Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
Annual
Report
October
31,
2023
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Strategic
Beta
ETFs
|
Annual
Report
2023
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
24
Statement
of
Operations
25
Statement
of
Changes
in
Net
Assets
26
Financial
Highlights
27
Notes
to
Financial
Statements
29
Report
of
Independent
Registered
Public
Accounting
Firm
37
Federal
Income
Tax
Information
38
Trustees
and
Officers
39
Approval
of
Investment
Management
Services
Agreement
46
Additional
Information
49
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
July
2023
Investment
objective
Columbia
Research
Enhanced
Core
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000®
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Index.
The
Russell
1000®
Index
tracks
the
performance
of
1,000
of
the
largest
U.S.
companies,
based
on
market
capitalization.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2023)
Inception
1
Year
Life
Market
Price
09/25/19
8.37
11.40
Net
Asset
Value
09/25/19
8.53
11.36
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Equity
Index
8.69
11.57
Russell
1000®
Index
9.48
10.25
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2023)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
October
31,
2023)
Information
Technology
26
.8
Financials
13
.1
Health
Care
12
.6
Consumer
Discretionary
10
.7
Industrials
9
.5
Communication
Services
8
.5
Consumer
Staples
6
.3
Energy
4
.6
Real
Estate
2
.7
Materials
2
.7
Utilities
2
.5
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
5
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Research
Enhanced
Core
ETF
returned
8.53%
based
on
net
asset
value
(NAV)
and
8.37%
based
on
market
price.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
8.69%
during
the
same
period.
To
compare,
the
Russell
1000®
Index
returned
9.48%
for
the
same
period.
The
Fund
had
a
NAV
of
$22.98
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
a
NAV
of
$24.59.
The
Fund’s
market
price
on
October
31,
2023
was
$24.62
per
share.
Market
overview
U.S.
equities
gained
during
the
annual
period
overall.
As
the
annual
period
began
in
November
2022,
the
U.S.
equity
market
ticked
higher,
despite
a
75
basis
point
interest
rate
increase
by
the
U.S.
Federal
Reserve
(Fed),
both
on
hopes
that
rate
hikes
beyond
November
would
be
smaller
and
on
resilient
third
calendar
quarter
corporate
earnings
reports.
(A
basis
point
is
1/100th
of
a
percentage
point.)
The
Fed
then
raised
the
federal
funds
target
rate
50
basis
points
in
December,
but
a
stronger
than
consensus
expected
November
jobs
report
rattled
the
market,
intensifying
worries
about
how
high
the
Fed
might
raise
interest
rates
in
2023.
U.S.
equities
gained
in
the
first
quarter
of
2023,
attributable
primarily
to
January,
based
on
hopes
the
Fed
had
largely
finished
raising
interest
rates.
Also,
a
string
of
better
than
expected
economic
data
fueled
optimism
the
U.S.
may
be
able
to
avoid
a
recession.
However,
the
investment
backdrop
grew
more
challenging
as
the
quarter
progressed,
given
persistent
inflation
and
the
failure
of
several
U.S.
regional
banks.
Despite
apprehension
in
the
banking
sector,
investor
sentiment
improved
in
the
second
calendar
quarter
as
the
Fed
slowed
its
pace
of
interest
rate
hikes
in
response
to
cooling
inflation.
Investors
were
further
encouraged
by
economic
growth
and
corporate
earnings,
which,
though
slowing,
did
not
decline
to
the
extent
the
markets
had
anticipated
in
late
2022.
Notably,
however,
most
of
the
quarter’s
positive
return
was
generated
by
a
small
group
of
mega-cap
technology-related
stocks,
especially
from
companies
expected
to
benefit
from
the
evolution
of
artificial
intelligence
(AI).
Following
two
quarters
of
gains,
the
broad
U.S.
equity
market
stumbled
toward
the
end
of
the
annual
period.
In
July
and
August
2023,
optimism
surrounding
a
slowing
trend
in
inflation,
combined
with
resilient
preliminary
second
calendar
quarter
economic
growth
data,
supported
U.S.
equities
and
fueled
a
soft
landing
narrative.
Though
economic
activity
remained
rather
resilient,
a
pickup
in
soft
landing
concerns,
surging
energy
prices
and
disinflationary
pressures
on
corporate
earnings,
along
with
worries
about
a
looming
federal
government
shutdown,
strikes
against
automakers
by
the
United
Auto
Workers,
upward
pressure
on
long-term
U.S.
Treasury
yields
and
outbreak
of
war
in
the
Middle
East,
drove
a
decline
in
the
U.S.
equity
market
in
September
and
October.
The
Fed
acted
in
line
with
expectations,
hiking
interest
rates
25
basis
points
in
July
and
keeping
rates
unchanged
at
a
range
of
5.25%-5.50%
in
September.
For
the
annual
period
overall,
capitalization
segment
performance
within
the
broad
U.S.
equity
market
was
mixed.
Large-
cap
stocks
were
strongest,
posting
solid
positive
absolute
returns.
Mid-cap
stocks
and
small-cap
stocks
each
generated
negative
absolute
returns
for
the
annual
period.
Growth
stocks
outpaced
value
stocks
across
the
capitalization
spectrum,
but
most
significantly
in
the
large-cap
segment
of
the
U.S.
equity
market.
Within
the
Russell
1000®
Index,
communication
services
and
information
technology
were
by
far
the
best
performing
sectors
during
the
annual
period,
followed
at
some
distance
by
consumer
discretionary.
The
weakest
performing
sectors
in
the
Russell
1000®
Index
were
utilities,
real
estate
and
health
care,
with
each
generating
a
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
health
care,
information
technology
and
industrials
sectors
detracted
most
from
the
Index’s
results
relative
to
the
Russell
1000®
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Index,
an
underweight
position
in
graphics
and
computer
and
networking
solutions
provider
NVIDIA
Corp.
and
having
no
exposure
to
e-commerce
retailing
giant
Amazon.com,
Inc.
and
semiconductor
device
developer
Broadcom,
Inc.
detracted
most.
NVIDIA
generated
a
triple-digit
positive
absolute
return,
and
Amazon.
com,
Inc.
and
Broadcom,
Inc.
each
posted
a
robust
double-digit
positive
absolute
return
within
the
Russell
1000®
Index
during
the
annual
period.
The
Fund's
position
in
NVIDIA
was
eliminated
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
communication
services,
consumer
discretionary
and
utilities
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
Russell
1000®
Index
during
the
period.
Relative
to
the
Russell
1000®
Index,
overweight
positions
in
Facebook
parent
company
Meta
Platforms,
Inc.
(Class
A)
and
software
behemoth
Microsoft
Corp.
and
having
no
exposure
to
electric
vehicle
maker
Tesla,
Inc.
contributed
most
positively.
Meta
Platforms
posted
a
triple-digit
positive
absolute
return
and
Microsoft
generated
a
double-digit
positive
absolute
return
within
the
Fund’s
portfolio
during
the
annual
period.
Tesla
posted
a
double-digit
negative
absolute
return
within
the
Russell
1000®
Index
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
There
is
no
guarantee
that
the
index
and,
correspondingly,
the
Fund
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Investments
selected
using
quantitative
methods
may
perform
differently
from
the
market
as
a
whole
and
may
not
enable
the
Fund
to
achieve
its
objective.
Investment
in
larger
companies
may
involve
certain
risks
associated
with
their
larger
size
and
may
be
less
able
to
respond
quickly
to
new
competitive
challenges
than
smaller
competitors.
Investments
in
mid-cap
companies
often
involve
greater
risks
that
investments
in
larger
companies
and
may
have
less
predictable
earning
and
be
less
liquid
than
the
securities
of
larger
firms.
Value
securities
may
be
unprofitable
if
the
market
fails
to
recognize
their
intrinsic
worth
or
the
portfolio
manager
misgauged
that
worth.
Growth
securities,
at
times,
may
not
perform
as
well
as
value
securities
or
the
stock
market
in
general
and
may
be
out
of
favor
with
investors.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
See
the
Fund's
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
July
2023
Investment
objective
Columbia
Research
Enhanced
Value
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Value
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000
®
Value
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Value
Index.
The
Russell
1000®
Value
Index
is
an
unmanaged
index
that
measures
the
performance
of
those
Russell
1000®
Index
companies
with
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
It
is
not
possible
to
invest
directly
in
an
index.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2023)
Inception
1
Year
Life
Market
Price
09/25/19
1.55
7.03
Net
Asset
Value
09/25/19
2.02
7.12
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Value
Index
2.19
7.26
Russell
1000®
Value
Index
0.13
5.77
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
—
October
31,
2023)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
October
31,
2023)
Financials
20
.3
Health
Care
15
.3
Industrials
13
.3
Energy
9
.0
Information
Technology
8
.9
Consumer
Staples
8
.6
Utilities
5
.3
Communication
Services
5
.0
Materials
4
.9
Consumer
Discretionary
4
.7
Real
Estate
4
.7
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
9
For
the
12-month
period
that
ended
October
31,
2023,
Columbia
Research
Enhanced
Value
ETF
returned
2.02%
based
on
net
asset
value
(NAV)
and
1.55%
based
on
market
price.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
2.19%
during
the
same
period.
To
compare,
the
Russell
1000®
Value
Index
returned
0.13%
for
the
same
period.
The
Fund
had
a
NAV
of
$19.74
on
October
31,
2022
and
ended
the
annual
period
on
October
31,
2023
with
a
NAV
of
$19.65.
The
Fund’s
market
price
on
October
31,
2023
was
$19.60
per
share.
Market
overview
U.S.
equities
gained
during
the
annual
period
overall,
although
growth-oriented
stocks
significantly
outperformed
value-
oriented
stocks
across
the
capitalization
spectrum.
As
the
annual
period
began
in
November
2022,
the
U.S.
equity
market
ticked
higher,
despite
a
75
basis
point
interest
rate
increase
by
the
U.S.
Federal
Reserve
(Fed),
both
on
hopes
that
rate
hikes
beyond
November
would
be
smaller
and
on
resilient
third
calendar
quarter
corporate
earnings
reports.
(A
basis
point
is
1/100th
of
a
percentage
point.)
The
Fed
then
raised
the
federal
funds
target
rate
50
basis
points
in
December,
but
a
stronger
than
consensus
expected
November
jobs
report
rattled
the
market,
intensifying
worries
about
how
high
the
Fed
might
raise
interest
rates
in
2023.
U.S.
equities
gained
in
the
first
quarter
of
2023,
attributable
primarily
to
January,
based
on
hopes
the
Fed
had
largely
finished
raising
interest
rates.
Also,
a
string
of
better
than
expected
economic
data
fueled
optimism
the
U.S.
may
be
able
to
avoid
a
recession.
However,
the
investment
backdrop
grew
more
challenging
as
the
quarter
progressed,
given
persistent
inflation
and
the
failure
of
several
U.S.
regional
banks.
Despite
apprehension
in
the
banking
sector,
investor
sentiment
improved
in
the
second
calendar
quarter
as
the
Fed
slowed
its
pace
of
interest
rate
hikes
in
response
to
cooling
inflation.
Investors
were
further
encouraged
by
economic
growth
and
corporate
earnings,
which,
though
slowing,
did
not
decline
to
the
extent
the
markets
had
anticipated
in
late
2022.
Notably,
however,
most
of
the
quarter’s
positive
return
was
generated
by
a
small
group
of
mega-cap
technology-related
stocks,
especially
from
companies
expected
to
benefit
from
the
evolution
of
artificial
intelligence
(AI).
Following
two
quarters
of
gains,
the
broad
U.S.
equity
market
stumbled
toward
the
end
of
the
annual
period.
In
July
and
August
2023,
optimism
surrounding
a
slowing
trend
in
inflation,
combined
with
resilient
preliminary
second
calendar
quarter
economic
growth
data,
supported
U.S.
equities
and
fueled
a
soft
landing
narrative.
Though
economic
activity
remained
rather
resilient,
a
pickup
in
soft
landing
concerns,
surging
energy
prices
and
disinflationary
pressures
on
corporate
earnings,
along
with
worries
about
a
looming
federal
government
shutdown,
strikes
against
automakers
by
the
United
Auto
Workers,
upward
pressure
on
long-term
U.S.
Treasury
yields
and
outbreak
of
war
in
the
Middle
East,
drove
a
decline
in
the
U.S.
equity
market
in
September
and
October.
The
Fed
acted
in
line
with
expectations,
hiking
interest
rates
25
basis
points
in
July
and
keeping
rates
unchanged
at
a
range
of
5.25%-5.50%
in
September.
For
the
annual
period
overall,
capitalization
segment
performance
within
the
broad
U.S.
equity
market
was
mixed.
Large-cap
stocks
were
strongest,
posting
solid
positive
absolute
returns.
Mid-cap
stocks
and
small-cap
stocks
each
generated
negative
absolute
returns
for
the
annual
period.
Growth
stocks
outpaced
value
stocks
across
the
capitalization
spectrum,
but
most
significantly
in
the
large-cap
segment
of
the
U.S.
equity
market.
Within
the
Russell
1000®
Value
Index,
communication
services
was
by
far
the
best
performing
sector
during
the
annual
period,
followed
at
some
distance
by
information
technology
and
industrials.
The
weakest
performing
sectors
in
the
Russell
1000®
Value
Index
were
health
care,
utilities
and
real
estate,
with
each
generating
a
negative
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
health
care,
financials
and
industrials
sectors
detracted
most
from
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
annual
period.
Relative
to
the
Russell
1000®
Value
Index,
having
no
exposure
to
diversified
conglomerate
holding
company
Berkshire
Hathaway,
Inc.-Class
B
and
overweight
positions
in
diversified
financial
services
company
Wells
Fargo
&
Co.
and
biopharmaceuticals
company
Bristol-Myers
Squibb
Co.
detracted
most.
Berkshire
Hathaway
generated
a
double-digit
positive
absolute
return,
while
Wells
Fargo
and
Bristol-Myers
Squibb
each
posted
a
double-digit
negative
absolute
return
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
10
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
communication
services,
consumer
discretionary
and
utilities
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
Russell
1000®
Value
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Value
Index,
overweight
positions
in
Facebook
parent
company
Meta
Platforms,
Inc.
(Class
A)
and
Internet
Protocol-based
networking
products
and
services
company
Cisco
Systems,
Inc.
and
an
underweight
position
in
diversified
financial
institution
Bank
of
America
Corp.
contributed
most
positively.
During
the
annual
period,
Meta
Platforms
generated
a
triple-digit
positive
absolute
return;
Cisco
Systems
posted
a
double-digit
positive
absolute
return;
and
Bank
of
America
generated
a
negative
absolute
return.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
There
is
no
guarantee
that
the
index
and,
correspondingly,
the
Fund
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Investments
selected
using
quantitative
methods
may
perform
differently
from
the
market
as
a
whole
and
may
not
enable
the
Fund
to
achieve
its
objective.
Investment
in
larger
companies
may
involve
certain
risks
associated
with
their
larger
size
and
may
be
less
able
to
respond
quickly
to
new
competitive
challenges
than
smaller
competitors.
Investments
in
mid-cap
companies
often
involve
greater
risks
that
investments
in
larger
companies
and
may
have
less
predictable
earning
and
be
less
liquid
than
the
securities
of
larger
firms.
Value
securities
may
be
unprofitable
if
the
market
fails
to
recognize
their
intrinsic
worth
or
the
portfolio
manager
misgauged
that
worth.
Growth
securities,
at
times,
may
not
perform
as
well
as
value
securities
or
the
stock
market
in
general
and
may
be
out
of
favor
with
investors.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
See
the
Fund's
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
11
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
October
31,
2023.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2023
—
October
31,
2023
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Research
Enhanced
Core
ETF
1,000.00
1,000.00
1,002.40
1,024.45
0.76
0.77
0.15
Columbia
Research
Enhanced
Value
ETF
1,000.00
1,000.00
968.50
1,024.25
0.94
0.97
0.19
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
99
.5
%
Issuer
Shares
Value
($)
Communication
Services  8.5%
Entertainment
0.2%
Electronic
Arts,
Inc.
2,478
306,752
Live
Nation
Entertainment,
Inc.
(a)
1,329
106,346
Madison
Square
Garden
Sports
Corp.
(a)
163
27,407
Playtika
Holding
Corp.
(a)
217
1,823
Total
442,328
Interactive
Media
&
Services
8.0%
Alphabet,
Inc.
Class
A
(a)
53,736
6,667,563
Alphabet,
Inc.
Class
C
(a)
45,988
5,762,296
Meta
Platforms,
Inc.
Class
A
(a)
19,050
5,739,194
Pinterest,
Inc.
Class
A
(a)
5,119
152,956
TripAdvisor,
Inc.
(a)
987
14,568
Total
18,336,577
Media
0.3%
Fox
Corp.
Class
A
2,414
73,361
Fox
Corp.
Class
B
1,227
34,245
New
York
Times
Co.
(The)
Class
A
1,452
58,530
News
Corp.
Class
A
3,408
70,477
News
Corp.
Class
B
1,038
22,255
Nexstar
Media
Group,
Inc.
320
44,826
Omnicom
Group,
Inc.
1,791
134,164
Trade
Desk,
Inc.
(The)
Class
A
(a)
3,908
277,312
Total
715,170
Total
Communication
Services
19,494,075
Consumer
Discretionary  10.7%
Automobile
Components
0.1%
BorgWarner,
Inc.
7,076
261,105
Phinia,
Inc.
1,415
36,620
Total
297,725
Automobiles
0.1%
Thor
Industries,
Inc.
1,626
142,974
Broadline
Retail
0.7%
Coupang,
Inc.
(a)
32,785
557,345
eBay,
Inc.
17,459
684,917
Etsy,
Inc.
(a)
3,667
228,454
Nordstrom,
Inc.
3,739
52,271
Total
1,522,987
Distributors
0.4%
Genuine
Parts
Co.
4,328
557,706
LKQ
Corp.
8,555
375,736
Total
933,442
Diversified
Consumer
Services
0.1%
ADT,
Inc.
6,493
36,751
H&R
Block,
Inc.
4,725
193,961
Total
230,712
Hotels,
Restaurants
&
Leisure
3.3%
Booking
Holdings,
Inc.
(a)
1,200
3,347,472
Boyd
Gaming
Corp.
2,396
132,379
Caesars
Entertainment,
Inc.
(a)
6,602
263,354
Darden
Restaurants,
Inc.
3,832
557,671
Expedia
Group,
Inc.
(a)
4,719
449,674
Hilton
Worldwide
Holdings,
Inc.
8,418
1,275,580
Hyatt
Hotels
Corp.
Class
A
1,516
155,299
MGM
Resorts
International
9,211
321,648
Penn
Entertainment,
Inc.
(a)
5,293
104,431
Royal
Caribbean
Cruises
Ltd.
(a)
7,154
606,158
Travel
+
Leisure
Co.
2,292
77,997
Wendy's
Co.
(The)
5,516
104,914
Wynn
Resorts
Ltd.
3,331
292,395
Total
7,688,972
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Household
Durables
1.6%
DR
Horton,
Inc.
9,776
1,020,614
Leggett
&
Platt,
Inc.
4,411
103,350
Lennar
Corp.
Class
A
7,583
808,954
Lennar
Corp.
Class
B
408
40,233
Mohawk
Industries,
Inc.
(a)
1,652
132,788
NVR,
Inc.
(a)
90
487,136
PulteGroup,
Inc.
6,816
501,589
Toll
Brothers,
Inc.
3,542
250,455
TopBuild
Corp.
(a)
970
221,897
Total
3,567,016
Specialty
Retail
4.1%
AutoNation,
Inc.
(a)
919
119,543
AutoZone,
Inc.
(a)
549
1,359,944
Bath
&
Body
Works,
Inc.
7,969
236,281
Best
Buy
Co.,
Inc.
5,941
396,978
Gap,
Inc.
(The)
6,186
79,181
Murphy
USA,
Inc.
635
230,308
O'Reilly
Automotive,
Inc.
(a)
1,907
1,774,349
Penske
Automotive
Group,
Inc.
644
92,144
Ross
Stores,
Inc.
10,385
1,204,348
TJX
Cos.,
Inc.
(The)
35,606
3,135,820
Ulta
Beauty,
Inc.
(a)
1,510
575,778
Williams-Sonoma,
Inc.
2,086
313,401
Total
9,518,075
Textiles,
Apparel
&
Luxury
Goods
0.3%
Deckers
Outdoor
Corp.
(a)
808
482,424
Tapestry,
Inc.
7,469
205,846
Total
688,270
Total
Consumer
Discretionary
24,590,173
Consumer
Staples  6.3%
Beverages
1.1%
Coca-Cola
Co.
(The)
42,676
2,410,767
Molson
Coors
Beverage
Co.
Class
B
1,955
112,941
Total
2,523,708
Consumer
Staples
Distribution
1.4%
Casey's
General
Stores,
Inc.
415
112,842
Kroger
Co.
(The)
7,230
328,025
Walgreens
Boots
Alliance,
Inc.
7,810
164,635
Walmart,
Inc.
15,634
2,554,752
Total
3,160,254
Food
Products
0.9%
Archer-Daniels-Midland
Co.
5,711
408,736
Campbell
Soup
Co.
2,156
87,124
Conagra
Brands,
Inc.
5,288
144,680
General
Mills,
Inc.
6,730
439,065
Hershey
Co.
(The)
1,609
301,446
JM
Smucker
Co.
(The)
1,089
123,972
Kellanova
2,919
147,322
Kraft
Heinz
Co.
(The)
9,033
284,178
Seaboard
Corp.
3
10,521
WK
Kellogg
Co.
(a)
727
7,284
Total
1,954,328
Household
Products
1.9%
Clorox
Co.
(The)
1,393
163,956
Kimberly-Clark
Corp.
3,690
441,472
Procter
&
Gamble
Co.
(The)
25,807
3,871,824
Total
4,477,252
Tobacco
1.0%
Altria
Group,
Inc.
20,577
826,578
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
13
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Philip
Morris
International,
Inc.
16,872
1,504,308
Total
2,330,886
Total
Consumer
Staples
14,446,428
Energy  4.5%
Energy
Equipment
&
Services
0.6%
Baker
Hughes
Co.
8,661
298,111
Halliburton
Co.
7,646
300,794
NOV,
Inc.
3,431
68,483
Schlumberger
NV
12,221
680,221
TechnipFMC
PLC
3,817
82,142
Total
1,429,751
Oil,
Gas
&
Consumable
Fuels
3.9%
Chevron
Corp.
15,470
2,254,443
ConocoPhillips
10,434
1,239,559
EQT
Corp.
3,054
129,428
Exxon
Mobil
Corp.
35,600
3,768,260
HF
Sinclair
Corp.
1,210
67,010
Marathon
Oil
Corp.
5,467
149,304
Marathon
Petroleum
Corp.
3,636
549,945
Phillips
66
4,061
463,238
Valero
Energy
Corp.
2,992
379,984
Total
9,001,171
Total
Energy
10,430,922
Financials  13.0%
Banks
5.4%
Bank
of
America
Corp.
98,093
2,583,770
Bank
OZK
1,537
55,040
BOK
Financial
Corp.
402
26,339
Citigroup,
Inc.
27,307
1,078,353
Comerica,
Inc.
1,891
74,505
East
West
Bancorp,
Inc.
1,980
106,168
First
Citizens
BancShares,
Inc.
Class
A
148
204,349
First
Horizon
Corp.
7,780
83,635
FNB
Corp.
5,177
55,342
Huntington
Bancshares,
Inc.
20,726
200,006
JPMorgan
Chase
&
Co.
39,884
5,546,269
Synovus
Financial
Corp.
2,040
53,183
Webster
Financial
Corp.
2,512
95,381
Wells
Fargo
&
Co.
51,854
2,062,233
Western
Alliance
Bancorp
1,649
67,774
Zions
Bancorp
NA
2,282
70,400
Total
12,362,747
Capital
Markets
2.3%
Affiliated
Managers
Group,
Inc.
497
61,012
Bank
of
New
York
Mellon
Corp.
(The)
10,769
457,682
CME
Group,
Inc.
5,091
1,086,725
Goldman
Sachs
Group,
Inc.
(The)
4,503
1,367,156
Invesco
Ltd.
4,881
63,307
Janus
Henderson
Group
PLC
1,878
43,325
Jefferies
Financial
Group,
Inc.
2,562
82,445
LPL
Financial
Holdings,
Inc.
1,054
236,644
MarketAxess
Holdings,
Inc.
515
110,081
Morgan
Stanley
16,568
1,173,346
Nasdaq,
Inc.
5,400
267,840
SEI
Investments
Co.
1,429
76,680
State
Street
Corp.
4,458
288,121
Stifel
Financial
Corp.
1,419
80,883
Virtu
Financial,
Inc.
Class
A
1,243
22,983
Total
5,418,230
Consumer
Finance
0.1%
Synchrony
Financial
6,004
168,412
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Financial
Services
3.2%
Corebridge
Financial,
Inc.
3,908
78,160
Equitable
Holdings,
Inc.
5,028
133,594
Fiserv,
Inc.
(a)
8,209
933,774
MGIC
Investment
Corp.
4,148
69,852
PayPal
Holdings,
Inc.
(a)
15,274
791,193
Visa,
Inc.
Class
A
22,195
5,218,044
Western
Union
Co.
(The)
5,354
60,447
Total
7,285,064
Insurance
2.0%
American
International
Group,
Inc.
10,059
616,717
Assurant,
Inc.
711
105,868
Axis
Capital
Holdings
Ltd.
1,079
61,611
CNA
Financial
Corp.
375
15,150
Hartford
Financial
Services
Group,
Inc.
(The)
4,225
310,326
Lincoln
National
Corp.
2,284
49,723
Loews
Corp.
2,630
168,346
Marsh
&
McLennan
Cos.,
Inc.
6,775
1,284,879
MetLife,
Inc.
8,803
528,268
Prudential
Financial,
Inc.
5,026
459,578
Reinsurance
Group
of
America,
Inc.
956
142,893
Travelers
Cos.,
Inc.
(The)
3,212
537,817
Unum
Group
2,762
135,062
Willis
Towers
Watson
PLC
1,422
335,436
Total
4,751,674
Total
Financials
29,986,127
Health
Care  12.6%
Biotechnology
2.3%
AbbVie,
Inc.
10,631
1,500,884
Alnylam
Pharmaceuticals,
Inc.
(a)
710
107,778
Amgen,
Inc.
3,114
796,250
Apellis
Pharmaceuticals,
Inc.
(a)
613
29,829
Biogen,
Inc.
(a)
903
214,499
BioMarin
Pharmaceutical,
Inc.
(a)
1,088
88,618
Exact
Sciences
Corp.
(a)
1,052
64,793
Exelixis,
Inc.
(a)
1,965
40,459
Gilead
Sciences,
Inc.
7,541
592,270
Incyte
Corp.
(a)
1,087
58,622
Ionis
Pharmaceuticals,
Inc.
(a)
872
38,603
Karuna
Therapeutics,
Inc.
(a)
216
35,988
Mirati
Therapeutics,
Inc.
(a)
287
15,937
Moderna,
Inc.
(a)
1,955
148,502
Natera,
Inc.
(a)
612
24,156
Neurocrine
Biosciences,
Inc.
(a)
578
64,123
Regeneron
Pharmaceuticals,
Inc.
(a)
606
472,613
Roivant
Sciences
Ltd.
(a)
2,108
18,213
Sarepta
Therapeutics,
Inc.
(a)
519
34,934
Seagen,
Inc.
(a)
832
177,058
Ultragenyx
Pharmaceutical,
Inc.
(a)
435
15,399
United
Therapeutics
Corp.
(a)
272
60,618
Vertex
Pharmaceuticals,
Inc.
(a)
1,495
541,354
Total
5,141,500
Health
Care
Equipment
&
Supplies
2.2%
Abbott
Laboratories
25,286
2,390,791
Align
Technology,
Inc.
(a)
1,092
201,572
Baxter
International,
Inc.
7,088
229,864
Cooper
Cos.,
Inc.
(The)
712
221,966
DENTSPLY
SIRONA,
Inc.
3,161
96,126
Edwards
Lifesciences
Corp.
(a)
8,467
539,517
Enovis
Corp.
(a)
769
35,297
GE
HealthCare
Technologies,
Inc.
5,932
394,893
Hologic,
Inc.
(a)
3,602
238,345
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Integra
LifeSciences
Holdings
Corp.
(a)
1,085
39,017
STERIS
PLC
1,474
309,511
Zimmer
Biomet
Holdings,
Inc.
3,032
316,571
Total
5,013,470
Health
Care
Providers
&
Services
3.6%
Cardinal
Health,
Inc.
3,669
333,879
Cencora,
Inc.
2,394
443,249
Centene
Corp.
(a)
8,575
591,503
Cigna
Group
(The)
4,425
1,368,210
CVS
Health
Corp.
20,890
1,441,619
DaVita,
Inc.
(a)
848
65,491
Elevance
Health,
Inc.
3,837
1,726,995
Humana,
Inc.
2,201
1,152,642
McKesson
Corp.
1,996
908,899
Molina
Healthcare,
Inc.
(a)
914
304,316
Total
8,336,803
Health
Care
Technology
0.0%
Teladoc
Health,
Inc.
(a)
2,459
40,672
Life
Sciences
Tools
&
Services
0.1%
Maravai
LifeSciences
Holdings,
Inc.
Class
A
(a)
1,646
11,292
Medpace
Holdings,
Inc.
(a)
358
86,876
QIAGEN
NV
(a)
3,396
127,112
Total
225,280
Pharmaceuticals
4.4%
Bristol-Myers
Squibb
Co.
31,961
1,646,950
Elanco
Animal
Health,
Inc.
(a)
6,786
59,785
Jazz
Pharmaceuticals
PLC
(a)
925
117,494
Johnson
&
Johnson
36,202
5,370,205
Organon
&
Co.
3,755
55,536
Pfizer,
Inc.
84,883
2,594,024
Royalty
Pharma
PLC
Class
A
6,174
165,895
Viatris,
Inc.
17,012
151,407
Total
10,161,296
Total
Health
Care
28,919,021
Industrials  9.4%
Aerospace
&
Defense
1.2%
L3Harris
Technologies,
Inc.
3,201
574,291
Lockheed
Martin
Corp.
3,997
1,817,196
Textron,
Inc.
3,377
256,652
Total
2,648,139
Air
Freight
&
Logistics
0.6%
CH
Robinson
Worldwide,
Inc.
1,932
158,096
Expeditors
International
of
Washington,
Inc.
2,604
284,487
FedEx
Corp.
3,900
936,390
Total
1,378,973
Building
Products
0.8%
A
O
Smith
Corp.
2,107
146,984
Advanced
Drainage
Systems,
Inc.
1,156
123,495
Builders
FirstSource,
Inc.
(a)
2,239
242,976
Fortune
Brands
Innovations,
Inc.
2,192
122,314
Masco
Corp.
3,860
201,067
Owens
Corning
1,515
171,756
Trane
Technologies
PLC
3,760
715,566
Total
1,724,158
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
1,488
754,595
Rollins,
Inc.
4,459
167,703
Total
922,298
Construction
&
Engineering
0.2%
AECOM
2,189
167,568
EMCOR
Group,
Inc.
820
169,453
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Valmont
Industries,
Inc.
355
69,903
WillScot
Mobile
Mini
Holdings
Corp.
(a)
3,457
136,240
Total
543,164
Electrical
Equipment
0.6%
Acuity
Brands,
Inc.
524
84,872
Emerson
Electric
Co.
9,593
853,489
Hubbell,
Inc.
888
239,849
nVent
Electric
PLC
2,874
138,326
Total
1,316,536
Ground
Transportation
1.1%
CSX
Corp.
34,305
1,024,004
Landstar
System,
Inc.
626
103,152
Ryder
System,
Inc.
791
77,154
Schneider
National,
Inc.
Class
B
967
24,494
Uber
Technologies,
Inc.
(a)
31,338
1,356,309
Total
2,585,113
Machinery
2.7%
AGCO
Corp.
1,019
116,838
Allison
Transmission
Holdings,
Inc.
1,557
78,504
Caterpillar,
Inc.
8,625
1,949,681
Donaldson
Co.,
Inc.
2,077
119,760
Fortive
Corp.
5,883
384,042
Gates
Industrial
Corp.
PLC
(a)
1,810
19,765
Illinois
Tool
Works,
Inc.
5,057
1,133,375
Ingersoll
Rand,
Inc.
6,870
416,872
Lincoln
Electric
Holdings,
Inc.
952
166,410
PACCAR,
Inc.
8,732
720,652
Parker-Hannifin
Corp.
2,154
794,632
Snap-on,
Inc.
889
229,309
Timken
Co.
(The)
1,075
74,304
Total
6,204,144
Passenger
Airlines
0.1%
American
Airlines
Group,
Inc.
(a)
10,518
117,276
United
Airlines
Holdings,
Inc.
(a)
5,312
185,973
Total
303,249
Professional
Services
1.4%
Automatic
Data
Processing,
Inc.
7,028
1,533,650
Booz
Allen
Hamilton
Holding
Corp.
2,175
260,848
CACI
International,
Inc.
Class
A
(a)
381
123,734
Genpact
Ltd.
2,983
100,050
KBR,
Inc.
2,270
132,000
ManpowerGroup,
Inc.
875
61,224
Paychex,
Inc.
5,500
610,775
Paylocity
Holding
Corp.
(a)
735
131,859
Science
Applications
International
Corp.
900
98,316
SS&C
Technologies
Holdings,
Inc.
3,581
179,945
Total
3,232,401
Trading
Companies
&
Distributors
0.3%
Ferguson
PLC
3,453
518,640
MSC
Industrial
Direct
Co.,
Inc.
Class
A
784
74,284
Watsco,
Inc.
547
190,843
Total
783,767
Total
Industrials
21,641,942
Information
Technology  26.7%
Communications
Equipment
1.0%
Cisco
Systems,
Inc.
35,253
1,837,739
F5,
Inc.
(a)
517
78,372
Motorola
Solutions,
Inc.
1,483
412,956
Total
2,329,067
Electronic
Equipment,
Instruments
&
Components
0.3%
CDW
Corp.
1,161
232,664
Crane
NXT
Co.
858
44,616
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Jabil,
Inc.
1,029
126,361
Keysight
Technologies,
Inc.
(a)
1,571
191,741
TD
SYNNEX
Corp.
407
37,314
Total
632,696
IT
Services
0.1%
GoDaddy,
Inc.
Class
A
(a)
1,351
98,934
VeriSign,
Inc.
(a)
802
160,127
Total
259,061
Semiconductors
&
Semiconductor
Equipment
1.5%
Applied
Materials,
Inc.
7,458
987,066
Cirrus
Logic,
Inc.
(a)
493
32,997
Enphase
Energy,
Inc.
(a)
1,193
94,939
Lam
Research
Corp.
1,210
711,746
Lattice
Semiconductor
Corp.
(a)
1,122
62,394
Microchip
Technology,
Inc.
4,573
326,009
Monolithic
Power
Systems,
Inc.
392
173,162
QUALCOMM,
Inc.
9,515
1,037,040
Skyworks
Solutions,
Inc.
1,382
119,875
Total
3,545,228
Software
13.9%
Adobe,
Inc.
(a)
3,663
1,948,936
Autodesk,
Inc.
(a)
1,816
358,896
Cadence
Design
Systems,
Inc.
(a)
2,352
564,127
Crowdstrike
Holdings,
Inc.
Class
A
(a)
1,849
326,848
DocuSign,
Inc.
(a)
1,973
76,710
Dropbox,
Inc.
Class
A
(a)
2,116
55,651
Dynatrace,
Inc.
(a)
2,147
95,993
Fortinet,
Inc.
(a)
5,608
320,609
Gen
Digital,
Inc.
4,758
79,268
Informatica,
Inc.
Class
A
(a)
364
6,982
Intuit,
Inc.
2,289
1,132,941
Manhattan
Associates,
Inc.
(a)
532
103,729
Microsoft
Corp.
63,704
21,538,960
Nutanix,
Inc.
Class
A
(a)
2,086
75,492
Palo
Alto
Networks,
Inc.
(a)
2,459
597,586
PTC,
Inc.
(a)
993
139,437
Salesforce,
Inc.
(a)
8,434
1,693,800
ServiceNow,
Inc.
(a)
1,740
1,012,419
Splunk,
Inc.
(a)
1,254
184,539
Synopsys,
Inc.
(a)
1,362
639,377
Teradata
Corp.
(a)
842
35,970
VMware,
Inc.
Class
A
(a)
1,826
265,957
Workday,
Inc.
Class
A
(a)
1,634
345,934
Zoom
Video
Communications,
Inc.
Class
A
(a)
2,154
129,197
Zscaler,
Inc.
(a)
759
120,446
Total
31,849,804
Technology
Hardware,
Storage
&
Peripherals
9.9%
Apple,
Inc.
131,318
22,425,175
HP,
Inc.
7,537
198,449
NetApp,
Inc.
1,796
130,713
Pure
Storage,
Inc.
Class
A
(a)
2,314
78,236
Total
22,832,573
Total
Information
Technology
61,448,429
Materials  2.6%
Chemicals
1.4%
CF
Industries
Holdings,
Inc.
4,580
365,392
Chemours
Co.
(The)
3,589
86,531
Dow,
Inc.
17,428
842,470
Huntsman
Corp.
4,233
98,756
LyondellBasell
Industries
NV
Class
A
6,296
568,151
Mosaic
Co.
(The)
7,998
259,775
NewMarket
Corp.
149
71,840
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Olin
Corp.
3,156
134,824
PPG
Industries,
Inc.
5,742
704,945
Westlake
Corp.
785
90,558
Total
3,223,242
Construction
Materials
0.0%
Eagle
Materials,
Inc.
858
132,055
Containers
&
Packaging
0.3%
Berry
Global
Group,
Inc.
2,793
153,615
Graphic
Packaging
Holding
Co.
7,654
164,638
Packaging
Corp.
of
America
2,169
331,965
Total
650,218
Metals
&
Mining
0.9%
Nucor
Corp.
6,056
895,016
Reliance
Steel
&
Aluminum
Co.
1,403
356,895
Southern
Copper
Corp.
2,039
144,565
Steel
Dynamics,
Inc.
3,895
414,857
United
States
Steel
Corp.
5,327
180,532
Total
1,991,865
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
1,587
81,381
Total
Materials
6,078,761
Real
Estate  2.7%
Health
Care
REITs
0.1%
Healthpeak
Properties,
Inc.
8,392
130,496
Hotel
&
Resort
REITs
0.1%
Host
Hotels
&
Resorts,
Inc.
11,207
173,485
Park
Hotels
&
Resorts,
Inc.
3,519
40,574
Total
214,059
Industrial
REITs
0.1%
EastGroup
Properties,
Inc.
659
107,582
First
Industrial
Realty
Trust,
Inc.
1,991
84,219
STAG
Industrial,
Inc.
2,696
89,561
Total
281,362
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.
Class
A
(a)
4,751
329,435
Howard
Hughes
Holdings,
Inc.
(a)
507
33,629
Zillow
Group,
Inc.
Class
A
(a)
834
29,632
Zillow
Group,
Inc.
Class
C
(a)
2,329
84,426
Total
477,122
Residential
REITs
0.2%
Equity
LifeStyle
Properties,
Inc.
2,550
167,790
Sun
Communities,
Inc.
1,814
201,789
Total
369,579
Retail
REITs
0.3%
Brixmor
Property
Group,
Inc.
4,440
92,308
NNN
REIT,
Inc.
2,782
101,070
Simon
Property
Group,
Inc.
4,789
526,263
Total
719,641
Specialized
REITs
1.7%
American
Tower
Corp.
6,964
1,240,915
CubeSmart
3,393
115,668
EPR
Properties
1,110
47,397
Equinix,
Inc.
1,369
998,877
Gaming
and
Leisure
Properties,
Inc.
3,834
174,025
Lamar
Advertising
Co.
Class
A
1,268
104,318
Public
Storage
2,399
572,665
SBA
Communications
Corp.
1,614
336,729
Weyerhaeuser
Co.
10,552
302,737
Total
3,893,331
Total
Real
Estate
6,085,590
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Strategic
Beta
ETFs
|
Annual
Report
2023
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Utilities  2.5%
Electric
Utilities
1.7%
American
Electric
Power
Co.,
Inc.
13,289
1,003,851
Edison
International
9,552
602,349
Entergy
Corp.
5,455
521,444
Evergy,
Inc.
5,785
284,275
PG&E
Corp.
(a)
50,486
822,922
Pinnacle
West
Capital
Corp.
2,861
212,229
PPL
Corp.
18,997
466,756
Total
3,913,826
Gas
Utilities
0.2%
Atmos
Energy
Corp.
3,745
403,187
Independent
Power
and
Renewable
Electricity
Producers
0.3%
AES
Corp.
(The)
16,523
246,193
Brookfield
Renewable
Corp.
Class
A
3,669
83,506
Clearway
Energy,
Inc.
Class
A
898
18,292
Clearway
Energy,
Inc.
Class
C
2,120
46,025
Vistra
Corp.
9,443
308,975
Total
702,991
Multi-Utilities
0.3%
CenterPoint
Energy,
Inc.
16,302
438,198
NiSource,
Inc.
10,669
268,432
Total
706,630
Total
Utilities
5,726,634
Total
Common
Stocks
(Cost
$242,443,755)
228,848,102
Money
Market
Funds
0
.4
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.261%
(b)
893,115
893,115
Total
Money
Market
Funds
(Cost
$893,115)
893,115
Total
Investments
in
Securities
(Cost
$243,336,870)
229,741,217
Other
Assets
&
Liabilities,
Net
140,719
Net
Assets
229,881,936
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
17
Fair
Value
Measurements
(continued)
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
19,494,075
–
–
19,494,075
Consumer
Discretionary
24,590,173
–
–
24,590,173
Consumer
Staples
14,446,428
–
–
14,446,428
Energy
10,430,922
–
–
10,430,922
Financials
29,986,127
–
–
29,986,127
Health
Care
28,919,021
–
–
28,919,021
Industrials
21,641,942
–
–
21,641,942
Information
Technology
61,448,429
–
–
61,448,429
Materials
6,078,761
–
–
6,078,761
Real
Estate
6,085,590
–
–
6,085,590
Utilities
5,726,634
–
–
5,726,634
Total
Common
Stocks
228,848,102
–
–
228,848,102
Money
Market
Funds
893,115
–
–
893,115
Total
Investments
in
Securities
229,741,217
–
–
229,741,217
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
99
.2
%
Issuer
Shares
Value
($)
Communication
Services  5.0%
Entertainment
2.4%
Electronic
Arts,
Inc.
2,704
334,728
Live
Nation
Entertainment,
Inc.
1,116
89,302
Madison
Square
Garden
Sports
Corp.
(a)
184
30,938
Playtika
Holding
Corp.
34
286
Total
455,254
Interactive
Media
&
Services
0.1%
TripAdvisor,
Inc.
(a)
1,077
15,897
Media
2.5%
Fox
Corp.
Class
A
2,663
80,929
Fox
Corp.
Class
B
1,348
37,623
New
York
Times
Co.
(The)
Class
A
1,588
64,012
News
Corp.
Class
A
3,730
77,136
News
Corp.
Class
B
1,135
24,334
Nexstar
Media
Group,
Inc.
229
32,078
Omnicom
Group,
Inc.
1,958
146,674
Total
462,786
Total
Communication
Services
933,937
Consumer
Discretionary  4.7%
Automobile
Components
0.1%
BorgWarner,
Inc.
656
24,207
Phinia,
Inc.
132
3,416
Total
27,623
Automobiles
0.1%
Thor
Industries,
Inc.
151
13,278
Broadline
Retail
0.4%
eBay,
Inc.
(a)
1,519
59,590
Etsy,
Inc.
(a)
149
9,283
Nordstrom,
Inc.
347
4,851
Total
73,724
Distributors
0.5%
Genuine
Parts
Co.
402
51,802
LKQ
Corp.
794
34,872
Total
86,674
Diversified
Consumer
Services
0.0%
ADT,
Inc.
604
3,418
H&R
Block,
Inc.
(a)
154
6,322
Total
9,740
Hotels,
Restaurants
&
Leisure
1.0%
Boyd
Gaming
Corp.
223
12,321
Caesars
Entertainment,
Inc.
363
14,480
Darden
Restaurants,
Inc.
(a)
190
27,651
Expedia
Group,
Inc.
117
11,149
Hyatt
Hotels
Corp.
Class
A
141
14,444
MGM
Resorts
International
855
29,857
Penn
Entertainment,
Inc.
491
9,687
Royal
Caribbean
Cruises
Ltd.
(a)
463
39,230
Travel
+
Leisure
Co.
116
3,947
Wynn
Resorts
Ltd.
(a)
291
25,544
Total
188,310
Household
Durables
1.8%
DR
Horton,
Inc.
907
94,691
Leggett
&
Platt,
Inc.
410
9,606
Lennar
Corp.
Class
A
704
75,103
Lennar
Corp.
Class
B
38
3,747
Mohawk
Industries,
Inc.
(a)
154
12,379
NVR,
Inc.
8
43,301
PulteGroup,
Inc.
(a)
633
46,582
Toll
Brothers,
Inc.
(a)
330
23,334
TopBuild
Corp.
83
18,987
Total
327,730
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Specialty
Retail
0.7%
AutoNation,
Inc.
(a)
85
11,057
AutoZone,
Inc.
8
19,817
Bath
&
Body
Works,
Inc.
740
21,941
Best
Buy
Co.,
Inc.
476
31,806
Gap,
Inc.
(The)
575
7,360
Murphy
USA,
Inc.
(a)
3
1,088
O'Reilly
Automotive,
Inc.
27
25,122
Penske
Automotive
Group,
Inc.
60
8,585
Ross
Stores,
Inc.
65
7,538
Total
134,314
Textiles,
Apparel
&
Luxury
Goods
0.1%
Tapestry,
Inc.
(a)
648
17,859
Total
Consumer
Discretionary
879,252
Consumer
Staples  8.6%
Beverages
0.1%
Molson
Coors
Beverage
Co.
Class
B
352
20,335
Consumer
Staples
Distribution
3.0%
Casey's
General
Stores,
Inc.
65
17,674
Kroger
Co.
(The)
1,301
59,026
Walgreens
Boots
Alliance,
Inc.
1,405
29,618
Walmart,
Inc.
2,812
459,509
Total
565,827
Food
Products
1.6%
Archer-Daniels-Midland
Co.
1,028
73,574
Campbell
Soup
Co.
387
15,639
Conagra
Brands,
Inc.
952
26,047
General
Mills,
Inc.
1,211
79,005
JM
Smucker
Co.
(The)
196
22,312
Kellanova
525
26,497
Kraft
Heinz
Co.
(The)
1,626
51,154
WK
Kellogg
Co.
(a)
132
1,323
Total
295,551
Household
Products
3.1%
Kimberly-Clark
Corp.
39
4,666
Procter
&
Gamble
Co.
(The)
3,768
565,313
Total
569,979
Tobacco
0.8%
Altria
Group,
Inc.
(a)
3,702
148,709
Total
Consumer
Staples
1,600,401
Energy  8.9%
Energy
Equipment
&
Services
0.6%
Baker
Hughes
Co.
1,490
51,286
Halliburton
Co.
1,053
41,425
NOV,
Inc.
592
11,816
TechnipFMC
PLC
657
14,139
Total
118,666
Oil,
Gas
&
Consumable
Fuels
8.3%
Chevron
Corp.
2,662
387,933
ConocoPhillips
1,795
213,246
EQT
Corp.
527
22,334
Exxon
Mobil
Corp.
6,125
648,331
HF
Sinclair
Corp.
210
11,630
Marathon
Oil
Corp.
(a)
941
25,699
Marathon
Petroleum
Corp.
626
94,682
Phillips
66
698
79,621
Valero
Energy
Corp.
516
65,532
Total
1,549,008
Total
Energy
1,667,674
Financials  20.1%
Banks
11.1%
Bank
of
America
Corp.
16,790
442,249
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
19
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Bank
OZK
264
9,454
BOK
Financial
Corp.
69
4,521
Citigroup,
Inc.
4,673
184,537
Comerica,
Inc.
325
12,805
East
West
Bancorp,
Inc.
340
18,231
First
Citizens
BancShares,
Inc.
Class
A
24
33,138
First
Horizon
Corp.
1,332
14,319
FNB
Corp.
(a)
886
9,471
Huntington
Bancshares,
Inc.
3,550
34,257
JPMorgan
Chase
&
Co.
6,467
899,301
Synovus
Financial
Corp.
350
9,124
Webster
Financial
Corp.
429
16,289
Wells
Fargo
&
Co.
8,875
352,959
Western
Alliance
Bancorp
282
11,590
Zions
Bancorp
NA
(a)
390
12,032
Total
2,064,277
Capital
Markets
4.6%
Affiliated
Managers
Group,
Inc.
(a)
85
10,435
Bank
of
New
York
Mellon
Corp.
(The)
1,844
78,370
CME
Group,
Inc.
871
185,924
Goldman
Sachs
Group,
Inc.
(The)
770
233,780
Invesco
Ltd.
(a)
836
10,843
Janus
Henderson
Group
PLC
323
7,452
Jefferies
Financial
Group,
Inc.
439
14,127
Morgan
Stanley
2,836
200,845
Nasdaq,
Inc.
(a)
924
45,830
SEI
Investments
Co.
244
13,093
State
Street
Corp.
763
49,313
Stifel
Financial
Corp.
242
13,794
Virtu
Financial,
Inc.
Class
A
215
3,975
Total
867,781
Consumer
Finance
0.1%
Synchrony
Financial
1,028
28,835
Financial
Services
0.9%
Corebridge
Financial,
Inc.
(a)
673
13,460
Fiserv,
Inc.
(a)
1,020
116,025
MGIC
Investment
Corp.
711
11,973
PayPal
Holdings,
Inc.
(a)
247
12,795
Western
Union
Co.
(The)
784
8,851
Total
163,104
Insurance
3.4%
American
International
Group,
Inc.
1,721
105,514
Assurant,
Inc.
(a)
121
18,017
Axis
Capital
Holdings
Ltd.
185
10,563
CNA
Financial
Corp.
65
2,626
Hartford
Financial
Services
Group,
Inc.
(The)
724
53,178
Lincoln
National
Corp.
(a)
354
7,707
Loews
Corp.
451
28,869
Marsh
&
McLennan
Cos.,
Inc.
231
43,809
MetLife,
Inc.
1,508
90,495
Prudential
Financial,
Inc.
862
78,821
Reinsurance
Group
of
America,
Inc.
161
24,065
Travelers
Cos.,
Inc.
(The)
(a)
550
92,092
Unum
Group
475
23,227
Willis
Towers
Watson
PLC
213
50,245
Total
629,228
Total
Financials
3,753,225
Health
Care  15.2%
Biotechnology
1.8%
Alnylam
Pharmaceuticals,
Inc.
(a)
25
3,795
Amgen,
Inc.
173
44,236
Biogen,
Inc.
156
37,056
Common
Stocks
(continued)
Issuer
Shares
Value
($)
BioMarin
Pharmaceutical,
Inc.
(a)
164
13,358
Exact
Sciences
Corp.
(a)
118
7,268
Exelixis,
Inc.
(a)
88
1,812
Gilead
Sciences,
Inc.
(a)
1,298
101,945
Incyte
Corp.
(a)
48
2,589
Ionis
Pharmaceuticals,
Inc.
22
974
Karuna
Therapeutics,
Inc.
(a)
4
666
Mirati
Therapeutics,
Inc.
(a)
49
2,721
Moderna,
Inc.
(a)
337
25,598
Regeneron
Pharmaceuticals,
Inc.
98
76,429
Roivant
Sciences
Ltd.
20
173
United
Therapeutics
Corp.
46
10,252
Vertex
Pharmaceuticals,
Inc.
23
8,328
Total
337,200
Health
Care
Equipment
&
Supplies
3.6%
Abbott
Laboratories
3,894
368,178
Baxter
International,
Inc.
1,165
37,781
Cooper
Cos.,
Inc.
(The)
117
36,475
DENTSPLY
SIRONA,
Inc.
521
15,844
GE
HealthCare
Technologies,
Inc.
901
59,979
Hologic,
Inc.
592
39,173
Integra
LifeSciences
Holdings
Corp.
179
6,437
STERIS
PLC
241
50,605
Zimmer
Biomet
Holdings,
Inc.
498
51,996
Total
666,468
Health
Care
Providers
&
Services
5.6%
Cardinal
Health,
Inc.
295
26,845
Centene
Corp.
1,408
97,124
Cigna
Group
(The)
673
208,092
CVS
Health
Corp.
(a)
3,431
236,773
Elevance
Health,
Inc.
(a)
546
245,749
Humana,
Inc.
204
106,833
McKesson
Corp.
(a)
203
92,438
Molina
Healthcare,
Inc.
69
22,973
Tenet
Healthcare
Corp.
243
13,049
Total
1,049,876
Life
Sciences
Tools
&
Services
0.0%
Maravai
LifeSciences
Holdings,
Inc.
Class
A
115
789
Pharmaceuticals
4.2%
Bristol-Myers
Squibb
Co.
5,248
270,430
Elanco
Animal
Health,
Inc.
1,116
9,832
Jazz
Pharmaceuticals
PLC
74
9,400
Organon
&
Co.
(a)
617
9,125
Pfizer,
Inc.
13,945
426,159
Royalty
Pharma
PLC
Class
A
1,016
27,300
Viatris,
Inc.
2,798
24,902
Total
777,148
Total
Health
Care
2,831,481
Industrials  13.2%
Aerospace
&
Defense
1.0%
L3Harris
Technologies,
Inc.
737
132,225
Textron,
Inc.
(a)
781
59,356
Total
191,581
Air
Freight
&
Logistics
0.3%
CH
Robinson
Worldwide,
Inc.
99
8,101
Expeditors
International
of
Washington,
Inc.
521
56,919
Total
65,020
Building
Products
1.7%
A
O
Smith
Corp.
433
30,206
Builders
FirstSource,
Inc.
(a)
518
56,213
Fortune
Brands
Innovations,
Inc.
505
28,179
Masco
Corp.
893
46,516
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Strategic
Beta
ETFs
|
Annual
Report
2023
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Owens
Corning
350
39,680
Trane
Technologies
PLC
612
116,470
Total
317,264
Commercial
Services
&
Supplies
0.3%
Cintas
Corp.
38
19,270
Clean
Harbors,
Inc.
204
31,349
Total
50,619
Construction
&
Engineering
0.4%
AECOM
505
38,658
EMCOR
Group,
Inc.
(a)
124
25,624
Valmont
Industries,
Inc.
(a)
77
15,162
Total
79,444
Electrical
Equipment
1.5%
Acuity
Brands,
Inc.
(a)
121
19,599
Emerson
Electric
Co.
2,213
196,891
Hubbell,
Inc.
112
30,251
nVent
Electric
PLC
(a)
664
31,958
Total
278,699
Ground
Transportation
1.3%
CSX
Corp.
7,043
210,234
Landstar
System,
Inc.
(a)
30
4,943
Ryder
System,
Inc.
183
17,850
Schneider
National,
Inc.
Class
B
221
5,598
Total
238,625
Machinery
4.5%
AGCO
Corp.
234
26,830
Allison
Transmission
Holdings,
Inc.
(a)
326
16,437
Caterpillar,
Inc.
(a)
498
112,573
Donaldson
Co.,
Inc.
279
16,087
Fortive
Corp.
1,358
88,650
Gates
Industrial
Corp.
PLC
419
4,576
Illinois
Tool
Works,
Inc.
(a)
217
48,634
Ingersoll
Rand,
Inc.
(a)
1,587
96,299
Lincoln
Electric
Holdings,
Inc.
13
2,272
PACCAR,
Inc.
2,016
166,381
Parker-Hannifin
Corp.
496
182,979
Snap-on,
Inc.
205
52,878
Timken
Co.
(The)
249
17,211
Total
831,807
Passenger
Airlines
0.1%
American
Airlines
Group,
Inc.
1,528
17,037
Professional
Services
1.2%
Automatic
Data
Processing,
Inc.
230
50,191
CACI
International,
Inc.
Class
A
(a)
87
28,254
Genpact
Ltd.
518
17,374
KBR,
Inc.
(a)
334
19,422
ManpowerGroup,
Inc.
202
14,134
Robert
Half,
Inc.
421
31,478
Science
Applications
International
Corp.
210
22,940
SS&C
Technologies
Holdings,
Inc.
(a)
826
41,507
Total
225,300
Trading
Companies
&
Distributors
0.9%
Ferguson
PLC
(a)
755
113,401
MSC
Industrial
Direct
Co.,
Inc.
Class
A
(a)
182
17,245
Watsco,
Inc.
97
33,842
Total
164,488
Total
Industrials
2,459,884
Information
Technology  8.8%
Communications
Equipment
3.4%
Cisco
Systems,
Inc.
11,466
597,723
F5,
Inc.
171
25,922
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Motorola
Solutions,
Inc.
39
10,860
Total
634,505
Electronic
Equipment,
Instruments
&
Components
0.5%
Crane
NXT
Co.
(a)
198
10,296
Jabil,
Inc.
124
15,227
Keysight
Technologies,
Inc.
381
46,501
Littelfuse,
Inc.
70
15,167
TD
SYNNEX
Corp.
118
10,818
Total
98,009
IT
Services
0.3%
GoDaddy,
Inc.
Class
A
174
12,742
VeriSign,
Inc.
(a)
248
49,516
Total
62,258
Semiconductors
&
Semiconductor
Equipment
2.4%
Analog
Devices,
Inc.
1,430
224,982
Applied
Materials,
Inc.
376
49,764
Cirrus
Logic,
Inc.
161
10,776
Lam
Research
Corp.
22
12,941
Microchip
Technology,
Inc.
427
30,441
MKS
Instruments,
Inc.
(a)
187
12,278
Qorvo,
Inc.
(a)
276
24,128
QUALCOMM,
Inc.
398
43,378
Skyworks
Solutions,
Inc.
449
38,946
Total
447,634
Software
1.5%
ANSYS,
Inc.
(a)
42
11,687
Dolby
Laboratories,
Inc.
Class
A
173
14,002
Dropbox,
Inc.
Class
A
(a)
76
1,999
Gen
Digital,
Inc.
(a)
1,306
21,758
Informatica,
Inc.
Class
A
110
2,110
Nutanix,
Inc.
Class
A
(a)
513
18,565
PTC,
Inc.
154
21,625
Salesforce,
Inc.
(a)
676
135,761
Zoom
Video
Communications,
Inc.
Class
A
699
41,926
Total
269,433
Technology
Hardware,
Storage
&
Peripherals
0.7%
Hewlett
Packard
Enterprise
Co.
3,407
52,399
HP,
Inc.
1,951
51,370
NetApp,
Inc.
(a)
351
25,546
Pure
Storage,
Inc.
Class
A
(a)
164
5,545
Total
134,860
Total
Information
Technology
1,646,699
Materials  4.9%
Chemicals
2.7%
CF
Industries
Holdings,
Inc.
748
59,675
Chemours
Co.
(The)
(a)
584
14,080
Dow,
Inc.
(a)
2,843
137,431
Huntsman
Corp.
691
16,121
LyondellBasell
Industries
NV
Class
A
(a)
1,026
92,586
Mosaic
Co.
(The)
1,304
42,354
NewMarket
Corp.
26
12,536
Olin
Corp.
516
22,044
PPG
Industries,
Inc.
703
86,307
Westlake
Corp.
127
14,651
Total
497,785
Construction
Materials
0.0%
Eagle
Materials,
Inc.
48
7,387
Containers
&
Packaging
0.5%
Berry
Global
Group,
Inc.
(a)
459
25,245
Graphic
Packaging
Holding
Co.
581
12,497
Packaging
Corp.
of
America
(a)
353
54,027
Total
91,769
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
21
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Metals
&
Mining
1.6%
Nucor
Corp.
988
146,017
Reliance
Steel
&
Aluminum
Co.
228
57,999
Steel
Dynamics,
Inc.
636
67,740
United
States
Steel
Corp.
(a)
870
29,484
Total
301,240
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
260
13,333
Total
Materials
911,514
Real
Estate  4.6%
Health
Care
REITs
0.2%
Healthpeak
Properties,
Inc.
1,968
30,602
Hotel
&
Resort
REITs
0.3%
Host
Hotels
&
Resorts,
Inc.
(a)
2,625
40,635
Park
Hotels
&
Resorts,
Inc.
827
9,535
Total
50,170
Industrial
REITs
0.3%
EastGroup
Properties,
Inc.
154
25,141
First
Industrial
Realty
Trust,
Inc.
(a)
467
19,754
STAG
Industrial,
Inc.
633
21,028
Total
65,923
Real
Estate
Management
&
Development
0.6%
CBRE
Group,
Inc.
Class
A
1,111
77,037
Howard
Hughes
Holdings,
Inc.
116
7,694
Zillow
Group,
Inc.
Class
A
(a)
196
6,964
Zillow
Group,
Inc.
Class
C
546
19,793
Total
111,488
Residential
REITs
0.3%
Equity
LifeStyle
Properties,
Inc.
(a)
403
26,517
Sun
Communities,
Inc.
(a)
333
37,043
Total
63,560
Retail
REITs
0.8%
Brixmor
Property
Group,
Inc.
1,039
21,601
NNN
REIT,
Inc.
653
23,723
Simon
Property
Group,
Inc.
877
96,374
Total
141,698
Specialized
REITs
2.1%
CubeSmart
795
27,101
EPR
Properties
261
11,145
Equinix,
Inc.
159
116,013
Gaming
and
Leisure
Properties,
Inc.
900
40,851
Lamar
Advertising
Co.
Class
A
69
5,676
Public
Storage
235
56,097
SBA
Communications
Corp.
341
71,143
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Weyerhaeuser
Co.
2,472
70,922
Total
398,948
Total
Real
Estate
862,389
Utilities  5.2%
Electric
Utilities
3.7%
American
Electric
Power
Co.,
Inc.
2,374
179,332
Edison
International
1,706
107,580
Entergy
Corp.
974
93,105
Evergy,
Inc.
1,036
50,909
PG&E
Corp.
9,014
146,928
Pinnacle
West
Capital
Corp.
(a)
509
37,758
PPL
Corp.
(a)
3,390
83,292
Total
698,904
Gas
Utilities
0.4%
Atmos
Energy
Corp.
669
72,025
Independent
Power
and
Renewable
Electricity
Producers
0.4%
AES
Corp.
(The)
1,147
17,090
Brookfield
Renewable
Corp.
Class
A
(a)
654
14,885
Clearway
Energy,
Inc.
Class
A
161
3,280
Clearway
Energy,
Inc.
Class
C
378
8,206
Vistra
Corp.
(a)
1,197
39,166
Total
82,627
Multi-Utilities
0.7%
CenterPoint
Energy,
Inc.
2,912
78,274
NiSource,
Inc.
1,905
47,930
Total
126,204
Total
Utilities
979,760
Total
Common
Stocks
(Cost
$19,742,913)
18,526,216
Exchange-Traded
Equity
Funds
0
.3
%
Issuer
Shares
Value
($)
Financials  0.3%
Financial
Select
Sector
SPDR
Fund
1,578
51,064
Total
Exchange-Traded
Equity
Funds
(Cost
$52,469)
51,064
Money
Market
Funds
0
.4
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.261%
(b)
75,094
75,094
Total
Money
Market
Funds
(Cost
$75,094)
75,094
Total
Investments
in
Securities
(Cost
$19,870,476)
18,652,374
Other
Assets
&
Liabilities,
Net
16,614
Net
Assets
18,668,988
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2023.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Strategic
Beta
ETFs
|
Annual
Report
2023
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
933,937
–
–
933,937
Consumer
Discretionary
879,252
–
–
879,252
Consumer
Staples
1,600,401
–
–
1,600,401
Energy
1,667,674
–
–
1,667,674
Financials
3,753,225
–
–
3,753,225
Health
Care
2,831,481
–
–
2,831,481
Industrials
2,459,884
–
–
2,459,884
Information
Technology
1,646,699
–
–
1,646,699
Materials
911,514
–
–
911,514
Real
Estate
862,389
–
–
862,389
Utilities
979,760
–
–
979,760
Total
Common
Stocks
18,526,216
–
–
18,526,216
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
23
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Exchange-Traded
Equity
Funds
51,064
–
–
51,064
Money
Market
Funds
75,094
–
–
75,094
Total
Investments
in
Securities
18,652,374
–
–
18,652,374
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$243,336,870
and
$19,870,476,
respectively)
$229,741,217
$18,652,374
Receivable
for:
Dividends
157,567
19,651
Capital
shares
sold
12,808
–
Total
assets
229,911,592
18,672,025
Liabilities
Payable
for:
Investment
management
fees
29,656
3,037
Total
liabilities
29,656
3,037
Net
assets
applicable
to
outstanding
capital
stock
$229,881,936
$18,668,988
Represented
by:
Paid-in
capital
$243,814,595
$21,573,417
Total
distributable
earnings
(loss)
(13,932,659)
(2,904,429)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$229,881,936
$18,668,988
Shares
outstanding
9,350,000
950,000
Net
asset
value
per
share
$24.59
$19.65
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
25
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$2,463,213
$540,512
Foreign
taxes
withheld
(609)
(201)
Total
income
2,462,604
540,311
Expenses:
Investment
management
fees
214,853
39,200
Overdraft
expense
3
1
Total
expenses
214,856
39,201
Net
Investment
Income
2,247,748
501,110
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(2,979,354)
(597,698)
In-kind
transactions
-
unaffiliated
issuers
21,226,314
622,449
Net
realized
gain
18,246,960
24,751
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(12,264,963)
(84,827)
Net
change
in
unrealized
depreciation
(12,264,963)
(84,827)
Net
realized
and
unrealized
gain
(loss)
5,981,997
(60,076)
Net
Increase
in
net
assets
resulting
from
operations
$8,229,745
$441,034
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
26
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Operations
Net
investment
income
$2,247,748
$695,478
$501,110
$516,022
Net
realized
gain
(loss)
18,246,960
3,728,398
24,751
(425,607)
Net
change
in
unrealized
depreciation
(12,264,963)
(5,515,816)
(84,827)
(1,675,845)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
8,229,745
(1,091,940)
441,034
(1,585,430)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(801,350)
(4,861,229)
(541,181)
(315,575)
Shareholder
transactions
Proceeds
from
shares
sold
381,574,844
94,285,126
8,148,995
24,312,629
Cost
of
shares
redeemed
(237,820,368)
(37,739,867)
(6,655,690)
(16,138,638)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
143,754,476
56,545,259
1,493,305
8,173,991
Increase
in
net
assets
151,182,871
50,592,090
1,393,158
6,272,986
Net
Assets:
Net
assets
beginning
of
year
78,699,065
28,106,975
17,275,830
11,002,844
Net
assets
at
end
of
year
$229,881,936
$78,699,065
$18,668,988
$17,275,830
Capital
stock
activity
Shares
outstanding,
beginning
of
year
3,425,000
900,000
875,000
525,000
Shares
sold
15,450,000
4,075,000
400,000
1,150,000
Shares
redeemed
(9,525,000)
(1,550,000)
(325,000)
(800,000)
Shares
outstanding,
end
of
year
9,350,000
3,425,000
950,000
875,000
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Core
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
27
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
ratio
of
expenses
and
net
investment
income
are
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
October
31,
2023
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
22
.98‌
$
31
.23‌
$
21
.79‌
$
20
.31‌
$
19
.81‌
Income
(loss)
from
investment
operations:
Net
investment
income
0
.39‌
0
.39‌
0
.41‌
0
.37‌
0
.04‌
Net
realized
and
unrealized
gain
(loss)
1
.54‌
(
3
.08‌
)
9
.30‌
1
.22‌
0
.46‌
Total
from
investment
operations
1
.93‌
(
2
.69‌
)
9
.71‌
1
.59‌
0
.50‌
Less
distributions
to
shareholders:
Net
investment
income
(
0
.32‌
)
(
0
.78‌
)
(
0
.25‌
)
(
0
.11‌
)
–‌
Net
realized
gains
–‌
(
4
.78‌
)
(
0
.02‌
)
(
0
.00‌
)
(b)
–‌
Total
distribution
to
shareholders
(
0
.32‌
)
(
5
.56‌
)
(
0
.27‌
)
(
0
.11‌
)
–‌
Net
asset
value,
end
of
year
$
24
.59‌
$
22
.98‌
$
31
.23‌
$
21
.79‌
$
20
.31‌
Total
Return
at
NAV
8
.53‌
%
(
10
.57‌
)
%
44
.90‌
%
7
.82‌
%
2
.52‌
%
Total
Return
at
Market
Price
8
.37‌
%
(
10
.32‌
)
%
45
.27‌
%
7
.46‌
%
2
.63‌
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.15‌
%
(d)
0
.15‌
%
0
.15‌
%
0
.15‌
%
0
.15‌
%
Total
net
expenses
(c)(e)
0
.15‌
%
(d)
0
.15‌
%
0
.15‌
%
0
.15‌
%
0
.15‌
%
Net
investment
income
1
.57‌
%
1
.63‌
%
1
.58‌
%
1
.73‌
%
1
.77‌
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
229,882‌
$
78,699‌
$
28,107‌
$
72,448‌
$
5,079‌
Portfolio
turnover
45‌
%
65‌
%
49‌
%
41‌
%
0‌
%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(d)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Value
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
28
Strategic
Beta
ETFs
|
Annual
Report
2023
Year
Ended
October
31,
2023
2022
2021
2020
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
19
.74‌
$
20
.96‌
$
18
.46‌
$
20
.24‌
$
19
.84‌
Income
(loss)
from
investment
operations:
Net
investment
income
0
.49‌
0
.47‌
0
.43‌
0
.56‌
0
.05‌
Net
realized
and
unrealized
gain
(loss)
(
0
.10‌
)
(
1
.44‌
)
6
.74‌
(
2
.19‌
)
0
.35‌
Total
from
investment
operations
0
.39‌
(
0
.97‌
)
7
.17‌
(
1
.63‌
)
0
.40‌
Less
distributions
to
shareholders:
Net
investment
income
(
0
.48‌
)
(
0
.12‌
)
(
4
.16‌
)
(
0
.15‌
)
–‌
Net
realized
gains
–‌
(
0
.13‌
)
(
0
.51‌
)
(
0
.00‌
)
(b)
–‌
Total
distribution
to
shareholders
(
0
.48‌
)
(
0
.25‌
)
(
4
.67‌
)
(
0
.15‌
)
–‌
Net
asset
value,
end
of
year
$
19
.65‌
$
19
.74‌
$
20
.96‌
$
18
.46‌
$
20
.24‌
Total
Return
at
NAV
2
.02‌
%
(
4
.66‌
)
%
45
.48‌
%
(
8
.16‌
)
%
2
.02‌
%
Total
Return
at
Market
Price
1
.55‌
%
(
4
.46‌
)
%
45
.90‌
%
(
8
.50‌
)
%
2
.02‌
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.19‌
%
(d)
0
.19‌
%
0
.19‌
%
0
.19‌
%
0
.19‌
%
Total
net
expenses
(c)(e)
0
.19‌
%
(d)
0
.19‌
%
0
.19‌
%
0
.19‌
%
0
.19‌
%
Net
investment
income
2
.43‌
%
2
.30‌
%
2
.14‌
%
2
.93‌
%
2
.41‌
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
18,669‌
$
17,276‌
$
11,003‌
$
462‌
$
5,060‌
Portfolio
turnover
76‌
%
99‌
%
84‌
%
95‌
%
1‌
%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(d)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
29
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time. 
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
30
Strategic
Beta
ETFs
|
Annual
Report
2023
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
31
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Funds to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Research
Enhanced
Core
ETF
0.15
Columbia
Research
Enhanced
Value
ETF
0.19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
32
Strategic
Beta
ETFs
|
Annual
Report
2023
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2023,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
from
investments,
investments
in
partnerships,
capital
loss
carryforwards,
reversal
of
capital
gains
(losses)
on
a
redemption
in
kind
and
passive
foreign
investment
company
(PFIC)
holdings.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
Net
investment
income
(loss)
and
net
realized
gains
(losses),
as
disclosed
in
the
Statement
of
Operations,
and
net
assets
were
not
affected
by
these
reclassifications.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
Research
Enhanced
Core
ETF
(43,362)
(20,292,431)
20,335,793
Columbia
Research
Enhanced
Value
ETF
(13,634)
(565,039)
578,673
Year
Ended
October
31,
2023
Year
Ended
October
31,
2022
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
801,350
-
801,350
4,797,937
63,292
4,861,229
Columbia
Research
Enhanced
Value
ETF
541,181
-
541,181
315,575
-
315,575
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
33
At
October
31,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2023,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2023,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2023,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2023,
the
cost
basis
of
securities
contributed
was
as
follows:
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
1,982,742
-
(1,609,773)
(14,305,628)
Columbia
Research
Enhanced
Value
ETF
379,704
-
(2,017,333)
(1,266,800)
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
244,046,845
2,573,449
(16,879,077)
(14,305,628)
Columbia
Research
Enhanced
Value
ETF
19,919,174
724,207
(1,991,007)
(1,266,800)
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
Research
Enhanced
Core
ETF
1,399,574
210,199
1,609,773
-
Columbia
Research
Enhanced
Value
ETF
1,398,321
619,012
2,017,333
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
67,765,552
66,311,905
Columbia
Research
Enhanced
Value
ETF
15,562,529
15,629,494
Fund
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
379,072,370
Columbia
Research
Enhanced
Value
ETF
8,003,780
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
34
Strategic
Beta
ETFs
|
Annual
Report
2023
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Funds.
For
the
year
ended
October
31,
2023,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
26,
2023
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate
plus,
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
26,
2023
amendment
and
restatement,
each
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate
plus,
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
year
ended
October
31,
2023.
Note
8.
Significant
risks
Financial
sector
risk
Columbia
Research
Enhanced
Value
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
financial
services
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
financial
services
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
one
or
more
industries
or
sectors,
which
makes
them
vulnerable
to
economic
conditions
that
affect
such
industries
or
sectors.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financial
services
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Information
technology
sector
risk
Columbia
Research
Enhanced
Core
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
214,833,618
236,059,932
21,226,314
Columbia
Research
Enhanced
Value
ETF
5,870,691
6,493,140
622,449
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
35
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
Passive
Investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
Index’s
investment
exposure.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
Index
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2023
36
Strategic
Beta
ETFs
|
Annual
Report
2023
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Funds.
Strategic
Beta
ETFs
|
Annual
Report
2023
37
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2023,
the
related
statements
of
operations
for
the
year
ended
October
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2023
and
for
the
period
September
25,
2019
(commencement
of
operations)
through
October
31,
2019
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2023
and
each
of
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2023
and
for
the
period
September
25,
2019
(commencement
of
operations)
through
October
31,
2019
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2023
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
20,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2023
.
Shareholders
will
be
notified
in
early
202
4
of
the
amounts
for
use
in
preparing
2023
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
Fund
DRD
QDI
Columbia
Research
Enhanced
Core
ETF
79.68%
90.14%
Columbia
Research
Enhanced
Value
ETF
96.08%
100.00%
TRUSTEES
AND
OFFICERS
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
39
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
170
Former
Chairman
of
the
Board,
NICSA
(National
Investment
Company
Services
Association)
(Executive
Committee,
Nominating
Committee
and
Governance
Committee),
2014-2016;
former
Director,
Intech
Investment
Management,
2011-2016;
former
Board
Member,
Metro
Denver
Chamber
of
Commerce,
2015-2016;
former
Advisory
Board
Member,
University
of
Colorado
Business
School,
2015-
2018;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2006
Attorney,
specializing
in
arbitration
and
mediation;
Chief
Justice,
Minnesota
Supreme
Court,
1998-2006;
Associate
Justice,
Minnesota
Supreme
Court,
1996-1998;
Fourth
Judicial
District
Court
Judge,
Hennepin
County,
1994-1996;
Attorney
in
private
practice
and
public
service,
1984-1993;
State
Representative,
Minnesota
House
of
Representatives,
1979-1993,
which
included
service
on
the
Tax
and
Financial
Institutions
and
Insurance
Committees;
Member
and
Interim
Chair,
Minnesota
Sports
Facilities
Authority,
January-July
2017;
Interim
President
and
Chief
Executive
Officer,
Blue
Cross
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
170
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee,  2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2023
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
2007
President,
Springboard
-
Partners
in
Cross
Cultural
Leadership
(consulting
company),
since
2003;
Managing
Director
of
US
Equity
Research,
JP
Morgan
Chase,
1999-2003;
Director
of
US
Equity
Research,
Chase
Asset
Management,
1996-1999;
Co-Director
Latin
America
Research,
1993-1996,
COO
Global
Research,
1992-1996,
Co-Director
of
US
Research,
1991-1992,
Investment
Banker,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
170
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee),
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee)
(financial
services),
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
170
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University,
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
168
Former
Director,
The
Autism
Project,
March
2015-December
2021;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
(former
mutual
fund
complex),
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
2020
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm),
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform),
since
2004;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
168
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
41
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
170
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
170
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
Independent
business
executive,
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
170
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
since
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
168
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2023
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
168
Director,
CSX
Corporation
(transportation
suppliers);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company),
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
1976-1980,
Dean
Witter
Reynolds,
Inc.
170
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008-January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
168
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
43
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Hacker
and
Mses.
Blatz,
Carlton,
Carrig,
Flynn,
Paglia,
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
**
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Fund’s
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
2017
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
170
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
since
2022
Interested
trustee
affiliated
with
Investment
Manager**
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021;
Co-President
and
Principal
Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
170
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022;
Director,
Columbia
Threadneedle
Canada,
Inc.,
since
December
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman,
who
is
President
and
Principal
Executive
Officer,
the
Funds’
other
officers
are:
Fund
officers
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively.
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.,
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC,
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.,
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl,
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.,
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
formerly,
President
and
Principal
Executive
Officer
of
the
Columbia
Funds,
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds,
since
December
2015;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
45
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Ryan
C.
Larrenaga
290
Congress
Street
Boston,
MA
02210
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017)
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.,
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC,
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
-
September
2021).
Lyn
Kephart-Strong
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2023
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(each,
a
Fund,
and
together,
the
Funds).
Under
an
investment
management
services
agreement
(each,
an
IMS
Agreement,
and
together,
the
IMS
Agreements),
the
Investment
Manager
provides
investment
advice
and
other
services
to
each
of
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
each
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
February,
March,
April,
May
and
June
2023,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
each
IMS
Agreement.
The
Board,
at
its
June
22,
2023
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
each
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
all
information
that
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
each
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
each
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
each
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
each
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
47
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Columbia
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
each
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreements
and
the
Funds’
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
each
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreements.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreements
supported
the
continuation
of
each
IMS
Agreement.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Funds,
(ii)
the
Funds’
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Funds
and
(iv)
index
tracking
error
data
of
the
Funds.
The
Board
observed
that
each
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
each
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
each
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Funds,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Columbia
Fund
family,
while
assuring
that
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
48
Strategic
Beta
ETFs
|
Annual
Report
2023
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
each
Fund’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
approximated
the
peer
universe’s
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
each
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2022
had
declined
from
2021
levels,
due
to
a
variety
of
factors,
including
the
decreased
assets
under
management
of
the
Columbia
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
each
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
each
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
each
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
22,
2023,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
each
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
each
IMS
Agreement.
ADDITIONAL
INFORMATION
Strategic
Beta
ETFs
|
Annual
Report
2023
49
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN305_10_N01_(12/23)
CET001943
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2023
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs