,361
Keysight
Technologies,
Inc.
(a)
1,571
191,741
TD
SYNNEX
Corp.
407
37,314
Total
632,696
IT
Services
0.1%
GoDaddy,
Inc.
Class
A
(a)
1,351
98,934
VeriSign,
Inc.
(a)
802
160,127
Total
259,061
Semiconductors
&
Semiconductor
Equipment
1.5%
Applied
Materials,
Inc.
7,458
987,066
Cirrus
Logic,
Inc.
(a)
493
32,997
Enphase
Energy,
Inc.
(a)
1,193
94,939
Lam
Research
Corp.
1,210
711,746
Lattice
Semiconductor
Corp.
(a)
1,122
62,394
Microchip
Technology,
Inc.
4,573
326,009
Monolithic
Power
Systems,
Inc.
392
173,162
QUALCOMM,
Inc.
9,515
1,037,040
Skyworks
Solutions,
Inc.
1,382
119,875
Total
3,545,228
Software
13.9%
Adobe,
Inc.
(a)
3,663
1,948,936
Autodesk,
Inc.
(a)
1,816
358,896
Cadence
Design
Systems,
Inc.
(a)
2,352
564,127
Crowdstrike
Holdings,
Inc.
Class
A
(a)
1,849
326,848
DocuSign,
Inc.
(a)
1,973
76,710
Dropbox,
Inc.
Class
A
(a)
2,116
55,651
Dynatrace,
Inc.
(a)
2,147
95,993
Fortinet,
Inc.
(a)
5,608
320,609
Gen
Digital,
Inc.
4,758
79,268
Informatica,
Inc.
Class
A
(a)
364
6,982
Intuit,
Inc.
2,289
1,132,941
Manhattan
Associates,
Inc.
(a)
532
103,729
Microsoft
Corp.
63,704
21,538,960
Nutanix,
Inc.
Class
A
(a)
2,086
75,492
Palo
Alto
Networks,
Inc.
(a)
2,459
597,586
PTC,
Inc.
(a)
993
139,437
Salesforce,
Inc.
(a)
8,434
1,693,800
ServiceNow,
Inc.
(a)
1,740
1,012,419
Splunk,
Inc.
(a)
1,254
184,539
Synopsys,
Inc.
(a)
1,362
639,377
Teradata
Corp.
(a)
842
35,970
VMware,
Inc.
Class
A
(a)
1,826
265,957
Workday,
Inc.
Class
A
(a)
1,634
345,934
Zoom
Video
Communications,
Inc.
Class
A
(a)
2,154
129,197
Zscaler,
Inc.
(a)
759
120,446
Total
31,849,804
Technology
Hardware,
Storage
&
Peripherals
9.9%
Apple,
Inc.
131,318
22,425,175
HP,
Inc.
7,537
198,449
NetApp,
Inc.
1,796
130,713
Pure
Storage,
Inc.
Class
A
(a)
2,314
78,236
Total
22,832,573
Total
Information
Technology
61,448,429
Materials 2.6%
Chemicals
1.4%
CF
Industries
Holdings,
Inc.
4,580
365,392
Chemours
Co.
(The)
3,589
86,531
Dow,
Inc.
17,428
842,470
Huntsman
Corp.
4,233
98,756
LyondellBasell
Industries
NV
Class
A
6,296
568,151
Mosaic
Co.
(The)
7,998
259,775
NewMarket
Corp.
149
71,840
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Olin
Corp.
3,156
134,824
PPG
Industries,
Inc.
5,742
704,945
Westlake
Corp.
785
90,558
Total
3,223,242
Construction
Materials
0.0%
Eagle
Materials,
Inc.
858
132,055
Containers
&
Packaging
0.3%
Berry
Global
Group,
Inc.
2,793
153,615
Graphic
Packaging
Holding
Co.
7,654
164,638
Packaging
Corp.
of
America
2,169
331,965
Total
650,218
Metals
&
Mining
0.9%
Nucor
Corp.
6,056
895,016
Reliance
Steel
&
Aluminum
Co.
1,403
356,895
Southern
Copper
Corp.
2,039
144,565
Steel
Dynamics,
Inc.
3,895
414,857
United
States
Steel
Corp.
5,327
180,532
Total
1,991,865
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
1,587
81,381
Total
Materials
6,078,761
Real
Estate 2.7%
Health
Care
REITs
0.1%
Healthpeak
Properties,
Inc.
8,392
130,496
Hotel
&
Resort
REITs
0.1%
Host
Hotels
&
Resorts,
Inc.
11,207
173,485
Park
Hotels
&
Resorts,
Inc.
3,519
40,574
Total
214,059
Industrial
REITs
0.1%
EastGroup
Properties,
Inc.
659
107,582
First
Industrial
Realty
Trust,
Inc.
1,991
84,219
STAG
Industrial,
Inc.
2,696
89,561
Total
281,362
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.
Class
A
(a)
4,751
329,435
Howard
Hughes
Holdings,
Inc.
(a)
507
33,629
Zillow
Group,
Inc.
Class
A
(a)
834
29,632
Zillow
Group,
Inc.
Class
C
(a)
2,329
84,426
Total
477,122
Residential
REITs
0.2%
Equity
LifeStyle
Properties,
Inc.
2,550
167,790
Sun
Communities,
Inc.
1,814
201,789
Total
369,579
Retail
REITs
0.3%
Brixmor
Property
Group,
Inc.
4,440
92,308
NNN
REIT,
Inc.
2,782
101,070
Simon
Property
Group,
Inc.
4,789
526,263
Total
719,641
Specialized
REITs
1.7%
American
Tower
Corp.
6,964
1,240,915
CubeSmart
3,393
115,668
EPR
Properties
1,110
47,397
Equinix,
Inc.
1,369
998,877
Gaming
and
Leisure
Properties,
Inc.
3,834
174,025
Lamar
Advertising
Co.
Class
A
1,268
104,318
Public
Storage
2,399
572,665
SBA
Communications
Corp.
1,614
336,729
Weyerhaeuser
Co.
10,552
302,737
Total
3,893,331
Total
Real
Estate
6,085,590
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Strategic
Beta
ETFs
|
Annual
Report
2023
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Utilities 2.5%
Electric
Utilities
1.7%
American
Electric
Power
Co.,
Inc.
13,289
1,003,851
Edison
International
9,552
602,349
Entergy
Corp.
5,455
521,444
Evergy,
Inc.
5,785
284,275
PG&E
Corp.
(a)
50,486
822,922
Pinnacle
West
Capital
Corp.
2,861
212,229
PPL
Corp.
18,997
466,756
Total
3,913,826
Gas
Utilities
0.2%
Atmos
Energy
Corp.
3,745
403,187
Independent
Power
and
Renewable
Electricity
Producers
0.3%
AES
Corp.
(The)
16,523
246,193
Brookfield
Renewable
Corp.
Class
A
3,669
83,506
Clearway
Energy,
Inc.
Class
A
898
18,292
Clearway
Energy,
Inc.
Class
C
2,120
46,025
Vistra
Corp.
9,443
308,975
Total
702,991
Multi-Utilities
0.3%
CenterPoint
Energy,
Inc.
16,302
438,198
NiSource,
Inc.
10,669
268,432
Total
706,630
Total
Utilities
5,726,634
Total
Common
Stocks
(Cost
$242,443,755)
228,848,102
Money
Market
Funds
0
.4
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.261%
(b)
893,115
893,115
Total
Money
Market
Funds
(Cost
$893,115)
893,115
Total
Investments
in
Securities
(Cost
$243,336,870)
229,741,217
Other
Assets
&
Liabilities,
Net
140,719
Net
Assets
229,881,936
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
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.).
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
17
Fair
Value
Measurements
(continued)
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
19,494,075
–
–
19,494,075
Consumer
Discretionary
24,590,173
–
–
24,590,173
Consumer
Staples
14,446,428
–
–
14,446,428
Energy
10,430,922
–
–
10,430,922
Financials
29,986,127
–
–
29,986,127
Health
Care
28,919,021
–
–
28,919,021
Industrials
21,641,942
–
–
21,641,942
Information
Technology
61,448,429
–
–
61,448,429
Materials
6,078,761
–
–
6,078,761
Real
Estate
6,085,590
–
–
6,085,590
Utilities
5,726,634
–
–
5,726,634
Total
Common
Stocks
228,848,102
–
–
228,848,102
Money
Market
Funds
893,115
–
–
893,115
Total
Investments
in
Securities
229,741,217
–
–
229,741,217
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
99
.2
%
Issuer
Shares
Value
($)
Communication
Services 5.0%
Entertainment
2.4%
Electronic
Arts,
Inc.
2,704
334,728
Live
Nation
Entertainment,
Inc.
1,116
89,302
Madison
Square
Garden
Sports
Corp.
(a)
184
30,938
Playtika
Holding
Corp.
34
286
Total
455,254
Interactive
Media
&
Services
0.1%
TripAdvisor,
Inc.
(a)
1,077
15,897
Media
2.5%
Fox
Corp.
Class
A
2,663
80,929
Fox
Corp.
Class
B
1,348
37,623
New
York
Times
Co.
(The)
Class
A
1,588
64,012
News
Corp.
Class
A
3,730
77,136
News
Corp.
Class
B
1,135
24,334
Nexstar
Media
Group,
Inc.
229
32,078
Omnicom
Group,
Inc.
1,958
146,674
Total
462,786
Total
Communication
Services
933,937
Consumer
Discretionary 4.7%
Automobile
Components
0.1%
BorgWarner,
Inc.
656
24,207
Phinia,
Inc.
132
3,416
Total
27,623
Automobiles
0.1%
Thor
Industries,
Inc.
151
13,278
Broadline
Retail
0.4%
eBay,
Inc.
(a)
1,519
59,590
Etsy,
Inc.
(a)
149
9,283
Nordstrom,
Inc.
347
4,851
Total
73,724
Distributors
0.5%
Genuine
Parts
Co.
402
51,802
LKQ
Corp.
794
34,872
Total
86,674
Diversified
Consumer
Services
0.0%
ADT,
Inc.
604
3,418
H&R
Block,
Inc.
(a)
154
6,322
Total
9,740
Hotels,
Restaurants
&
Leisure
1.0%
Boyd
Gaming
Corp.
223
12,321
Caesars
Entertainment,
Inc.
363
14,480
Darden
Restaurants,
Inc.
(a)
190
27,651
Expedia
Group,
Inc.
117
11,149
Hyatt
Hotels
Corp.
Class
A
141
14,444
MGM
Resorts
International
855
29,857
Penn
Entertainment,
Inc.
491
9,687
Royal
Caribbean
Cruises
Ltd.
(a)
463
39,230
Travel
+
Leisure
Co.
116
3,947
Wynn
Resorts
Ltd.
(a)
291
25,544
Total
188,310
Household
Durables
1.8%
DR
Horton,
Inc.
907
94,691
Leggett
&
Platt,
Inc.
410
9,606
Lennar
Corp.
Class
A
704
75,103
Lennar
Corp.
Class
B
38
3,747
Mohawk
Industries,
Inc.
(a)
154
12,379
NVR,
Inc.
8
43,301
PulteGroup,
Inc.
(a)
633
46,582
Toll
Brothers,
Inc.
(a)
330
23,334
TopBuild
Corp.
83
18,987
Total
327,730
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Specialty
Retail
0.7%
AutoNation,
Inc.
(a)
85
11,057
AutoZone,
Inc.
8
19,817
Bath
&
Body
Works,
Inc.
740
21,941
Best
Buy
Co.,
Inc.
476
31,806
Gap,
Inc.
(The)
575
7,360
Murphy
USA,
Inc.
(a)
3
1,088
O'Reilly
Automotive,
Inc.
27
25,122
Penske
Automotive
Group,
Inc.
60
8,585
Ross
Stores,
Inc.
65
7,538
Total
134,314
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
(a)
648
17,859
Total
Consumer
Discretionary
879,252
Consumer
Staples 8.6%
Beverages
0.1%
Molson
Coors
Beverage
Co.
Class
B
352
20,335
Consumer
Staples
Distribution
3.0%
Casey's
General
Stores,
Inc.
65
17,674
Kroger
Co.
(The)
1,301
59,026
Walgreens
Boots
Alliance,
Inc.
1,405
29,618
Walmart,
Inc.
2,812
459,509
Total
565,827
Food
Products
1.6%
Archer-Daniels-Midland
Co.
1,028
73,574
Campbell
Soup
Co.
387
15,639
Conagra
Brands,
Inc.
952
26,047
General
Mills,
Inc.
1,211
79,005
JM
Smucker
Co.
(The)
196
22,312
Kellanova
525
26,497
Kraft
Heinz
Co.
(The)
1,626
51,154
WK
Kellogg
Co.
(a)
132
1,323
Total
295,551
Household
Products
3.1%
Kimberly-Clark
Corp.
39
4,666
Procter
&
Gamble
Co.
(The)
3,768
565,313
Total
569,979
Tobacco
0.8%
Altria
Group,
Inc.
(a)
3,702
148,709
Total
Consumer
Staples
1,600,401
Energy 8.9%
Energy
Equipment
&
Services
0.6%
Baker
Hughes
Co.
1,490
51,286
Halliburton
Co.
1,053
41,425
NOV,
Inc.
592
11,816
TechnipFMC
PLC
657
14,139
Total
118,666
Oil,
Gas
&
Consumable
Fuels
8.3%
Chevron
Corp.
2,662
387,933
ConocoPhillips
1,795
213,246
EQT
Corp.
527
22,334
Exxon
Mobil
Corp.
6,125
648,331
HF
Sinclair
Corp.
210
11,630
Marathon
Oil
Corp.
(a)
941
25,699
Marathon
Petroleum
Corp.
626
94,682
Phillips
66
698
79,621
Valero
Energy
Corp.
516
65,532
Total
1,549,008
Total
Energy
1,667,674
Financials 20.1%
Banks
11.1%
Bank
of
America
Corp.
16,790
442,249
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
19
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Bank
OZK
264
9,454
BOK
Financial
Corp.
69
4,521
Citigroup,
Inc.
4,673
184,537
Comerica,
Inc.
325
12,805
East
West
Bancorp,
Inc.
340
18,231
First
Citizens
BancShares,
Inc.
Class
A
24
33,138
First
Horizon
Corp.
1,332
14,319
FNB
Corp.
(a)
886
9,471
Huntington
Bancshares,
Inc.
3,550
34,257
JPMorgan
Chase
&
Co.
6,467
899,301
Synovus
Financial
Corp.
350
9,124
Webster
Financial
Corp.
429
16,289
Wells
Fargo
&
Co.
8,875
352,959
Western
Alliance
Bancorp
282
11,590
Zions
Bancorp
NA
(a)
390
12,032
Total
2,064,277
Capital
Markets
4.6%
Affiliated
Managers
Group,
Inc.
(a)
85
10,435
Bank
of
New
York
Mellon
Corp.
(The)
1,844
78,370
CME
Group,
Inc.
871
185,924
Goldman
Sachs
Group,
Inc.
(The)
770
233,780
Invesco
Ltd.
(a)
836
10,843
Janus
Henderson
Group
PLC
323
7,452
Jefferies
Financial
Group,
Inc.
439
14,127
Morgan
Stanley
2,836
200,845
Nasdaq,
Inc.
(a)
924
45,830
SEI
Investments
Co.
244
13,093
State
Street
Corp.
763
49,313
Stifel
Financial
Corp.
242
13,794
Virtu
Financial,
Inc.
Class
A
215
3,975
Total
867,781
Consumer
Finance
0.1%
Synchrony
Financial
1,028
28,835
Financial
Services
0.9%
Corebridge
Financial,
Inc.
(a)
673
13,460
Fiserv,
Inc.
(a)
1,020
116,025
MGIC
Investment
Corp.
711
11,973
PayPal
Holdings,
Inc.
(a)
247
12,795
Western
Union
Co.
(The)
784
8,851
Total
163,104
Insurance
3.4%
American
International
Group,
Inc.
1,721
105,514
Assurant,
Inc.
(a)
121
18,017
Axis
Capital
Holdings
Ltd.
185
10,563
CNA
Financial
Corp.
65
2,626
Hartford
Financial
Services
Group,
Inc.
(The)
724
53,178
Lincoln
National
Corp.
(a)
354
7,707
Loews
Corp.
451
28,869
Marsh
&
McLennan
Cos.,
Inc.
231
43,809
MetLife,
Inc.
1,508
90,495
Prudential
Financial,
Inc.
862
78,821
Reinsurance
Group
of
America,
Inc.
