Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
SEMIANNUAL
REPORT
April
30,
2023
(Unaudited)
Columbia
Short
Duration
Bond
ETF
Strategic
Beta
ETFs
|
Semiannual
Report
2023
TABLE
OF
CONTENTS
Fund
at
a
Glance
3
Understanding
Your
Fund’s
Expenses
5
Portfolio
of
Investments
6
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statement
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Notes
to
Financial
Statements
21
Liquidity
Risk
Management
Program
29
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
|
Semiannual
Report
2023
3
Portfolio
management
Ronald
Stahl,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2021
Gregory
Lietchy
Portfolio
Manager
Managed
Fund
since
2021
David
Janssen,
CFA
Portfolio
Manager
Managed
Fund
since
2021
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Short
Term
Bond
Index.
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
April
30,
2023)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
09/21/21
4.95
1.62
-3.41
Net
Asset
Value
09/21/21
4.95
1.68
-3.22
{
Beta
Advantage®
}
Short
Term
Bond
Index
5.04
2.02
-3.87
Bloomberg
U.S
1-5
Year
Credit
Index
4.53
1.69
-2.60
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Semiannual
Report
2023
Quality
breakdown
(%)
(at
April
30,
2023)
AAA
rating
31.3
AA
rating
2.3
A
rating
2.1
BBB
rating
32.2
BB
rating
23.7
B
rating
0.1
Not
rated
8.3
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
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.
Portfolio
breakdown
(%)
(at
April
30,
2023
)
Asset-Backed
Securities
-
Non-Agency
9.1
Commercial
Mortgage-Backed
Securities
-
Non-Agency
9.1
Corporate
Bonds
51.0
Foreign
Government
Obligations
12.4
U.S.
Government
&
Agency
Obligations
9.1
U.S.
Treasury
Obligations
8.3
Money
Market
Funds
1.0
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2023
5
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
April
30,
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.
November
1,
2022
—
April
30,
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
1,049.50
1,023.55
1.27
1.25
0.25
PORTFOLIO
OF
INVESTMENTS
April
30,
2023
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
6
Strategic
Beta
ETFs
|
Semiannual
Report
2023
Asset-Backed
Securities
-
Non-Agency
10
.0
%
Issue
Description
Principal
Amount
($)
Value
($)
AmeriCredit
Automobile
Receivables
Trust
Class
C,
Subordinated
Series
2021-1,
0.890%,
10/19/26
115,000‌
106,759‌
Class
A3,
Series
2022-2,
4.380%,
04/18/28
125,000‌
123,258‌
Class
D,
Series
2020-3,
1.490%,
09/18/26
135,000‌
125,379‌
BMW
Vehicle
Owner
Trust
Class
A4,
Series
2020-A,
0.620%,
04/26/27
100,000‌
96,597‌
Capital
One
Prime
Auto
Receivables
Trust
2022-1
Class
A3,
Series
2022-1,
3.170%,
04/15/27
125,000‌
121,458‌
Carmax
Auto
Owner
Trust
Class
A3,
Series
2021-2,
0.520%,
02/17/26
49,209‌
47,476‌
Class
C,
Subordinated
Series
2020-3,
1.690%,
04/15/26
25,000‌
23,828‌
