Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
Semiannual
Report
April
30,
2022
(Unaudited)
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Strategic
Beta
ETFs
|
Semiannual
Report
2022
TABLE
OF
CONTENTS
Columbia
Sustainable
International
Equity
Income
ETF
Fund
at
a
Glance
3
Columbia
Sustainable
U.S.
Equity
Income
ETF
Fund
at
a
Glance
5
Understanding
Your
Fund’s
Expenses
7
Portfolio
of
Investments
8
Statement
of
Assets
and
Liabilities
14
Statement
of
Operations
15
Statement
of
Changes
in
Net
Assets
16
Financial
Highlights
17
Notes
to
Financial
Statements
19
Liquidity
Risk
Management
Program
27
Additional
Information
28
FUND
AT
A
GLANCE
Columbia
Sustainable
International
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2022
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
Sustainable
International
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net).
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
®
Sustainable
International
Equity
Income
100
Index
(Net)
is
designed
to
reflect
the
performance
of
the
top
100
(developed
markets)
foreign
large-
and
mid-cap
companies
(excluding
real
estate
investment
trusts)
using
a
subset
of
the
MSCI
World
ex
USA
Index,
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
World
ex
USA
Value
Index
(Net)
is
a
free
float-adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets
that
have
value
characteristics.
The
Index
consists
of
the
following
23
developed
market
country
indices:
Australia,
Austria,
Belgium,
Canada,
Denmark,
Finland,
France,
Germany,
Greece,
Hong
Kong,
Ireland,
Israel,
Italy,
Japan,
Netherlands,
New
Zealand,
Norway,
Portugal,
Singapore,
Spain,
Sweden,
Switzerland
and
the
United
Kingdom.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
and
the
MSCI
World
ex
USA
Value
Index
(Net)
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2022)
Inception
6
Months
cumulative
1
Year
5
Years
Life
Market
Price
06/13/16
-3.96
-3.41
3.32
6.29
Net
Asset
Value
06/13/16
-2.57
-2.66
3.01
5.52
{
Beta
Advantage
}
®
Sustainable
International
Equity
Income
100
Index
(Net)
-2.37
-1.99
3.61
6.16
MSCI
World
ex
USA
Value
Index
(Net)
-3.84
-1.34
3.46
5.78
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Semiannual
Report
2022
Country
breakdown
(%)
(at
April
30,
2022
)
Australia
10
.9
Austria
0
.7
Canada
7
.6
China
0
.5
Denmark
0
.9
Finland
1
.9
France
6
.7
Hong
Kong
5
.7
Ireland
1
.6
Italy
4
.0
Japan
39
.4
Netherlands
3
.4
Singapore
2
.1
Spain
3
.5
Sweden
3
.7
United
Kingdom
6
.9
United
States
(a)
0
.5
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
April
30,
2022)
Industrials
18
.7
Financials
14
.7
Materials
10
.9
Consumer
Staples
8
.7
Communication
Services
8
.5
Information
Technology
8
.2
Utilities
7
.9
Real
Estate
7
.5
Health
Care
6
.4
Energy
4
.5
Consumer
Discretionary
4
.0
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
FUND
AT
A
GLANCE
Columbia
Sustainable
U.S.
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2022
5
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
Sustainable
U.S.
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross).
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
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
is
designed
to
reflect
the
performance
of
the
top
100
U.S.
large-cap
and
mid-cap
companies
(excluding
real
estate
investment
trusts)
using
a
subset
of
the
MSCI
USA
Index,
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
USA
Value
Index
(Gross)
captures
large-cap
and
mid-cap
US
securities
exhibiting
overall
value
style
characteristics.
The
value
investment
style
characteristics
for
index
construction
are
defined
using
three
variables:
book
value
to
price,
12-month
forward
earnings
to
price
and
dividend
yield.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2022)
Inception
6
Months
cumulative
1
Year
5
Years
Life
Market
Price
06/13/16
2.09
6.12
11.00
12.94
Net
Asset
Value
06/13/16
2.20
6.31
10.96
12.88
{
Beta
Advantage
}
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
2.42
6.75
11.38
13.31
MSCI
USA
Value
Index
(Gross)
-2.56
4.12
9.40
10.46
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
(Unaudited)
6
Strategic
Beta
ETFs
|
Semiannual
Report
2022
Portfolio
breakdown
(%)
(at
April
30,
2022
)
Common
Stocks
99.7
Money
Market
Funds
0.3
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sector
breakdown
(%)
(at
April
30,
2022)
Industrials
15
.4
Financials
13
.6
Information
Technology
11
.5
Utilities
11
.4
Energy
9
.7
Health
Care
9
.3
Consumer
Staples
9
.1
Materials
8
.9
Consumer
Discretionary
7
.1
Communication
Services
4
.0
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2022
7
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
April
30,
2022.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
November
1,
2021
April
30,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Sustainable
International
Equity
Income
ETF
1,000.00
1,000.00
974.30
1,022.56
2.20
2.26
0.45
Columbia
Sustainable
U.S.
Equity
Income
ETF
1,000.00
1,000.00
1,022.00
1,023.06
1.75
1.76
0.35
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
International
Equity
Income
ETF
April
30,
2022
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
8
Strategic
Beta
ETFs
|
Semiannual
Report
2022
Common
Stocks
98.6%
Issuer
Shares
Value
($)
Australia  10.8%
Aurizon
Holdings
Ltd.
21,096
60,417
Australia
&
New
Zealand
Banking
Group
Ltd.
3,300
64,023
BHP
Group
Ltd.
2,122
72,399
BlueScope
Steel
Ltd.
2,380
34,740
Newcrest
Mining
Ltd.
4,241
81,013
Ramsay
Health
Care
Ltd.
1,290
74,357
Sonic
Healthcare
Ltd.
1,751
45,705
South32
Ltd.
9,080
30,779
Telstra
Corp.
Ltd.
10,873
31,217
Westpac
Banking
Corp.
3,850
65,309
Total
559,959
Austria  0.7%
voestalpine
AG
1,274
33,681
Canada  7.6%
Algonquin
Power
&
Utilities
Corp.
4,917
71,559
Barrick
Gold
Corp.
1,279
28,671
Canadian
Tire
Corp.
Ltd.
Class
A
245
33,921
George
Weston
Ltd.
427
53,396
Magna
International,
Inc.
377
22,838
Manulife
Financial
Corp.
2,562
50,356
Open
Text
Corp.
869
34,983
Parkland
Corp.
1,511
43,141
Quebecor,
Inc.
Class
B
2,201
52,061
Total
390,926
China  0.5%
BOC
Hong
Kong
Holdings
Ltd.
7,576
27,664
Denmark  0.9%
AP
Moller
-
Maersk
A/S
Class
A
16
45,835
Finland  1.9%
Fortum
OYJ
2,578
43,243
Kesko
OYJ
Class
B
2,183
55,340
Total
98,583
France  6.6%
Carrefour
SA
4,083
86,837
Edenred
1,120
56,761
Publicis
Groupe
SA
867
52,665
SEB
SA
238
28,799
Thales
SA
600
77,223
Vinci
SA
405
39,666
Total
341,951
Hong
Kong  5.6%
AIA
Group
Ltd.
2,462
24,397
CLP
Holdings
Ltd.
3,857
37,606
HKT
Trust
&
HKT
Ltd.
36,661
52,612
Sino
Land
Co.
Ltd.
57,210
76,123
Sun
Hung
Kai
Properties
Ltd.
5,761
66,780
Swire
Properties
Ltd.
13,313
32,204
Total
289,722
Ireland  1.6%
CRH
PLC
874
35,203
Smurfit
Kappa
Group
PLC
1,134
48,666
Total
83,869
Italy  3.9%
Enel
SpA
8,167
53,573
Prysmian
SpA
1,057
34,813
Snam
SpA
13,546
74,653
Terna
-
Rete
Elettrica
Nazionale
4,904
40,177
Total
203,216
Japan  39.0%
Asahi
Group
Holdings
Ltd.
1,315
49,358
Astellas
Pharma,
Inc.
4,412
67,358
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Bridgestone
Corp.
1,011
37,199
Brother
Industries
Ltd.
4,161
72,712
Chiba
Bank
Ltd.
(The)
6,289
36,357
Daiwa
House
Industry
Co.
Ltd.
1,649
40,003
ENEOS
Holdings,
Inc.
20,650
72,712
FUJIFILM
Holdings
Corp.
502
27,793
Hitachi
Ltd.
1,009
47,288
Honda
Motor
Co.
Ltd.
1,776
46,867
Hulic
Co.
Ltd.
7,260
61,527
Inpex
Corp.
5,289
62,541
ITOCHU
Corp.
2,389
72,504
Japan
Post
Holdings
Co.
Ltd.
7,911
55,657
KDDI
Corp.
1,270
42,493
Lawson,
Inc.
1,848
68,038
Lixil
Corp.
2,925
51,790
Marubeni
Corp.
7,866
86,365
Mitsubishi
Chemical
Holdings
Corp.
10,206
62,468
Mitsubishi
Corp.
1,526
51,624
Mitsui
Chemicals,
Inc.
2,837
65,144
NEC
Corp.
1,449
56,479
Nippon
Telegraph
&
Telephone
Corp.
1,256
37,294
Nomura
Real
Estate
Holdings,
Inc.
2,845
69,280
Osaka
Gas
Co.
Ltd.
2,146
38,842
Persol
Holdings
Co.
Ltd.
1,511
30,253
Resona
Holdings,
Inc.
11,334
49,418
Ricoh
Co.
Ltd.
8,466
62,142
Santen
Pharmaceutical
Co.
Ltd.
5,178
42,484
Sompo
Holdings,
Inc.
1,179
48,094
Sumitomo
Chemical
Co.
Ltd.
14,591
62,053
Sumitomo
Corp.
4,958
78,890
Sumitomo
Mitsui
Financial
Group,
Inc.
1,331
40,220
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,213
37,740
Sumitomo
Pharma
Co.
Ltd.
4,467
39,891
Sumitomo
Realty
&
Development
Co.
Ltd.
1,352
35,835
T&D
Holdings,
Inc.
3,943
50,824
Toyota
Tsusho
Corp.
1,640
59,430
Total
2,016,967
Netherlands  3.4%
Koninklijke
Ahold
Delhaize
NV
2,630
77,937
NN
Group
NV
1,319
65,316
Wolters
Kluwer
NV
299
30,464
Total
173,717
Singapore  2.1%
Singapore
Technologies
Engineering
Ltd.
16,811
49,913
Venture
Corp.
Ltd.
4,625
57,440
Total
107,353
Spain  3.5%
Grifols
SA
3,341
56,394
Iberdrola
SA
3,636
42,232
Telefonica
SA
16,336
79,844
Total
178,470
Sweden  3.6%
Investor
AB
Class
A
1,832
38,760
Lundin
Energy
AB
1,249
52,290
SKF
AB
Class
B
2,954
48,970
Telefonaktiebolaget
LM
Ericsson
Class
B
5,930
48,047
Total
188,067
United
Kingdom  6.9%
3i
Group
PLC
1,677
27,897
Aviva
PLC
12,282
66,815
Berkeley
Group
Holdings
PLC
(a)
627
32,118
Bunzl
PLC
923
35,958
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
April
30,
2022
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2022
9