161
24,065
Travelers
Cos.,
Inc.
(The)
(a)
550
92,092
Unum
Group
475
23,227
Willis
Towers
Watson
PLC
213
50,245
Total
629,228
Total
Financials
3,753,225
Health
Care 15.2%
Biotechnology
1.8%
Alnylam
Pharmaceuticals,
Inc.
(a)
25
3,795
Amgen,
Inc.
173
44,236
Biogen,
Inc.
156
37,056
Common
Stocks
(continued)
Issuer
Shares
Value
($)
BioMarin
Pharmaceutical,
Inc.
(a)
164
13,358
Exact
Sciences
Corp.
(a)
118
7,268
Exelixis,
Inc.
(a)
88
1,812
Gilead
Sciences,
Inc.
(a)
1,298
101,945
Incyte
Corp.
(a)
48
2,589
Ionis
Pharmaceuticals,
Inc.
22
974
Karuna
Therapeutics,
Inc.
(a)
4
666
Mirati
Therapeutics,
Inc.
(a)
49
2,721
Moderna,
Inc.
(a)
337
25,598
Regeneron
Pharmaceuticals,
Inc.
98
76,429
Roivant
Sciences
Ltd.
20
173
United
Therapeutics
Corp.
46
10,252
Vertex
Pharmaceuticals,
Inc.
23
8,328
Total
337,200
Health
Care
Equipment
&
Supplies
3.6%
Abbott
Laboratories
3,894
368,178
Baxter
International,
Inc.
1,165
37,781
Cooper
Cos.,
Inc.
(The)
117
36,475
DENTSPLY
SIRONA,
Inc.
521
15,844
GE
HealthCare
Technologies,
Inc.
901
59,979
Hologic,
Inc.
592
39,173
Integra
LifeSciences
Holdings
Corp.
179
6,437
STERIS
PLC
241
50,605
Zimmer
Biomet
Holdings,
Inc.
498
51,996
Total
666,468
Health
Care
Providers
&
Services
5.6%
Cardinal
Health,
Inc.
295
26,845
Centene
Corp.
1,408
97,124
Cigna
Group
(The)
673
208,092
CVS
Health
Corp.
(a)
3,431
236,773
Elevance
Health,
Inc.
(a)
546
245,749
Humana,
Inc.
204
106,833
McKesson
Corp.
(a)
203
92,438
Molina
Healthcare,
Inc.
69
22,973
Tenet
Healthcare
Corp.
243
13,049
Total
1,049,876
Life
Sciences
Tools
&
Services
0.0%
Maravai
LifeSciences
Holdings,
Inc.
Class
A
115
789
Pharmaceuticals
4.2%
Bristol-Myers
Squibb
Co.
5,248
270,430
Elanco
Animal
Health,
Inc.
1,116
9,832
Jazz
Pharmaceuticals
PLC
74
9,400
Organon
&
Co.
(a)
617
9,125
Pfizer,
Inc.
13,945
426,159
Royalty
Pharma
PLC
Class
A
1,016
27,300
Viatris,
Inc.
2,798
24,902
Total
777,148
Total
Health
Care
2,831,481
Industrials 13.2%
Aerospace
&
Defense
1.0%
L3Harris
Technologies,
Inc.
737
132,225
Textron,
Inc.
(a)
781
59,356
Total
191,581
Air
Freight
&
Logistics
0.3%
CH
Robinson
Worldwide,
Inc.
99
8,101
Expeditors
International
of
Washington,
Inc.
521
56,919
Total
65,020
Building
Products
1.7%
A
O
Smith
Corp.
433
30,206
Builders
FirstSource,
Inc.
(a)
518
56,213
Fortune
Brands
Innovations,
Inc.
505
28,179
Masco
Corp.
893
46,516
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Owens
Corning
350
39,680
Trane
Technologies
PLC
612
116,470
Total
317,264
Commercial
Services
&
Supplies
0.3%
Cintas
Corp.
38
19,270
Clean
Harbors,
Inc.
204
31,349
Total
50,619
Construction
&
Engineering
0.4%
AECOM
505
38,658
EMCOR
Group,
Inc.
(a)
124
25,624
Valmont
Industries,
Inc.
(a)
77
15,162
Total
79,444
Electrical
Equipment
1.5%
Acuity
Brands,
Inc.
(a)
121
19,599
Emerson
Electric
Co.
2,213
196,891
Hubbell,
Inc.
112
30,251
nVent
Electric
PLC
(a)
664
31,958
Total
278,699
Ground
Transportation
1.3%
CSX
Corp.
7,043
210,234
Landstar
System,
Inc.
(a)
30
4,943
Ryder
System,
Inc.
183
17,850
Schneider
National,
Inc.
Class
B
221
5,598
Total
238,625
Machinery
4.5%
AGCO
Corp.
234
26,830
Allison
Transmission
Holdings,
Inc.
(a)
326
16,437
Caterpillar,
Inc.
(a)
498
112,573
Donaldson
Co.,
Inc.
279
16,087
Fortive
Corp.
1,358
88,650
Gates
Industrial
Corp.
PLC
419
4,576
Illinois
Tool
Works,
Inc.
(a)
217
48,634
Ingersoll
Rand,
Inc.
(a)
1,587
96,299
Lincoln
Electric
Holdings,
Inc.
13
2,272
PACCAR,
Inc.
2,016
166,381
Parker-Hannifin
Corp.
496
182,979
Snap-on,
Inc.
205
52,878
Timken
Co.
(The)
249
17,211
Total
831,807
Passenger
Airlines
0.1%
American
Airlines
Group,
Inc.
1,528
17,037
Professional
Services
1.2%
Automatic
Data
Processing,
Inc.
230
50,191
CACI
International,
Inc.
Class
A
(a)
87
28,254
Genpact
Ltd.
518
17,374
KBR,
Inc.
(a)
334
19,422
ManpowerGroup,
Inc.
202
14,134
Robert
Half,
Inc.
421
31,478
Science
Applications
International
Corp.
210
22,940
SS&C
Technologies
Holdings,
Inc.
(a)
826
41,507
Total
225,300
Trading
Companies
&
Distributors
0.9%
Ferguson
PLC
(a)
755
113,401
MSC
Industrial
Direct
Co.,
Inc.
Class
A
(a)
182
17,245
Watsco,
Inc.
97
33,842
Total
164,488
Total
Industrials
2,459,884
Information
Technology 8.8%
Communications
Equipment
3.4%
Cisco
Systems,
Inc.
11,466
597,723
F5,
Inc.
171
25,922
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Motorola
Solutions,
Inc.
39
10,860
Total
634,505
Electronic
Equipment,
Instruments
&
Components
0.5%
Crane
NXT
Co.
(a)
198
10,296
Jabil,
Inc.
124
15,227
Keysight
Technologies,
Inc.
381
46,501
Littelfuse,
Inc.
70
15,167
TD
SYNNEX
Corp.
118
10,818
Total
98,009
IT
Services
0.3%
GoDaddy,
Inc.
Class
A
174
12,742
VeriSign,
Inc.
(a)
248
49,516
Total
62,258
Semiconductors
&
Semiconductor
Equipment
2.4%
Analog
Devices,
Inc.
1,430
224,982
Applied
Materials,
Inc.
376
49,764
Cirrus
Logic,
Inc.
161
10,776
Lam
Research
Corp.
22
12,941
Microchip
Technology,
Inc.
427
30,441
MKS
Instruments,
Inc.
(a)
187
12,278
Qorvo,
Inc.
(a)
276
24,128
QUALCOMM,
Inc.
398
43,378
Skyworks
Solutions,
Inc.
449
38,946
Total
447,634
Software
1.5%
ANSYS,
Inc.
(a)
42
11,687
Dolby
Laboratories,
Inc.
Class
A
173
14,002
Dropbox,
Inc.
Class
A
(a)
76
1,999
Gen
Digital,
Inc.
(a)
1,306
21,758
Informatica,
Inc.
Class
A
110
2,110
Nutanix,
Inc.
Class
A
(a)
513
18,565
PTC,
Inc.
154
21,625
Salesforce,
Inc.
(a)
676
135,761
Zoom
Video
Communications,
Inc.
Class
A
699
41,926
Total
269,433
Technology
Hardware,
Storage
&
Peripherals
0.7%
Hewlett
Packard
Enterprise
Co.
3,407
52,399
HP,
Inc.
1,951
51,370
NetApp,
Inc.
(a)
351
25,546
Pure
Storage,
Inc.
Class
A
(a)
164
5,545
Total
134,860
Total
Information
Technology
1,646,699
Materials 4.9%
Chemicals
2.7%
CF
Industries
Holdings,
Inc.
748
59,675
Chemours
Co.
(The)
(a)
584
14,080
Dow,
Inc.
(a)
2,843
137,431
Huntsman
Corp.
691
16,121
LyondellBasell
Industries
NV
Class
A
(a)
1,026
92,586
Mosaic
Co.
(The)
1,304
42,354
NewMarket
Corp.
26
12,536
Olin
Corp.
516
22,044
PPG
Industries,
Inc.
703
86,307
Westlake
Corp.
127
14,651
Total
497,785
Construction
Materials
0.0%
Eagle
Materials,
Inc.
48
7,387
Containers
&
Packaging
0.5%
Berry
Global
Group,
Inc.
(a)
459
25,245
Graphic
Packaging
Holding
Co.
581
12,497
Packaging
Corp.
of
America
(a)
353
54,027
Total
91,769
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
21
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Metals
&
Mining
1.6%
Nucor
Corp.
988
146,017
Reliance
Steel
&
Aluminum
Co.
228
57,999
Steel
Dynamics,
Inc.
636
67,740
United
States
Steel
Corp.
(a)
870
29,484
Total
301,240
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
260
13,333
Total
Materials
911,514
Real
Estate 4.6%
Health
Care
REITs
0.2%
Healthpeak
Properties,
Inc.
1,968
30,602
Hotel
&
Resort
REITs
0.3%
Host
Hotels
&
Resorts,
Inc.
(a)
2,625
40,635
Park
Hotels
&
Resorts,
Inc.
827
9,535
Total
50,170
Industrial
REITs
0.3%
EastGroup
Properties,
Inc.
154
25,141
First
Industrial
Realty
Trust,
Inc.
(a)
467
19,754
STAG
Industrial,
Inc.
633
21,028
Total
65,923
Real
Estate
Management
&
Development
0.6%
CBRE
Group,
Inc.
Class
A
1,111
77,037
Howard
Hughes
Holdings,
Inc.
116
7,694
Zillow
Group,
Inc.
Class
A
(a)
196
6,964
Zillow
Group,
Inc.
Class
C
546
19,793
Total
111,488
Residential
REITs
0.3%
Equity
LifeStyle
Properties,
Inc.
(a)
403
26,517
Sun
Communities,
Inc.
(a)
333
37,043
Total
63,560
Retail
REITs
0.8%
Brixmor
Property
Group,
Inc.
1,039
21,601
NNN
REIT,
Inc.
653
23,723
Simon
Property
Group,
Inc.
877
96,374
Total
141,698
Specialized
REITs
2.1%
CubeSmart
795
27,101
EPR
Properties
261
11,145
Equinix,
Inc.
159
116,013
Gaming
and
Leisure
Properties,
Inc.
900
40,851
Lamar
Advertising
Co.
Class
A
69
5,676
Public
Storage
235
56,097
SBA
Communications
Corp.
341
71,143
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Weyerhaeuser
Co.
2,472
70,922
Total
398,948
Total
Real
Estate
862,389
Utilities 5.2%
Electric
Utilities
3.7%
American
Electric
Power
Co.,
Inc.
2,374
179,332
Edison
International
1,706
107,580
Entergy
Corp.
974
93,105
Evergy,
Inc.
1,036
50,909
PG&E
Corp.
9,014
146,928
Pinnacle
West
Capital
Corp.
(a)
509
37,758
PPL
Corp.
(a)
3,390
83,292
Total
698,904
Gas
Utilities
0.4%
Atmos
Energy
Corp.
669
72,025
Independent
Power
and
Renewable
Electricity
Producers
0.4%
AES
Corp.
(The)
1,147
17,090
Brookfield
Renewable
Corp.
Class
A
(a)
654
14,885
Clearway
Energy,
Inc.
Class
A
161
3,280
Clearway
Energy,
Inc.
Class
C
378
8,206
Vistra
Corp.
(a)
1,197
39,166
Total
82,627
Multi-Utilities
0.7%
CenterPoint
Energy,
Inc.
2,912
78,274
NiSource,
Inc.
1,905
47,930
Total
126,204
Total
Utilities
979,760
Total
Common
Stocks
(Cost
$19,742,913)
18,526,216
Exchange-Traded
Equity
Funds
0
.3
%
Issuer
Shares
Value
($)
Financials 0.3%
Financial
Select
Sector
SPDR
Fund
1,578
51,064
Total
Exchange-Traded
Equity
Funds
(Cost
$52,469)
51,064
Money
Market
Funds
0
.4
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.261%
(b)
75,094
75,094
Total
Money
Market
Funds
(Cost
$75,094)
75,094
Total
Investments
in
Securities
(Cost
$19,870,476)
18,652,374
Other
Assets
&
Liabilities,
Net
16,614
Net
Assets
18,668,988
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
933,937
–
–
933,937
Consumer
Discretionary
879,252
–
–
879,252
Consumer
Staples
1,600,401
–
–
1,600,401
Energy
1,667,674
–
–
1,667,674
Financials
3,753,225
–
–
3,753,225
Health
Care
2,831,481
–
–
2,831,481
Industrials
2,459,884
–
–
2,459,884
Information
Technology
1,646,699
–
–
1,646,699
Materials
911,514
–
–
911,514
Real
Estate
862,389
–
–
862,389
Utilities
979,760
–
–
979,760
Total
Common
Stocks
18,526,216
–
–
18,526,216
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
23
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Exchange-Traded
Equity
Funds
51,064
–
–
51,064
Money
Market
Funds
75,094
–
–
75,094
Total
Investments
in
Securities
18,652,374
–
–
18,652,374
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$243,336,870
and
$19,870,476,
respectively)
$229,741,217
$18,652,374
Receivable
for:
Dividends
157,567
19,651
Capital
shares
sold
12,808
–
Total
assets
229,911,592
18,672,025
Liabilities
Payable
for:
Investment
management
fees
29,656
3,037
Total
liabilities
29,656
3,037
Net
assets
applicable
to
outstanding
capital
stock
$229,881,936
$18,668,988
Represented
by:
Paid-in
capital
$243,814,595
$21,573,417
Total
distributable
earnings
(loss)
(13,932,659)
(2,904,429)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$229,881,936
$18,668,988
Shares
outstanding
9,350,000
950,000
Net
asset
value
per
share
$24.59
$19.65
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
25
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$2,463,213
$540,512
Foreign
taxes
withheld
(609)
(201)
Total
income
2,462,604
540,311
Expenses:
Investment
management
fees
214,853
39,200
Overdraft
expense
3
1
Total
expenses
214,856
39,201
Net
Investment
Income
2,247,748
501,110
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(2,979,354)
(597,698)
In-kind
transactions
-
unaffiliated
issuers
21,226,314
622,449
Net
realized
gain
18,246,960
24,751
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(12,264,963)
(84,827)
Net
change
in
unrealized
depreciation
(12,264,963)
(84,827)
Net
realized
and
unrealized
gain
(loss)
5,981,997
(60,076)
Net
Increase
in
net
assets
resulting
from
operations
$8,229,745
$441,034
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
26
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Operations
Net
investment
income
$2,247,748
$695,478
$501,110
$516,022
Net
realized
gain
(loss)
18,246,960
3,728,398
24,751
(425,607)
Net
change
in
unrealized
depreciation
(12,264,963)
(5,515,816)
(84,827)
(1,675,845)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
8,229,745
(1,091,940)
441,034
(1,585,430)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(801,350)
(4,861,229)
(541,181)
(315,575)
Shareholder
transactions
Proceeds
from
shares
sold
381,574,844
94,285,126
8,148,995
24,312,629
Cost
of
shares
redeemed
(237,820,368)
(37,739,867)
(6,655,690)
(16,138,638)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
143,754,476
56,545,259
1,493,305
8,173,991
Increase
in
net
assets
151,182,871
50,592,090
1,393,158
6,272,986
Net
Assets:
Net
assets
beginning
of
year
78,699,065
28,106,975
17,275,830
11,002,844
Net
assets
at
end
of
year
$229,881,936
$78,699,065
$18,668,988
$17,275,830
Capital
stock
activity
Shares
outstanding,
beginning
of
year
3,425,000
900,000
875,000
525,000
Shares
sold
15,450,000
4,075,000
400,000
1,150,000
Shares
redeemed
(9,525,000)
(1,550,000)
(325,000)
(800,000)
Shares
outstanding,
end
of
year
9,350,000
3,425,000
950,000
875,000
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Core
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
27
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
ratio
of
expenses
and
net
investment
income
are
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,
2023
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
22
.98
$
31
.23
$
21
.79
$
20
.31
$
19
.81
Income
(loss)
from
investment
operations:
Net
investment
income
0
.39
0
.39
0
.41
0
.37
0
.04
Net
realized
and
unrealized
gain
(loss)
1
.54
(
3
.08
)
9
.30
1
.22
0
.46
Total
from
investment
operations
1
.93
(
2
.69
)
9
.71
1
.59
0
.50
Less
distributions
to
shareholders:
Net
investment
income
(
0
.32
)
(
0
.78
)
(
0
.25
)
(
0
.11
)
–
Net
realized
gains
–
(
4
.78
)
(
0
.02
)
(
0
.00
)
(b)
–
Total
distribution
to
shareholders
(
0
.32
)
(
5
.56
)
(
0
.27
)
(
0
.11
)
–
Net
asset
value,
end
of
year
$
24
.59
$
22
.98
$
31
.23
$
21
.79
$
20
.31
Total
Return
at
NAV
8
.53
%
(
10
.57
)
%
44
.90
%
7
.82
%
2
.52
%
Total
Return
at
Market
Price
8
.37
%
(
10
.32
)
%
45
.27
%
7
.46
%
2
.63
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.15
%
(d)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Total
net
expenses
(c)(e)
0
.15
%
(d)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
1
.57
%
1
.63
%
1
.58
%
1
.73
%
1
.77
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
229,882
$
78,699
$
28,107
$
72,448
$
5,079
Portfolio
turnover
45
%
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)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(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
this
statement.