Class
C,
Series
2022-1,
2.200%,
11/15/27
100,000‌
92,680‌
Class
A3,
Series
2023-1,
4.750%,
10/15/27
275,000‌
275,637‌
Carvana
Auto
Receivables
Trust
Class
C,
Series
2022-P1,
3.300%,
04/10/28
300,000‌
268,522‌
Drive
Auto
Receivables
Trust
Class
C,
Subordinated
Series
2021-3,
1.470%,
01/15/27
125,000‌
119,321‌
Exeter
Automobile
Receivables
Trust
Class
D,
Series
2021-4A,
1.960%,
01/17/28
100,000‌
92,857‌
Class
D,
Subordinated
Series
2021-3A,
1.550%,
06/15/27
75,000‌
69,096‌
Ford
Credit
Auto
Lease
Trust
Class
A4,
Series
2022-A,
3.370%,
07/15/25
100,000‌
97,915‌
Ford
Credit
Auto
Owner
Trust
Class
B,
Series
2020-C,
0.790%,
08/15/26
135,000‌
125,967‌
Class
C,
Subordinated
Series
2020-C,
1.040%,
05/15/28
100,000‌
93,335‌
Class
A4,
Series
2022-B,
3.930%,
08/15/27
150,000‌
147,879‌
Ford
Credit
Floorplan
Master
Owner
Trust
Class
A,
Series
2020-2,
1.060%,
09/15/27
150,000‌
137,685‌
GM
Financial
Automobile
Leasing
Trust
Class
B,
Subordinated
Series
2021-2,
0.690%,
05/20/25
100,000‌
97,039‌
GM
Financial
Consumer
Automobile
Receivables
Trust
Class
A4,
Series
2021-4,
0.990%,
10/18/27
118,000‌
108,386‌
Class
A4,
Series
2022-2,
3.250%,
04/17/28
150,000‌
144,921‌
Class
A4,
Series
2021-3,
0.730%,
08/16/27
100,000‌
91,958‌
Harley-Davidson
Motorcycle
Trust
Class
A3,
Series
2021-A,
0.370%,
04/15/26
47,123‌
45,865‌
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Honda
Auto
Receivables
Owner
Trust
Class
A4,
Series
2020-2,
1.090%,
10/15/26
150,000‌
146,770‌
Class
A4,
Series
2020-3,
0.460%,
04/19/27
150,000‌
144,794‌
Hyundai
Auto
Receivables
Trust
Class
A4,
Series
2020-C,
0.490%,
11/16/26
100,000‌
94,199‌
Class
A3,
Series
2022-A,
2.220%,
10/15/26
150,000‌
144,279‌
Class
A4,
Series
2022-A,
2.350%,
04/17/28
145,000‌
137,449‌
Mercedes-Benz
Auto
Receivables
Trust
2022-1
Class
A3,
Series
2022-1,
5.210%,
08/16/27
100,000‌
100,958‌
Nissan
Auto
Lease
Trust
2023-A
Class
A4,
Series
2023-A,
4.800%,
07/15/27
150,000‌
149,823‌
Nissan
Auto
Receivables
Owner
Trust
Class
A4,
Series
2020-B,
0.710%,
02/16/27
150,000‌
146,480‌
Santander
Drive
Auto
Receivables
Trust
Class
B,
Series
2022-3,
4.130%,
08/16/27
45,000‌
43,849‌
Class
D,
Subordinated
Series
2021-4,
1.670%,
10/15/27
50,000‌
46,732‌
Class
A3,
Series
2022-4,
4.140%,
02/16/27
90,000‌
88,831‌
Class
D,
Series
2021-1,
1.130%,
11/16/26
100,000‌
95,373‌
Toyota
Auto
Receivables
Owner
Trust
Class
A4,
Series
2021-B,
0.530%,
10/15/26
100,000‌
92,350‌
Class
A3,
Series
2022-B,
2.930%,
09/15/26
225,000‌
218,501‌
World
Omni
Auto
Receivables
Trust
Class
B,
Series
2020-C,
0.870%,
10/15/26
100,000‌
93,947‌
Class
A4,
Series
2022-A,
1.900%,
03/15/28
150,000‌
140,201‌
World
Omni
Auto
Receivables
Trust
2021-A
Class
A4,
Series
2021-A,
0.480%,
09/15/26
125,000‌
115,688‌
World
Omni
Automobile
Lease
Securitization
Trust
Class
A4,
Series
2022-A,
3.340%,
06/15/27
150,000‌
146,669‌
Class
B,
Series
2022-A,
3.670%,
