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
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2022)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
October
31,
2022)
Financials
20
.0
Health
Care
17
.4
Industrials
10
.2
Energy
9
.6
Information
Technology
8
.3
Consumer
Staples
7
.1
Consumer
Discretionary
6
.3
Communication
Services
6
.1
Utilities
6
.0
Real
Estate
5
.0
Materials
4
.0
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Research
Enhanced
Value
ETF
(REVS)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
9
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Research
Enhanced
Value
ETF
returned
-4.66%
based
on
net
asset
value
(NAV)
and
-4.46%
based
on
market
price.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
-4.43%
during
the
same
period.
To
compare,
the
Russell
1000®
Value
Index
returned
-7.00%
for
the
same
period.
The
Fund
had
a
NAV
of
$20.96
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$19.74.
The
Fund’s
market
price
on
October
31,
2022
was
$19.78
per
share.
Market
overview
U.S.
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
a
broad
array
of
domestic
and
external
factors.
Early
in
the
period,
the
emergence
of
the
COVID-19
Omicron
variant
intensified
concerns
about
the
economic
recovery.
As
these
concerns
eased
somewhat,
investor
focus
turned
to
inflation
and
interest
rates
for
the
remainder
of
the
period.
Inflation
increased
at
its
fastest
pace
in
40
years,
with
oil
prices
reaching
their
highest
levels
since
2008
before
declining
modestly.
In
an
effort
to
reduce
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
interest
rates
for
the
first
time
since
December
2018
in
mid-March
2022
and
then
did
so
another
four
times,
bringing
the
targeted
federal
funds
rate
to
a
range
of
3.00%
to
3.25%.
Several
global
factors
also
contributed
to
risk-averse
investor
sentiment,
most
notably
Russia’s
war
with
Ukraine,
China’s
COVID-19-related
lockdowns,
global
supply-chain
snags,
and
the
emergence
of
an
energy
crisis
in
Europe.
Unusual
volatility
in
the
global
currency
and
fixed-income
markets
was
an
additional
source
of
disruption.
Together,
these
developments
raised
concerns
about
the
potential
for
a
slowdown
in
global
economic
growth
and
a
concurrent
decline
in
corporate
earnings.
There
were
brief
periods
when
U.S.
equities
rallied.
For
example,
in
December
2021,
reports
of
positive
economic
data
eased
investors’
COVID-19
concerns
and
pushed
U.S.
equities
higher.
In
mid-March
2022,
when
most
U.S.
equity
indices
were
near
year-to-date
lows,
oil
price
declines
boosted
investor
sentiment,
and
despite
the
uncertainty
surrounding
the
Fed’s
future
tightening,
U.S.
equities
rallied
in
the
last
two
weeks
of
the
first
quarter
of
2022.
In
July
through
mid-August
2022,
U.S.
equities
rallied,
as
investors
appeared
to
grow
increasingly
optimistic
the
Fed
would
pivot
toward
a
more
accommodative
policy.
However,
subsequent
comments
from
Fed
Chair
Powell
in
late
August,
together
with
a
stronger
than
consensus
expected
inflation
report
in
early
September,
made
it
clear
the
Fed
would
continue
to
raise
interest
rates
aggressively.
In
October
2022,
U.S.
equities
advanced
significantly,
as
corporate
earnings
overall
proved
better
than
many
had
feared,
with
the
exception
of
mega-cap
technology
companies.
Still,
within
the
broad
U.S.
equity
market,
all
capitalization
segments
posted
double-digit
negative
absolute
returns
for
the
period.
Large-cap
stocks
were
least
weak,
followed
closely
behind
by
mid-cap
stocks
and
then
small-cap
stocks.
Value
stocks
notably
outpaced
growth
stocks
across
the
capitalization
spectrum,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
Russell
1000®
Value
Index,
energy
was
by
far
the
best
performing
sector,
followed
at
some
distance
by
consumer
staples,
utilities
and
health
care,
the
only
sectors
to
post
positive
absolute
returns
during
the
period.
The
weakest
performing
sectors
in
the
Russell
1000®
Value
Index,
were
communication
services,
information
technology
and
real
estate,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
health
care,
energy
and
consumer
discretionary
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
period.
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
pharmaceuticals
company
Merck
&
Co.,
Inc.
and
medical
device,
pharmaceutical
and
consumer
goods
manufacturer
Johnson
&
Johnson
and
having
no
exposure
to
investment
bank
and
financial
services
company
JPMorgan
Chase
&
Co.
contributed
most
positively.
Merck
and
Johnson
&
Johnson
each
generated
a
positive
absolute
return
during
the
period.
JPMorgan
Chase
posted
a
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
communication
services,
information
technology
and
consumer
staples
sectors
detracted
most
from
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(REVS)
(Unaudited)
10
Strategic
Beta
ETFs
|
Annual
Report
2022
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
Facebook
parent
company
Meta
Platforms,
Inc.-
Class
A
and
options
and
futures
exchange
CME
Group,
Inc.
and
having
no
exposure
to
diversified
conglomerate
holding
company
Berkshire
Hathaway,
Inc.-Class
B
detracted
most.
Meta
Platforms
and
CME
Group
each
posted
a
double-digit
negative
absolute
return
during
the
period.
Berkshire
Hathaway-Class
B
generated
a
modestly
positive
absolute
return
during
the
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
There
is
no
guarantee
that
the
index
and,
correspondingly,
the
Fund
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Investments
selected
using
quantitative
methods
may
perform
differently
from
the
market
as
a
whole
and
may
not
enable
the
Fund
to
achieve
its
objective.
Investment
in
larger
companies
may
involve
certain
risks
associated
with
their
larger
size
and
may
be
less
able
to
respond
quickly
to
new
competitive
challenges
than
smaller
competitors.
Investments
in
mid-cap
companies
often
involve
greater
risks
that
investments
in
larger
companies
and
may
have
less
predictable
earning
and
be
less
liquid
than
the
securities
of
larger
firms.
Value
securities
may
be
unprofitable
if
the
market
fails
to
recognize
their
intrinsic
worth
or
the
portfolio
manager
misgauged
that
worth.
Growth
securities,
at
times,
may
not
perform
as
well
as
value
securities
or
the
stock
market
in
general
and
may
be
out
of
favor
with
investors.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
See
the
Fund's
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
11
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
year
ended
October
31,
2022.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
—
October
31,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Research
Enhanced
Core
ETF
1,000.00
1,000.00
948.80
1,024.45
0.74
0.77
0.15
Columbia
Research
Enhanced
Value
ETF
1,000.00
1,000.00
968.60
1,024.25
0.94
0.97
0.19
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
99.3%
Issuer
Shares
Value
($)
Communication
Services  6.6%
Diversified
Telecommunication
Services
0.7%
Lumen
Technologies,
Inc.
3,243
23,869
Verizon
Communications,
Inc.
13,471
503,411
Total
527,280
Entertainment
0.2%
Electronic
Arts,
Inc.
879
110,719
Live
Nation
Entertainment,
Inc.
(a)
470
37,417
World
Wrestling
Entertainment,
Inc.
Class
A
143
11,281
Total
159,417
Interactive
Media
&
Services
5.2%
Alphabet,
Inc.
Class
A
(a)
19,165
1,811,284
Alphabet,
Inc.
Class
C
(a)
17,200
1,628,152
Meta
Platforms,
Inc.
Class
A
(a)
7,253
675,689
Total
4,115,125
Media
0.5%
Charter
Communications,
Inc.
Class
A
(a)
327
120,212
Fox
Corp.
Class
A
973
28,090
Fox
Corp.
Class
B
454
12,349
Interpublic
Group
of
Cos.,
Inc.
(The)
1,242
36,999
New
York
Times
Co.
(The)
Class
A
527
15,262
News
Corp.
Class
A
1,234
20,818
News
Corp.
Class
B
389
6,663
Nexstar
Media
Group,
Inc.
122
20,899
Omnicom
Group,
Inc.
648
47,142
Trade
Desk,
Inc.
(The)
Class
A
(a)
1,180
62,823
Total
371,257
Total
Communication
Services
5,173,079
Consumer
Discretionary  10.9%
Automobiles
0.2%
Harley-Davidson,
Inc.
1,378
59,254
Thor
Industries,
Inc.
551
44,890
Total
104,144
Distributors
0.5%
Genuine
Parts
Co.
1,464
260,387
LKQ
Corp.
2,638
146,778
Total
407,165
Diversified
Consumer
Services
0.3%
ADT,
Inc.
2,132
18,037
Grand
Canyon
Education,
Inc.