28
Strategic
Beta
ETFs
|
Annual
Report
2023
Year
Ended
October
31,
2023
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
19
.74
$
20
.96
$
18
.46
$
20
.24
$
19
.84
Income
(loss)
from
investment
operations:
Net
investment
income
0
.49
0
.47
0
.43
0
.56
0
.05
Net
realized
and
unrealized
gain
(loss)
(
0
.10
)
(
1
.44
)
6
.74
(
2
.19
)
0
.35
Total
from
investment
operations
0
.39
(
0
.97
)
7
.17
(
1
.63
)
0
.40
Less
distributions
to
shareholders:
Net
investment
income
(
0
.48
)
(
0
.12
)
(
4
.16
)
(
0
.15
)
–
Net
realized
gains
–
(
0
.13
)
(
0
.51
)
(
0
.00
)
(b)
–
Total
distribution
to
shareholders
(
0
.48
)
(
0
.25
)
(
4
.67
)
(
0
.15
)
–
Net
asset
value,
end
of
year
$
19
.65
$
19
.74
$
20
.96
$
18
.46
$
20
.24
Total
Return
at
NAV
2
.02
%
(
4
.66
)
%
45
.48
%
(
8
.16
)
%
2
.02
%
Total
Return
at
Market
Price
1
.55
%
(
4
.46
)
%
45
.90
%
(
8
.50
)
%
2
.02
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.19
%
(d)
0
.19
%
0
.19
%
0
.19
%
0
.19
%
Total
net
expenses
(c)(e)
0
.19
%
(d)
0
.19
%
0
.19
%
0
.19
%
0
.19
%
Net
investment
income
2
.43
%
2
.30
%
2
.14
%
2
.93
%
2
.41
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
18,669
$
17,276
$
11,003
$
462
$
5,060
Portfolio
turnover
76
%
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)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
29
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
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.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
30
Strategic
Beta
ETFs
|
Annual
Report
2023
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.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
31
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Funds 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
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
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,
2023
32
Strategic
Beta
ETFs
|
Annual
Report
2023
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
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Funds
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,
2023,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
from
investments,
investments
in
partnerships,
capital
loss
carryforwards,
reversal
of
capital
gains
(losses)
on
a
redemption
in
kind
and
passive
foreign
investment
company
(PFIC)
holdings.
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:
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
($)
Columbia
Research
Enhanced
Core
ETF
(43,362)
(20,292,431)
20,335,793
Columbia
Research
Enhanced
Value
ETF
(13,634)
(565,039)
578,673
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
801,350
-
801,350
4,797,937
63,292
4,861,229
Columbia
Research
Enhanced
Value
ETF
541,181
-
541,181
315,575
-
315,575
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
33
At
October
31,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
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,
2023,
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,
2023,
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,
2023,
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,
2023,
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)
($)
Columbia
Research
Enhanced
Core
ETF
1,982,742
-
(1,609,773)
(14,305,628)
Columbia
Research
Enhanced
Value
ETF
379,704
-
(2,017,333)
(1,266,800)
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
244,046,845
2,573,449
(16,879,077)
(14,305,628)
Columbia
Research
Enhanced
Value
ETF
19,919,174
724,207
(1,991,007)
(1,266,800)
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
Research
Enhanced
Core
ETF
1,399,574
210,199
1,609,773
-
Columbia
Research
Enhanced
Value
ETF
1,398,321
619,012
2,017,333
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
67,765,552
66,311,905
Columbia
Research
Enhanced
Value
ETF
15,562,529
15,629,494
Fund
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
379,072,370
Columbia
Research
Enhanced
Value
ETF
8,003,780
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
34
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Funds.
For
the
year
ended
October
31,
2023,
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
26,
2023
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
$900
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
26,
2023
amendment
and
restatement,
each
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
0.10%
and
(iii)
the
overnight
bank
funding
rate
plus,
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2023.
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
214,833,618
236,059,932
21,226,314
Columbia
Research
Enhanced
Value
ETF
5,870,691
6,493,140
622,449
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
35
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,
other
conflicts,
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
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
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,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
Passive
Investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
Index’s
investment
exposure.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
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
their
activities
as
part
of
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
36
Strategic
Beta
ETFs
|
Annual
Report
2023
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
provide
services
to
the
Funds.
Strategic
Beta
ETFs
|
Annual
Report
2023
37
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,
2023,
the
related
statements
of
operations
for
the
year
ended
October
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2023
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,
2023,
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,
2023
and
each
of
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2023
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,
2023
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
20,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2023
.
Shareholders
will
be
notified
in
early
202
4
of
the
amounts
for
use
in
preparing
2023
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
79.68%
90.14%
Columbia
Research
Enhanced
Value
ETF
96.08%
100.00%
TRUSTEES
AND
OFFICERS
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
39
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
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
170
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;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
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
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
170
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)
40
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
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
170
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee),
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee)
(financial
services),
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
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
170
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
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
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
168
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,
(former
mutual
fund
complex),
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
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
168
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
170
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
170
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
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
170
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
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
since
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
168
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
168
Director,
CSX
Corporation
(transportation
suppliers);
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;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
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.
170
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
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
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
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
168
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
Carrig,
Flynn,
Paglia,
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
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.
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
and
Other
Relevant
Board
Experience
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
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
170
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
since
2022
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
and
Other
Relevant
Board
Experience
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;
Co-President
and
Principal
Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
170
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;
Director,
Columbia
Threadneedle
Canada,
Inc.,
since
December
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman,
who
is
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
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
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.
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.
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.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
45
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
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.
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
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2023
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
February,
March,
April,
May
and
June
2023,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
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
(including
their
subcommittees),
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
22,
2023
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
one
or
more
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
each
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)
Strategic
Beta
ETFs
|
Annual
Report
2023
47
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
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
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
Columbia
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.
In
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
the
Funds
under
the
IMS
Agreements
supported
the
continuation
of
each
IMS
Agreement.
Investment
performance
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
Funds’
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Funds
and
(iv)
index
tracking
error
data
of
the
Funds.
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
each
IMS
Agreement.
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
Columbia
Fund
family,
while
assuring
that
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
48
Strategic
Beta
ETFs
|
Annual
Report
2023
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
the
profitability
generated
by
the
Investment
Manager
in
2022
had
declined
from
2021
levels,
due
to
a
variety
of
factors,
including
the
decreased
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
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
each
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
22,
2023,
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.
Strategic
Beta
ETFs
|
Annual
Report
2023
49
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT
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.
©
2023
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
ANNUAL
REPORT
October
31,
2023
Columbia
Short
Duration
Bond
ETF
Strategic
Beta
ETFs
|
Annual
Report
2023
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
21
Statement
of
Operations
22
Statement
of
Changes
in
Net
Assets
23
Financial
Highlights
24
Notes
to
Financial
Statements
25
Report
of
Independent
Registered
Public
Accounting
Firm
34
Trustees
and
Officers
35
Approval
of
Investment
Management
Services
Agreement
42
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
the
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
The
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
2023)
Inception
1
Year
Life
Market
Price
09/21/21
4.36
-2.87
Net
Asset
Value
09/21/21
3.95
-2.90
{
Beta
Advantage®
}
Short
Term
Bond
Index
4.21
-3.33
Bloomberg
U.S.
1-5
Year
Credit
Index
3.96
-2.24
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(September
21,
2021
—
October
31,
2023)
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,
2023)
AA
rating
32.9
A
rating
2.1
BBB
rating
31.9
BB
rating
22.6
B
rating
1.0
Not
rated
9.5
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
Quality
breakdown
(%)
(at
October
31,
2023)
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)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
5
Portfolio
breakdown
(%)
(at
October
31,
2023
)
Asset-Backed
Securities
-
Non-Agency
9.4
Commercial
Mortgage-Backed
Securities
-
Non-Agency
9.2
Corporate
Bonds
47.1
Foreign
Government
Obligations
16.2
Residential
Mortgage-Backed
Securities
-
Agency
9.0
Treasury
Bills
7.1
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.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2023
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Short
Duration
Bond
ETF
returned
3.95%
at
net
asset
value
(NAV)
and
4.36%
at
market
price.
The
Beta
Advantage
®
Short
Term
Bond
Index,
against
which
the
performance
of
the
Fund
is
measured,
returned
4.21%.
The
Bloomberg
U.S.
1-5
Year
Credit
Index
returned
3.96%
during
the
same
time
period.
The
Fund
had
a
NAV
of
$17.66
on
October
31,
2022,
and
ended
the
annual
period
on
October
31,
2023
with
a
NAV
of
$17.69.
The
Fund’s
market
price
on
October
31,
2023,
was
$17.74
per
share.
Market
overview
Though
the
inflationary
environment
improved
during
the
12-month
period,
it
still
remained
elevated
relative
to
the
2.0%
target
set
by
the
U.S.
Federal
Reserve
(Fed).
The
Fed
tightened
monetary
policy
at
six
of
their
eight
meetings
during
the
period,
raising
its
policy
rate
from
a
lower
bound
of
3.00%
to
a
range
of
5.25%-5.50%
at
the
close
of
the
period.
This
increased
the
possibility
for
a
weaker
job
market
and
below-trend
economic
growth.
Economic
growth
prospects
have
softened
for
2024,
but
the
labor
market
remained
relatively
tight,
as
unemployment
remained
below
4%
at
the
end
of
the
period.
As
of
October
31,
2023,
the
market
was
no
longer
pricing
in
additional
Fed
hikes,
while
projecting
two
or
three
rate
cuts
in
2024.
Relative
to
October
2022,
interest
rates
increased,
the
yield
curve
remained
inverted,
and
most
credit
spreads
appeared
relatively
attractive.
Given
the
rise
in
the
federal
funds
target
rate,
short-term
Treasury
yields
moved
sharply
higher
over
the
period,
while
longer
term
yields
also
rose.
At
the
end
of
October
2023,
the
2-year
Treasury
yield
was
5.09%,
or
61
basis
points
(bps,
a
basis
point
is
1/100
of
a
percent)
greater
than
the
yield
in
October
2022,
and
the
10-year
Treasury
yield
was
4.93%,
about
88
bps
greater
than
the
yield
a
year
ago.
The
slope
of
the
yield
curve
remained
inverted
between
certain
tenors,
as
economic
growth
concerns
increased.
The
yield
difference
between
the
10-year
Treasury
and
the
2-year
Treasury
was
-16
bps
in
October
2022
versus
-43
bps
in
the
prior
year.
Most
credit-related
sectors
produced
both
positive
total
and
excess
returns
relative
to
Treasuries
over
the
12-month
period.
On
an
excess
returns
basis,
the
agency
mortgage-backed
sector
performed
the
worst,
underperforming
others
as
expected
in
a
meaningful
rising
rate
environment.
While
all
other
sectors
provided
very
marginal
positive
or
negative
excess
returns,
investment-grade
corporates
did
best.
Within
the
investment-grade
corporate
and
asset-backed
security
(ABS)
markets,
lower
rated
securities
outperformed
higher
quality
securities,
and
all
ratings
buckets
generated
positive
excess
returns.
Within
the
conduit
commercial
mortgage-backed
security
(CMBS)
market,
however,
headwinds
within
the
office
property
type
led
to
concerns
for
collateral
performance.
This
in
turn
led
to
lower
rated
CMBS
significantly
underperforming
higher
quality
bonds.
Generally
speaking,
lower
quality
outperformed
higher
quality
during
the
period
and
shorter
duration
bonds
outperformed
longer
duration
bonds.
The
Fund’s
notable
detractors
during
the
period
The
Fund’s
performance
was
most
negatively
affected
by
its
exposure
to
interest
rate
risk
and,
more
specifically,
by
its
impact
on
agency
mortgage-backed
securities.
Interest
rates
across
the
yield
curve
increased
materially
during
the
period,
more
so
for
shorter
maturities
than
longer
maturities.
The
Fund’s
duration
(sensitivity
to
changes
in
interest
rates)
averaged
3.04
years,
close
to
the
benchmark’s
average
duration
of
3.03
years.
The
Fund
and
benchmark
also
had
material
allocations
to
credit-related
sectors
such
as
investment-grade
and
high-
yield
corporate
bonds,
asset-backed
securities
and
commercial
mortgage-backed
securities.
As
credit
spreads
widened,
these
allocations
detracted
from
performance.
The
Fund’s
notable
contributors
during
the
period
The
Fund’s
passive
approach
maintained
very
similar
exposures
as
those
of
the
benchmark
from
an
issuer,
sector,
duration
and
yield
curve
positioning
perspective.
There
were
no
material
deviations
to
relative
exposures.
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
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
7
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
2023
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,
2023.
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.
Had
Columbia
Management
Investment
Advisers,
LLC
and/or
certain
of
its
affiliates
not
waived/reimbursed
certain
fees
and
expenses,
account
value
at
the
end
of
the
period
would
have
been
reduced.
May
1,
2023
—
October
31,
2023
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
990.50
1,023.95
1.25
1.28
0.25
PORTFOLIO
OF
INVESTMENTS
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
9
Asset-Backed
Securities
-
Non-Agency
10
.3
%
Issue
Description
Principal
Amount
($)
Value
($)
Ally
Auto
Receivables
Trust
2023-1
Class
A3,
Series
2023-1,
5.460%,
05/15/28
100,000
99,402
American
Airlines
2014-1
Class
A
Pass-Through
Trust
Series
A,
3.700%,
10/01/26
105,629
95,409
AmeriCredit
Automobile
Receivables
Trust
Class
C,
Subordinated
Series
2021-1,
0.890%,
10/19/26
115,000
108,202
Class
A3,
Series
2022-2,
4.380%,
04/18/28
125,000
123,048
Class
D,
Series
2020-3,
1.490%,
09/18/26
135,000
125,912
Capital
One
Prime
Auto
Receivables
Trust
2022-1
Class
A3,
Series
2022-1,
3.170%,
04/15/27
125,000
120,457
Capital
One
Prime
Auto
Receivables
Trust
2023-1
Class
A4,
Series
2023-1,
4.760%,
08/15/28
100,000
97,944
Carmax
Auto
Owner
Trust
Class
C,
Subordinated
Series
2020-3,
1.690%,
04/15/26
25,000
24,146
Class
C,
Series
2022-1,
2.200%,
11/15/27
100,000
91,198
Class
A3,
Series
2023-1,
4.750%,
10/15/27
275,000
268,807
Class
A4,
Series
2023-1,
4.650%,
01/16/29
175,000
168,906
Carvana
Auto
Receivables
Trust
Class
C,
Series
2022-P1,
3.300%,
04/10/28
300,000
267,691
Exeter
Automobile
Receivables
Trust
Class
D,
Series
2021-4A,
1.960%,
01/17/28
100,000
92,332
Class
D,
Subordinated
Series
2021-3A,
1.550%,
06/15/27
75,000
69,439
Exeter
Automobile
Receivables
Trust
2022-1
Class
D,
Series
2022-1A,
3.020%,
06/15/28
175,000
162,671
Ford
Credit
Auto
Lease
Trust
2023-A
Class
A4,
Series
2023-A,
4.830%,
05/15/26
90,000
88,525
Ford
Credit
Auto
Owner
Trust
Class
B,
Series
2020-C,
0.790%,
08/15/26
135,000
126,671
Class
C,
Subordinated
Series
2020-C,
1.040%,
05/15/28
100,000
93,845
Class
A4,
Series
2022-B,
3.930%,
08/15/27
150,000
144,574
Ford
Credit
Floorplan
Master
Owner
Trust
Class
A,
Series
2020-2,
1.060%,
09/15/27
150,000
136,760
Gm
Financial
Automobile
Leasing
Trust
2023-2
Class
A3,
Series
2023-2,
5.050%,
07/20/26
125,000
123,572
GM
Financial
Consumer
Automobile
Receivables
Trust
Class
A4,
Series
2021-4,
0.990%,
10/18/27
118,000
107,635
Class
A4,
Series
2022-2,
3.250%,
04/17/28
150,000
142,552
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
A4,
Series
2021-3,
0.730%,
08/16/27
100,000
91,550
Gm
Financial
Consumer
Automobile
Receivables
Trust
2022-3
Class
A4,
Series
2022-3,
3.710%,
12/16/27
150,000
143,799
Harley-Davidson
Motorcycle
Trust
Class
A3,
Series
2021-A,
0.370%,
04/15/26
24,685
24,278
Honda
Auto
Receivables
2023-2
Owner
Trust
Class
A3,
Series
2023-2,
4.930%,
11/15/27
150,000
147,672
Hyundai
Auto
Receivables
Trust
Class
A4,
Series
2022-A,
2.350%,
04/17/28
145,000
135,548
Hyundai
Auto
Receivables
Trust
2023-A
Class
A4,
Series
2023-A,
4.480%,
07/17/28
100,000
97,550
Mercedes-Benz
Auto
Lease
Trust
2023-A
Class
A3,
Series
2023-A,
4.740%,
01/15/27
125,000
122,752
Mercedes-Benz
Auto
Receivables
Trust
Class
A3,
Series
2022-1,
5.210%,
08/16/27
100,000
98,933
Nissan
Auto
Lease
Trust
Class
A4,
Series
2023-A,
4.800%,
07/15/27
150,000
147,847
Nissan
Auto
Receivables
2022-B
Owner
Trust
Class
A3,
Series
2022-B,
4.460%,
05/17/27
175,000
171,201
Santander
Drive
Auto
Receivables
Trust
Class
B,
Series
2022-3,
4.130%,
08/16/27
45,000
43,864
Class
D,
Subordinated
Series
2021-4,
1.670%,
10/15/27
50,000
46,382
Class
D,
Series
2021-1,
1.130%,
11/16/26
100,000
96,854
Toyota
Auto
Receivables
2022-C
Owner
Trust
Class
A4,
Series
2022-C,
3.770%,
02/15/28
150,000
142,961
Toyota
Auto
Receivables
Owner
Trust
Class
A4,
Series
2021-B,
0.530%,
10/15/26
100,000
92,976
Class
A3,
Series
2022-B,
2.930%,
09/15/26
225,000
218,808
World
Omni
Auto
Receivables
Trust
Class
B,
Series
2020-C,
0.870%,
10/15/26
100,000
94,881
Class
A4,
Series
2021-A,
0.480%,
09/15/26
125,000
116,726
Class
A4,
Series
2022-A,
1.900%,
03/15/28
150,000
137,911
World
Omni
Automobile
Lease
Securitization
Trust
Class
B,
Series
2022-A,
3.670%,
06/15/27
100,000
97,635
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Strategic
Beta
ETFs
|
Annual
Report
2023
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
World
Omni
Select
Auto
Trust
2023-A
Class
B,
Series
2023-A,
5.870%,
08/15/28
135,000
133,769
Total
Asset-Backed
Securities
-
Non-
Agency
(Cost
$5,418,302)
5,283,595
Commercial
Mortgage-Backed
Securities
-
Non-Agency
10
.0
%
Principal
Amount
($)
Value
($)
Bank
Class
A2,
Series
2019-BN18,
3.474%,
05/15/62
125,000
122,487
Class
A2,
Series
2019-BN16,
3.933%,
02/15/52
112,170
111,844
Class
AS,
Subordinated
Series
2017-BNK9,
3.829%,
11/15/54
(a)
100,000
87,998
Bank
2018-Bnk12
Class
A3,
Series
2018-BN12,
3.990%,
05/15/61
100,000
90,944
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Class
A4,
Series
2016-UB10,
3.170%,
07/15/49
75,000
69,035
Class
A3,
Series
2017-BNK3,
3.311%,
02/15/50
98,956
90,629
BBCMS
Mortgage
Trust
Class
ASB,
Series
2018-C2,
4.236%,
12/15/51
94,063
89,078
Class
A2B,
Series
2023-C19,
5.753%,
04/15/56
175,000
169,427
CD
Mortgage
Trust
Class
A3,
Series
2017-CD6,
3.104%,
11/13/50
100,000
96,766
Class
ASB,
Series
2017-CD6,
3.332%,
11/13/50
81,694
77,055
Class
A3,
Series
2017-CD4,
3.248%,
05/10/50
138,285
125,022
CFCRE
Commercial
Mortgage
Trust
Class
A3,
Series
2016-C3,
3.865%,
01/10/48
150,000
141,584
Class
AM,
Subordinated
Series
2016-C6,
3.502%,
11/10/49
(a)
50,000
44,583
CGMS
Commercial
Mortgage
Trust
Class
A4,
Series
2017-B1,
3.458%,
08/15/50
125,000
112,292
Cgms
Commercial
Mortgage
Trust
2017-B1
Class
A3,
Series
2017-B1,
3.197%,
08/15/50
96,765
87,166
Citigroup
Commercial
Mortgage
Trust
Class
A3,
Series
2018-C5,
3.963%,
06/10/51
170,270
155,627
Class
AS,
Subordinated
Series
2016-P6,
4.032%,
12/10/49
(a)
100,000
90,200
Class
AS,
Series
2015-GC27,
3.571%,
02/10/48
100,000
95,233
Class
A4,
Series
2015-GC31,
3.762%,
06/10/48
100,000
95,288
Class
B,
Subordinated
Series
2015-P1,
4.316%,
09/15/48
(a)
100,000
91,150
Class
B,
Series
2017-P7,
4.137%,
04/14/50
(a)
150,000
127,026
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
AAB,
Series
2017-P8,
3.268%,
09/15/50
111,814
106,275
Class
A2,
Series
2020-GC46,
2.708%,
02/15/53
100,000
87,617
Class
A4,
Series
2016-P3,
3.329%,
04/15/49
100,000
92,822
Citigroup
Commercial
Mortgage
Trust
2016-C2
Class
A4,
Series
2016-C2,
2.832%,
08/10/49
150,000
135,917
COMM
Mortgage
Trust
Class
D,
Series
2015-CR26,
3.465%,
10/10/48
(a)
56,000
35,834
Class
A3,
Series
2017-COR2,
3.510%,
09/10/50
100,000
89,215
Class
C,
Series
2013-CR13,
5.010%,
11/10/46
(a)
100,000
87,532
Class
A3,
Series
2015-LC23,
3.521%,
10/10/48
119,947
115,637
Class
A4,
Series
2015-LC19,
3.183%,
02/10/48
65,000
62,268
GS
Mortgage
Securities
Trust
Class
C,
Subordinated
Series
2016-GS3,
3.987%,
10/10/49
(a)
75,000
59,565
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-JP2,
2.822%,
08/15/49
150,000
135,648
JPMBB
Commercial
Mortgage
Securities
Trust
Class
AS,
Series
2016-C2,
3.484%,
06/15/49
100,000
89,373
Class
B,
Series
2017-C5,
4.009%,
03/15/50
(a)
150,000
115,168
Class
A4A1,
Series
2014-C25,
3.408%,
11/15/47
73,321
71,050
Class
A4,
Series
2015-C27,
3.179%,
02/15/48
100,000
94,929
Class
A3,
Series
2015-C31,
3.801%,
08/15/48
86,332
81,500
JPMCC
Commercial
Mortgage
Securities
Trust
Class
A3,
Series
2019-COR4,
3.763%,
03/10/52
100,000
89,167
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Class
A3,
Series
2015-C24,
3.479%,
05/15/48
82,130
78,399
Class
A3,
Series
2016-C28,
3.272%,
01/15/49
101,619
95,108
Class
C,
Subordinated
Series
2016-C31,
4.259%,
11/15/49
(a)
50,000
37,878
Class
ASB,
Series
2017-C34,
3.354%,
11/15/52
76,666
72,296
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2017-C33
Class
A5,
Series
2017-C33,
3.599%,
05/15/50
195,000
178,014
Morgan
Stanley
Capital
I
2017-Hr2
Class
A3,
Series
2017-HR2,
3.330%,
12/15/50
123,883
110,918
Morgan
Stanley
Capital
I
Trust
Class
A4,
Series
2016-UB12,
3.596%,
12/15/49
150,000
136,837
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
11
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
SG
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-C5,
3.055%,
10/10/48
150,000
136,036
Wells
Fargo
Commercial
Mortgage
Trust
Class
A4,
Series
2015-LC20,
2.925%,
04/15/50
100,000
95,883
Class
A3,
Series
2015-NXS4,
3.452%,
12/15/48
91,290
87,536
Class
A3,
Series
2015-P2,
3.541%,
12/15/48
68,592
65,143
Class
A5,
Series
2017-C39,
3.418%,
09/15/50
125,000
112,684
Class
C,
Series
2017-C39,
4.118%,
09/15/50
100,000
79,483
Class
A2,
Series
2020-C56,
2.498%,
06/15/53
45,000
42,424
Wells
Fargo
Commercial
Mortgage
Trust
2017-C41
Class
A4,
Series
2017-C41,
3.472%,
11/15/50
100,000
89,480
Total
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(Cost
$5,623,131)
5,138,070
Corporate
Bonds
51
.5
%
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.2%
Boeing
Co.
(The)
2.196%,
02/04/26
80,000
73,519
5.040%,
05/01/27
119,000
115,225
Howmet
Aerospace,
Inc.
5.900%,
02/01/27
100,000
98,639
6.875%,
05/01/25
60,000
60,253
Huntington
Ingalls
Industries,
Inc.
2.043%,
08/16/28
85,000
70,765
L3Harris
Technologies,
Inc.
4.400%,
06/15/28
40,000
37,359
Northrop
Grumman
Corp.
3.250%,
01/15/28
60,000
54,624
Rolls-Royce
PLC
3.625%,
10/14/25
(b)
85,000
79,959
Teledyne
Technologies,
Inc.
1.600%,
04/01/26
40,000
36,126
Total
626,469
Airlines
1.4%
American
Airlines
Pass
Through
Trust
Class
AA,
Series
2016-3,
3.000%,
10/15/28
33,612
29,327
Class
A,
Series
2015-1,
3.375%,
05/01/27
51,042
45,019
Class
AA,
Series
2016-1,
3.575%,
01/15/28
33,345
30,101
Class
AA,
Series
2015-2,
3.600%,
09/22/27
32,235
28,906
American
Airlines,
Inc.
7.250%,
02/15/28
(b)
220,000
204,839
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(b)
100,000
97,239
Delta
Air
Lines,
Inc.
7.375%,
01/15/26
85,000
85,860
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Southwest
Airlines
Co.
2.625%,
02/10/30
60,000
48,414
Spirit
Loyalty
Cayman
Ltd.
/
Spirit
IP
Cayman
Ltd.
8.000%,
09/20/25
(b)
100,000
74,036
United
Airlines
Pass
Through
Trust
Class
A,
Series
2013-1,
4.300%,
08/15/25
47,026
44,668
United
Airlines,
Inc.
4.375%,
04/15/26
(b)
60,000
55,806
Total
744,215
Automotive
1.0%
Benteler
International
AG
10.500%,
05/15/28
(b)
50,000
50,495
General
Motors
Co.
6.125%,
10/01/25
40,000
39,928
General
Motors
Financial
Co.,
Inc.
1.250%,
01/08/26
120,000
107,528
Goodyear
Tire
&
Rubber
Co.
(The)
4.875%,
03/15/27
50,000
46,004
5.000%,
05/31/26
60,000
56,750
IHO
Verwaltungs
GMBH
4.750%,
09/15/26
(b),(c)
50,000
46,252
ZF
North
America
Capital,
Inc.
4.750%,
04/29/25
(b)
153,000
147,822
Total
494,779
Banking
3.8%
Ally
Financial,
Inc.
2.200%,
11/02/28
100,000
76,758
5.750%,
11/20/25
100,000
95,568
Bank
of
Nova
Scotia
(The)
Subordinated
4.500%,
12/16/25
60,000
57,868
Bankunited,
Inc.
5.125%,
06/11/30
120,000
94,898
Barclays
PLC
4.375%,
01/12/26
200,000
190,864
Capital
One
Financial
Corp.
3.300%,
10/30/24
60,000
58,202
4.200%,
10/29/25
40,000
37,949
Citigroup,
Inc.
4.125%,
07/25/28
80,000
71,756
Subordinated
4.600%,
03/09/26
120,000
115,011
Citizens
Financial
Group,
Inc.
2.850%,
07/27/26
50,000
44,320
Comerica,
Inc.
4.000%,
02/01/29
40,000
32,678
Fifth
Third
Bancorp
2.550%,
05/05/27
40,000
34,489
Goldman
Sachs
Group,
Inc.
(The)
5.950%,
01/15/27
80,000
78,905
HSBC
Holdings
PLC
4.250%,
08/18/25
204,000
195,519
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(b)
200,000
189,841
Morgan
Stanley
Subordinated
5.000%,
11/24/25
120,000
117,248
Regions
Financial
Corp.
1.800%,
08/12/28
40,000
31,207
Santander
Holdings
USA,
Inc.
4.500%,
07/17/25
40,000
38,396
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Santander
UK
Group
Holdings
PLC
6.534%,
(SOFRRATE
+
2.600%),
01/10/29
(d)
200,000
195,637
Synchrony
Financial
3.950%,
12/01/27
85,000
72,859
Webster
Financial
Corp.
4.100%,
03/25/29
85,000
70,703
Zions
Bancorp
NA
3.250%,
10/29/29
100,000
74,388
Total
1,975,064
Brokerage/Asset
Managers/Exchanges
0.4%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
50,000
41,492
Nomura
Holdings,
Inc.
3.103%,
01/16/30
200,000
162,128
Total
203,620
Building
Materials
0.3%
Martin
Marietta
Materials,
Inc.
3.500%,
12/15/27
85,000
77,590
Masonite
International
Corp.
5.375%,
02/01/28
(b)
50,000
46,053
Standard
Industries,
Inc.
5.000%,
02/15/27
(b)
50,000
46,236
Total
169,879
Cable
and
Satellite
1.7%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
05/01/27
(b)
190,000
174,791
5.500%,
05/01/26
(b)
60,000
57,407
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.200%,
03/15/28
120,000
109,286
4.908%,
07/23/25
100,000
97,777
5.050%,
03/30/29
110,000
101,785
Sirius
XM
Radio,
Inc.
3.125%,
09/01/26
(b)
50,000
44,873
4.000%,
07/15/28
(b)
100,000
85,011
5.000%,
08/01/27
(b)
100,000
91,818
Viasat,
Inc.
5.625%,
04/15/27
(b)
85,000
74,292
Videotron
Ltd.
5.125%,
04/15/27
(b)
40,000
37,682
Total
874,722
Chemicals
0.7%
Celanese
US
Holdings
LLC
6.165%,
07/15/27
50,000
48,798
6.330%,
07/15/29
60,000
57,786
DuPont
de
Nemours,
Inc.
4.493%,
11/15/25
20,000
19,492
4.725%,
11/15/28
100,000
95,574
Nutrien
Ltd.
4.200%,
04/01/29
60,000
55,059
Olin
Corp.
5.125%,
09/15/27
50,000
46,149
Sherwin-Williams
Co.
(The)
3.450%,
06/01/27
40,000
37,003
Total
359,861
Construction
Machinery
0.2%
United
Rentals
North
America,
Inc.