06/15/27
100,000‌
97,671‌
Total
Asset-Backed
Securities
-
Non-
Agency
(Cost
$5,019,663)
4,898,382‌
Commercial
Mortgage-Backed
Securities
-
Non-Agency
10
.0
%
Principal
Amount
($)
Value
($)
Bank
Class
A2,
Series
2019-BN18,
3.474%,
05/15/62
125,000‌
121,181‌
Class
A2,
Series
2019-BN16,
3.933%,
02/15/52
122,054‌
120,415‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2023
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2023
7
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
AS,
Subordinated
Series
2017-BNK9,
3.829%,
11/15/54
(a)
100,000‌
92,207‌
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Class
A4,
Series
2016-UB10,
3.170%,
07/15/49
75,000‌
70,172‌
Class
A3,
Series
2017-BNK3,
3.311%,
02/15/50
98,956‌
93,041‌
BBCMS
Mortgage
Trust
Class
ASB,
Series
2018-C2,
4.236%,
12/15/51
100,000‌
97,923‌
CD
Mortgage
Trust
Class
A3,
Series
2017-CD6,
3.104%,
11/13/50
100,000‌
96,024‌
Class
ASB,
Series
2017-CD6,
3.332%,
11/13/50
91,652‌
87,777‌
Class
A3,
Series
2017-CD4,
3.248%,
05/10/50
138,285‌
128,160‌
CFCRE
Commercial
Mortgage
Trust
Class
A3,
Series
2016-C3,
3.865%,
01/10/48
150,000‌
143,801‌
Class
AM,
Subordinated
Series
2016-C6,
3.502%,
11/10/49
(a)
50,000‌
45,787‌
CGMS
Commercial
Mortgage
Trust
Class
A4,
Series
2017-B1,
3.458%,
08/15/50
125,000‌
116,492‌
Citigroup
Commercial
Mortgage
Trust
Class
A3,
Series
2018-C5,
3.963%,
06/10/51
170,270‌
161,346‌
Class
AS,
Subordinated
Series
2016-P6,
4.032%,
12/10/49
(a)
100,000‌
93,619‌
Class
AS,
Series
2015-GC27,
3.571%,
02/10/48
100,000‌
94,850‌
Class
A4,
Series
2015-GC31,
3.762%,
06/10/48
100,000‌
96,284‌
Class
B,
Subordinated
Series
2015-P1,
4.461%,
09/15/48
(a)
100,000‌
93,116‌
Class
B,
Series
2017-P7,
4.137%,
04/14/50
(a)
150,000‌
132,787‌
Class
AAB,
Series
2017-P8,
3.268%,
09/15/50
128,373‌
123,218‌
Class
A2,
Series
2020-GC46,
2.708%,
02/15/53
100,000‌
94,833‌
Class
A4,
Series
2016-P3,
3.329%,
04/15/49
100,000‌
94,474‌
COMM
Mortgage
Trust
Class
D,
Series
2015-CR26,
3.615%,
10/10/48
(a)
56,000‌
37,819‌
Class
A3,
Series
2017-COR2,
3.510%,
09/10/50
100,000‌
93,050‌
Class
C,
Series
2013-CR13,
5.037%,
11/10/46
(a)
100,000‌
92,542‌
Class
A3,
Series
2015-LC23,
3.521%,
10/10/48
125,000‌
120,695‌
Class
A4,
Series
2015-LC19,
3.183%,
02/10/48
65,000‌
62,444‌
GS
Mortgage
Securities
Trust
Class
AS,
Series
2013-GC16,
4.649%,
11/10/46
150,000‌
148,011‌
Class
C,
Subordinated
Series
2016-GS3,
4.113%,
10/10/49
(a)
75,000‌
62,239‌
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-JP2,
2.822%,
08/15/49
150,000‌
139,110‌
JPMBB
Commercial
Mortgage
Securities
Trust
Class
AS,
Series
2016-C2,
3.484%,
06/15/49
100,000‌
92,908‌
Class
B,
Series
2017-C5,
4.009%,
03/15/50
(a)
150,000‌
125,673‌
Class
AS,
Subordinated
Series
2013-C17,
4.458%,
01/15/47
100,000‌
98,175‌
Class
A4,
Series
2014-C22,
3.801%,
09/15/47
100,000‌
96,851‌
Class
A4A1,
Series
2014-C25,
3.408%,
11/15/47
75,969‌
73,362‌
Class
A4,
Series
2015-C27,
3.179%,
02/15/48
100,000‌
95,168‌
Class
A3,
Series
2015-C31,
3.801%,
08/15/48
86,813‌
83,078‌
JPMCC
Commercial
Mortgage
Securities
Trust
Class
A3,
Series
2019-COR4,
3.763%,
03/10/52
100,000‌
93,554‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Class
A3,
Series
2015-C24,
3.479%,
05/15/48
82,130‌
78,894‌
Class
A3,
Series
2016-C28,
3.272%,
01/15/49
101,619‌
96,463‌
Class
C,
Subordinated
Series
2016-C31,
4.407%,
11/15/49
(a)
50,000‌
39,021‌
Class
ASB,
Series
2017-C34,
3.354%,
11/15/52
85,769‌
82,156‌
Morgan
Stanley
Capital
I
Trust
Class
A4,
Series
2016-UB12,
3.596%,
12/15/49
150,000‌
141,482‌
SG
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-C5,
3.055%,
10/10/48
150,000‌
138,331‌
Wells
Fargo
Commercial
Mortgage
Trust
Class
A4,
Series
2015-LC20,
2.925%,
04/15/50
100,000‌
95,710‌
Class
A3,
Series
2015-NXS4,
3.452%,
12/15/48
91,290‌
87,069‌
Class
A3,
Series
2015-P2,
3.541%,
12/15/48
68,592‌
65,507‌
Class
A5,
Series
2017-C39,
3.418%,
09/15/50
125,000‌
116,476‌
Class
C,
Series
2017-C39,
4.118%,
09/15/50
100,000‌
84,224‌
Class
A2,
Series
2020-C56,
2.498%,
06/15/53
45,000‌
42,680‌
WFRBS
Commercial
Mortgage
Trust
Class
A5,
Series
2014-C22,
3.752%,
09/15/57
150,000‌
144,932‌
Total
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(Cost
$5,335,220)
4,925,131‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2023
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Strategic
Beta
ETFs
|
Semiannual
Report
2023
Corporate
Bonds
56
.0
%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.3%
Boeing
Co.
(The)
2.196%,
02/04/26
80,000‌
74,289‌
5.040%,
05/01/27
119,000‌
119,504‌
Howmet
Aerospace,
Inc.
5.900%,
02/01/27
100,000‌
102,362‌
6.875%,
05/01/25
60,000‌
61,823‌
Huntington
Ingalls
Industries,
Inc.
2.043%,
08/16/28
85,000‌
72,604‌
L3Harris
Technologies,
Inc.
4.400%,
06/15/28
40,000‌
39,567‌
Northrop
Grumman
Corp.
3.250%,
01/15/28
60,000‌
57,106‌
Rolls-Royce
PLC
3.625%,
10/14/25
(b)
85,000‌
80,311‌
Teledyne
Technologies,
Inc.
1.600%,
04/01/26
40,000‌
36,616‌
Total
644,182‌
Airlines
1.2%
American
Airlines
Pass
Through
Trust
Class
AA,
Series
2016-3,
3.000%,
10/15/28
34,865‌
30,955‌
Class
A,
Series
2015-1,
3.375%,
05/01/27
53,193‌
45,716‌
Class
AA,
Series
2016-1,
3.575%,
01/15/28
34,532‌
31,852‌
Class
AA,
Series
2015-2,
3.600%,
09/22/27
33,420‌
30,731‌
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(b)
120,000‌
117,886‌
Delta
Air
Lines,
Inc.
7.375%,
01/15/26
85,000‌
89,590‌
Southwest
Airlines
Co.
2.625%,
02/10/30
60,000‌
51,514‌
Spirit
Loyalty
Cayman
Ltd.
/
Spirit
IP
Cayman
Ltd.
8.000%,
09/20/25
(b)
100,000‌
100,983‌
United
Airlines
Pass
Through
Trust
Class
A,
Series
2013-1,
4.300%,
08/15/25
49,145‌
47,078‌
United
Airlines,
Inc.
4.375%,
04/15/26
(b)
60,000‌
57,296‌
Total
603,601‌
Automotive
2.9%
Ford
Motor
Co.
4.346%,
12/08/26
110,000‌
106,627‌
Ford
Motor
Credit
Co.
LLC
4.125%,
08/17/27
200,000‌
183,393‌
4.134%,
08/04/25
204,000‌
193,548‌
4.271%,
01/09/27
200,000‌
185,038‌
Series
GMTN,
4.389%,
01/08/26
300,000‌
285,000‌
General
Motors
Co.
6.125%,
10/01/25
40,000‌
40,676‌
General
Motors
Financial
Co.,
Inc.
1.250%,
01/08/26
120,000‌
108,135‌
Goodyear
Tire
&
Rubber
Co.
(The)
4.875%,
03/15/27
50,000‌
47,313‌
5.000%,
05/31/26
60,000‌
58,212‌
Nissan
Motor
Acceptance
Co.
LLC
2.750%,
03/09/28
(b)
100,000‌
83,185‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
ZF
North
America
Capital,
Inc.
4.750%,
04/29/25
(b)
153,000‌
149,478‌
Total
1,440,605‌
Banking
4.4%
Ally
Financial,
Inc.
2.200%,
11/02/28
100,000‌
81,423‌
5.750%,
11/20/25
100,000‌
97,011‌
Bank
of
America
Corp.
Series
L,
3.950%,
04/21/25
120,000‌
117,222‌
Bank
of
Nova
Scotia
(The)
Subordinated
4.500%,
12/16/25
60,000‌
58,974‌
Barclays
PLC
4.375%,
01/12/26
200,000‌
194,853‌
Capital
One
Financial
Corp.
3.300%,
10/30/24
60,000‌
58,511‌
4.200%,
10/29/25
40,000‌
38,207‌
Citigroup,
Inc.
4.125%,
07/25/28
80,000‌
76,223‌
Subordinated
4.600%,
03/09/26
120,000‌
118,577‌
Citizens
Financial
Group,
Inc.
2.850%,
07/27/26
80,000‌
70,610‌
Deutsche
Bank
AG/New
York
NY
2.552%,
(SOFRRATE
+
1.318%),
01/07/28
(c)
150,000‌
130,614‌
Fifth
Third
Bancorp
2.550%,
05/05/27
40,000‌
35,592‌
Goldman
Sachs
Group,
Inc.
(The)
5.950%,
01/15/27
80,000‌
82,519‌
HSBC
Holdings
PLC
4.250%,
08/18/25
204,000‌
198,657‌
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(b)
200,000‌
194,401‌
Morgan
Stanley
Subordinated
5.000%,
11/24/25
120,000‌
120,245‌
Regions
Financial
Corp.
1.800%,
08/12/28
40,000‌
33,244‌
Santander
Holdings
USA,
Inc.
4.500%,
07/17/25
40,000‌
38,974‌
Santander
UK
Group
Holdings
PLC
6.534%,
(SOFRRATE
+
2.600%),
01/10/29
(c)
200,000‌
205,645‌
Synchrony
Financial
3.950%,
12/01/27
85,000‌
75,020‌
4.250%,
08/15/24
70,000‌
66,838‌
Webster
Financial
Corp.
4.100%,
03/25/29
85,000‌
77,986‌
Total
2,171,346‌
Brokerage/Asset
Managers/Exchanges
0.3%
Nomura
Holdings,
Inc.
3.103%,
01/16/30
200,000‌
171,142‌
Building
Materials
0.3%
Martin
Marietta
Materials,
Inc.
3.500%,
12/15/27
85,000‌
82,170‌
Standard
Industries,
Inc.
5.000%,
02/15/27
(b)
50,000‌
47,874‌
Total
130,044‌
Cable
and
Satellite
1.5%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
05/01/27
(b)
150,000‌
141,846‌
5.500%,
05/01/26
(b)
60,000‌
58,884‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2023
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2023
9
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.200%,
03/15/28
120,000‌
113,705‌
4.908%,
07/23/25
100,000‌
99,005‌
Sirius
XM
Radio,
Inc.
3.125%,
09/01/26
(b)
50,000‌
44,752‌
5.000%,
08/01/27
(b)
100,000‌
91,999‌
Viasat,
Inc.
5.625%,
04/15/27
(b)
85,000‌
78,838‌
Videotron
Ltd.