(a)
309
31,095
H&R
Block,
Inc.
1,670
68,720
Service
Corp.
International
1,600
96,976
Total
214,828
Hotels,
Restaurants
&
Leisure
2.7%
Airbnb,
Inc.
Class
A
(a)
3,816
407,968
Booking
Holdings,
Inc.
(a)
402
751,531
Boyd
Gaming
Corp.
793
45,804
Expedia
Group,
Inc.
(a)
1,510
141,140
Hyatt
Hotels
Corp.
Class
A
(a)
520
48,989
Marriott
International,
Inc.
Class
A
2,860
457,915
Marriott
Vacations
Worldwide
Corp.
389
57,479
MGM
Resorts
International
3,342
118,875
Six
Flags
Entertainment
Corp.
(a)
708
15,788
Travel
+
Leisure
Co.
833
31,637
Wyndham
Hotels
&
Resorts,
Inc.
917
69,628
Total
2,146,754
Household
Durables
1.1%
DR
Horton,
Inc.
3,367
258,855
Lennar
Corp.
Class
A
2,605
210,223
Lennar
Corp.
Class
B
153
9,979
Mohawk
Industries,
Inc.
(a)
535
50,691
NVR,
Inc.
(a)
30
127,133
Common
Stocks
(continued)
Issuer
Shares
Value
($)
PulteGroup,
Inc.
2,407
96,256
Toll
Brothers,
Inc.
1,119
48,207
TopBuild
Corp.
(a)
323
54,955
Total
856,299
Multiline
Retail
0.1%
Macy's,
Inc.
2,790
58,171
Nordstrom,
Inc.
1,143
23,249
Total
81,420
Specialty
Retail
3.7%
Advance
Auto
Parts,
Inc.
634
120,409
AutoNation,
Inc.
(a)
380
40,398
AutoZone,
Inc.
(a)
202
511,642
Lithia
Motors,
Inc.
267
52,906
Lowe's
Cos.,
Inc.
6,624
1,291,349
O'Reilly
Automotive,
Inc.
(a)
656
549,184
Penske
Automotive
Group,
Inc.
270
30,137
Ulta
Beauty,
Inc.
(a)
530
222,266
Victoria's
Secret
&
Co.
(a)
829
31,170
Williams-Sonoma,
Inc.
691
85,567
Total
2,935,028
Textiles,
Apparel
&
Luxury
Goods
2.3%
Capri
Holdings
Ltd.
(a)
1,361
62,170
Lululemon
Athletica,
Inc.
(a)
1,130
371,815
NIKE,
Inc.
Class
B
12,742
1,180,929
PVH
Corp.
670
34,384
Ralph
Lauren
Corp.
426
39,486
Tapestry,
Inc.
2,490
78,883
Under
Armour,
Inc.
Class
A
(a)
1,915
14,267
Under
Armour,
Inc.
Class
C
(a)
2,030
13,317
Total
1,795,251
Total
Consumer
Discretionary
8,540,889
Consumer
Staples  6.4%
Beverages
0.3%
Keurig
Dr
Pepper,
Inc.
4,523
175,673
Molson
Coors
Beverage
Co.
Class
B
927
46,749
Total
222,422
Food
&
Staples
Retailing
0.4%
Albertsons
Cos.,
Inc.
Class
A
914
18,746
Kroger
Co.
(The)
3,717
175,777
Walgreens
Boots
Alliance,
Inc.
3,811
139,102
Total
333,625
Food
Products
2.0%
Archer-Daniels-Midland
Co.
3,013
292,201
Campbell
Soup
Co.
1,008
53,333
Darling
Ingredients,
Inc.
(a)
850
66,708
General
Mills,
Inc.
3,159
257,711
JM
Smucker
Co.
(The)
548
82,562
Kellogg
Co.
1,335
102,555
Kraft
Heinz
Co.
(The)
3,720
143,108
Mondelez
International,
Inc.
Class
A
7,252
445,853
Tyson
Foods,
Inc.
Class
A
1,491
101,910
Total
1,545,941
Household
Products
2.2%
Procter
&
Gamble
Co.
(The)
12,682
1,707,885
Tobacco
1.5%
Altria
Group,
Inc.
9,555
442,110
Philip
Morris
International,
Inc.
8,189
752,159
Total
1,194,269
Total
Consumer
Staples
5,004,142
Energy  5.7%
Energy
Equipment
&
Services
0.1%
Baker
Hughes
Co.
3,049
84,335
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
5.6%
APA
Corp.
1,113
50,597
Chevron
Corp.
6,627
1,198,824
ConocoPhillips
4,487
565,766
Devon
Energy
Corp.
2,312
178,833
Exxon
Mobil
Corp.
14,256
1,579,707
Marathon
Oil
Corp.
2,312
70,400
Marathon
Petroleum
Corp.
1,684
191,336
Occidental
Petroleum
Corp.
2,695
195,657
PDC
Energy,
Inc.
333
24,023
Phillips
66
1,651
172,183
Valero
Energy
Corp.
1,341
168,363
Total
4,395,689
Total
Energy
4,480,024
Financials  11.4%
Banks
2.8%
Bank
OZK
904
38,854
Comerica,
Inc.
1,065
75,083
East
West
Bancorp,
Inc.
1,139
81,518
Fifth
Third
Bancorp
5,476
195,438
KeyCorp
7,552
134,954
Popular,
Inc.
580
41,018
Regions
Financial
Corp.
7,625
167,369
Synovus
Financial
Corp.
1,144
45,588
Wells
Fargo
&
Co.
30,524
1,403,799
Zions
Bancorp
NA
1,213
63,003
Total
2,246,624
Capital
Markets
2.4%
Cboe
Global
Markets,
Inc.
862
107,319
CME
Group,
Inc.
2,993
518,687
FactSet
Research
Systems,
Inc.
307
130,625
Janus
Henderson
Group
PLC
1,102
25,092
Jefferies
Financial
Group,
Inc.
1,660
57,121
Lazard
Ltd.
Class
A
732
27,604
Morgan
Stanley
10,444
858,183
Northern
Trust
Corp.
1,680
141,708
SEI
Investments
Co.
837
45,449
Virtu
Financial,
Inc.
Class
A
794
17,770
Total
1,929,558
Consumer
Finance
1.1%
Ally
Financial,
Inc.
2,485
68,486
Capital
One
Financial
Corp.
2,984
316,364
Credit
Acceptance
Corp.
(a)
47
21,884
Discover
Financial
Services
2,134
222,918
OneMain
Holdings,
Inc.
918
35,398
SLM
Corp.
1,964
32,583
Synchrony
Financial
3,819
135,804
Total
833,437
Diversified
Financial
Services
0.1%
Voya
Financial,
Inc.
802
54,825
Insurance
5.0%
American
International
Group,
Inc.
6,067
345,819
Aon
PLC
Class
A
1,700
478,533
Arthur
J
Gallagher
&
Co.
1,695
317,101
Assurant,
Inc.
432
58,691
Axis
Capital
Holdings
Ltd.
633
34,606
Brown
&
Brown,
Inc.
1,932
113,582
CNA
Financial
Corp.
229
9,549
Everest
Re
Group
Ltd.
310
100,025
Hartford
Financial
Services
Group,
Inc.
(The)
2,645
191,524
Lincoln
National
Corp.
1,363
73,425
Loews
Corp.
1,623
92,543
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Marsh
&
McLennan
Cos.,
Inc.
4,118
665,016
MetLife,
Inc.
5,567
407,560
Prudential
Financial,
Inc.
3,072
323,144
Reinsurance
Group
of
America,
Inc.
545
80,208
Travelers
Cos.,
Inc.
(The)
1,939
357,668
Unum
Group
1,647
75,087
Willis
Towers
Watson
PLC
877
191,370
Total
3,915,451
Thrifts
&
Mortgage
Finance
0.0%
MGIC
Investment
Corp.
2,416
32,978
Total
Financials
9,012,873
Health
Care  14.7%
Biotechnology
2.4%
AbbVie,
Inc.
3,882
568,325
Alnylam
Pharmaceuticals,
Inc.
(a)
261
54,095
Amgen,
Inc.
1,141
308,469
Biogen,
Inc.
(a)
299
84,749
BioMarin
Pharmaceutical,
Inc.
(a)
386
33,439
Exact
Sciences
Corp.
(a)
373
12,973
Exelixis,
Inc.
(a)
657
10,893
Gilead
Sciences,
Inc.
2,711
212,705
Horizon
Therapeutics
PLC
(a)
464
28,917
Incyte
Corp.