3.875%,
11/15/27
100,000
91,984
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Consumer
Cyclical
Services
0.7%
Brink's
Co.
(The)
4.625%,
10/15/27
(b)
50,000
45,305
CoreCivic,
Inc.
8.250%,
04/15/26
50,000
50,830
eBay,
Inc.
1.400%,
05/10/26
40,000
35,839
Go
Daddy
Operating
Co.
LLC
/
Gd
Finance
Co.,
Inc.
5.250%,
12/01/27
(b)
50,000
47,198
Match
Group
Holdings
II
LLC
4.625%,
06/01/28
(b)
50,000
44,882
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(b)
50,000
44,214
5.750%,
04/15/26
(b)
120,000
116,466
Total
384,734
Consumer
Products
0.3%
Clorox
Co.
(The)
3.100%,
10/01/27
40,000
36,209
Newell
Brands,
Inc.
4.875%,
06/01/25
120,000
115,244
Total
151,453
Diversified
Manufacturing
1.1%
Carrier
Global
Corp.
2.493%,
02/15/27
40,000
35,801
Newell
Brands,
Inc.
5.200%,
04/01/26
60,000
56,613
Otis
Worldwide
Corp.
2.565%,
02/15/30
60,000
48,810
Parker-Hannifin
Corp.
3.250%,
06/14/29
50,000
43,922
Regal
Rexnord
Corp.
6.300%,
02/15/30
(b)
60,000
56,624
RTX
Corp.
4.125%,
11/16/28
120,000
110,167
Trane
Technologies
Global
Holding
Co.
Ltd.
3.750%,
08/21/28
40,000
36,752
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(b)
115,000
115,167
Westinghouse
Air
Brake
Technologies
Corp.
4.700%,
09/15/28
60,000
55,941
Total
559,797
Electric
2.8%
AES
Corp.
(The)
1.375%,
01/15/26
40,000
35,530
American
Electric
Power
Co.,
Inc.
Subordinated
3.875%,
(US
5
Year
CMT
T-Note
+
2.675%),
02/15/62
(d)
120,000
94,735
Calpine
Corp.
4.500%,
02/15/28
(b)
50,000
45,097
Cleco
Corporate
Holdings
LLC
3.743%,
05/01/26
80,000
74,861
Dominion
Energy,
Inc.
Subordinated
5.750%,
(3-month
USD
LIBOR
+
3.057%),
10/01/54
(d)
120,000
113,453
Duke
Energy
Corp.
4.300%,
03/15/28
60,000
56,299
Edison
International
6.950%,
11/15/29
60,000
61,012
Emera
US
Finance
LP
3.550%,
06/15/26
80,000
74,942
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Enel
Americas
SA
4.000%,
10/25/26
85,000
79,308
Eversource
Energy
Series
R,
1.650%,
08/15/30
100,000
74,913
FirstEnergy
Corp.
Series
B,
4.150%,
07/15/27
30,000
27,789
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
01/15/27
40,000
35,156
3.550%,
05/01/27
40,000
36,800
Nextera
Energy
Operating
Partners
LP
4.500%,
09/15/27
(b)
50,000
44,826
NextEra
Energy
Operating
Partners
LP
4.250%,
07/15/24
(b)
40,000
39,246
NRG
Energy,
Inc.
5.750%,
01/15/28
50,000
46,954
Pacific
Gas
and
Electric
Co.
2.100%,
08/01/27
85,000
71,963
3.750%,
07/01/28
80,000
70,091
PG&E
Corp.
5.000%,
07/01/28
50,000
45,306
Public
Service
Enterprise
Group,
Inc.
5.850%,
11/15/27
60,000
59,710
Vistra
Operations
Co.
LLC
5.500%,
09/01/26
(b)
205,000
195,440
Xcel
Energy,
Inc.
3.300%,
06/01/25
40,000
38,365
Total
1,421,796
Environmental
0.4%
GFL
Environmental,
Inc.
5.125%,
12/15/26
(b)
100,000
95,162
Republic
Services,
Inc.
2.900%,
07/01/26
40,000
37,371
Waste
Management,
Inc.
4.625%,
02/15/30
60,000
56,364
Total
188,897
Finance
Companies
2.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.450%,
10/29/26
170,000
151,206
Air
Lease
Corp.
Series
MTN,
2.875%,
01/15/26
80,000
74,230
Ares
Capital
Corp.
2.150%,
07/15/26
40,000
35,131
Bain
Capital
Specialty
Finance,
Inc.
2.950%,
03/10/26
120,000
106,819
Blackstone
Secured
Lending
Fund
2.850%,
09/30/28
50,000
40,476
Equitable
Holdings,
Inc.
4.350%,
04/20/28
120,000
109,893
Fortress
Transportation
and
Infrastructure
Investors
LLC
5.500%,
05/01/28
(b)
60,000
54,654
GGAM
Finance
Ltd.
8.000%,
06/15/28
(b)
50,000
49,366
Navient
Corp.
5.875%,
10/25/24
60,000
58,699
6.750%,
06/25/25
80,000
78,132
Oaktree
Specialty
Lending
Corp.
3.500%,
02/25/25
85,000
80,949
OneMain
Finance
Corp.
3.500%,
01/15/27
170,000
143,914
7.125%,
03/15/26
50,000
48,591
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
2.875%,
10/15/26
(b)
50,000
43,564
SLM
Corp.
4.200%,
10/29/25
80,000
74,671
United
Wholesale
Mortgage
LLC
5.500%,
11/15/25
(b)
120,000
114,364
Total
1,264,659
Food
and
Beverage
1.4%
Bunge
Ltd.
Finance
Corp.
3.250%,
08/15/26
40,000
37,260
Campbell
Soup
Co.
3.950%,
03/15/25
40,000
38,900
Conagra
Brands,
Inc.
4.850%,
11/01/28
60,000
56,383
Constellation
Brands,
Inc.
4.350%,
05/09/27
85,000
81,030
General
Mills,
Inc.
4.000%,
04/17/25
40,000
38,929
Jbs
USA
Lux
SA
/
Jbs
USA
Food
Co.
/
Jbs
USA
Finance,
Inc.
5.500%,
01/15/30
110,000
100,572
Kellogg
Co.
3.250%,
04/01/26
40,000
37,723
Keurig
Dr
Pepper,
Inc.
3.200%,
05/01/30
75,000
63,258
Kraft
Heinz
Foods
Co.
3.000%,
06/01/26
60,000
56,048
McCormick
&
Co.,
Inc.
0.900%,
02/15/26
85,000
75,997
Mondelez
International,
Inc.
2.750%,
04/13/30
60,000
49,358
Sysco
Corp.
3.300%,
07/15/26
40,000
37,400
Tyson
Foods,
Inc.
4.350%,
03/01/29
60,000
55,152
Total
728,010
Foreign
Agencies
2.2%
China
Construction
Bank
Corp.
2.450%,
(US
5
Year
CMT
T-Note
+
2.150%),
06/24/30
(d)
200,000
188,775
CNAC
HK
Finbridge
Co.
Ltd.
3.375%,
06/19/24
200,000
196,642
DP
World
Crescent
Ltd.
Series
EMTN,
3.875%,
07/18/29
200,000
177,489
DP
World
Salaam
6.000%,
(US
5
Year
CMT
T-Note
+
5.750%),
01/01/72
(d)
200,000
195,257
Petrobras
Global
Finance
BV
7.375%,
01/17/27
180,000
184,771
Southern
Gas
Corridor
CJSC
Series
REGS,
6.875%,
03/24/26
200,000
197,277
Total
1,140,211
Gaming
1.5%
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
5.300%,
01/15/29
40,000
36,524
5.375%,
04/15/26
40,000
38,365
5.750%,
06/01/28
85,000
79,910
International
Game
Technology
PLC
6.250%,
01/15/27
(b)
200,000
194,888
Melco
Resorts
Finance
Ltd.
Series
REGS,
5.250%,
04/26/26
85,000
77,983
5.750%,
07/21/28
(b)
200,000
169,134
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Sands
China
Ltd.
2.550%,
03/08/27
200,000
170,518
Total
767,322
Health
Care
2.8%
AmerisourceBergen
Corp.
3.450%,
12/15/27
40,000
36,841
AMN
Healthcare,
Inc.
4.625%,
10/01/27
(b)
50,000
44,843
Avantor
Funding,
Inc.
4.625%,
07/15/28
(b)
40,000
35,675
Baxter
International,
Inc.
1.915%,
02/01/27
85,000
74,488
Becton
Dickinson
&
Co.
4.693%,
02/13/28
60,000
57,414
Cardinal
Health,
Inc.
3.410%,
06/15/27
60,000
54,973
Cigna
Corp.
3.400%,
03/01/27
85,000
78,789
4.125%,
11/15/25
40,000
38,755
4.375%,
10/15/28
50,000
46,733
CVS
Health
Corp.
1.300%,
08/21/27
85,000
71,696
4.300%,
03/25/28
80,000
74,946
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/27
100,000
98,989
HCA,
Inc.
5.250%,
06/15/26
50,000
48,808
5.375%,
09/01/26
85,000
83,122
IQVIA,
Inc.
5.000%,
05/15/27
(b)
200,000
188,555
Laboratory
Corp.
of
America
Holdings
1.550%,
06/01/26
80,000
71,613
Quest
Diagnostics,
Inc.
3.500%,
03/30/25
40,000
38,556
Stryker
Corp.
1.950%,
06/15/30
50,000
39,066
Teleflex,
Inc.
4.625%,
11/15/27
50,000
45,912
Tenet
Healthcare
Corp.
4.875%,
01/01/26
100,000
95,937
5.125%,
11/01/27
100,000
92,394
Total
1,418,105
Healthcare
Insurance
0.5%
Centene
Corp.
3.375%,
02/15/30
100,000
82,743
4.625%,
12/15/29
60,000
53,616
Elevance
Health,
Inc.
4.101%,
03/01/28
40,000
37,367
Humana,
Inc.
1.350%,
02/03/27
85,000
73,671
Total
247,397
Healthcare
REIT
0.6%
Healthcare
Realty
Holdings
LP
3.625%,
01/15/28
85,000
75,234
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
5.000%,
10/15/27
100,000
77,469
Omega
Healthcare
Investors,
Inc.
4.750%,
01/15/28
85,000
77,599
Ventas
Realty
LP
4.125%,
01/15/26
40,000
38,241
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Welltower
OP
LLC
4.250%,
04/15/28
40,000
36,885
Total
305,428
Home
Construction
0.2%
Lennar
Corp.
4.750%,
05/30/25
40,000
39,180
MDC
Holdings,
Inc.
3.850%,
01/15/30
60,000
49,625
Total
88,805
Independent
Energy
1.7%
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
40,000
37,100
Civitas
Resources,
Inc.
8.375%,
07/01/28
(b)
50,000
50,359
Coterra
Energy,
Inc.
4.375%,
03/15/29
85,000
77,813
Crescent
Energy
Finance
LLC
9.250%,
02/15/28
(b)
50,000
50,705
CrownRock
LP
/
CrownRock
Finance,
Inc.
5.625%,
10/15/25
(b)
50,000
49,528
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
5.750%,
01/30/28
(b)
100,000
95,981
EQT
Corp.
3.125%,
05/15/26
(b)
80,000
74,036
6.125%,
02/01/25
23,000
22,931
Harbour
Energy
PLC
5.500%,
10/15/26
(b)
85,000
79,136
Matador
Resources
Co.
5.875%,
09/15/26
85,000
82,074
MEG
Energy
Corp.
7.125%,
02/01/27
(b)
40,000
40,320
Occidental
Petroleum
Corp.
5.875%,
09/01/25
60,000
59,797
PDC
Energy,
Inc.
5.750%,
05/15/26
120,000
119,562
Southwestern
Energy
Co.
5.700%,
01/23/25
11,000
10,873
Total
850,215
Leisure
0.6%
Carnival
Corp.
4.000%,
08/01/28
(b)
200,000
174,082
Live
Nation
Entertainment,
Inc.
3.750%,
01/15/28
(b)
80,000
70,261
Royal
Caribbean
Cruises
Ltd.
11.500%,
06/01/25
(b)
42,000
44,424
Total
288,767
Life
Insurance
0.5%
CNO
Financial
Group,
Inc.
5.250%,
05/30/29
85,000
78,384
Corebridge
Financial,
Inc.
3.850%,
04/05/29
50,000
44,138
Global
Atlantic
Fin
Co.
4.700%,
(US
5
Year
CMT
T-Note
+
3.796%),
10/15/51
(b),(d)
50,000
34,800
Lincoln
National
Corp.
3.050%,
01/15/30
50,000
39,490
3.800%,
03/01/28
40,000
35,657
Total
232,469
Lodging
0.3%
Hilton
Domestic
Operating
Co.,
Inc.
5.375%,
05/01/25
(b)
53,000
52,156
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Hyatt
Hotels
Corp.
4.375%,
09/15/28
85,000
77,872
Travel
+
Leisure
Co.
6.625%,
07/31/26
(b)
40,000
38,936
Total
168,964
Media
and
Entertainment
1.1%
AMC
Networks,
Inc.
4.750%,
08/01/25
120,000
109,481
Discovery
Communications
LLC
3.950%,
03/20/28
75,000
67,682
Fox
Corp.
3.050%,
04/07/25
80,000
76,763
Netflix,
Inc.
3.625%,
06/15/25
(b)
40,000
38,581
Omnicom
Group,
Inc.
/
Omnicom
Capital,
Inc.
3.650%,
11/01/24
40,000
39,010
Paramount
Global
4.200%,
06/01/29
50,000
42,401
7.875%,
07/30/30
50,000
49,220
Take-Two
Interactive
Software,
Inc.
4.950%,
03/28/28
60,000
57,641
TEGNA,
Inc.
4.625%,
03/15/28
80,000
69,293
Warnermedia
Holdings,
Inc.
4.054%,
03/15/29
40,000
35,385
Total
585,457
Media
Cable
0.4%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.000%,
02/01/28
(b)
60,000
53,703
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(b)
150,000
131,354
Total
185,057
Metals
and
Mining
1.1%
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(b)
40,000
39,845
FMG
Resources
August
2006
Pty
Ltd.
4.500%,
09/15/27
(b)
50,000
44,984
Freeport-McMoRan,
Inc.
4.250%,
03/01/30
110,000
95,417
Mineral
Resources
Ltd.
8.000%,
11/01/27
(b)
50,000
48,458
9.250%,
10/01/28
(b)
100,000
99,834
Novelis
Corp.
3.250%,
11/15/26
(b)
150,000
133,700
Reliance
Steel
&
Aluminum
Co.
1.300%,
08/15/25
120,000
110,318
Total
572,556
Midstream
3.2%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
7.875%,
05/15/26
(b)
85,000
85,790
Buckeye
Partners
LP
3.950%,
12/01/26
85,000
77,514
4.125%,
03/01/25
(b)
40,000
38,143
Cheniere
Corpus
Christi
Holdings
LLC
5.125%,
06/30/27
40,000
38,600
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
5.750%,
04/01/25
50,000
49,377
DCP
Midstream
Operating
LP
5.375%,
07/15/25
40,000
39,529
Energy
Transfer
LP
4.950%,
05/15/28
40,000
37,827
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
EnLink
Midstream
Partners
LP
4.150%,
06/01/25
16,000
15,387
Enterprise
Products
Operating
LLC
3.700%,
02/15/26
40,000
38,242
EQM
Midstream
Partners
LP
5.500%,
07/15/28
100,000
93,374
6.500%,
07/01/27
(b)
75,000
73,252
Kinder
Morgan,
Inc.
4.300%,
06/01/25
85,000
82,728
MPLX
LP
4.875%,
06/01/25
40,000
39,226
National
Fuel
Gas
Co.
3.950%,
09/15/27
40,000
36,323
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(b)
100,000
89,520
NuStar
Logistics
LP
5.625%,
04/28/27
85,000
80,677
6.000%,
06/01/26
40,000
38,725
ONEOK,
Inc.
4.000%,
07/13/27
50,000
46,509
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
4.650%,
10/15/25
85,000
82,341
Sabine
Pass
Liquefaction
LLC
5.000%,
03/15/27
40,000
38,516
5.625%,
03/01/25
40,000
39,740
Sunoco
LP
/
Sunoco
Finance
Corp.
6.000%,
04/15/27
80,000
77,136
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
5.500%,
01/15/28
(b)
150,000
132,013
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
5.500%,
03/01/30
60,000
55,391
TransCanada
PipeLines
Ltd.
