Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
Annual
Report
October
31,
2022
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Strategic
Beta
ETFs
|
Annual
Report
2022
TABLE
OF
CONTENTS
Columbia
Research
Enhanced
Core
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Columbia
Research
Enhanced
Value
ETF
Fund
at
a
Glance
7
Manager
Discussion
of
Fund
Performance
9
Understanding
Your
Fund’s
Expenses
11
Portfolio
of
Investments
12
Statement
of
Assets
and
Liabilities
23
Statement
of
Operations
24
Statement
of
Changes
in
Net
Assets
25
Financial
Highlights
26
Notes
to
Financial
Statements
28
Report
of
Independent
Registered
Public
Accounting
Firm
36
Federal
Income
Tax
Information
37
Trustees
and
Officers
38
Approval
of
Investment
Management
Services
Agreement
47
Additional
Information
50
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
Columbia
Research
Enhanced
Core
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000
®
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Index.
The
Russell
1000®
Index
tracks
the
performance
of
1,000
of
the
largest
U.S.
companies,
based
on
market
capitalization.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
Life
Market
Price
09/25/19
-10.32
12.40
Net
Asset
Value
09/25/19
-10.57
12.29
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Equity
Index
-10.42
12.52
Russell
1000®
Index
-16.38
10.49
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
October
31,
2022)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
October
31,
2022)
Information
Technology
25
.9
Health
Care
14
.8
Financials
11
.5
Consumer
Discretionary
10
.9
Industrials
9
.0
Communication
Services
6
.6
Consumer
Staples
6
.4
Energy
5
.7
Real
Estate
3
.4
Utilities
3
.1
Materials
2
.7
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Research
Enhanced
Core
ETF
(RECS)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Research
Enhanced
Core
ETF
returned
-10.57%
based
on
net
asset
value
(NAV)
and
-10.32%
based
on
market
price.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
-10.42%
during
the
same
period.
To
compare,
the
Russell
1000®
Index
returned
-16.38%
for
the
same
period.
The
Fund
had
a
NAV
of
$31.23
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$22.98.
The
Fund’s
market
price
on
October
31,
2022
was
$23.04
per
share.
Market
overview
U.S.
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
a
broad
array
of
domestic
and
external
factors.
Early
in
the
period,
the
emergence
of
the
COVID-19
Omicron
variant
intensified
concerns
about
the
economic
recovery.
As
these
concerns
eased
somewhat,
investor
focus
turned
to
inflation
and
interest
rates
for
the
remainder
of
the
period.
Inflation
increased
at
its
fastest
pace
in
40
years,
with
oil
prices
reaching
their
highest
levels
since
2008
before
declining
modestly.
In
an
effort
to
reduce
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
interest
rates
for
the
first
time
since
December
2018
in
mid-March
2022
and
then
did
so
another
four
times,
bringing
the
targeted
federal
funds
rate
to
a
range
of
3.00%
to
3.25%.
Several
global
factors
also
contributed
to
risk-averse
investor
sentiment,
most
notably
Russia’s
war
with
Ukraine,
China’s
COVID-19-related
lockdowns,
global
supply-chain
snags,
and
the
emergence
of
an
energy
crisis
in
Europe.
Unusual
volatility
in
the
global
currency
and
fixed-income
markets
was
an
additional
source
of
disruption.
Together,
these
developments
raised
concerns
about
the
potential
for
a
slowdown
in
global
economic
growth
and
a
concurrent
decline
in
corporate
earnings.
There
were
brief
periods
when
U.S.
equities
rallied.
For
example,
in
December
2021,
reports
of
positive
economic
data
eased
investors’
COVID-19
concerns
and
pushed
U.S.
equities
higher.
In
mid-March
2022,
when
most
U.S.
equity
indices
were
near
year-to-date
lows,
oil
price
declines
boosted
investor
sentiment,
and
despite
the
uncertainty
surrounding
the
Fed’s
future
tightening,
U.S.
equities
rallied
in
the
last
two
weeks
of
the
first
quarter
of
2022.
In
July
through
mid-August
2022,
U.S.
equities
rallied,
as
investors
appeared
to
grow
increasingly
optimistic
the
Fed
would
pivot
toward
a
more
accommodative
policy.
However,
subsequent
comments
from
Fed
Chair
Powell
in
late
August,
together
with
a
stronger
than
consensus
expected
inflation
report
in
early
September,
made
it
clear
the
Fed
would
continue
to
raise
interest
rates
aggressively.
In
October
2022,
U.S.
equities
advanced
significantly,
as
corporate
earnings
overall
proved
better
than
many
had
feared,
with
the
exception
of
mega-cap
technology
companies.
Still,
within
the
broad
U.S.
equity
market,
all
capitalization
segments
posted
double-digit
negative
absolute
returns
for
the
period.
Large-cap
stocks
were
least
weak,
followed
closely
behind
by
mid-cap
stocks
and
then
small-cap
stocks.
Value
stocks
notably
outpaced
growth
stocks
across
the
capitalization
spectrum,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
Russell
1000®
Index,
energy
was
by
far
the
best
performing
sector,
followed
at
some
distance
by
consumer
staples
and
utilities,
the
only
sectors
to
post
positive
absolute
returns
during
the
annual
period.
The
weakest
sectors
in
the
Russell
1000®
Index
were
communication
services,
consumer
discretionary
and
information
technology,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
consumer
discretionary,
information
technology
and
health
care
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
Russell
1000®
Index
during
the
period.
Relative
to
the
Russell
1000®
Index,
overweight
positions
in
fast-food
restaurant
retailer
McDonald’s
Corp.
and
information
technology
giant
Apple
Inc.
and
having
no
exposure
to
e-commerce
retailing
behemoth
Amazon.com,
Inc.
contributed
most
positively.
McDonald’s
and
Apple
each
posted
a
positive
absolute
return
and
Amazon.com
generated
a
robust
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
communication
services
sector
detracted
from
the
Index’s
results
relative
to
the
Russell
1000®
Index,
the
only
sector
to
do
so
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(RECS)
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
Relative
to
the
Russell
1000®
Index,
an
overweight
position
in
Facebook
parent
company
Meta
Platforms,
Inc.-Class
A
and
having
no
exposure
to
managed
health
care
and
insurance
company
UnitedHealth
Group,
Inc.
and
pharmaceuticals
company
Eli
Lilly
&
Co.
detracted
most.
Meta
Platforms
generated
a
significant
double-digit
negative
absolute
return,
while
UnitedHealth
Group
and
Eli
Lilly
&
Co.
each
posted
a
double-digit
positive
absolute
return
during
the
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
There
is
no
guarantee
that
the
index
and,
correspondingly,
the
Fund
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Investments
selected
using
quantitative
methods
may
perform
differently
from
the
market
as
a
whole
and
may
not
enable
the
Fund
to
achieve
its
objective.
Investment
in
larger
companies
may
involve
certain
risks
associated
with
their
larger
size
and
may
be
less
able
to
respond
quickly
to
new
competitive
challenges
than
smaller
competitors.
Investments
in
mid-cap
companies
often
involve
greater
risks
that
investments
in
larger
companies
and
may
have
less
predictable
earning
and
be
less
liquid
than
the
securities
of
larger
firms.
Value
securities
may
be
unprofitable
if
the
market
fails
to
recognize
their
intrinsic
worth
or
the
portfolio
manager
misgauged
that
worth.
Growth
securities,
at
times,
may
not
perform
as
well
as
value
securities
or
the
stock
market
in
general
and
may
be
out
of
favor
with
investors.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
See
the
Fund's
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
Columbia
Research
Enhanced
Value
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Value
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000
®
Value
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Value
Index.
The
Russell
1000®
Value
Index
is
an
unmanaged
index
that
measures
the
performance
of
those
Russell
1000®
Index
companies
with
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
It
is
not
possible
to
invest
directly
in
an
index.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
Life
Market
Price
09/25/19
-4.46
8.86
Net
Asset
Value
09/25/19
-4.66
8.82
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Value
Index
-4.43
8.95
Russell
1000®
Value
Index
-7.00
7.65
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2022