(a)
384
28,547
Ionis
Pharmaceuticals,
Inc.
(a)
292
12,906
Mirati
Therapeutics,
Inc.
(a)
93
6,261
Moderna,
Inc.
(a)
697
104,780
Natera,
Inc.
(a)
179
8,406
Neurocrine
Biosciences,
Inc.
(a)
190
21,873
Novavax,
Inc.
(a)
157
3,496
Regeneron
Pharmaceuticals,
Inc.
(a)
224
167,720
Sarepta
Therapeutics,
Inc.
(a)
168
19,155
Seagen,
Inc.
(a)
265
33,697
Ultragenyx
Pharmaceutical,
Inc.
(a)
137
5,543
United
Therapeutics
Corp.
(a)
102
23,514
Vertex
Pharmaceuticals,
Inc.
(a)
535
166,920
Total
1,917,383
Health
Care
Equipment
&
Supplies
2.2%
Abbott
Laboratories
7,014
693,965
Becton
Dickinson
and
Co.
1,173
276,793
DENTSPLY
SIRONA,
Inc.
860
26,505
Enovis
Corp.
(a)
638
31,549
Envista
Holdings
Corp.
(a)
673
22,216
Hologic,
Inc.
(a)
994
67,393
Integra
LifeSciences
Holdings
Corp.
(a)
292
14,673
Medtronic
PLC
5,448
475,828
QuidelOrtho
Corp.
(a)
188
16,886
Teleflex,
Inc.
189
40,552
Zimmer
Biomet
Holdings,
Inc.
861
97,595
Total
1,763,955
Health
Care
Providers
&
Services
3.2%
AmerisourceBergen
Corp.
600
94,332
Cardinal
Health,
Inc.
1,112
84,401
Centene
Corp.
(a)
2,343
199,460
Cigna
Corp.
1,247
402,856
CVS
Health
Corp.
5,463
517,346
Elevance
Health,
Inc.
1,007
550,597
Humana,
Inc.
518
289,085
McKesson
Corp.
596
232,065
Molina
Healthcare,
Inc.
(a)
243
87,203
Premier,
Inc.
Class
A
488
17,021
Tenet
Healthcare
Corp.
(a)
429
19,030
Total
2,493,396
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Life
Sciences
Tools
&
Services
0.8%
Agilent
Technologies,
Inc.
1,253
173,352
IQVIA
Holdings,
Inc.
(a)
768
161,027
Mettler-Toledo
International,
Inc.
(a)
99
125,228
QIAGEN
NV
(a)
932
40,598
Syneos
Health,
Inc.
(a)
412
20,757
Waters
Corp.
(a)
255
76,288
Total
597,250
Pharmaceuticals
6.1%
Bristol-Myers
Squibb
Co.
8,620
667,792
Johnson
&
Johnson
10,854
1,888,270
Merck
&
Co.,
Inc.
10,430
1,055,516
Perrigo
Co.
PLC
532
21,429
Pfizer,
Inc.
23,708
1,103,607
Viatris,
Inc.
4,896
49,597
Total
4,786,211
Total
Health
Care
11,558,195
Industrials  8.9%
Aerospace
&
Defense
2.6%
Curtiss-Wright
Corp.
165
27,692
General
Dynamics
Corp.
1,086
271,283
L3Harris
Technologies,
Inc.
847
208,760
Lockheed
Martin
Corp.
1,055
513,447
Northrop
Grumman
Corp.
657
360,700
Raytheon
Technologies
Corp.
6,605
626,286
Textron,
Inc.
923
63,170
Total
2,071,338
Air
Freight
&
Logistics
0.8%
Expeditors
International
of
Washington,
Inc.
729
71,333
United
Parcel
Service,
Inc.
Class
B
3,268
548,272
Total
619,605
Building
Products
0.3%
A
O
Smith
Corp.
562
30,786
Builders
FirstSource,
Inc.
(a)
680
41,929
Lennox
International,
Inc.
140
32,700
Masco
Corp.
991
45,853
Owens
Corning
426
36,470
Trex
Co.,
Inc.
(a)
465
22,362
Total
210,100
Commercial
Services
&
Supplies
0.8%
Cintas
Corp.
387
165,462
Republic
Services,
Inc.
922
122,276
Tetra
Tech,
Inc.
238
33,625
Waste
Management,
Inc.
1,861
294,726
Total
616,089
Construction
&
Engineering
0.1%
AECOM
570
42,910
MasTec,
Inc.
(a)
261
20,118
WillScot
Mobile
Mini
Holdings
Corp.
(a)
921
39,170
Total
102,198
Electrical
Equipment
0.4%
Acuity
Brands,
Inc.
147
26,985
Emerson
Electric
Co.
2,690
232,954
nVent
Electric
PLC
726
26,499
Total
286,438
Industrial
Conglomerates
0.4%
3M
Co.
2,518
316,739
Machinery
1.3%
Allison
Transmission
Holdings,
Inc.
426
17,999
Crane
Holdings
Co.
183
18,362
Cummins,
Inc.
605
147,929
Esab
Corp.
234
8,728
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Flowserve
Corp.
579
16,606
Gates
Industrial
Corp.
PLC
(a)
466
5,196
Illinois
Tool
Works,
Inc.
1,374
293,390
Lincoln
Electric
Holdings,
Inc.
253
35,926
Nordson
Corp.
259
58,275
Oshkosh
Corp.
286
25,168
Otis
Worldwide
Corp.
1,874
132,379
Parker-Hannifin
Corp.
571
165,944
Snap-on,
Inc.
233
51,738
Westinghouse
Air
Brake
Technologies
Corp.
808
75,370
Total
1,053,010
Professional
Services
0.4%
Booz
Allen
Hamilton
Holding
Corp.
572
62,262
CACI
International,
Inc.
Class
A
(a)
107
32,531
FTI
Consulting,
Inc.
(a)
146
22,722
ManpowerGroup,
Inc.
230
18,018
Robert
Half
International,
Inc.
492
37,618
Science
Applications
International
Corp.
249
26,977
Verisk
Analytics,
Inc.
673
123,045
Total
323,173
Road
&
Rail
1.6%
CSX
Corp.
9,475
275,344
Knight-Swift
Transportation
Holdings,
Inc.
697
33,477
Landstar
System,
Inc.
160
24,995
Norfolk
Southern
Corp.
1,047
238,789
Old
Dominion
Freight
Line,
Inc.
444
121,922
Union
Pacific
Corp.
2,787
549,429
Total
1,243,956
Trading
Companies
&
Distributors
0.2%
Watsco,
Inc.
145
39,289
WW
Grainger,
Inc.
215
125,635
Total
164,924
Total
Industrials
7,007,570
Information
Technology  25.6%
Communications
Equipment
0.9%
Arista
Networks,
Inc.
(a)
684
82,668
Cisco
Systems,
Inc.
11,624
528,078
F5,
Inc.
(a)
161
23,009
Juniper
Networks,
Inc.
902
27,601
Total
661,356
Electronic
Equipment,
Instruments
&
Components
0.1%
Keysight
Technologies,
Inc.
(a)
498
86,727
Vontier
Corp.
425
8,117
Total
94,844
IT
Services
3.7%
Accenture
PLC
Class
A
1,749
496,541
Akamai
Technologies,
Inc.
(a)
426
37,629
Amdocs
Ltd.
326
28,137
Automatic
Data
Processing,
Inc.
1,175
283,997
Concentrix
Corp.
123
15,034
Gartner,
Inc.
(a)
217
65,517
GoDaddy,
Inc.
Class
A
(a)
430
34,572
Mastercard,
Inc.
Class
A
2,387
783,366
Paychex,
Inc.
915
108,254
SS&C
Technologies
Holdings,
Inc.
606
31,160
VeriSign,
Inc.
(a)
263
52,721
Visa,
Inc.
Class
A
4,578
948,378
Western
Union
Co.
(The)
1,062
14,348
Total
2,899,654
Semiconductors
&
Semiconductor
Equipment
2.8%
Advanced
Micro
Devices,
Inc.
(a)
4,545
272,973
Allegro
MicroSystems,
Inc.
(a)
176
4,472
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Applied
Materials,
Inc.
2,429
214,456
KLA
Corp.
397
125,631
Lam
Research
Corp.
386
156,245
Micron
Technology,
Inc.
3,040
164,464
NVIDIA
Corp.
6,618
893,232
QUALCOMM,
Inc.
3,135
368,864
Teradyne,
Inc.
426
34,655
Total
2,234,992
Software
9.6%
Adobe,
Inc.