4.875%,
01/15/26
40,000
39,030
Western
Midstream
Operating
LP
4.050%,
02/01/30
80,000
69,278
Williams
Cos.,
Inc.
(The)
3.750%,
06/15/27
125,000
115,484
Total
1,649,672
Natural
Gas
0.2%
Sempra
3.400%,
02/01/28
40,000
36,037
Southwest
Gas
Corp.
5.450%,
03/23/28
80,000
78,114
Total
114,151
Office
REIT
0.4%
Alexandria
Real
Estate
Equities,
Inc.
3.950%,
01/15/27
40,000
37,393
Boston
Properties
LP
4.500%,
12/01/28
80,000
70,329
Office
Properties
Income
Trust
4.500%,
02/01/25
120,000
103,685
Total
211,407
Oil
Field
Services
0.3%
Petrofac
Ltd.
9.750%,
11/15/26
(b)
85,000
57,797
Venture
Global
LNG,
Inc.
8.125%,
06/01/28
(b)
120,000
116,506
Total
174,303
Other
Financial
Institutions
0.5%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
4.750%,
09/15/24
50,000
47,967
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.250%,
05/15/26
40,000
36,600
6.375%,
12/15/25
170,000
159,967
Total
244,534
Other
Industry
0.1%
AECOM
5.125%,
03/15/27
50,000
47,148
Other
REIT
0.1%
Digital
Realty
Trust
LP
4.450%,
07/15/28
40,000
37,003
EPR
Properties
4.500%,
04/01/25
40,000
38,622
Total
75,625
Packaging
1.2%
Amcor
Finance
USA,
Inc.
3.625%,
04/28/26
120,000
113,079
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.125%,
08/15/26
(b)
85,000
75,023
Ball
Corp.
5.250%,
07/01/25
180,000
177,209
Berry
Global,
Inc.
1.650%,
01/15/27
85,000
73,283
5.500%,
04/15/28
(b)
60,000
57,477
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
40,000
38,588
Sealed
Air
Corp./Sealed
Air
Corp.
US
6.125%,
02/01/28
(b)
100,000
95,113
Total
629,772
Paper
0.1%
Celulosa
Arauco
y
Constitucion
SA
3.875%,
11/02/27
85,000
76,098
Pharmaceuticals
1.9%
AbbVie,
Inc.
2.950%,
11/21/26
185,000
171,287
3.200%,
11/21/29
50,000
43,575
Amgen,
Inc.
5.250%,
03/02/30
120,000
115,222
Biogen,
Inc.
2.250%,
05/01/30
50,000
39,248
Gilead
Sciences,
Inc.
2.950%,
03/01/27
90,000
82,476
3.650%,
03/01/26
40,000
38,183
Mylan,
Inc.
4.550%,
04/15/28
60,000
54,676
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(b)
200,000
172,779
Perrigo
Finance
Unlimited
Co.
3.900%,
12/15/24
85,000
82,560
4.375%,
03/15/26
40,000
37,557
Shire
Acquisitions
Investments
Ireland
DAC
3.200%,
09/23/26
80,000
74,476
Zoetis,
Inc.
4.500%,
11/13/25
40,000
39,016
Total
951,055
Property
&
Casualty
0.5%
American
International
Group,
Inc.
3.900%,
04/01/26
24,000
22,867
Aon
Global
Ltd.
3.875%,
12/15/25
40,000
38,312
Assurant,
Inc.
4.900%,
03/27/28
40,000
37,901
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
CNA
Financial
Corp.
3.450%,
08/15/27
85,000
77,809
Enstar
Finance
LLC
5.750%,
09/01/40
80,000
70,965
Total
247,854
Railroads
0.3%
Canadian
Pacific
Railway
Co.
1.750%,
12/02/26
85,000
75,622
CSX
Corp.
2.600%,
11/01/26
85,000
77,857
Total
153,479
Refining
0.5%
Marathon
Petroleum
Corp.
3.800%,
04/01/28
50,000
45,640
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
100,000
92,445
Phillips
66
3.900%,
03/15/28
40,000
37,074
Phillips
66
Co.
3.750%,
03/01/28
70,000
64,382
Total
239,541
Restaurants
0.4%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.875%,
01/15/28
(b)
40,000
35,742
5.750%,
04/15/25
(b)
70,000
69,399
McDonald's
Corp.
Series
MTN,
3.800%,
04/01/28
80,000
74,314
Starbucks
Corp.
3.500%,
03/01/28
40,000
36,741
Total
216,196
Retail
REIT
0.4%
Agree
LP
2.000%,
06/15/28
45,000
36,863
Kimco
Realty
OP
LLC
3.300%,
02/01/25
40,000
38,542
Realty
Income
Corp.
4.875%,
06/01/26
40,000
38,956
STORE
Capital
Corp.
4.500%,
03/15/28
80,000
69,152
Total
183,513
Retailers
0.9%
Advance
Auto
Parts,
Inc.
3.900%,
04/15/30
50,000
40,563
AutoNation,
Inc.
3.800%,
11/15/27
50,000
44,665
Bath
&
Body
Works,
Inc.
5.250%,
02/01/28
50,000
46,052
Dollar
Tree,
Inc.
4.200%,
05/15/28
40,000
36,846
Lowe's
Cos.,
Inc.
3.650%,
04/05/29
85,000
76,253
O'Reilly
Automotive,
Inc.
3.600%,
09/01/27
80,000
74,250
QVC,
Inc.
4.450%,
02/15/25
80,000
68,923
Under
Armour,
Inc.
3.250%,
06/15/26
110,000
100,136
Total
487,688
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
17
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Supermarkets
0.5%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.250%,
03/15/26
(b)
50,000
46,231
4.625%,
01/15/27
(b)
40,000
37,550
6.500%,
02/15/28
(b)
160,000
157,076
Kroger
Co.
(The)
4.500%,
01/15/29
40,000
37,543
Total
278,400
Technology
4.4%
Amdocs
Ltd.
2.538%,
06/15/30
50,000
39,286
Avnet,
Inc.
4.625%,
04/15/26
40,000
38,378
Block,
Inc.
2.750%,
06/01/26
50,000
45,023
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
125,000
116,784
Broadcom,
Inc.
4.750%,
04/15/29
50,000
46,483
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
40,000
38,919
6.020%,
06/15/26
32,000
32,023
Equifax,
Inc.
3.100%,
05/15/30
60,000
49,128
Equinix,
Inc.
3.200%,
11/18/29
60,000
50,695
Fair
Isaac
Corp.
4.000%,
06/15/28
(b)
50,000
44,466
Fidelity
National
Information
Services,
Inc.
1.150%,
03/01/26
40,000
35,810
Fiserv,
Inc.
3.200%,
07/01/26
40,000
37,365
3.500%,
07/01/29
100,000
87,708
Flex
Ltd.
3.750%,
02/01/26
85,000
80,452
Gen
Digital,
Inc.
5.000%,
04/15/25
(b)
85,000
82,674
Global
Payments,
Inc.
1.200%,
03/01/26
40,000
35,648
Hewlett
Packard
Enterprise
Co.
5.250%,
07/01/28
60,000
57,888
HP,
Inc.
3.000%,
06/17/27
40,000
36,047
Iron
Mountain,
Inc.
4.875%,
09/15/27
(b)
50,000
45,873
5.000%,
07/15/28
(b)
100,000
89,574
Jabil,
Inc.
3.600%,
01/15/30
50,000
42,419
Keysight
Technologies,
Inc.
3.000%,
10/30/29
60,000
50,414
4.600%,
04/06/27
50,000
47,671
Micron
Technology,
Inc.
6.750%,
11/01/29
50,000
50,199
Motorola
Solutions,
Inc.
4.600%,
02/23/28
80,000
75,618
Oracle
Corp.
2.650%,
07/15/26
85,000
78,215
3.250%,
11/15/27
80,000
72,397
PTC,
Inc.
4.000%,
02/15/28
(b)
60,000
53,456
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Qorvo,
Inc.
1.750%,
12/15/24
(b)
50,000
47,296
Roper
Technologies,
Inc.
2.950%,
09/15/29
50,000
42,561
Seagate
HDD
Cayman
4.875%,
06/01/27
60,000
56,363
Sensata
Technologies
BV
5.000%,
10/01/25
(b)
60,000
58,421
Skyworks
Solutions,
Inc.
1.800%,
06/01/26
120,000
107,132
TD
SYNNEX
Corp.
1.750%,
08/09/26
85,000
74,367
VMware,
Inc.
1.400%,
08/15/26
85,000
74,860
3.900%,
08/21/27
40,000
37,074
Western
Digital
Corp.
2.850%,
02/01/29
60,000
46,719
4.750%,
02/15/26
60,000
56,260
Xerox
Holdings
Corp.
5.000%,
08/15/25
(b)
80,000
73,594
Total
2,235,260
Tobacco
0.3%
Altria
Group,
Inc.
2.350%,
05/06/25
40,000
37,879
BAT
Capital
Corp.
2.259%,
03/25/28
75,000
62,999
3.557%,
08/15/27
33,000
29,909
Total
130,787
Transportation
Services
0.3%
FedEx
Corp.
3.250%,
04/01/26
60,000
56,707
Gxo
Logistics,
Inc.
1.650%,
07/15/26
50,000
44,003
Penske
Automotive
Group,
Inc.
Subordinated
3.500%,
09/01/25
60,000
57,173
Total
157,883
Wireless
0.7%
American
Tower
Corp.
2.900%,
01/15/30
50,000
40,798
Crown
Castle,
Inc.
3.800%,
02/15/28
60,000
54,097
Rogers
Communications,
Inc.
3.625%,
12/15/25
50,000
47,479
5.250%,
(US
5
Year
CMT
T-Note
+
3.590%),
03/15/82
(b),(d)
50,000
43,971
Sprint
LLC
7.625%,
03/01/26
80,000
82,173
T-Mobile
USA,
Inc.
2.050%,
02/15/28
20,000
17,045
5.375%,
04/15/27
85,000
83,608
Total
369,171
Wirelines
0.9%
AT&T,
Inc.
2.300%,
06/01/27
40,000
35,344
4.350%,
03/01/29
85,000
78,239
British
Telecommunications
PLC
5.125%,
12/04/28
85,000
80,698
Level
3
Financing,
Inc.
3.400%,
03/01/27
(b)
40,000
37,200
Lumen
Technologies,
Inc.
4.000%,
02/15/27
(b)
40,000
27,251
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Strategic
Beta
ETFs
|
Annual
Report
2023
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Verizon
Communications,
Inc.
2.100%,
03/22/28
40,000
34,124
4.125%,
03/16/27
75,000
71,040
4.329%,
09/21/28
85,000
79,147
Total
443,043
Total
Corporate
Bonds
(Cost
$28,148,453)
26,407,272
Foreign
Government
Obligations
(e)
17
.7
%
Principal
Amount
($)
Value
($)
Brazil
1.6%
Brazilian
Government
International
Bond
8.875%,
04/15/24
80,000
80,549
6.000%,
04/07/26
289,000
291,492
4.500%,
05/30/29
200,000
184,332
2.875%,
06/06/25
300,000
285,046
Total
841,419
China
0.9%
Industrial
&
Commercial
Bank
of
China
Ltd.
Series
REGS,
4.875%,
09/21/25
455,000
446,611
Colombia
1.8%
Colombia
Government
International
Bond
4.500%,
01/28/26
374,000
358,064
Ecopetrol
SA
5.375%,
06/26/26
450,000
430,819
8.625%,
01/19/29
150,000
149,717
Total
938,600
Dominican
Republic
1.2%
Dominican
Republic
International
Bond
Series
REGS,
5.500%,
02/22/29
150,000
136,513
Series
REGS,
5.500%,
01/27/25
200,000
196,605
Series
REGS,
5.950%,
01/25/27
272,000
262,431
Total
595,549
Hungary
0.8%
Hungary
Government
International
Bond
5.375%,
03/25/24
34,000
33,949
Series
REGS,
5.250%,
06/16/29
200,000
188,418
Magyar
Export-Import
Bank
Zrt
6.125%,
12/04/27
200,000
195,858
Total
418,225
India
0.4%
Export-Import
Bank
of
India
Series
REGS,
3.875%,
02/01/28
200,000
183,644
Indonesia
2.4%
Indonesia
Government
International
Bond
4.100%,
04/24/28
255,000
239,748
Series
REGS,
4.750%,
01/08/26
200,000
196,743
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.400%,
03/01/28
255,000
242,904
Series
REGS,
4.450%,
02/20/29
200,000
189,645
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
4.125%,
05/15/27
200,000
187,886
Series
REGS,
5.450%,
05/21/28
200,000
194,040
Total
1,250,966
Israel
0.3%
Israel
Electric
Corp.
Ltd.
Series
GMTN,
4.250%,
08/14/28
(b)
200,000
175,175
Kazakhstan
0.7%
KazMunayGas
National
Co.
JSC
Series
REGS,
4.750%,
04/19/27
400,000
373,574
Foreign
Government
Obligations
(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Kuwait
0.4%
MEGlobal
BV
Series
REGS,
4.250%,
11/03/26
200,000
188,267
Mexico
1.8%
Mexico
Government
International
Bond
4.125%,
01/21/26
200,000
194,700
3.750%,
01/11/28
255,000
235,054
4.500%,
04/22/29
200,000
184,986
Petroleos
Mexicanos
5.350%,
02/12/28
184,000
148,097
6.500%,
01/23/29
200,000
161,176
Total
924,013
Oman
1.9%
Oman
Government
International
Bond
Series
REGS,
6.000%,
08/01/29
200,000
193,621
Series
REGS,
6.750%,
10/28/27
200,000
201,891
Series
REGS,
5.625%,
01/17/28
400,000
386,398
Oman
Sovereign
Sukuk
Co.
Series
REGS,
5.932%,
10/31/25
200,000
199,274
Total
981,184
Panama
0.4%
Panama
Government
International
Bond
Series
REGS,
3.750%,
04/17/26
240,000
222,673
Philippines
0.9%
Philippine
Government
International
Bond
10.625%,
03/16/25
240,000
256,246
3.750%,
01/14/29
200,000
183,441
Total
439,687
Romania
0.6%
Romanian
Government
International
Bond
Series
REGS,
5.250%,
11/25/27
300,000
289,461
South
Africa
1.2%
Republic
of
South
Africa
Government
International
Bond
4.875%,
04/14/26
200,000
190,506
4.300%,
10/12/28
200,000
172,468
4.850%,
09/27/27
255,000
234,831
Total
597,805
United
Arab
Emirates
0.4%
Sharjah
Sukuk
Program
Ltd.
Series
EMTN,
4.226%,
03/14/28
200,000
184,907
Uruguay
0.0%
Uruguay
Government
International
Bond
4.500%,
08/14/24
13,333
13,278
Total
Foreign
Government
Obligations
(Cost
$9,473,835)
9,065,038
Residential
Mortgage-Backed
Securities
-
Agency
9
.8
%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
9.8%
1.500%,
11/15/38
(f)
2,175,000
1,788,937
2.000%,
11/15/38
(f)
2,607,000
2,207,396
2.500%,
11/15/38
(f)
446,000
388,560
3.000%,
11/15/38
(f)
178,000
159,129
3.500%,
11/15/38
(f)
128,600
117,398
4.000%,
11/15/38
(f)
123,000
114,661
4.500%,
11/15/38
(f)
112,300
106,501
5.000%,
11/15/38
(f)
93,000
89,706
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
19
Notes
to
Portfolio
of
Investments
Residential
Mortgage-Backed
Securities
-
Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.500%,
11/15/38
(f)
76,400
74,908
Total
5,047,196
Total
Residential
Mortgage-Backed
Securities
-
Agency
(Cost
$5,111,108)
5,047,196
Treasury
Bills
7
.7
%
Principal
Amount
($)
Value
($)
United
States
7.7%
U.S.
Treasury
Bills
5.433%,
12/14/23
4,000,000
3,974,705
Total
Treasury
Bills
(Cost
$3,974,516)
3,974,705
Money
Market
Funds
2
.2
%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
5.270%
(g)
1,111,198
1,111,198
Total
Money
Market
Funds
(Cost
$1,111,198)
1,111,198
Total
Investments
in
Securities
(Cost
$58,860,543)
56,027,074
Other
Assets
&
Liabilities,
Net
(
4,724,880
)
Net
Assets
51,302,194
(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,
2023.
(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,
2023,
the
total
value
of
these
securities
amounted
to
$6,952,667,
which
represents
13.55%
of
total
net
assets.
(c)
Payment-in-kind
security.
Interest
can
be
paid
by
issuing
additional
par
of
the
security
or
in
cash.
(d)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2023.
(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,
2023.
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.).
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Strategic
Beta
ETFs
|
Annual
Report
2023
Fair
Value
Measurements
(continued)
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Asset-Backed
Securities
-
Non-Agency
–
5,283,595
–
5,283,595
Commercial
Mortgage-Backed
Securities
-
Non-Agency
–
5,138,070
–
5,138,070
Corporate
Bonds
–
26,407,272
–
26,407,272
Foreign
Government
Obligations
–
9,065,038
–
9,065,038
Residential
Mortgage-Backed
Securities
-
Agency
–
5,047,196
–
5,047,196
Treasury
Bills
–
3,974,705
–
3,974,705
Money
Market
Funds
1,111,198
–
–
1,111,198
Total
Investments
in
Securities
1,111,198
54,915,876
–
56,027,074
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,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
21
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$58,860,543)
$56,027,074
Foreign
currency
(cost
$12)
12
Receivable
for:
Investments
sold
961,616
Interest
466,700
Dividends
4,634
Reimbursement
due
from
Investment
Manager
150
Total
assets
57,460,186
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
5,111,108
Investments
purchased
1,036,053
Investment
management
fees
10,831
Total
liabilities
6,157,992
Net
assets
applicable
to
outstanding
capital
stock
$51,302,194
Represented
by:
Paid-in
capital
$56,225,826
Total
distributable
earnings
(loss)
(4,923,632)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$51,302,194
Shares
outstanding
2,900,050
Net
asset
value
per
share
$17.69
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Strategic
Beta
ETFs
|
Annual
Report
2023
Investment
Income:
Interest
$1,944,065
Dividends
-
unaffiliated
issuers
32,161
Total
income
1,976,226
Expenses:
Investment
management
fees
123,483
Total
expenses
123,483
Fees
waived
or
expenses
reimbursed
by
Investment
Manager
(798)
Total
net
expenses
122,685
Net
Investment
Income
1,853,541
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(728,820)
In-kind
transactions
-
unaffiliated
issuers
(162,667)
Net
realized
loss
(891,487)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
913,543
Net
change
in
unrealized
appreciation
913,543
Net
realized
and
unrealized
gain
22,056
Net
Increase
in
net
assets
resulting
from
operations
$1,875,597
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
23
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Operations
Net
investment
income
$1,853,541
$1,003,161
Net
realized
loss
(891,487)
(1,433,142)
Net
change
in
unrealized
appreciation
(depreciation)
913,543
(3,583,295)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
1,875,597
(4,013,276)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(1,821,194)
(976,236)
Shareholder
transactions
Proceeds
from
shares
sold
6,257,457
39,388,579
Cost
of
shares
redeemed
(2,700,613)
(6,566,422)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
3,556,844
32,822,157
Increase
in
net
assets
3,611,247
27,832,645
Net
Assets:
Net
assets
beginning
of
year
47,690,947
19,858,302
Net
assets
at
end
of
year
$51,302,194
$47,690,947
Capital
stock
activity
Shares
outstanding,
beginning
of
year
2,700,050
1,000,050
Shares
sold
350,000
2,050,000
Shares
redeemed
(150,000)
(350,000)
Shares
outstanding,
end
of
year
2,900,050
2,700,050
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Strategic
Beta
ETFs
|
Annual
Report
2023
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
ratio
of
expenses
and
net
investment
income
are
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,
2023
2022
2021
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$
17
.66
$
19
.86
$
20
.00
Income
(loss)
from
investment
operations:
Net
investment
income
0
.67
0
.44
0
.03
Net
realized
and
unrealized
gain
(loss)
0
.03
(
2
.20
)
(
0
.17
)
Total
from
investment
operations
0
.70
(
1
.76
)
(
0
.14
)
Less
distributions
to
shareholders:
Net
investment
income
(
0
.67
)
(
0
.44
)
–
Total
distribution
to
shareholders
(
0
.67
)
(
0
.44
)
–
Net
asset
value,
end
of
period
$
17
.69
$
17
.66
$
19
.86
Total
Return
at
NAV
3
.95
%
(
8
.96
)
%
(
0
.70
)
%
Total
Return
at
Market
Price
4
.36
%
(
9
.25
)
%
(
0
.70
)
%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0
.25
%
0
.25
%
0
.25
%
Total
net
expenses
(b)(c)
0
.25
%
0
.25
%
0
.25
%
Net
investment
income
3
.75
%
2
.39
%
1
.44
%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$
51,302
$
47,691
$
19,858
Portfolio
turnover
154
%
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)
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,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
25
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,
2023
26
Strategic
Beta
ETFs
|
Annual
Report
2023
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.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
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.
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.
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.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
27
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
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
provision
is
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
28
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Fund
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
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
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
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
29
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below),
through
February
29,
2024,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
annual
rate
of
0.25%
of
the
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund's
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
brokerage
commissions,
interest,
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund's
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods
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,
2023,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
capital
loss
carryforwards,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind
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,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
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
($)
35,248
118,927
(154,175)
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
1,821,194
-
1,821,194
976,236
-
976,236
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
depreciation
($)
185,911
-
(2,223,127)
(2,886,416)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
depreciation
($)
58,913,490
11,318
(2,897,734)
(2,886,416)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
30
Strategic
Beta
ETFs
|
Annual
Report
2023
The
following
capital
loss
carryforwards,
determined
at
October
31,
2023,
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,
2023,
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
$76,544,033
and
$75,266,477
respectively,
for
the
year
ended
October
31,
2023,
of
which
$63,841,936
and
$63,248,281,
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,
2023,
the
cost
basis
of
securities
contributed
was
$4,338,354.
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,
2023,
the
in-kind
redemption
cost
basis
was
$2,097,410,
the
proceeds
from
sales
were
$1,934,743
and
the
net
realized
loss
was
$162,667.
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
26,
2023
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
$900
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
26,
2023
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
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2023.
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
1,703,787
519,340
2,223,127
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
31
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower-rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
High-yield
investments
risk
Securities
and
other
debt
instruments
held
by
the
Fund
that
are
rated
below
investment
grade
(commonly
called
"high-
yield"
or
"junk"
bonds)
and
unrated
debt
instruments
of
comparable
quality
expose
the
Fund
to
a
greater
risk
of
loss
of
principal
and
income
than
a
fund
that
invests
solely
or
primarily
in
investment
grade
debt
instruments.
In
addition,
these
investments
have
greater
price
fluctuations,
are
less
liquid
and
are
more
likely
to
experience
a
default
than
higher-
rated
debt
instruments.
High-yield
debt
instruments
are
considered
to
be
predominantly
speculative
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
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,
other
conflicts,
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
32
Strategic
Beta
ETFs
|
Annual
Report
2023
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
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
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,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
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
Index’s
investment
exposures.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
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
their
activities
as
part
of
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
33
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
provide
services
to
the
Fund.
34
Strategic
Beta
ETFs
|
Annual
Report
2023
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,
2023,
the
related
statement
of
operations
for
the
year
ended
October
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2023
and
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2023,
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,
2023
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
October
31,
2023
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,
2023
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
28,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
TRUSTEES
AND
OFFICERS
(Unaudited)
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Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
170
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;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
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
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
170
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
2023
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
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
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
170
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee),
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee)
(financial
services),
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
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
170
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
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
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
168
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,
(former
mutual
fund
complex),
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
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
168
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
170
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
170
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
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
170
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
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
since
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
168
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
168
Director,
CSX
Corporation
(transportation
suppliers);
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;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
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.
170
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
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
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
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
168
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Hacker
and
Mses.
Blatz,
Carlton,
Carrig,
Flynn,
Paglia,
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
800.345.6611,
visiting
collumbiathreadneedleus.com/etfs,
or
contacting
your
financial
intermediary.
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
and
Other
Relevant
Board
Experience
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
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
170
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
since
2022
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
and
Other
Relevant
Board
Experience
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;
Co-President
and
Principal
Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
170
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;
Director,
Columbia
Threadneedle
Canada,
Inc.,
since
December
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2023
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
Fund
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
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
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.
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.
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.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
41
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
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.
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
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2023
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
February,
March,
April,
May
and
June
2023,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
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
(including
their
subcommittees),
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
22,
2023
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
one
or
more
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
2023
43
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years.
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
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
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
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Fund
and
(iv)
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
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
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.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2023
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)
was
slightly
below
the
peer
universe’s
median
expense
ratio
shown
in
the
reports.
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
the
profitability
generated
by
the
Investment
Manager
in
2022
had
declined
from
2021
levels,
due
to
a
variety
of
factors,
including
the
decreased
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
22,
2023,
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.
©
2023
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
ANNUAL
REPORT
October
31,
2023
Columbia
Seligman
Semiconductor
and
Technology
ETF
An
Actively
Managed
ETF
Thematic
ETFs
|
Annual
Report
2023
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Understanding
Your
Fund’s
Expenses
7
Portfolio
of
Investments
8
Statement
of
Assets
and
Liabilities
10
Statement
of
Operations
11
Statement
of
Changes
in
Net
Assets
12
Financial
Highlights
13
Notes
to
Financial
Statements
14
Report
of
Independent
Registered
Public
Accounting
Firm
22
Federal
Income
Tax
Information
23
Trustees
and
Officers
24
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
(Unaudited)
Thematic
ETFs
|
Annual
Report
2023
3
Portfolio
management
Paul
Wick
Lead
Portfolio
Manager
Managed
Fund
since
2022
Shekhar
Pramanick
Technology
Team
Member
Managed
Fund
since
2022
Sanjay
Devgan
Technology
Team
Member
Managed
Fund
since
2022
Christopher
Lo,
CFA
Implementation
Portfolio
Manager
Managed
Fund
since
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,
2023)
Inception
1
Year
Life
Market
Price
03/29/22
19.03
-7.49
Net
Asset
Value
03/29/22
18.45
-7.62
PHLX
Semiconductor
Sector
Index
36.71
-4.65
S&P
500
Index
10.14
-3.75
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Thematic
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(March
29,
2022
—
October
31,
2023)
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,
2023
)
Common
Stocks
96.6
Money
Market
Funds
3.4
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sector
breakdown
(%)
(at
October
31,
2023
)
Information
Technology
96.3
Communication
Services
2.1
Industrials
1.6
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,
2023
)
Information
Technology
Application
Software
8.6
Electronic
Equipment
&
Instruments
2.4
Semiconductor
Equipment
21.3
Semiconductors
60.7
Systems
Software
0.7
Technology
Hardware,
Storage
&
Peripherals
2.6
Total
96.3
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
2023
5
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Seligman
Semiconductor
and
Technology
ETF
returned
18.45%
based
on
net
asset
value
(NAV)
and
19.03%
based
on
market
price.
For
the
same
time
period,
the
Fund’s
benchmark,
the
PHLX
Semiconductor
Sector
Index
returned
36.71%
and
the
broad
U.S.
equity
market,
measured
by
the
S&P
500
Index,
returned
10.14%.
The
Fund
had
an
NAV
of
$14.88
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
an
NAV
of
$17.51.
The
Fund’s
market
price
on
October
31,
2023
was
$17.55
per
share.
Market
overview
Global
equity
markets
delivered
strong
gains
during
the
one-year
period
ending
October
31,
2023
and
bounced
back
after
2022
proved
challenging.
Macro
pressures
weighed
on
the
market
to
start
the
year-long
period,
as
they
did
at
the
end,
and
equities
sold
off
during
both
periods.
However,
the
market
did
advance
steadily
in
the
interim
as
macro
pressures
eased
and
the
last
remaining
pockets
of
the
world
broadly
re-opened
following
the
COVID-19
pandemic.
Most
notably,
China
abandoned
its
zero-COVID
policy
to
start
2023,
allowing
for
activity
to
begin
to
normalize
after
the
prolonged
period
of
rolling
lockdowns
across
much
of
the
country.
Europe
benefited
from
falling
inflation,
particularly
in
Italy
and
Spain,
and
warm
weather
during
the
winter
allayed
concerns
of
energy
shortages
resulting
from
the
loss
of
Russian
supplies
after
the
invasion
of
Ukraine.
The
consumer
spending
recovered
and
business
confidence
strengthened
in
Asia
Pacific.
Fluctuations
in
the
US
dollar,
which
had
eroded
returns
significantly
for
U.S.
investors
over
the
previous
12-month
period,
proved
favorable
and
also
provided
a
boost.
While
a
resilient
consumer
spending
and
easing
fears
of
a
recession
drove
broad
swaths
of
the
market
recovery,
the
world’s
introduction
to
consumer-facing
artificial
intelligence
(AI)
products
powered
by
large-language
models
(LLMs)
resonated
and
drove
technology
outperformance.
An
LLM
is
a
sophisticated
AI
system
that
uses
advanced
computer
science
techniques
to
process
large
amounts
of
text
data
and
patterns
in
language,
enabling
human-like
responses
to
queries.
Almost
as
if
programmed
by
lines
of
code,
the
steady
cadence
of
new
product
releases
from
the
world’s
leading
technology
companies
drove
investor
enthusiasm,
especially
for
large-cap
technology
companies.
Of
note,
during
the
second
quarter
of
2023,
core
holding
NVIDIA
Corp.
became
the
first
semiconductor
company
to
exceed
$1
trillion
in
equity
market
capitalization,
while
Apple
became
the
first
publicly
traded
company
to
exceed
$3
trillion
in
equity
value.
The
uneven
recovery
of
the
Chinese
economy,
in
addition
to
increased
escalation
of
the
decades-in-the-making
technology
cold
war
between
the
United
States
and
China,
did
cause
some
market
angst.
Elsewhere
in
the
world,
declining
property
values,
elevated
local
government
debt
and
contraction
in
industrial
activity
did
weigh
on
the
economic
outlook
as
well.
Equity
markets
declined
in
the
last
few
months
of
the
period
as
investors
once
again
recalibrated
to
a
market
backdrop
that
featured
rising
interest
rates.
Expectations
generally
had
been
that
a
healthy
labor
market
combined
with
a
resilient
consumer
would
offset
fears
of
a
punitive
recession.
While
this
ultimately
came
to
fruition
during
the
third
quarter
of
2023,
weakening
macro
data
and
commentary
by
the
U.S.
Federal
Reserve
indicated
that
a
regime
of
higher
interest
rates
for
longer
was
likely
to
persist.
Information
technology
stocks
gave
back
some
gains,
but
interest
in
all
things
AI
did
not
wane.
In
a
quickly
evolving
yet
nascent
space,
AI
remained
a
strategic
imperative
for
companies
looking
to
stay
competitive
vs.
peers.
The
Fund’s
notable
detractors
during
the
period
The
Fund’s
absolute
and
relative
performance
was
negatively
impacted
by
disappointing
results
within
the
industrials
sectors.
The
sector
is
not
a
component
of
the
benchmark.
Relative
to
the
benchmark,
stock
selection
within
the
semiconductor
industry
weighed
most
heavily
on
Fund
performance.
The
Fund’s
average
cash
position
during
the
period
also
weighed
on
results
relative
to
the
benchmark.
Holdings
that
weighed
most
on
the
Fund’s
performance
during
the
period
included
semiconductor
companies
Tower
Semiconductor
Ltd.,
indie
Semiconductor,
Inc.
and
GLOBALFOUNDRIES,
Inc.,
alternative
fuel
cell
company
Bloom
Energy
Corp.,
and
application
software
company
Xperi,
Inc.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
6
Thematic
ETFs
|
Annual
Report
2023
The
Fund’s
notable
contributors
during
the
period
Though
it
underperformed
the
benchmark’s
results
within
the
industry,
on
an
absolute
basis,
the
semiconductor
industry
was
the
largest
contributor
to
Fund
performance
during
the
period.
The
software,
technology
hardware
and
electronic
equipment
industries,
as
well
as
the
communication
services
sector,
also
contributed
to
the
Fund’s
absolute
performance
during
the
period.
The
Fund’s
allocation
to
the
software
industry,
which
is
not
a
benchmark
component,
contributed
to
relative
performance
during
the
period.
Security
selection
drove
the
Fund’s
outperformance
of
the
benchmark
within
the
electronic
equipment
industry.
Holdings
that
contributed
most
to
the
Fund’s
performance
during
the
period
included
semiconductor
companies
Broadcom,
Inc.,
Lam
Research
Corp.,
Synopsis,
Inc.,
Rambus,
Inc.
and
NVIDIA
Corp.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Thematic
ETFs
|
Annual
Report
2023
7
As
a
shareholder
of
the
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
October
31,
2023.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2023
—
October
31,
2023
Beginning
account
value
($)
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
1,023.40
1,021.42
3.83
3.82
0.75
PORTFOLIO
OF
INVESTMENTS
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Thematic
ETFs
|
Annual
Report
2023
Notes
to
Portfolio
of
Investments
Common
Stocks
97.7%
Issuer
Shares
Value
($)
Communication
Services 2.0%
Interactive
Media
&
Services
2.0%
Alphabet,
Inc.
Class
C
(a)
3,903
489,046
Total
Communication
Services
489,046
Industrials 1.6%
Electrical
Equipment
1.6%
Bloom
Energy
Corp.
Class
A
(a)
36,260
377,104
Total
Industrials
377,104
Information
Technology 94.1%
Electronic
Equipment,
Instruments
&
Components
2.3%
Advanced
Energy
Industries,
Inc.
6,389
557,504
Semiconductors
&
Semiconductor
Equipment
80.1%
Advanced
Micro
Devices,
Inc.
(a)
1,978
194,833
Analog
Devices,
Inc.
8,060
1,268,080
Applied
Materials,
Inc.
7,760
1,027,036
Broadcom,
Inc.
2,262
1,903,179
Diodes,
Inc.
(a)
2,321
151,051
Entegris,
Inc.
1,062
93,498
Ichor
Holdings
Ltd.
(a)
3,913
94,929
indie
Semiconductor,
Inc.
Class
A
(a)
44,573
217,962
Intel
Corp.
16,907
617,105
KLA
Corp.
2,144
1,007,037
Lam
Research
Corp.
3,324
1,955,243
Marvell
Technology,
Inc.
20,676
976,321
Microchip
Technology,
Inc.
12,471
889,058
Micron
Technology,
Inc.
12,105
809,461
MKS
Instruments,
Inc.
1,387
91,070
NVIDIA
Corp.
1,061
432,676
NXP
Semiconductors
NV
5,533
954,055
ON
Semiconductor
Corp.
(a)
11,415
715,036
Qorvo,
Inc.
(a)
6,941
606,782
QUALCOMM,
Inc.
6,184
673,994
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Rambus,
Inc.
(a)
8,996
488,753
Semtech
Corp.
(a)
51,401
717,558
Silicon
Laboratories,
Inc.
(a)
1,524
140,482
Skyworks
Solutions,
Inc.
3,978
345,052
SMART
Global
Holdings,
Inc.
(a)
17,538
240,271
STMicroelectronics
NV
12,694
482,118
Synaptics,
Inc.
(a)
7,587
634,728
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
6,799
586,822
Teradyne,
Inc.
8,630
718,620
Tower
Semiconductor
Ltd.
(a)
11,237
258,676
Total
19,291,486
Software
9.2%
Adeia,
Inc.
19,559
164,882
Cadence
Design
Systems,
Inc.
(a)
3,913
938,533
Synopsys,
Inc.
(a)
2,338
1,097,551
Total
2,200,966
Technology
Hardware,
Storage
&
Peripherals
2.5%
Western
Digital
Corp.
(a)
15,123
607,189
Total
Information
Technology
22,657,145
Total
Common
Stocks
(Cost
$24,371,527)
23,523,295
Money
Market
Funds
3.4%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.261%
(b)
829,811
829,811
Total
Money
Market
Funds
(Cost
$829,811)
829,811
Total
Investments
in
Securities
(Cost
$25,201,338)
24,353,106
Other
Assets
&
Liabilities,
Net
(271,535)
Net
Assets
24,081,571
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
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.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
ETFs
|
Annual
Report
2023
9
Fair
Value
Measurements
(continued)
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,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
489,046
–
–
489,046
Industrials
377,104
–
–
377,104
Information
Technology
22,657,145
–
–
22,657,145
Total
Common
Stocks
23,523,295
–
–
23,523,295
Money
Market
Funds
829,811
–
–
829,811
Total
Investments
in
Securities
24,353,106
–
–
24,353,106
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Thematic
ETFs
|
Annual
Report
2023
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$25,201,338)
$24,353,106
Receivable
for:
Dividends
3,671
Total
assets
24,356,777
Liabilities
Payable
for:
Investments
purchased
258,944
Investment
management
fees
16,262
Total
liabilities
275,206
Net
assets
applicable
to
outstanding
capital
stock
$24,081,571
Represented
by:
Paid-in
capital
$25,408,373
Total
distributable
earnings
(loss)
(1,326,802)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$24,081,571
Shares
outstanding
1,375,050
Net
asset
value
per
share
$17.51
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
ETFs
|
Annual
Report
2023
11
Investment
Income:
Dividends
-
unaffiliated
issuers
$209,475
Foreign
taxes
withheld
(4,657)
Total
income
204,818
Expenses:
Investment
management
fees
147,802
Total
expenses
147,802
Net
Investment
Income
57,016
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(233,096)
In-kind
transactions
-
unaffiliated
issuers
194,027
Net
realized
loss
(39,069)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,030,270
Net
change
in
unrealized
appreciation
1,030,270
Net
realized
and
unrealized
gain
991,201
Net
Increase
in
net
assets
resulting
from
operations
$1,048,217
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Thematic
ETFs
|
Annual
Report
2023
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
(a)
Operations
Net
investment
income
$57,016
$5,097
Net
realized
loss
(39,069)
(297,465)
Net
change
in
unrealized
appreciation
(depreciation)
1,030,270
(1,878,502)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
1,048,217
(2,170,870)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(93,542)
–
Shareholder
transactions
Proceeds
from
shares
sold
12,179,777
9,448,137
Cost
of
shares
redeemed
(1,331,148)
–
Net
increase
in
net
assets
resulting
from
shareholder
transactions
10,848,629
9,448,137
Increase
in
net
assets
11,803,304
7,277,267
Net
Assets:
Net
assets
beginning
of
year
12,278,267
5,001,000
Net
assets
at
end
of
year
$24,081,571
$12,278,267
Capital
stock
activity
Shares
outstanding,
beginning
of
year
825,050
250,050
Shares
sold
625,000
575,000
Shares
redeemed
(75,000)
–
Shares
outstanding,
end
of
year
1,375,050
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
this
statement.
Thematic
ETFs
|
Annual
Report
2023
13
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
ratio
of
expenses
and
net
investment
income
are
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,
2023
2022
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$14.88
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.05
0.00
(b)
Net
realized
and
unrealized
gain
(loss)
2.69
(5.12)
Total
from
investment
operations
2.74
(5.12)
Less
distributions
to
shareholders:
Net
investment
income
(0.03)
–
Net
realized
gains
(0.08)
–
Total
distribution
to
shareholders
(0.11)
–
Net
asset
value,
end
of
year
$17.51
$14.88
Total
Return
at
NAV
18.45%
(25.60)%
Total
Return
at
Market
Price
19.03%
(25.80)%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.75%
0.75%
Total
net
expenses
(c)(d)
0.75%
0.75%
Net
investment
income
0.29%
0.09%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$24,082
$12,278
Portfolio
turnover
26%
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)
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,
2023
14
Thematic
ETFs
|
Annual
Report
2023
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).
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.
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,
2023
Thematic
ETFs
|
Annual
Report
2023
15
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.
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
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
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
provision
is
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
16
Thematic
ETFs
|
Annual
Report
2023
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
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
pronouncements
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Fund
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
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
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
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Thematic
ETFs
|
Annual
Report
2023
17
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2023,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind
and
capital
loss
carryforwards.
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:
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,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
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,
2023,
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,
2023,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
($)
Paid
in
capital
($)
-
(110,607)
110,607
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
93,542
-
93,542
-
-
-
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
($)
240,655
2,636
(232,838)
(1,337,255)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
($)
25,690,361
1,704,636
(3,041,891)
(1,337,255)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
18
Thematic
ETFs
|
Annual
Report
2023
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
$5,748,914
and
$4,954,861,
respectively,
for
the
year
ended
October
31,
2023.
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,
2023,
the
cost
basis
of
securities
contributed
was
$10,876,374.
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,
2023,
the
in-kind
redemption
cost
basis
was
$986,191,
the
proceeds
from
sales
were
$1,180,218
and
the
net
realized
gain
was
$194,027.
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
26,
2023
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
$900
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
26,
2023
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
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2023.
Note
8.
Significant
risks
Active
management
risk
The
Fund
is
actively
managed
and
its
performance
therefore
will
reflect,
in
part,
the
ability
of
the
portfolio
managers
to
make
investment
decisions
that
seek
to
achieve
the
Fund’s
investment
objective.
The
Fund
is
not
an
index
fund
(it
does
not
seek
to
track
the
performance
of
an
index),
nor
does
it
provide
daily
transparency
into
its
portfolio
holdings
like
most
other
ETFs.
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
232,838
-
232,838
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Thematic
ETFs
|
Annual
Report
2023
19
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
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
The
Fund
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
were
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,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
20
Thematic
ETFs
|
Annual
Report
2023
–
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
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
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,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
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
their
activities
as
part
of
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Thematic
ETFs
|
Annual
Report
2023
21
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
provide
services
to
the
Fund.
22
Thematic
ETFs
|
Annual
Report
2023
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,
2023,
the
related
statement
of
operations
for
the
year
ended
October
31,
2023
and
the
statement
of
changes
in
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2023
and
for
the
period
March
29,
2022
(commencement
of
operations)
through
October
31,
2022,
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,
2023,
the
results
of
its
operations
for
the
year
ended
October
31,
2023,
and
the
changes
in
its
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2023
and
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
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,
2023
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
20,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Thematic
ETFs
|
Annual
Report
2023
23
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2023
.
Shareholders
will
be
notified
in
early
2024
of
the
amounts
for
use
in
preparing
2023
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
The
Fund
designates
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Fund
DRD
QDI
Columbia
Seligman
Semiconductor
and
Technology
ETF
55.96%
65.46%
Fund
Columbia
Seligman
Semiconductor
and
Technology
ETF
$2,768
TRUSTEES
AND
OFFICERS
(Unaudited)
24
Thematic
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
170
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;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
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
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
170
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
2023
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
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
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
170
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee),
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee)
(financial
services),
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
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
170
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
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
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
168
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,
(former
mutual
fund
complex),
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
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
168
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
26
Thematic
ETFs
|
Annual
Report
2023
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
and
Other
Relevant
Board
Experience
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
170
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
170
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
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
170
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
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
since
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
168
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2023
27
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
168
Director,
CSX
Corporation
(transportation
suppliers);
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;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
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.
170
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
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
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
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
168
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
28
Thematic
ETFs
|
Annual
Report
2023
*
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,
Carrig,
Flynn,
Paglia,
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
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.
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
and
Other
Relevant
Board
Experience
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
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
170
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
since
2022
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
and
Other
Relevant
Board
Experience
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;
Co-President
and
Principal
Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
170
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;
Director,
Columbia
Threadneedle
Canada,
Inc.,
since
December
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2023
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
Fund
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
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
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
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.
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.
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.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
30
Thematic
ETFs
|
Annual
Report
2023
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
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.
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
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Thematic
ETFs
|
Annual
Report
2023
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
February,
March,
April,
May
and
June
2023,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
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
(including
their
subcommittees),
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
22,
2023
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
one
or
more
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)
32
Thematic
ETFs
|
Annual
Report
2023
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.
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
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
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
Fund’s
performance
relative
to
peers
and
benchmarks
and,
(iii)
the
net
assets
of
the
Fund.
The
Board
observed
that
Fund
performance
was
within
the
range
of
that
of
its
peers.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider's
methodology
for
identifying
the
Fund's
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Thematic
ETFs
|
Annual
Report
2023
33
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
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
the
profitability
generated
by
the
Investment
Manager
in
2022
had
declined
from
2021
levels,
due
to
a
variety
of
factors,
including
the
decreased
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
22,
2023,
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.
©
2023
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, Sandra L. Yeager and Douglas A. Hacker, 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, Ms. Yeager and Mr. Hacker 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.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2023 and October 31, 2022 are approximately as follows:
|
|
|
2023
|
2022
|
|
$126,500
|
$117,500
|
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, 2023 and October 31, 2022 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, 2023 and October 31, 2022, 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, 2023 and October 31, 2022 are approximately as follows:
|
|
|
2023
|
2022
|
|
$55,200
|
$57,500
|
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, 2023 and October 31, 2022, 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, 2023 and October 31, 2022 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, 2023 and October 31, 2022, 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, 2023 and October 31, 2022 are approximately as follows:
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2023
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2022
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$55,200
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$68,700
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(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.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
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(a)
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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, Sandra L. Yeager and Douglas A. Hacker are all members of the Audit Committee.
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Item 6. Investments
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(a)
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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.
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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.
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(a)
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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.
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(b)
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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.
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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.
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(registrant)
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Columbia ETF Trust I
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By (Signature and Title)
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/s/ Daniel J. Beckman
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Daniel J. Beckman, President and Principal Executive Officer
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Date
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December 28, 2023
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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.
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By (Signature and Title)
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/s/ Daniel J. Beckman
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Daniel J. Beckman, President and Principal Executive Officer
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Date
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December 28, 2023
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By (Signature and Title)
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/s/ Michael G. Clarke
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Michael G. Clarke, Chief Financial Officer,
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Principal Financial Officer and Senior Vice President
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Date
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December 28, 2023
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By (Signature and Title)
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/s/ Marybeth Pilat
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Marybeth Pilat, Treasurer, Chief Accounting
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Officer and Principal Financial Officer
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Date
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December 28, 2023
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
COLUMBIA FUNDS
WANGER ADVISORS TRUST / COLUMBIA ACORN TRUST
Applicable Regulatory Authority |
Section 406 of the Sarbanes-Oxley Act of 2002; |
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Item 2 of Form N-CSR |
Related Policies |
Overview and Implementation of Compliance Program |
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Policy |
Requires Annual Board Approval |
No but Covered Officers Must provide annual |
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certification |
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Last Reviewed by AMC |
September 2023 |
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 Boards (the Board of the Columbia Funds ("Columbia Board") and the Boards of the Columbia Acorn Trust ("CAT") and the Wanger Advisors Trust ("WAT") (collectively, "Columbia Acorn Board" and together with the Columbia Board, the "Boards") have adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their 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 Boards have 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;
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
•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;
•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 Boards have 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 Boards have 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 (Columbia Management Investment Advisers, LLC
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 |
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
("CMIA") for the Columbia Funds and Columbia Wanger Asset Management, LLC ("CWAM") for the WAT / CAT Funds), 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 employ ees. 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 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 Boards of the Funds 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 Funds 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 Funds. 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 Co vered 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 a ffiliations 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
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
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.
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 ge nerally 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 regulation s.
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 Boa rd 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 |
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.
VII. Disclosure of Amendments to the Code
Any amendments will, to the extent required, be disclosed in accordance with law.
VIII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and rec ords 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 aff iliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Indep endent 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 |
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Monitoring/Oversight/Escalation
The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.
Recordkeeping
All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
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Appendix A
INITIAL ACKNOWLEDGEMENT
Iacknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I have set forth below (and on attached sheets of paper, if necessary) all known 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 Ind ependent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: _____________________________________________
(please print)
________________________________________________________________________
Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!
Appendix B
ANNUAL ACKNOWLEDGEMENT
Iacknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.
______________________________________________________________
______________________________________________________________
______________________________________________________________
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.
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Date: December 28, 2023
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/s/ Daniel J. Beckman
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Daniel J. Beckman, President and Principal
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Executive Officer
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I, Michael G. Clarke, certify that:
1.I have reviewed this report on Form N-CSR of Columbia ETF Trust I;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: December 28, 2023
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/s/ Michael G. Clarke
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Michael G. Clarke, Chief Financial Officer,
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Principal Financial Officer and Senior Vice
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President
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I, Marybeth Pilat, certify that:
1.I have reviewed this report on Form N-CSR of Columbia ETF Trust I;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control
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over financial reporting to be designed under our supervision, to provide reasonable
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assurance regarding the reliability of financial reporting and the preparation of financial
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statements for external purposes in accordance with generally accepted accounting
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principles;
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(c )
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evaluated the effectiveness of the registrant's disclosure controls and procedures and
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presented in this report our conclusions about the effectiveness of the disclosure controls
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and procedures, as of a date within 90 days prior to the filing date of this report based on
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such evaluation; and
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(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: December 28, 2023
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/s/ Marybeth Pilat
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Marybeth Pilat, Treasurer, Chief Accounting
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Officer and Principal Financial Officer
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