(a)
1,341
427,109
Atlassian
Corp.
Class
A
(a)
362
73,388
Autodesk,
Inc.
(a)
590
126,437
Cadence
Design
Systems,
Inc.
(a)
744
112,634
Crowdstrike
Holdings,
Inc.
Class
A
(a)
562
90,595
Datadog,
Inc.
Class
A
(a)
708
57,001
DocuSign,
Inc.
(a)
522
25,213
Dropbox,
Inc.
Class
A
(a)
724
15,747
Dynatrace,
Inc.
(a)
542
19,100
Fair
Isaac
Corp.
(a)
59
28,252
Fortinet,
Inc.
(a)
1,771
101,230
Intuit,
Inc.
742
317,205
Manhattan
Associates,
Inc.
(a)
167
20,319
Microsoft
Corp.
20,716
4,808,805
Palo
Alto
Networks,
Inc.
(a)
809
138,816
Paycom
Software,
Inc.
(a)
140
48,440
Paylocity
Holding
Corp.
(a)
111
25,729
Roper
Technologies,
Inc.
291
120,631
Salesforce,
Inc.
(a)
2,634
428,262
ServiceNow,
Inc.
(a)
542
228,041
Synopsys,
Inc.
(a)
416
121,701
Teradata
Corp.
(a)
278
8,782
VMware,
Inc.
Class
A
580
65,267
Workday,
Inc.
Class
A
(a)
543
84,610
Zoom
Video
Communications,
Inc.
Class
A
(a)
682
56,906
Zscaler,
Inc.
(a)
226
34,827
Total
7,585,047
Technology
Hardware,
Storage
&
Peripherals
8.5%
Apple,
Inc.
42,321
6,489,502
Dell
Technologies,
Inc.
Class
C
697
26,765
Hewlett
Packard
Enterprise
Co.
3,607
51,472
HP,
Inc.
2,828
78,109
NetApp,
Inc.
602
41,701
Pure
Storage,
Inc.
Class
A
(a)
768
23,700
Total
6,711,249
Total
Information
Technology
20,187,142
Materials  2.7%
Chemicals
1.5%
Celanese
Corp.
1,055
101,407
CF
Industries
Holdings,
Inc.
2,005
213,051
Chemours
Co.
(The)
1,492
42,716
Dow,
Inc.
7,008
327,554
Huntsman
Corp.
1,839
49,212
LyondellBasell
Industries
NV
Class
A
2,512
192,042
Mosaic
Co.
(The)
3,339
179,471
Olin
Corp.
1,325
70,159
Westlake
Corp.
317
30,638
Total
1,206,250
Containers
&
Packaging
0.1%
Packaging
Corp.
of
America
909
109,271
Metals
&
Mining
1.0%
Cleveland-Cliffs,
Inc.
(a)
4,880
63,391
Nucor
Corp.
2,488
326,873
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Reliance
Steel
&
Aluminum
Co.
566
114,038
Southern
Copper
Corp.
833
39,126
SSR
Mining,
Inc.
2,032
28,042
Steel
Dynamics,
Inc.
1,625
152,831
United
States
Steel
Corp.
2,225
45,301
Total
769,602
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
702
39,768
Total
Materials
2,124,891
Real
Estate  3.3%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.1%
Boston
Properties,
Inc.
987
71,755
Brixmor
Property
Group,
Inc.
1,908
40,659
EastGroup
Properties,
Inc.
269
42,150
EPR
Properties
460
17,756
Essex
Property
Trust,
Inc.
415
92,230
Extra
Space
Storage,
Inc.
853
151,356
First
Industrial
Realty
Trust,
Inc.
855
40,724
Highwoods
Properties,
Inc.
662
18,688
Host
Hotels
&
Resorts,
Inc.
4,693
88,604
Invitation
Homes,
Inc.
3,945
125,017
Iron
Mountain,
Inc.
1,866
93,431
Kilroy
Realty
Corp.
719
30,730
Kimco
Realty
Corp.
3,855
82,420
Lamar
Advertising
Co.
Class
A
536
49,435
Life
Storage,
Inc.
544
60,172
Mid-America
Apartment
Communities,
Inc.
730
114,938
National
Retail
Properties,
Inc.
1,108
46,569
National
Storage
Affiliates
Trust
552
23,548
Prologis,
Inc.
6,024
667,158
Rayonier,
Inc.
944
31,813
SBA
Communications
Corp.
685
184,882
Simon
Property
Group,
Inc.
2,079
226,569
Weyerhaeuser
Co.
4,775
147,691
Total
2,448,295
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.
Class
A
(a)
2,014
142,873
Jones
Lang
LaSalle,
Inc.
(a)
286
45,500
Total
188,373
Total
Real
Estate
2,636,668
Utilities  3.1%
Electric
Utilities
1.9%
American
Electric
Power
Co.,
Inc.
4,401
386,936
Constellation
Energy
Corp.
2,774
262,254
Entergy
Corp.
1,780
190,709
Evergy,
Inc.
1,906
116,514
FirstEnergy
Corp.
4,661
175,766
NRG
Energy,
Inc.
2,034
90,310
PG&E
Corp.
(a)
13,564
202,511
Pinnacle
West
Capital
Corp.
978
65,731
Total
1,490,731
Gas
Utilities
0.3%
Atmos
Energy
Corp.
1,189
126,688
National
Fuel
Gas
Co.
772
52,102
UGI
Corp.
1,801
63,629
Total
242,419
Independent
Power
and
Renewable
Electricity
Producers
0.3%
AES
Corp.
(The)
5,575
145,842
Vistra
Corp.
3,510
80,625
Total
226,467
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Multi-Utilities
0.6%
Ameren
Corp.
2,199
179,262
Consolidated
Edison,
Inc.
3,036
267,047
Total
446,309
Total
Utilities
2,405,926
Total
Common
Stocks
(Cost
$79,460,928)
78,131,399
Exchange-Traded
Equity
Funds
0.3%
Issuer
Shares
Value
($)
Financials  0.3%
Financial
Select
Sector
SPDR
Fund
7,906
268,646
Total
Exchange-Traded
Equity
Funds
(Cost
$269,807)
268,646
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(b)
223,324
223,324
Total
Money
Market
Funds
(Cost
$223,324)
223,324
Total
Investments
in
Securities
(Cost
$79,954,059)
78,623,369
Other
Assets
&
Liabilities,
Net
75,696
Net
Assets
78,699,065
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
5,173,079
–
–
5,173,079
Consumer
Discretionary
8,540,889
–
–
8,540,889
Consumer
Staples
5,004,142
–
–
5,004,142
Energy
4,480,024
–
–
4,480,024
Financials
9,012,873
–
–
9,012,873
Health
Care
11,558,195
–
–
11,558,195
Industrials
7,007,570
–
–
7,007,570
Information
Technology
20,187,142
–
–
20,187,142
Materials
2,124,891
–
–
2,124,891
Real
Estate
2,636,668
–
–
2,636,668
Utilities
2,405,926
–
–
2,405,926
Total
Common
Stocks
78,131,399
–
–
78,131,399
Exchange-Traded
Equity
Funds
268,646
–
–
268,646
Money
Market
Funds
223,324
–
–
223,324
Total
Investments
in
Securities
78,623,369
–
–
78,623,369
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
99.3%
Issuer
Shares
Value
($)
Communication
Services  6.1%
Diversified
Telecommunication
Services
1.8%
Lumen
Technologies,
Inc.
1,889
13,903
Verizon
Communications,
Inc.
7,866
293,953
Total
307,856
Entertainment
0.4%
Electronic
Arts,
Inc.
486
61,217
Live
Nation
Entertainment,
Inc.
(a)
140
11,145
Playtika
Holding
Corp.
(a)
16
151
Total
72,513
Interactive
Media
&
Services
3.3%
Alphabet,
Inc.
Class
A
(a)
1,454
137,417
Alphabet,
Inc.
Class
C
(a)
1,304
123,437
Meta
Platforms,
Inc.
Class
A
(a)
3,331
310,316
Total
571,170
Media
0.6%
Fox
Corp.
Class
A
569
16,427
Fox
Corp.
Class
B
268
7,290
Interpublic
Group
of
Cos.,
Inc.
(The)
725
21,598
News
Corp.
Class
A
721
12,163
News
Corp.
Class
B
226
3,871
Nexstar
Media
Group,
Inc.
63
10,792
Omnicom
Group,
Inc.
375
27,281
Total
99,422
Total
Communication
Services
1,050,961
Consumer
Discretionary  6.3%
Automobiles
0.3%
Harley-Davidson,
Inc.
684
29,412
Thor
Industries,
Inc.
274
22,323
Total
51,735
Distributors
1.1%
Genuine
Parts
Co.
665
118,277
LKQ
Corp.
1,312
72,999
Total
191,276
Diversified
Consumer
Services
0.5%
ADT,
Inc.
1,054
8,917
Grand
Canyon
Education,
Inc.
(a)
156
15,698
H&R
Block,
Inc.
145
5,967
Service
Corp.
International
791
47,942
Total
78,524
Hotels,
Restaurants
&
Leisure
0.9%
Boyd
Gaming
Corp.
392
22,642
Hyatt
Hotels
Corp.
Class
A
(a)
256
24,118
Marriott
Vacations
Worldwide
Corp.
192
28,370
MGM
Resorts
International
1,662
59,117
Six
Flags
Entertainment
Corp.
(a)
176
3,925
Travel
+
Leisure
Co.
116
4,406
Wyndham
Hotels
&
Resorts,
Inc.
138
10,478
Total
153,056
Household
Durables
1.3%
DR
Horton,
Inc.
793
60,966
Lennar
Corp.
Class
A
1,293
104,345
Lennar
Corp.
Class
B
77
5,022
NVR,
Inc.
(a)
4
16,951
PulteGroup,
Inc.
725
28,993
Toll
Brothers,
Inc.
269
11,588
TopBuild
Corp.
(a)
26
4,424
Total
232,289
Multiline
Retail
0.2%
Macy's,
Inc.
1,388
28,940
Nordstrom,
Inc.
83
1,688
Total
30,628
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Specialty
Retail
1.3%
AutoNation,
Inc.
(a)
186
19,774
AutoZone,
Inc.
(a)
9
22,796
O'Reilly
Automotive,
Inc.
(a)
191
159,899
Penske
Automotive
Group,
Inc.
134
14,957
Victoria's
Secret
&
Co.
(a)
117
4,399
Williams-Sonoma,
Inc.
72
8,916
Total
230,741
Textiles,
Apparel
&
Luxury
Goods
0.7%
Capri
Holdings
Ltd.
(a)
675
30,834
PVH
Corp.
331
16,987
Ralph
Lauren
Corp.
212
19,650
Tapestry,
Inc.
1,070
33,898
Under
Armour,
Inc.
Class
A
(a)
950
7,077
Under
Armour,
Inc.
Class
C
(a)
1,005
6,593
Total
115,039
Total
Consumer
Discretionary
1,083,288
Consumer
Staples  7.1%
Beverages
0.4%
Keurig
Dr
Pepper,
Inc.
1,312
50,958
Molson
Coors
Beverage
Co.
Class
B
268
13,515
Total
64,473
Food
&
Staples
Retailing
0.6%
Albertsons
Cos.,
Inc.
Class
A
263
5,394
Kroger
Co.
(The)
1,079
51,026
Walgreens
Boots
Alliance,
Inc.
1,105
40,332
Total
96,752
Food
Products
2.5%
Archer-Daniels-Midland
Co.
874
84,760
Campbell
Soup
Co.
294
15,556
Darling
Ingredients,
Inc.
(a)
231
18,129
General
Mills,
Inc.
917
74,809
JM
Smucker
Co.
(The)
159
23,955
Kellogg
Co.
174
13,367
Kraft
Heinz
Co.
(The)
1,080
41,548
Mondelez
International,
Inc.
Class
A
2,103
129,292
Tyson
Foods,
Inc.
Class
A
432
29,527
Total
430,943
Household
Products
1.6%
Procter
&
Gamble
Co.
(The)
2,110
284,154
Tobacco
2.0%
Altria
Group,
Inc.
2,770
128,168
Philip
Morris
International,
Inc.
2,374
218,052
Total
346,220
Total
Consumer
Staples
1,222,542
Energy  9.5%
Energy
Equipment
&
Services
0.3%
Baker
Hughes
Co.
1,810
50,065
Oil,
Gas
&
Consumable
Fuels
9.2%
APA
Corp.
661
30,049
ConocoPhillips
2,656
334,895
Exxon
Mobil
Corp.
8,448
936,123
Marathon
Oil
Corp.
1,369
41,686
Marathon
Petroleum
Corp.
1,001
113,734
Occidental
Petroleum
Corp.
277
20,110
PDC
Energy,
Inc.
94
6,781
Phillips
66
979
102,100
Total
1,585,478
Total
Energy
1,635,543
Financials  19.8%
Banks
6.1%
Bank
OZK
419
18,009
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Comerica,
Inc.
497
35,039
East
West
Bancorp,
Inc.
536
38,362
Fifth
Third
Bancorp
2,563
91,473
KeyCorp
3,537
63,206
Popular,
Inc.
274
19,377
Regions
Financial
Corp.
3,566
78,274
Synovus
Financial
Corp.
539
21,479
Wells
Fargo
&
Co.
14,287
657,059
Zions
Bancorp
NA
567
29,450
Total
1,051,728
Capital
Markets
4.5%
Cboe
Global
Markets,
Inc.
406
50,547
CME
Group,
Inc.
1,400
242,620
Janus
Henderson
Group
PLC
516
11,749
Jefferies
Financial
Group,
Inc.
778
26,771
Lazard
Ltd.
Class
A
346
13,048
Morgan
Stanley
4,891
401,893
SEI
Investments
Co.
393
21,340
Virtu
Financial,
Inc.
Class
A
370
8,281
Total
776,249
Consumer
Finance
2.2%
Ally
Financial,
Inc.
1,165
32,107
Capital
One
Financial
Corp.
1,395
147,898
Credit
Acceptance
Corp.
(a)
23
10,709
Discover
Financial
Services
995
103,938
OneMain
Holdings,
Inc.
427
16,465
SLM
Corp.
922
15,296
Synchrony
Financial
1,787
63,546
Total
389,959
Diversified
Financial
Services
0.1%
Voya
Financial,
Inc.
374
25,567
Insurance
6.8%
American
International
Group,
Inc.
2,843
162,051
Aon
PLC
Class
A
46
12,949
Assurant,
Inc.
191
25,949
Axis
Capital
Holdings
Ltd.
293
16,018
Brown
&
Brown,
Inc.
837
49,207
CNA
Financial
Corp.
104
4,337
Everest
Re
Group
Ltd.
102
32,911
Hartford
Financial
Services
Group,
Inc.
(The)
1,241
89,861
Lincoln
National
Corp.
506
27,258
Loews
Corp.
758
43,221
Marsh
&
McLennan
Cos.,
Inc.
206
33,267
MetLife,
Inc.
2,603
190,566
Prudential
Financial,
Inc.
1,442
151,684
Reinsurance
Group
of
America,
Inc.
255
37,528
Travelers
Cos.,
Inc.
(The)
909
167,674
Unum
Group
771
35,150
Willis
Towers
Watson
PLC
414
90,339
Total
1,169,970
Thrifts
&
Mortgage
Finance
0.1%
MGIC
Investment
Corp.
1,128
15,397
Total
Financials
3,428,870
Health
Care  17.3%
Biotechnology
1.7%
Amgen,
Inc.
80
21,628
Biogen,
Inc.
(a)
131
37,131
BioMarin
Pharmaceutical,
Inc.
(a)
165
14,294
Exact
Sciences
Corp.
(a)
130
4,521
Exelixis,
Inc.
(a)
38
630
Gilead
Sciences,
Inc.
1,171
91,877
Horizon
Therapeutics
PLC
(a)
14
872
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Incyte
Corp.
(a)
22
1,636
Ionis
Pharmaceuticals,
Inc.
(a)
10
442
Mirati
Therapeutics,
Inc.
(a)
38
2,558
Moderna,
Inc.
(a)
284
42,694
Natera,
Inc.
(a)
6
282
Regeneron
Pharmaceuticals,
Inc.
(a)
80
59,900
Ultragenyx
Pharmaceutical,
Inc.
(a)
13
526
United
Therapeutics
Corp.
(a)
42
9,682
Vertex
Pharmaceuticals,
Inc.
(a)
13
4,056
Total
292,729
Health
Care
Equipment
&
Supplies
2.6%
Abbott
Laboratories
3,153
311,958
DENTSPLY
SIRONA,
Inc.
448
13,807
Envista
Holdings
Corp.
(a)
347
11,454
Hologic,
Inc.
(a)
517
35,053
Integra
LifeSciences
Holdings
Corp.
(a)
153
7,688
QuidelOrtho
Corp.
(a)
101
9,072
Zimmer
Biomet
Holdings,
Inc.
449
50,894
Total
439,926
Health
Care
Providers
&
Services
5.5%
Cardinal
Health,
Inc.
577
43,794
Centene
Corp.
(a)
1,214
103,348
Cigna
Corp.
544
175,745
CVS
Health
Corp.
2,827
267,717
Elevance
Health,
Inc.
366
200,118
Humana,
Inc.
78
43,530
McKesson
Corp.
251
97,732
Molina
Healthcare,
Inc.
(a)
28
10,048
Premier,
Inc.
Class
A
249
8,685
Total
950,717
Life
Sciences
Tools
&
Services
0.2%
Agilent
Technologies,
Inc.
66
9,131
QIAGEN
NV
(a)
481
20,952
Syneos
Health,
Inc.
(a)
176
8,867
Total
38,950
Pharmaceuticals
7.3%
Bristol-Myers
Squibb
Co.
4,462
345,671
Merck
&
Co.,
Inc.
3,138
317,566
Pfizer,
Inc.
12,274
571,355
Viatris,
Inc.
2,532
25,649
Total
1,260,241
Total
Health
Care
2,982,563
Industrials  10.1%
Aerospace
&
Defense
3.5%
Curtiss-Wright
Corp.
85
14,266
General
Dynamics
Corp.
545
136,141
L3Harris
Technologies,
Inc.
428
105,489
Raytheon
Technologies
Corp.
3,322
314,992
Textron,
Inc.
461
31,551
Total
602,439
Air
Freight
&
Logistics
0.3%
Expeditors
International
of
Washington,
Inc.
255
24,952
United
Parcel
Service,
Inc.
Class
B
177
29,695
Total
54,647
Building
Products
0.5%
A
O
Smith
Corp.
215
11,778
Builders
FirstSource,
Inc.
(a)
342
21,088
Lennox
International,
Inc.
71
16,583
Masco
Corp.
474
21,932
Owens
Corning
215
18,406
Total
89,787
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Commercial
Services
&
Supplies
0.5%
Cintas
Corp.
13
5,558
Republic
Services,
Inc.
431
57,159
Tetra
Tech,
Inc.
69
9,748
Waste
Management,
Inc.
59
9,344
Total
81,809
Construction
&
Engineering
0.2%
AECOM
271
20,401
MasTec,
Inc.
(a)
130
10,020
WillScot
Mobile
Mini
Holdings
Corp.
(a)
215
9,144
Total
39,565
Electrical
Equipment
0.6%
Acuity
Brands,
Inc.
74
13,584
Emerson
Electric
Co.
918
79,499
nVent
Electric
PLC
368
13,432
Total
106,515
Industrial
Conglomerates
0.9%
3M
Co.
1,269
159,627
Machinery
1.9%
Allison
Transmission
Holdings,
Inc.
45
1,901
Crane
Holdings
Co.
105
10,536
Cummins,
Inc.
308
75,309
Esab
Corp.
115
4,290
Gates
Industrial
Corp.
PLC
(a)
238
2,654
Illinois
Tool
Works,
Inc.
70
14,947
Nordson
Corp.
99
22,275
Oshkosh
Corp.
145
12,760
Otis
Worldwide
Corp.
824
58,207
Parker-Hannifin
Corp.
223
64,808
Snap-on,
Inc.
114
25,314
Westinghouse
Air
Brake
Technologies
Corp.
405
37,778
Total
330,779
Professional
Services
0.2%
CACI
International,
Inc.
Class
A
(a)
52
15,810
FTI
Consulting,
Inc.
(a)
43
6,692
ManpowerGroup,
Inc.
112
8,774
Robert
Half
International,
Inc.
29
2,217
Total
33,493
Road
&
Rail
1.4%
CSX
Corp.
3,563
103,541
Knight-Swift
Transportation
Holdings,
Inc.
351
16,858
Landstar
System,
Inc.
9
1,406
Norfolk
Southern
Corp.
523
119,281
Total
241,086
Trading
Companies
&
Distributors
0.1%
Watsco,
Inc.
35
9,484
Total
Industrials
1,749,231
Information
Technology  8.2%
Communications
Equipment
2.1%
Cisco
Systems,
Inc.
7,309
332,048
F5,
Inc.
(a)
104
14,862
Juniper
Networks,
Inc.
563
17,228
Total
364,138
Electronic
Equipment,
Instruments
&
Components
0.0%
Keysight
Technologies,
Inc.
(a)
23
4,006
Vontier
Corp.
101
1,929
Total
5,935
IT
Services
1.4%
Akamai
Technologies,
Inc.
(a)
269
23,761
Amdocs
Ltd.
210
18,125
Automatic
Data
Processing,
Inc.
60
14,502
Concentrix
Corp.
76
9,290
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Fidelity
National
Information
Services,
Inc.
1,061
88,052
Genpact
Ltd.
148
7,178
GoDaddy,
Inc.
Class
A
(a)
235
18,894
SS&C
Technologies
Holdings,
Inc.
386
19,848
VeriSign,
Inc.
(a)
147
29,468
Western
Union
Co.
(The)
441
5,958
Total
235,076
Semiconductors
&
Semiconductor
Equipment
2.5%
Advanced
Micro
Devices,
Inc.
(a)
607
36,456
Cirrus
Logic,
Inc.
(a)
98
6,578
Intel
Corp.
7,277
206,885
Microchip
Technology,
Inc.
137
8,458
Micron
Technology,
Inc.
1,552
83,963
MKS
Instruments,
Inc.
101
8,297
Teradyne,
Inc.
25
2,034
Texas
Instruments,
Inc.
515
82,725
Total
435,396
Software
2.0%
Dropbox,
Inc.
Class
A
(a)
31
674
Manhattan
Associates,
Inc.
(a)
41
4,989
Roper
Technologies,
Inc.
185
76,690
Salesforce,
Inc.
(a)
1,304
212,017
Teradata
Corp.
(a)
80
2,527
VMware,
Inc.
Class
A
189
21,268
Zoom
Video
Communications,
Inc.
Class
A
(a)
213
17,773
Total
335,938
Technology
Hardware,
Storage
&
Peripherals
0.2%
Dell
Technologies,
Inc.
Class
C
372
14,285
HP,
Inc.
960
26,515
Total
40,800
Total
Information
Technology
1,417,283
Materials  4.0%
Chemicals
2.0%
Celanese
Corp.
397
38,160
Dow,
Inc.
2,653
124,001
Huntsman
Corp.
699
18,705
LyondellBasell
Industries
NV
Class
A
953
72,857
Mosaic
Co.
(The)
1,110
59,663
Olin
Corp.
499
26,422
Westlake
Corp.
122
11,791
Total
351,599
Containers
&
Packaging
0.3%
Packaging
Corp.
of
America
341
40,991
Metals
&
Mining
1.6%
Cleveland-Cliffs,
Inc.
(a)
1,843
23,940
Nucor
Corp.
942
123,760
Reliance
Steel
&
Aluminum
Co.
215
43,318
Southern
Copper
Corp.
108
5,073
SSR
Mining,
Inc.
768
10,598
Steel
Dynamics,
Inc.
614
57,747
United
States
Steel
Corp.
844
17,184
Total
281,620
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
241
13,653
Total
Materials
687,863
Real
Estate  4.9%
Equity
Real
Estate
Investment
Trusts
(REITs)
4.7%
Boston
Properties,
Inc.
393
28,571
Brixmor
Property
Group,
Inc.
756
16,110
EastGroup
Properties,
Inc.
107
16,766
EPR
Properties
185
7,141
Essex
Property
Trust,
Inc.
165
36,670
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Extra
Space
Storage,
Inc.
300
53,232
First
Industrial
Realty
Trust,
Inc.
341
16,242
Highwoods
Properties,
Inc.
261
7,368
Host
Hotels
&
Resorts,
Inc.
1,863
35,173
Iron
Mountain,
Inc.
185
9,263
Kilroy
Realty
Corp.
287
12,266
Kimco
Realty
Corp.
1,530
32,711
Lamar
Advertising
Co.
Class
A
25
2,306
Life
Storage,
Inc.
216
23,892
Mid-America
Apartment
Communities,
Inc.
292
45,975
National
Retail
Properties,
Inc.
440
18,493
National
Storage
Affiliates
Trust
219
9,343
Prologis,
Inc.
2,389
264,582
Rayonier,
Inc.
374
12,604
SBA
Communications
Corp.
210
56,679
Simon
Property
Group,
Inc.
425
46,317
Weyerhaeuser
Co.
1,893
58,550
Total
810,254
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.
Class
A
(a)
408
28,944
Jones
Lang
LaSalle,
Inc.
(a)
114
18,136
Total
47,080
Total
Real
Estate
857,334
Utilities  6.0%
Electric
Utilities
3.8%
American
Electric
Power
Co.,
Inc.
1,953
171,708
Constellation
Energy
Corp.
1,232
116,473
Entergy
Corp.
789
84,534
Evergy,
Inc.
845
51,655
FirstEnergy
Corp.
2,067
77,947
NRG
Energy,
Inc.
901
40,004
PG&E
Corp.
(a)
6,015
89,804
Pinnacle
West
Capital
Corp.
435
29,236
Total
661,361
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Gas
Utilities
0.6%
Atmos
Energy
Corp.
525
55,939
National
Fuel
Gas
Co.
312
21,057
UGI
Corp.
800
28,264
Total
105,260
Independent
Power
and
Renewable
Electricity
Producers
0.4%
AES
Corp.
(The)
2,025
52,974
Vistra
Corp.
657
15,091
Total
68,065
Multi-Utilities
1.2%
Ameren
Corp.
976
79,563
Consolidated
Edison,
Inc.
1,348
118,570
Total
198,133
Total
Utilities
1,032,819
Total
Common
Stocks
(Cost
$18,276,623)
17,148,297
Exchange-Traded
Equity
Funds
0.3%
Issuer
Shares
Value
($)
Financials  0.3%
Financial
Select
Sector
SPDR
Fund
1,339
45,499
Total
Exchange-Traded
Equity
Funds
(Cost
$50,448)
45,499
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(b)
60,364
60,364
Total
Money
Market
Funds
(Cost
$60,364)
60,364
Total
Investments
in
Securities
(Cost
$18,387,435)
17,254,160
Other
Assets
&
Liabilities,
Net
21,670
Net
Assets
17,275,830
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
22
Strategic
Beta
ETFs
|
Annual
Report
2022
Fair
Value
Measurements
(continued)
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
1,050,961
–
–
1,050,961
Consumer
Discretionary
1,083,288
–
–
1,083,288
Consumer
Staples
1,222,542
–
–
1,222,542
Energy
1,635,543
–
–
1,635,543
Financials
3,428,870
–
–
3,428,870
Health
Care
2,982,563
–
–
2,982,563
Industrials
1,749,231
–
–
1,749,231
Information
Technology
1,417,283
–
–
1,417,283
Materials
687,863
–
–
687,863
Real
Estate
857,334
–
–
857,334
Utilities
1,032,819
–
–
1,032,819
Total
Common
Stocks
17,148,297
–
–
17,148,297
Exchange-Traded
Equity
Funds
45,499
–
–
45,499
Money
Market
Funds
60,364
–
–
60,364
Total
Investments
in
Securities
17,254,160
–
–
17,254,160
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
23
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$79,954,059
and
$18,387,435,
respectively)
$78,623,369
$17,254,160
Receivable
for:
Dividends
76,306
24,316
Capital
shares
sold
8,636
–
Total
assets
78,708,311
17,278,476
Liabilities
Payable
for:
Investment
management
fees
9,246
2,646
Total
liabilities
9,246
2,646
Net
assets
applicable
to
outstanding
capital
stock
$78,699,065
$17,275,830
Represented
by:
Paid-in
capital
$79,724,326
$19,501,439
Total
distributable
earnings
(loss)
(1,025,261)
(2,225,609)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$78,699,065
$17,275,830
Shares
outstanding
3,425,000
875,000
Net
asset
value
per
share
$22.98
$19.74
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2022
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$759,476
$558,687
Foreign
taxes
withheld
(98)
(102)
Total
income
759,378
558,585
Expenses:
Investment
management
fees
63,900
42,563
Net
Investment
Income
695,478
516,022
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(770,415)
(1,347,105)
In-kind
transactions
-
unaffiliated
issuers
4,498,813
921,498
Net
realized
gain
(loss)
3,728,398
(425,607)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(5,515,816)
(1,675,845)
Net
change
in
unrealized
depreciation
(5,515,816)
(1,675,845)
Net
realized
and
unrealized
loss
(1,787,418)
(2,101,452)
Net
Decrease
in
net
assets
resulting
from
operations
$(1,091,940)
$(1,585,430)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
25
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Operations
Net
investment
income
$695,478
$899,043
$516,022
$101,844
Net
realized
gain
(loss)
3,728,398
26,906,505
(425,607)
133,704
Net
change
in
unrealized
appreciation
(depreciation)
(5,515,816)
(1,905,580)
(1,675,845)
580,706
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(1,091,940)
25,899,968
(1,585,430)
816,254
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(4,861,229)
(903,804)
(315,575)
(116,961)
Shareholder
transactions
Proceeds
from
shares
sold
94,285,126
13,953,190
24,312,629
9,842,033
Cost
of
shares
redeemed
(37,739,867)
(83,290,815)
(16,138,638)
(943)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
56,545,259
(69,337,625)
8,173,991
9,841,090
Increase
(decrease)
in
net
assets
50,592,090
(44,341,461)
6,272,986
10,540,383
Net
Assets:
Net
assets
beginning
of
year
28,106,975
72,448,436
11,002,844
462,461
Net
assets
at
end
of
year
$78,699,065
$28,106,975
$17,275,830
$11,002,844
Capital
stock
activity
Shares
outstanding,
beginning
of
year
900,000
3,325,050
525,000
25,050
Subscriptions
4,075,000
525,000
1,150,000
500,000
Redemptions
(1,550,000)
(2,950,050)
(800,000)
(50)
Shares
outstanding,
end
of
year
3,425,000
900,000
875,000
525,000
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Core
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Strategic
Beta
ETFs
|
Annual
Report
2022
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
October
31,
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
31
.23‌
$
21
.79‌
$
20
.31‌
$
19
.81‌
Income
(loss)
from
investment
operations:
Net
investment
income
0
.39‌
0
.41‌
0
.37‌
0
.04‌
Net
realized
and
unrealized
gain
(loss)
(
3
.08‌
)
9
.30‌
1
.22‌
0
.46‌
Total
from
investment
operations
(
2
.69‌
)
9
.71‌
1
.59‌
0
.50‌
Less
distributions
to
shareholders:
Net
investment
income
(
0
.78‌
)
(
0
.25‌
)
(
0
.11‌
)
–‌
Net
realized
gains
(
4
.78‌
)
(
0
.02‌
)
(
0
.00‌
)
(b)
–‌
Total
distribution
to
shareholders
(
5
.56‌
)
(
0
.27‌
)
(
0
.11‌
)
–‌
Net
asset
value,
end
of
year
$
22
.98‌
$
31
.23‌
$
21
.79‌
$
20
.31‌
Total
Return
at
NAV
(
10
.57‌
)
%
44
.90‌
%
7
.82‌
%
2
.52‌
%
Total
Return
at
Market
(
10
.32‌
)
%
45
.27‌
%
7
.46‌
%
2
.63‌
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.15‌
%
0
.15‌
%
0
.15‌
%
0
.15‌
%
(d)
Total
net
expenses
(c)(e)
0
.15‌
%
0
.15‌
%
0
.15‌
%
0
.15‌
%
(d)
Net
investment
income
1
.63‌
%
1
.58‌
%
1
.73‌
%
1
.77‌
%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
78,699‌
$
28,107‌
$
72,448‌
$
5,079‌
Portfolio
turnover
65‌
%
49‌
%
41‌
%
0‌
%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(d)
Annualized
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Value
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
27
Year
Ended
October
31,
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
20
.96‌
$
18
.46‌
$
20
.24‌
$
19
.84‌
Income
(loss)
from
investment
operations:
Net
investment
income
0
.47‌
0
.43‌
0
.56‌
0
.05‌
Net
realized
and
unrealized
gain
(loss)
(
1
.44‌
)
6
.74‌
(
2
.19‌
)
0
.35‌
Total
from
investment
operations
(
0
.97‌
)
7
.17‌
(
1
.63‌
)
0
.40‌
Less
distributions
to
shareholders:
Net
investment
income
(
0
.12‌
)
(
4
.16‌
)
(
0
.15‌
)
–‌
Net
realized
gains
(
0
.13‌
)
(
0
.51‌
)
(
0
.00‌
)
(b)
–‌
Total
distribution
to
shareholders
(
0
.25‌
)
(
4
.67‌
)
(
0
.15‌
)
–‌
Net
asset
value,
end
of
year
$
19
.74‌
$
20
.96‌
$
18
.46‌
$
20
.24‌
Total
Return
at
NAV
(
4
.66‌
)
%
45
.48‌
%
(
8
.16‌
)
%
2
.02‌
%
Total
Return
at
Market
(
4
.46‌
)
%
45
.90‌
%
(
8
.50‌
)
%
2
.02‌
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.19‌
%
0
.19‌
%
0
.19‌
%
0
.19‌
%
(d)
Total
net
expenses
(c)(e)
0
.19‌
%
0
.19‌
%
0
.19‌
%
0
.19‌
%
(d)
Net
investment
income
2
.30‌
%
2
.14‌
%
2
.93‌
%
2
.41‌
%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
17,276‌
$
11,003‌
$
462‌
$
5,060‌
Portfolio
turnover
99‌
%
84‌
%
95‌
%
1‌
%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(d)
Annualized
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
25,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncement
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions,
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
for
the
year
ended
October
31,
2022
amounted
to
the
amount
shown
in
the
table
below
as
a
percentage
of
average
daily
net
assets
of
each
Fund:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Research
Enhanced
Core
ETF
0.15
Columbia
Research
Enhanced
Value
ETF
0.19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
deferred
amount
is
adjusted
for
market
value
changes
and
remains
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
re-characerization
of
distributions
from
investments,
investemnts
in
partnerships,
capital
loss
carryforwards,
and
reversal
of
capital
gains
(losses)
on
a
redemption
in
kind.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
applicable
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
Net
investment
income
(loss)
and
net
realized
gains
(losses),
as
disclosed
in
the
Statement
of
Operations,
and
net
assets
were
not
affected
by
these
reclassifications.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
Research
Enhanced
Core
ETF
(32,288)
(3,964,620)
3,996,908
Columbia
Research
Enhanced
Value
ETF
(19,800)
(821,987)
841,787
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
4,797,937
63,292
4,861,229
900,870
2,934
903,804
Columbia
Research
Enhanced
Value
ETF
315,575
-
315,575
116,290
671
116,961
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
At
October
31,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2022,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2022,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2022,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2022,
the
cost
basis
of
securities
contributed
was
as
follows:
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
583,932
-
(54,769)
(1,554,424)
Columbia
Research
Enhanced
Value
ETF
437,401
-
(1,468,205)
(1,194,805)
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
80,177,793
3,378,696
(4,933,120)
(1,554,424)
Columbia
Research
Enhanced
Value
ETF
18,448,965
1,179,708
(2,374,513)
(1,194,805)
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
Research
Enhanced
Core
ETF
54,769
-
54,769
-
Columbia
Research
Enhanced
Value
ETF
1,343,366
124,839
1,468,205
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
27,512,851
31,452,559
Columbia
Research
Enhanced
Value
ETF
20,997,829
20,780,437
Fund
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
93,750,437
Columbia
Research
Enhanced
Value
ETF
24,210,398
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
33
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2022,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
27,
2022
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2022.
Note
8.
Significant
risks
Financial
sector
risk
Columbia
Research
Enhanced
Value
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
financial
services
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
financial
services
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
one
or
more
industries
or
sectors,
which
makes
them
vulnerable
to
economic
conditions
that
affect
such
industries
or
sectors.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financial
services
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Information
technology
sector
risk
Columbia
Research
Enhanced
Core
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
33,157,882
37,656,695
4,498,813
Columbia
Research
Enhanced
Value
ETF
15,180,739
16,102,237
921,498
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
34
Strategic
Beta
ETFs
|
Annual
Report
2022
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objective.
Any
such
events
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
Passive
Investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
index,
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
35
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov
.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Funds.
36
Strategic
Beta
ETFs
|
Annual
Report
2022
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2022,
the
related
statements
of
operations
for
the
year
ended
October
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2022
and
for
the
period
September
25,
2019
(commencement
of
operations)
through
October
31,
2019
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022
and
each
of
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2022
and
for
the
period
September
25,
2019
(commencement
of
operations)
through
October
31,
2019
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2022
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
22,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
37
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2022
.
Shareholders
will
be
notified
in
early
2023
of
the
amounts
for
use
in
preparing
2022
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
Fund
DRD
QDI
Columbia
Research
Enhanced
Core
ETF
16.73%
19.84%
Columbia
Research
Enhanced
Value
ETF
46.85%
48.84%
TRUSTEES
AND
OFFICERS
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2022
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
176
Former
Chairman
of
the
Board,
NICSA
(National
Investment
Company
Services
Association)
(Executive
Committee,
Nominating
Committee
and
Governance
Committee),
2014-2016;
former
Director,
Intech
Investment
Management,
2011-2016;
former
Board
Member,
Metro
Denver
Chamber
of
Commerce,
2015-2016;
former
Advisory
Board
Member,
University
of
Colorado
Business
School,
2015-2018
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
Attorney,
specializing
in
arbitration
and
mediation;
Chief
Justice,
Minnesota
Supreme
Court,
1998-2006;
Associate
Justice,
Minnesota
Supreme
Court,
1996-1998;
Fourth
Judicial
District
Court
Judge,
Hennepin
County,
1994-1996;
Attorney
in
private
practice
and
public
service,
1984-1993;
State
Representative,
Minnesota
House
of
Representatives,
1979-1993,
which
included
service
on
the
Tax
and
Financial
Institutions
and
Insurance
Committees;
Member
and
Interim
Chair,
Minnesota
Sports
Facilities
Authority,
January
-
July
2017;
Interim
President
and
Chief
Executive
Officer,
Blue
Cross
and
Blue
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee,  2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
39
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
President,
Springboard-
Partners
in
Cross
Cultural
Leadership
(consulting
company)
since
2003;
Managing
Director
of
US
Equity
Research,
JP
Morgan
Chase,
1999-2003;
Director
of
US
Equity
Research,
Chase
Asset
Management,
1996-1999;
Co-Director
Latin
America
Research,
1993-1996,
COO
Global
Research,
1992-1996,
Co-Director
of
US
Research,
1991-1992,
Investment
Banker,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
Trustee
Professor
of
Economics
and
Management,
Bentley
University
since
1976
(also
teaches
and
conducts
research
on
corporate
governance);
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
176
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
176
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
41
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
174
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2022
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
176
Director,
Blue
Cross
Blue
Shield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
Chair
of
the
Duke
Endowment;
Chair
of
Greenville
–
Spartanburg
Airport
Commission;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2003-2011;
former
Director,
Piedmont
Natural
Gas,
2004-2016;
former
Director,
National
Association
of
Corporate
Directors,
Carolinas
Chapter,
2013-2018;
Chair
of
Daniel-Mickel
Foundation
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008-January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
43
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Hacker
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
Interested
trustee
affiliated
with
Investment
Manager*
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
45
The
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Trusts
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman,
who
is
the
President
and
Principal
Executive
Officer,
the
Funds’
other
officers
are:
Fund
officers
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
formerly,
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
Ryan
C.
Larrenaga
290
Congress
Street
Boston,
MA
02210
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017)
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2022
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
-
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October
2014;
Vice
President
&
Resolution
Officer,
Ameriprise
Trust
Company
since
August
2009.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
47
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(each,
a
Fund,
and
together,
the
Funds).
Under
an
investment
management
services
agreement
(each,
an
IMS
Agreement,
and
together,
the
IMS
Agreements),
the
Investment
Manager
provides
investment
advice
and
other
services
to
each
of
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds'
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
each
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
each
IMS
Agreement.
The
Board,
at
its
June
23,
2022
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
each
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board's
consideration
of
advisory
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
each
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
each
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
each
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
48
Strategic
Beta
ETFs
|
Annual
Report
2022
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2022
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided.
The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
each
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreements
and
the
Funds’
other
service
agreements.
The
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
each
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreements.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
each
Fund
under
the
IMS
Agreement
supported
the
continuation
of
each
IMS
Agreement.
Investment
performance
In
this
connection,
the
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Funds,
(ii)
the
performance
of
a
benchmark
index,
(iii)
the
percentage
ranking
of
the
Funds
among
its
comparison
group,
(iv)
the
Funds’
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
Funds
and
(vi)
index
tracking
error
data
of
the
Funds.
The
Board
observed
each
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
each
IMS
Agreement..
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
49
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
each
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Funds,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Funds
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
each
Fund’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
approximated
the
peer
universe's
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
each
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
in
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Columbia
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
each
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
each
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
each
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
each
IMS
Agreement.
ADDITIONAL
INFORMATION
50
Strategic
Beta
ETFs
|
Annual
Report
2022
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN305_10_M01_(12/22)
CET001680
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs