Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
Annual
Report
October
31,
2022
Columbia
International
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
International
Equity
Income
ETF)
Columbia
U.S.
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
U.S.
Equity
Income
ETF)
Strategic
Beta
ETFs
|
Annual
Report
2022
TABLE
OF
CONTENTS
Columbia
International
ESG
Equity
Income
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
7
Columbia
U.S.
ESG
Equity
Income
ETF
Fund
at
a
Glance
9
Manager
Discussion
of
Fund
Performance
12
Understanding
Your
Fund’s
Expenses
14
Portfolio
of
Investments
15
Statement
of
Assets
and
Liabilities
21
Statement
of
Operations
22
Statement
of
Changes
in
Net
Assets
23
Financial
Highlights
24
Notes
to
Financial
Statements
26
Report
of
Independent
Registered
Public
Accounting
Firm
35
Federal
Income
Tax
Information
36
Trustees
and
Officers
37
Approval
of
Investment
Management
Services
Agreement
45
Additional
Information
48
FUND
AT
A
GLANCE
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
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
International
ESG
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage®
International
ESG
Equity
Income
Index
(Net).
*
On
October
14,
2022,
the
Fund
changed
its
benchmark
from
the
Beta
Advantage®
Sustainable
International
Equity
Income
100
Index
(Net)
to
the
Beta
Advantage®
International
ESG
Equity
Income
Index
(Net).
The
Life
of
the
Fund
Index
performance
for
the
Beta
Advantage®
Sustainable
International
Equity
Income
100
Index
(Net)
is
for
the
period
from
June
13,
2016
to
October
14,
2022
and
the
Life
of
the
Fund
Index
Performance
for
the
Beta
Advantage®
International
ESG
Equity
Income
Index
(Net)
is
for
the
period
from
October
14,
2022
through
October
31,
2022.
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.
Effective
October
14,
2022
(Index
Change
Date),
Columbia
International
ESG
Equity
Income
ETF
compares
its
performance
to
that
of
the
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
New
Index).
Prior
to
the
Index
Change
Date,
the
Fund
tracked
and
compared
its
performance
to
that
of
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
(the
Former
Index).
The
Fund’s
investment
manager
believes
that
the
New
Index
provides
a
more
appropriate
basis
for
comparing
the
Fund’s
performance
in
light
of
the
changes
made
to
the
Fund’s
name,
tracked
index,
Investment
Objective
and
Principal
Investment
Strategies.
The
returns
of
the
Former
Index
will
be
shown
for
a
one-year
transition
period.
Also,
prior
to
the
Index
Change
Date,
the
Fund
compared
its
performance
to
the
MSCI
World
ex
USA
Value
Index,
which
changed
to
the
MSCI
EAFE
Value
Index,
effective
on
the
Index
Change
Date.
The
Fund’s
performance
prior
to
October
14,
2022
(Index
Change
Date)
reflects
returns
achieved
according
to
different
principal
investment
strategies.
If
the
Fund’s
strategies
effective
at
the
Index
Change
Date
had
been
in
place
for
the
prior
periods,
result
shown
may
have
been
different.
The
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
New
Index)
aims
to
provide
exposures
to
companies
which
can
offer
reliable
equity
income,
attractive
total
return
potential,
and
includes
companies
with
favorable
ESG
Materiality
(ESGM)
ratings
based
on
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
-15.76
-1.36
3.63
Net
Asset
Value
06/13/16
-14.97
-1.70
2.86
{
Beta
Advantage
}
®
International
ESG
Equity
Income
Index
(Net)
N/A*
N/A*
5.66*
MSCI
EAFE
Value
Index
(Net)
-16.35
-1.67
2.76
{
Beta
Advantage
}
®
Sustainable
International
Equity
Income
100
Index
(Net)
-15.80
-1.42
2.56*
FUND
AT
A
GLANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Columbia
Threadneedle’s
proprietary
ESG
Materiality
(ESGM)
Ratings.
The
Index’s
premise
is
that
companies
that
lead
and
report
on
the
most
material
industry
ESG
factors,
such
as
environmental,
social
capital,
human
capital,
business
model
and
innovation,
and
leadership
and
governance,
relative
to
their
industry
peers,
should
be
well-positioned
to
build
competitive
advantage
and
sustain
their
long-term
future.
The
Index,
which
implements
a
rules-based
framework,
will
generally
consist
of
100
constituents
from
the
MSCI
EAFE
Index
(Net)
(the
Investment
Universe)
in
order
to
meet
this
objective.
The
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
(the
Former
Index)
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
(Net),
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
EAFE
Value
Index
(Net)
is
a
subset
of
the
MSCI
EAFE
Index
(Net),
and
constituents
of
the
index
include
securities
from
Europe,
Australasia
and
the
Far
East.
The
index
generally
represents
approximately
50%
of
the
free
float-adjusted
market
capitalization
of
the
MSCI
EAFE
Index
(Net)
and
consists
of
those
securities
classified
by
MSCI
Inc.
as
most
representing
the
value
style,
such
as,
higher
book
value-to-price
ratios,
higher
forward
earnings-to-price
ratios,
higher
dividend
yields
and
lower
forecasted
growth
rates
than
securities
representing
the
growth
style.
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
22
developed
market
country
indices:
Australia,
Austria,
Belgium,
Canada,
Denmark,
Finland,
France,
Germany,
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
®
International
ESG
Equity
Income
Index
(Net),
the
MSCI
EAFE
Value
Index
(Net)
and
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.
FUND
AT
A
GLANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2022)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
The
Spliced
Benchmark
performance
consists
of
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
from
June
13,
2016
to
October
14,
2022
and
the
Beta
Advantage
®
International
Equity
ESG
Equity
Income
Index
(Net)
from
October
14,
2022
through
October
31,
2022.
FUND
AT
A
GLANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
Country
breakdown
(%)
(at
October
31,
2022
)
Austria
0
.8
Belgium
0
.3
Denmark
1
.7
France
6
.0
Germany
13
.9
Hong
Kong
1
.6
Italy
0
.2
Japan
40
.3
Netherlands
10
.7
Norway
1
.9
Portugal
0
.3
Spain
6
.1
Sweden
4
.4
Switzerland
3
.1
United
Kingdom
8
.5
United
States
(a)
0
.2
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
October
31,
2022)
Industrials
22
.4
Energy
18
.6
Financials
17
.8
Information
Technology
12
.4
Communication
Services
10
.0
Utilities
6
.7
Health
Care
4
.0
Consumer
Staples
3
.1
Real
Estate
2
.1
Materials
1
.6
Consumer
Discretionary
1
.3
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
International
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
International
ESG
Equity
Income
ETF
returned
-14.97%
based
on
net
asset
value
(NAV)
and
-15.76%
based
on
market
price.
The
inception
of
the
Beta
Advantage
®
International
ESG
Equity
Income
Index
(Net)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
was
August
31,
2022,
and
therefore
a
one-year
return
is
not
available.
The
Fund’s
former
benchmark,
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net),
returned
-15.80%
during
the
annual
period.
To
compare,
the
MSCI
World
ex
USA
Value
Index
(Net)
returned
-15.27%
for
the
annual
period.
The
MSCI
EAFE
Value
Index
(Net)
returned
-16.35%
for
the
same
period.
The
Fund
had
a
NAV
of
$26.94
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$21.99.
The
Fund’s
market
price
on
October
31,
2022
was
$22.03
per
share.
Market
overview
International
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
geopolitical
risk
and
inflation
concerns.
In
the
last
two
months
of
2021,
when
the
period
began,
international
equities
generally
advanced,
as
signs
of
economic
recovery
were
seen
despite
the
newly-emerging
COVID-19
Omicron
variant
and
the
fresh
domestic
and
travel
restrictions
imposed
in
many
countries.
However,
for
the
first
ten
months
of
2022,
international
equities
declined
overall.
Russia’s
invasion
of
Ukraine
and
resulting
sanctions
by
the
West
increased
global
uneasiness,
already
present,
and
weighed
on
economies
due
to
lingering
inflation
and
supply-chain
issues.
As
energy
and
oil
prices
soared,
many
major
stock
market
indices
moved
lower.
European
shares
underperformed
other
regions.
Europe’s
dependence
on
Russian
energy
posed
significant
economic
pressures,
exacerbated
by
Russia
shutting
down
its
Nord
Stream
pipeline,
Europe’s
main
artery
for
Russian
gas,
during
the
summer
of
2022.
In
March
2022,
the
European
Central
Bank
(ECB)
responded
to
inflationary
pressures,
announcing
plans
to
phase
out
its
bond-buying
program
by
September
and
to
raise
interest
rates
from
its
negative
status
to
zero.
The
ECB
finally
raised
its
rates
at
consecutive
policy
meetings
during
the
third
quarter
of
2022,
ending
an
era
of
negative
rates
that
began
in
2014.
In
October
2022,
European
equities
rallied
along
with
international
equity
markets
generally,
benefiting
from
resilient
third
quarter
2022
corporate
earnings
and
from
optimism
that
the
pace
of
interest
rate
increases
could
soon
slow
after
the
ECB
raised
its
key
rate
again
during
the
month.
In
the
U.K.,
the
Bank
of
England
reacted
more
quickly
to
rein
in
inflation,
which
had
reached
40-year
highs,
by
implementing
a
fifth
consecutive
bank
rate
hike
in
June
2022.
The
Bank
of
England
raised
its
interest
rates
twice
more
during
the
third
calendar
quarter.
In
September
2022,
the
British
government
unveiled
a
larger
than
consensus
expected
government
tax
cut
plan
aimed
at
boosting
economic
growth,
which
sent
borrowing
costs
soaring
in
the
U.K.
The
Bank
of
England
quickly
stepped
in,
stating
it
would
temporarily
buy
longer
dated
U.K.
government
bonds
in
its
effort
to
stabilize
markets.
In
October
2022,
Liz
Truss
stepped
down
as
the
U.K.’s
prime
minister,
but
a
new
prime
minister,
Rishi
Sunak,
was
named
four
days
later,
stabilizing
U.K.
assets
and
driving
U.K.
equities
to
positive
returns
for
the
month.
Although
Japan
faced
less
direct
exposure
to
Russia
than
Europe
and
had
comparatively
subdued
inflation,
Japanese
stocks
also
moved
lower
with
the
global
market.
In
contrast
to
the
tightening
policy
of
many,
the
Bank
of
Japan
kept
interest
rates
below
zero
coming
out
of
a
slower
COVID-19
pandemic
recovery.
Japanese
equities
rallied
in
October
2022,
even
as
the
yen
weakened
against
the
U.S.
dollar,
but
the
Bank
of
Japan
kept
interest
rates
low,
as
policymakers
doubted
the
sustainability
of
inflation
levels
into
2023.
Within
the
international
equities
market,
both
value
and
growth
stocks
generated
double-digit
negative
absolute
returns,
but
value
stocks
notably
outpaced
growth
stocks,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
MSCI
World
ex
USA
Value
Index
(Net),
energy
was
by
far
the
best
performing
sector,
the
only
sector
to
post
a
positive
absolute
return
during
the
period.
The
weakest
performing
sectors
in
the
MSCI
World
ex
USA
Value
Index
(Net)
were
real
estate,
consumer
discretionary
and
information
technology,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
annual
period.
From
a
country
perspective,
Singapore
was
the
strongest
performing
constituent
of
the
MSCI
World
ex
USA
Value
Index
(Net),
the
only
one
to
post
a
positive
absolute
return
during
the
period.
Included
among
those
constituents
generating
negative
absolute
returns
but
still
materially
outperforming
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period
were
Norway,
Canada
and
the
U.K.
The
weakest
constituents
of
the
MSCI
World
ex
USA
Value
Index
(Net)
were
Austria,
Luxembourg
and
Germany,
which
each
posted
a
double-digit
negative
absolute
return
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
International
ESG
Equity
Income
ETF
(Unaudited)
8
Strategic
Beta
ETFs
|
Annual
Report
2022
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
financials,
industrials
and
real
estate
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period.
From
a
country
perspective,
Index
constituents
in
Germany,
Japan
and
Australia
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period.
Relative
to
the
MSCI
World
ex
USA
Value
Index
(Net),
an
out-of-benchmark
position
in
Dutch
supplier
of
photolithography
systems
ASML
Holding
NV;
an
overweight
position
in
Japanese
trading
and
investment
company
Marubeni
Corp.;
and
an
underweight
position
in
German
industrial
manufacturing
company
Siemens
AG-Reg
contributed
most
positively.
During
the
period,
ASML
Holding
NV
and
Marubeni
Corp.
each
posted
a
positive
absolute
return,
while
Siemens
AG-Reg
generated
a
double-digit
negative
absolute
return.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
energy,
consumer
staples
and
health
care
sectors
detracted
from
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net)
during
the
period.
From
a
country
perspective,
Index
constituents
in
the
U.K.,
Canada
and
Finland
detracted
most
from
the
Index’s
results
relative
to
the
MSCI
World
ex
USA
Value
Index
(Net).
Relative
to
the
MSCI
World
ex
USA
Value
Index
(Net),
an
overweight
position
in
Japanese
pharmaceuticals
company
Santen
Pharmaceutical
Co.,
Ltd.
and
out-of-benchmark
positions
in
Finnish
retail
conglomerate
Kesko
OYJ-B
Shares
and
Hong
Kong-based
stock
and
futures
exchanges
owner
and
operator
Hong
Kong
Exchanges
&
Clearing
Ltd.
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
during
the
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
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.
International
investing
involves
certain
risks
and
volatility
due
to
potential
political,
economic
or
currency
instabilities
and
different
financial
and
accounting
standards.
Investments
in
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
ESG
factors
may
cause
the
Fund
to
forgo
certain
investment
opportunities
and/or
exposures
to
certain
industries,
sectors
or
regions.
Additional
information
regarding
the
risks
of
this
investment
is
available
in
the
prospectus.
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
U.S.
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
9
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
U.S.
ESG
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index.
*
On
October
14,
2022,
the
Fund
changed
its
benchmark
from
the
Beta
Advantage®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
to
the
Beta
Advantage®
U.S.
ESG
Equity
Income
Index
(Gross).
The
Life
of
the
Fund
Index
performance
for
the
Beta
Advantage®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
is
for
the
period
from
June
13,
2016
to
October
14,
2022
and
the
Life
of
Fund
Index
performance
for
the
Beta
Advantage®
U.S.
ESG
Equity
Income
Index
(Gross)
is
for
the
period
from
October
14,
2022
through
October
31,
2022.
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.
Effective
October
14,
2022
(Index
Change
Date),
Columbia
U.S.
ESG
Equity
Income
ETF
compares
its
performance
to
that
of
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(Gross)
(the
New
Index).
Prior
to
the
Index
Change
Date,
the
Fund
tracked
and
compared
its
performance
to
that
of
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
(the
Former
Index).
The
Fund’s
investment
manager
believes
that
the
New
Index
provides
a
more
appropriate
basis
for
comparing
the
Fund’s
performance
in
light
of
the
changes
made
to
the
Fund’s
name,
tracked
index,
Investment
Objective
and
Principal
Investment
Strategies.
The
returns
of
the
Former
Index
will
be
shown
for
a
one-year
transition
period.
The
Fund’s
performance
prior
to
October
14,
2022
(Index
Change
Date)
reflects
returns
achieved
according
to
different
principal
investment
strategies.
If
the
Fund’s
strategies
effective
at
the
Index
Change
Date
had
been
in
place
for
the
prior
periods,
result
shown
may
have
been
different.
The
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(Gross)
(the
New
Index)
aims
to
provide
exposures
to
companies
which
can
offer
reliable
equity
income,
attractive
total
return
potential,
and
includes
companies
with
favorable
ESG
Materiality
(ESGM)
ratings
based
on
Columbia
Threadneedle’s
proprietary
ESG
Materiality
(ESGM)
Ratings.
The
Index’s
premise
is
that
companies
that
lead
and
report
on
the
most
material
industry
ESG
factors,
such
as
environmental,
social
capital,
human
capital,
business
model
and
innovation,
and
leadership
and
governance,
relative
to
their
industry
peers,
should
be
well-positioned
to
build
competitive
advantage
and
sustain
their
long-term
future.
The
Index,
which
implements
a
rules-based
framework,
will
generally
consist
of
100
constituents
from
the
MSCI
USA
Index
(the
Investment
Universe)
in
order
to
meet
this
objective.
The
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
(the
Former
Index)
is
designed
to
reflect
the
performance
of
the
top
100
U.S.
large
and
mid-cap
companies
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
5
Years
Life
Market
Price
06/13/16
1.27
9.62
11.72
Net
Asset
Value
06/13/16
1.22
9.56
11.63
{
Beta
Advantage
}
®
U.S.
ESG
Equity
Income
Index
(Gross)
NA*
NA*
6.94*
MSCI
USA
Value
Index
(Gross)
-4.52
7.50
9.25
{
Beta
Advantage
}
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
0.61
9.74
10.97*
FUND
AT
A
GLANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
10
Strategic
Beta
ETFs
|
Annual
Report
2022
(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
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.
FUND
AT
A
GLANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
11
Performance
of
a
hypothetical
$10,000
investment
(June
13,
2016
—
October
31,
2022)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
The
Spliced
Benchmark
performance
consists
of
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
from
June
13,
2016
to
October
14,
2022
and
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(Gross)
from
October
14,
2022
through
October
31,
2022.
Portfolio
breakdown
(%)
(at
October
31,
2022
)
Common
Stocks
98.9
Exchange-Traded
Equity
Funds
0.8
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
October
31,
2022)
Information
Technology
19
.1
Financials
18
.5
Consumer
Staples
15
.9
Industrials
13
.3
Energy
12
.4
Communication
Services
7
.2
Utilities
6
.1
Consumer
Discretionary
4
.7
Materials
2
.3
Health
Care
0
.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
U.S.
ESG
Equity
Income
ETF
(Unaudited)
12
Strategic
Beta
ETFs
|
Annual
Report
2022
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
U.S.
ESG
Equity
Income
ETF
returned
1.22%
based
on
net
asset
value
(NAV)
and
1.27%
based
on
market
price.
The
inception
of
the
Beta
Advantage
®
U.S.
ESG
Equity
Income
Index
(gross)
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
was
August
31,
2022,
and
therefore
a
one-year
return
is
not
available.
The
Fund’s
former
benchmark,
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
returned
0.61%
for
the
annual
period.
To
compare,
the
MSCI
USA
Value
Index
(Gross)
returned
-4.52%
for
the
same
period.
The
Fund
had
a
NAV
of
$36.97
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
an
NAV
of
$36.28.
The
Fund’s
market
price
on
October
31,
2022
was
$36.40
per
share.
Market
overview
U.S.
equities
fell
during
the
period
overall,
as
investor
sentiment
deteriorated
amid
a
broad
array
of
domestic
and
external
factors.
Early
in
the
period,
the
emergence
of
the
COVID-19
Omicron
variant
intensified
concerns
about
the
economic
recovery.
As
these
concerns
eased
somewhat,
investor
focus
turned
to
inflation
and
interest
rates
for
the
remainder
of
the
period.
Inflation
increased
at
its
fastest
pace
in
40
years,
with
oil
prices
reaching
their
highest
levels
since
2008
before
declining
modestly.
In
an
effort
to
reduce
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
interest
rates
for
the
first
time
since
December
2018
in
mid-March
2022
and
then
did
so
another
four
times,
bringing
the
targeted
federal
funds
rate
to
a
range
of
3.00%
to
3.25%.
Several
global
factors
also
contributed
to
risk-averse
investor
sentiment,
most
notably
Russia’s
war
with
Ukraine,
China’s
COVID-19-related
lockdowns,
global
supply-chain
snags,
and
the
emergence
of
an
energy
crisis
in
Europe.
Unusual
volatility
in
the
global
currency
and
fixed-income
markets
was
an
additional
source
of
disruption.
Together,
these
developments
raised
concerns
about
the
potential
for
a
slowdown
in
global
economic
growth
and
a
concurrent
decline
in
corporate
earnings.
There
were
brief
periods
when
U.S.
equities
rallied.
For
example,
in
December
2021,
reports
of
positive
economic
data
eased
investors’
COVID-19
concerns
and
pushed
U.S.
equities
higher.
In
mid-March
2022,
when
most
U.S.
equity
indices
were
near
year-to-date
lows,
oil
price
declines
boosted
investor
sentiment,
and
despite
the
uncertainty
surrounding
the
Fed’s
future
tightening,
U.S.
equities
rallied
in
the
last
two
weeks
of
the
first
quarter.
In
July
through
mid-August
2022,
U.S.
equities
rallied,
as
investors
appeared
to
grow
increasingly
optimistic
the
Fed
would
pivot
toward
a
more
accommodative
policy.
However,
subsequent
comments
from
Fed
Chair
Powell
in
late
August,
together
with
a
stronger
than
consensus
expected
inflation
report
in
early
September,
made
it
clear
the
Fed
would
continue
to
raise
interest
rates
aggressively.
In
October
2022,
U.S.
equities
advanced
significantly,
as
corporate
earnings
overall
proved
better
than
many
had
feared,
with
the
exception
of
mega-cap
technology
companies.
Still,
within
the
broad
U.S.
equity
market,
all
capitalization
segments
posted
double-digit
negative
absolute
returns
for
the
period.
Large-cap
stocks
were
least
weak,
followed
closely
behind
by
mid-cap
stocks
and
then
small-cap
stocks.
Value
stocks
notably
outpaced
growth
stocks
across
the
capitalization
spectrum,
as
growth-oriented
stocks
were
hit
particularly
hard
due
to
rising
bond
yields.
Within
the
MSCI
USA
Value
Index
(Gross),
energy
was
by
far
the
best
performing
sector,
followed
at
some
distance
by
health
care,
consumer
staples
and
utilities,
the
only
sectors
to
post
positive
absolute
returns
during
the
period.
The
weakest
performing
sectors
in
the
MSCI
USA
Value
Index
(Gross)
were
communication
services,
information
technology
and
real
estate,
with
each
generating
a
robust
double-digit
negative
absolute
return
during
the
period.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
information
technology,
industrials
and
energy
sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross)
during
the
period.
Relative
to
the
MSCI
USA
Value
Index
(Gross),
overweight
positions
in
insurance
company
The
Allstate
Corp.,
managed
health
care
and
insurance
company
Cigna
Corp.
and
health
care
services
company
Cardinal
Health,
Inc.
contributed
most
positively.
Each
generated
a
solid
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
materials
and
consumer
discretionary
sectors
detracted
from
the
Index’s
results
relative
to
the
MSCI
USA
Value
Index
(Gross)
—
the
only
two
sectors
to
do
so
during
the
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Relative
to
the
MSCI
USA
Value
Index
(Gross),
overweight
positions
in
consumer
electronics
retailer
Best
Buy
Co.
Inc.,
energy
infrastructure
company
Kinder
Morgan,
Inc.
and
technology
and
specialty
materials
company
Celanese
Corp.
detracted
most.
Each
posted
a
double-digit
negative
absolute
return
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.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
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.
Investments
in
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
ESG
factors
may
cause
the
Fund
to
forgo
certain
investment
opportunities
and/or
exposures
to
certain
industries,
sectors
or
regions.
Additional
information
regarding
the
risks
of
this
investment
is
available
in
the
prospectus.
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)
14
Strategic
Beta
ETFs
|
Annual
Report
2022
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,
2022.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
—
October
31,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
International
ESG
Equity
Income
ETF
1,000.00
1,000.00
872.70
1,022.94
2.12
2.29
0.45
Columbia
U.S.
ESG
Equity
Income
ETF
1,000.00
1,000.00
990.40
1,023.44
1.76
1.79
0.35
PORTFOLIO
OF
INVESTMENTS
Columbia
International
ESG
Equity
Income
ETF
October
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Common
Stocks
99.2%
Issuer
Shares
Value
($)
Austria  0.8%
OMV
AG
370
17,056
Verbund
AG
344
26,944
Total
44,000
Belgium  0.3%
Ageas
SA/NV
455
15,753
Denmark  1.7%
AP
Moller
-
Maersk
A/S
Class
A
8
16,016
Novozymes
A/S
Class
B
571
29,996
Orsted
AS
(a)
550
45,372
Total
91,384
France  5.9%
Legrand
SA
757
57,714
TotalEnergies
SE
4,919
267,879
Total
325,593
Germany  13.9%
Brenntag
SE
425
25,808
Commerzbank
AG
(b)
2,847
22,781
Deutsche
Post
AG
2,858
101,435
Deutsche
Telekom
AG
8,557
162,075
E.ON
SE
6,337
53,086
GEA
Group
AG
470
16,444
Infineon
Technologies
AG
3,672
89,424
Merck
KGaA
364
59,360
Siemens
AG
2,121
231,933
Total
762,346
Hong
Kong  1.6%
Hong
Kong
Exchanges
&
Clearing
Ltd.
3,346
89,086
Italy  0.2%
Amplifon
SpA
354
8,796
Japan  40.1%
Advantest
Corp.
540
28,556
AGC,
Inc.
533
16,728
Asahi
Group
Holdings
Ltd.
1,222
34,234
Asahi
Kasei
Corp.
3,167
20,338
Astellas
Pharma,
Inc.
4,847
66,736
Canon,
Inc.
2,599
55,150
Chugai
Pharmaceutical
Co.
Ltd.
1,780
41,316
Concordia
Financial
Group
Ltd.
2,481
7,561
Dai-ichi
Life
Holdings,
Inc.
2,460
39,018
Daiwa
House
Industry
Co.
Ltd.
1,418
28,735
ENEOS
Holdings,
Inc.
7,518
24,774
FUJIFILM
Holdings
Corp.
959
43,996
Hirose
Electric
Co.
Ltd.
81
10,523
Hitachi
Construction
Machinery
Co.
Ltd.
285
5,587
Hitachi
Ltd.
2,432
110,609
ITOCHU
Corp.
3,223
83,462
Itochu
Techno-Solutions
Corp.
236
5,478
Japan
Post
Holdings
Co.
Ltd.
6,071
40,829
Japan
Post
Insurance
Co.
Ltd.
531
7,849
Kansai
Electric
Power
Co.,
Inc.
(The)
1,714
12,996
KDDI
Corp.
3,922
115,970
Kirin
Holdings
Co.
Ltd.
2,040
30,051
Koito
Manufacturing
Co.
Ltd.
526
7,481
Komatsu
Ltd.
2,315
44,358
Konami
Group
Corp.
266
11,686
Kyowa
Kirin
Co.
Ltd.
662
15,611
Lixil
Corp.
790
11,964
Marubeni
Corp.
3,751
32,883
Mitsubishi
Corp.
3,117
84,533
Mitsubishi
Estate
Co.
Ltd.
2,899
36,531
Mitsubishi
HC
Capital,
Inc.
1,726
7,409
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Mitsubishi
Heavy
Industries
Ltd.
702
24,182
Mitsubishi
UFJ
Financial
Group,
Inc.
29,218
137,505
Mitsui
&
Co.
Ltd.
3,626
80,334
Mitsui
Fudosan
Co.
Ltd.
2,291
43,921
Mizuho
Financial
Group,
Inc.
6,217
67,175
MS&AD
Insurance
Group
Holdings,
Inc.
1,073
28,450
Murata
Manufacturing
Co.
Ltd.
1,488
73,081
NEC
Corp.
639
21,173
Nippon
Telegraph
&
Telephone
Corp.
5,660
155,899
Nitto
Denko
Corp.
398
20,966
Nomura
Real
Estate
Holdings,
Inc.
294
6,656
Ono
Pharmaceutical
Co.
Ltd.
954
22,439
ORIX
Corp.
3,139
46,145
Osaka
Gas
Co.
Ltd.
940
13,926
Panasonic
Holdings
Corp.
6,064
43,429
SCSK
Corp.
390
5,765
Sompo
Holdings,
Inc.
764
31,833
Sumitomo
Chemical
Co.
Ltd.
3,779
12,738
Sumitomo
Corp.
2,910
37,110
Sumitomo
Mitsui
Financial
Group,
Inc.
3,444
96,692
Sumitomo
Mitsui
Trust
Holdings,
Inc.
839
24,142
Suntory
Beverage
&
Food
Ltd.
337
11,291
Tokyo
Gas
Co.
Ltd.
968
17,304
Toshiba
Corp.
1,050
36,600
Toyota
Tsusho
Corp.
513
17,257
USS
Co.
Ltd.
505
7,634
Yamaha
Motor
Co.
Ltd.
748
15,450
Z
Holdings
Corp.
7,551
19,539
Total
2,201,588
Netherlands  10.6%
ASML
Holding
NV
519
245,191
Koninklijke
Ahold
Delhaize
NV
2,742
76,559
Shell
PLC
9,488
262,612
Total
584,362
Norway  1.9%
Equinor
ASA
2,465
90,178
Telenor
ASA
1,807
16,424
Total
106,602
Portugal  0.3%
Jeronimo
Martins
SGPS
SA
750
15,552
Spain  6.0%
Banco
Bilbao
Vizcaya
Argentaria
SA
17,297
89,050
Endesa
SA
892
14,886
Iberdrola
SA
17,662
179,362
Telefonica
SA
14,144
48,718
Total
332,016
Sweden  4.4%
Hexagon
AB
Class
B
5,900
58,304
Husqvarna
AB
Class
B
1,159
6,880
Lifco
AB
Class
B
664
9,587
Swedbank
AB
Class
A
2,711
40,394
Tele2
AB
Class
B
1,446
11,845
Telefonaktiebolaget
LM
Ericsson
Class
B
7,595
42,200
Volvo
AB
Class
B
4,273
69,912
Total
239,122
Switzerland  3.1%
Kuehne
+
Nagel
International
AG
142
30,280
UBS
Group
AG
8,897
141,106
Total
171,386
United
Kingdom  8.4%
Ashtead
Group
PLC
1,271
66,583
BP
PLC
64,451
356,037
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
NatWest
Group
PLC
14,857
40,164
Total
462,784
Total
Common
Stocks
(Cost
$5,288,175)
5,450,370
Money
Market
Funds
0.2%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(c)
11,436
11,436
Total
Money
Market
Funds
(Cost
$11,436)
11,436
Total
Investments
in
Securities
(Cost
$5,299,611)
5,461,806
Other
Assets
&
Liabilities,
Net
35,135
Net
Assets
5,496,941
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2022,
the
total
value
of
these
securities
amounted
to
$45,372,
which
represents
0.83%
of
total
net
assets.
(b)
Non-income
producing
investment.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
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.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Austria
44,000
–
–
44,000
Belgium
15,753
–
–
15,753
Denmark
91,384
–
–
91,384
France
325,593
–
–
325,593
Germany
762,346
–
–
762,346
Hong
Kong
89,086
–
–
89,086
Italy
8,796
–
–
8,796
Japan
2,201,588
–
–
2,201,588
Netherlands
584,362
–
–
584,362
Norway
106,602
–
–
106,602
Portugal
15,552
–
–
15,552
Spain
332,016
–
–
332,016
Sweden
239,122
–
–
239,122
Switzerland
171,386
–
–
171,386
United
Kingdom
462,784
–
–
462,784
Total
Common
Stocks
5,450,370
–
–
5,450,370
Money
Market
Funds
11,436
–
–
11,436
Total
Investments
in
Securities
5,461,806
–
–
5,461,806
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
U.S.
ESG
Equity
Income
ETF
October
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
98.9%
Issuer
Shares
Value
($)
Communication
Services  7.1%
Diversified
Telecommunication
Services
3.6%
Verizon
Communications,
Inc.
38,682
1,445,546
Media
3.5%
Comcast
Corp.
Class
A
40,281
1,278,519
Paramount
Global
Class
B
5,533
101,365
Total
1,379,884
Total
Communication
Services
2,825,430
Consumer
Discretionary  4.6%
Auto
Components
0.4%
BorgWarner,
Inc.
2,045
76,749
Lear
Corp.
530
73,516
Total
150,265
Distributors
0.5%
Genuine
Parts
Co.
1,211
215,388
Hotels,
Restaurants
&
Leisure
0.2%
Vail
Resorts,
Inc.
367
80,421
Internet
&
Direct
Marketing
Retail
0.5%
eBay,
Inc.
5,127
204,260
Multiline
Retail
1.8%
Target
Corp.
4,294
705,289
Specialty
Retail
1.2%
Advance
Auto
Parts,
Inc.
638
121,169
Best
Buy
Co.,
Inc.
1,979
135,384
Tractor
Supply
Co.
1,038
228,121
Total
484,674
Total
Consumer
Discretionary
1,840,297
Consumer
Staples  15.7%
Beverages
5.9%
Brown-Forman
Corp.
Class
B
2,744
186,592
Coca-Cola
Co.
(The)
29,390
1,758,992
Keurig
Dr
Pepper,
Inc.
7,568
293,941
Molson
Coors
Beverage
Co.
Class
B
1,761
88,807
Total
2,328,332
Food
&
Staples
Retailing
0.7%
Kroger
Co.
(The)
6,107
288,800
Food
Products
2.8%
General
Mills,
Inc.
5,080
414,427
Hormel
Foods
Corp.
2,471
114,778
Kellogg
Co.
2,987
229,461
Kraft
Heinz
Co.
(The)
9,581
368,581
Total
1,127,247
Household
Products
5.2%
Church
&
Dwight
Co.,
Inc.
2,169
160,788
Clorox
Co.
(The)
1,075
156,993
Procter
&
Gamble
Co.
(The)
13,148
1,770,641
Total
2,088,422
Personal
Products
1.1%
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
2,131
427,244
Total
Consumer
Staples
6,260,045
Energy  12.2%
Energy
Equipment
&
Services
2.1%
Halliburton
Co.
7,185
261,678
Schlumberger
Ltd.
11,125
578,834
Total
840,512
Oil,
Gas
&
Consumable
Fuels
10.1%
Chevron
Corp.
11,474
2,075,647
Kinder
Morgan,
Inc.
16,953
307,188
Marathon
Petroleum
Corp.
4,138
470,159
Phillips
66
4,097
427,276
Valero
Energy
Corp.
3,351
420,718
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Williams
Cos.,
Inc.
(The)
10,405
340,556
Total
4,041,544
Total
Energy
4,882,056
Financials  18.3%
Banks
2.3%
Citizens
Financial
Group,
Inc.
4,508
184,377
Regions
Financial
Corp.
8,347
183,217
Truist
Financial
Corp.
12,280
550,021
Total
917,615
Capital
Markets
5.5%
Bank
of
New
York
Mellon
Corp.
(The)
7,390
311,193
Blackstone,
Inc.
6,701
610,729
Carlyle
Group,
Inc.
(The)
1,702
48,132
Intercontinental
Exchange,
Inc.
5,187
495,722
Moody's
Corp.
1,757
465,377
State
Street
Corp.
3,363
248,862
Total
2,180,015
Consumer
Finance
2.5%
American
Express
Co.
6,860
1,018,367
Diversified
Financial
Services
0.3%
Equitable
Holdings,
Inc.
3,365
103,036
Insurance
7.7%
Aflac,
Inc.
5,248
341,697
American
International
Group,
Inc.
7,061
402,477
Chubb
Ltd.
3,748
805,408
Hartford
Financial
Services
Group,
Inc.
(The)
2,950
213,610
Lincoln
National
Corp.
1,414
76,172
MetLife,
Inc.
5,983
438,015
Principal
Financial
Group,
Inc.
2,218
195,472
Travelers
Cos.,
Inc.
(The)
2,162
398,803
Willis
Towers
Watson
PLC
968
211,227
Total
3,082,881
Total
Financials
7,301,914
Health
Care  0.5%
Health
Care
Equipment
&
Supplies
0.5%
DENTSPLY
SIRONA,
Inc.
1,987
61,239
STERIS
PLC
886
152,906
Total
214,145
Total
Health
Care
214,145
Industrials  13.2%
Aerospace
&
Defense
1.1%
L3Harris
Technologies,
Inc.
1,701
419,245
Air
Freight
&
Logistics
3.1%
Expeditors
International
of
Washington,
Inc.
1,431
140,023
United
Parcel
Service,
Inc.
Class
B
6,549
1,098,726
Total
1,238,749
Building
Products
1.7%
A
O
Smith
Corp.
1,221
66,886
Fortune
Brands
Home
&
Security,
Inc.
1,216
73,349
Johnson
Controls
International
PLC
6,284
363,467
Masco
Corp.
2,110
97,630
Owens
Corning
907
77,648
Total
678,980
Commercial
Services
&
Supplies
0.8%
Cintas
Corp.
788
336,909
Electrical
Equipment
1.2%
Emerson
Electric
Co.
5,445
471,537
Industrial
Conglomerates
1.8%
3M
Co.
5,731
720,903
Machinery
3.0%
Cummins,
Inc.
1,258
307,594
Dover
Corp.
1,350
176,431
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
PACCAR,
Inc.
3,100
300,173
Parker-Hannifin
Corp.
1,225
356,010
Pentair
PLC
1,579
67,818
Total
1,208,026
Professional
Services
0.5%
Booz
Allen
Hamilton
Holding
Corp.
1,131
123,109
Robert
Half
International,
Inc.
954
72,943
Total
196,052
Total
Industrials
5,270,401
Information
Technology  18.9%
Electronic
Equipment,
Instruments
&
Components
0.5%
CDW
Corp.
1,224
211,519
IT
Services
4.1%
Fidelity
National
Information
Services,
Inc.
5,693
472,462
International
Business
Machines
Corp.
8,223
1,137,159
Total
1,609,621
Semiconductors
&
Semiconductor
Equipment
13.9%
Analog
Devices,
Inc.
4,887
696,984
Applied
Materials,
Inc.
8,207
724,596
Intel
Corp.
39,079
1,111,016
KLA
Corp.
1,311
414,866
Lam
Research
Corp.
1,313
531,476
Microchip
Technology,
Inc.
5,052
311,911
NXP
Semiconductors
NV
2,439
356,289
QUALCOMM,
Inc.
10,694
1,258,256
Skyworks
Solutions,
Inc.
1,503
129,273
Total
5,534,667
Technology
Hardware,
Storage
&
Peripherals
0.4%
Hewlett
Packard
Enterprise
Co.
12,080
172,382
Total
Information
Technology
7,528,189
Materials  2.3%
Chemicals
0.9%
Ecolab,
Inc.
2,294
360,319
Containers
&
Packaging
0.6%
Ball
Corp.
2,909
143,675
International
Paper
Co.
3,257
109,468
Total
253,143
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Metals
&
Mining
0.8%
Newmont
Corp.
7,310
309,359
Total
Materials
922,821
Utilities  6.1%
Electric
Utilities
4.8%
Duke
Energy
Corp.
6,846
637,910
Edison
International
3,442
206,658
Eversource
Energy
3,063
233,646
Exelon
Corp.
8,855
341,714
FirstEnergy
Corp.
5,016
189,153
Xcel
Energy,
Inc.
4,809
313,114
Total
1,922,195
Multi-Utilities
1.3%
CMS
Energy
Corp.
2,558
145,934
NiSource,
Inc.
3,686
94,693
Public
Service
Enterprise
Group,
Inc.
4,523
253,605
Total
494,232
Total
Utilities
2,416,427
Total
Common
Stocks
(Cost
$36,443,632)
39,461,725
Exchange-Traded
Equity
Funds
0.7%
Issuer
Shares
Value
($)
Financials  0.7%
Financial
Select
Sector
SPDR
Fund
8,870
301,403
Total
Exchange-Traded
Equity
Funds
(Cost
$276,924)
301,403
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.103%
(a)
119,927
119,927
Total
Money
Market
Funds
(Cost
$119,927)
119,927
Total
Investments
in
Securities
(Cost
$36,840,483)
39,883,055
Other
Assets
&
Liabilities,
Net
27,606
Net
Assets
39,910,661
(a)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
ESG
Equity
Income
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Fair
Value
Measurements
(continued)
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
2,825,430
–
–
2,825,430
Consumer
Discretionary
1,840,297
–
–
1,840,297
Consumer
Staples
6,260,045
–
–
6,260,045
Energy
4,882,056
–
–
4,882,056
Financials
7,301,914
–
–
7,301,914
Health
Care
214,145
–
–
214,145
Industrials
5,270,401
–
–
5,270,401
Information
Technology
7,528,189
–
–
7,528,189
Materials
922,821
–
–
922,821
Utilities
2,416,427
–
–
2,416,427
Total
Common
Stocks
39,461,725
–
–
39,461,725
Exchange-Traded
Equity
Funds
301,403
–
–
301,403
Money
Market
Funds
119,927
–
–
119,927
Total
Investments
in
Securities
39,883,055
–
–
39,883,055
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$5,299,611
and
$36,840,483,
respectively)
$5,461,806
$39,883,055
Receivable
for:
Dividends
23,361
42,809
Reclaims
receivable
13,820
–
Total
assets
5,498,987
39,925,864
Liabilities
Payable
for:
Investment
management
fees
2,038
10,827
Due
to
custodian
8
–
Investments
purchased
–
4,376
Total
liabilities
2,046
15,203
Net
assets
applicable
to
outstanding
capital
stock
$5,496,941
$39,910,661
Represented
by:
Paid-in
capital
$7,132,200
$39,049,836
Total
distributable
earnings
(loss)
(1,635,259)
860,825
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$5,496,941
$39,910,661
Shares
outstanding
250,000
1,100,000
Net
asset
value
per
share
$21.99
$36.28
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2022
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$236,703
$821,275
Foreign
taxes
withheld
(23,696)
–
Total
income
213,007
821,275
Expenses:
Investment
management
fees
23,648
93,242
Overdraft
expense
–
4
Total
expenses
23,648
93,246
Net
Investment
Income
189,359
728,029
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(997,253)
(2,228,893)
In-kind
transactions
-
unaffiliated
issuers
–
322,232
Foreign
currency
translations
(2,213)
–
Net
realized
loss
(999,466)
(1,906,661)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(86,647)
2,400,148
Foreign
currency
translations
(1,914)
–
Net
change
in
unrealized
appreciation
(depreciation)
(88,561)
2,400,148
Net
realized
and
unrealized
gain
(loss)
(1,088,027)
493,487
Net
Increase
(Decrease)
in
net
assets
resulting
from
operations
$(898,668)
$1,221,516
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
23
Columbia
International
ESG
Equity
Income
ETF
Columbia
U.S.
ESG
Equity
Income
ETF
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Operations
Net
investment
income
$189,359
$164,904
$728,029
$150,936
Net
realized
gain
(loss)
(999,466)
419,617
(1,906,661)
1,572,116
Net
change
in
unrealized
appreciation
(depreciation)
(88,561)
747,304
2,400,148
745,475
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(898,668)
1,331,825
1,221,516
2,468,527
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(205,543)
(158,794)
(808,579)
(154,053)
Shareholder
transactions
Proceeds
from
shares
sold
1,212,245
–
35,848,578
3,117,247
Cost
of
shares
redeemed
–
(1,104)
(1,895,913)
(4,971,142)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
1,212,245
(1,104)
33,952,665
(1,853,895)
Increase
in
net
assets
108,034
1,171,927
34,365,602
460,579
Net
Assets:
Net
assets
beginning
of
year
5,388,907
4,216,980
5,545,059
5,084,480
Net
assets
at
end
of
year
$5,496,941
$5,388,907
$39,910,661
$5,545,059
Capital
stock
activity
Shares
outstanding,
beginning
of
year
200,000
200,040
150,000
200,045
Subscriptions
50,000
–
1,000,000
100,000
Redemptions
–
(40)
(50,000)
(150,045)
Shares
outstanding,
end
of
year
250,000
200,000
1,100,000
150,000
FINANCIAL
HIGHLIGHTS
Columbia
International
ESG
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2022
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
October
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$26.94‌
$21.08‌
$25.78‌
$26.68‌
$30.59‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.90‌
0.82‌
0.70‌
0.87‌
0.92‌
Net
realized
and
unrealized
gain
(loss)
(4.85‌)
5.83‌
(4.71‌)
0.50‌
(3.32‌)
Total
from
investment
operations
(3.95‌)
6.65‌
(4.01‌)
1.37‌
(2.40‌)
Less
distributions
to
shareholders:
Net
investment
income
(1.00‌)
(0.79‌)
(0.69‌)
(1.01‌)
(0.94‌)
Net
realized
gains
–‌
–‌
–‌
(1.26‌)
(0.57‌)
Total
distribution
to
shareholders
(1.00‌)
(0.79‌)
(0.69‌)
(2.27‌)
(1.51‌)
Net
asset
value,
end
of
year
$21.99‌
$26.94‌
$21.08‌
$25.78‌
$26.68‌
Total
Return
at
NAV
(14.97‌)%
31.60‌%
(15.68‌)%
6.05‌%
(8.25‌)%
Total
Return
at
Market
(15.76‌)%
32.24‌%
(15.02‌)%
8.74‌%
(9.30‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.45‌%
0.45‌%
(b)
0.45‌%
(b)
0.45‌%
(b)
0.45‌%
Total
net
expenses
(a)(c)
0.45‌%
0.45‌%
(b)
0.45‌%
(b)
0.45‌%
(b)
0.45‌%
Net
investment
income
3.60‌%
3.07‌%
3.08‌%
3.43‌%
3.11‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$5,497‌
$5,389‌
$4,217‌
$5,157‌
$13,343‌
Portfolio
turnover
177‌%
90‌%
98‌%
76‌%
82‌%
(a)
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.
(b)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
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
U.S.
ESG
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
25
Year
Ended
October
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$36.97‌
$25.42‌
$28.60‌
$28.25‌
$30.30‌
Income
(loss)
from
investment
operations:
Net
investment
income
1.00‌
0.86‌
0.78‌
0.80‌
0.77‌
Net
realized
and
unrealized
gain
(loss)
(0.57‌)
(a)
11.53‌
(3.15‌)
1.44‌
0.64‌
Total
from
investment
operations
0.43‌
12.39‌
(2.37‌)
2.24‌
1.41‌
Less
distributions
to
shareholders:
Net
investment
income
(0.88‌)
(0.84‌)
(0.74‌)
(0.78‌)
(0.75‌)
Net
realized
gains
(0.24‌)
–‌
(0.07‌)
(1.11‌)
(2.71‌)
Total
distribution
to
shareholders
(1.12‌)
(0.84‌)
(0.81‌)
(1.89‌)
(3.46‌)
Net
asset
value,
end
of
year
$36.28‌
$36.97‌
$25.42‌
$28.60‌
$28.25‌
Total
Return
at
NAV
1.22‌%
49.08‌%
(8.18‌)%
9.19‌%
4.35‌%
Total
Return
at
Market
1.27‌%
50.13‌%
(8.64‌)%
9.04‌%
4.51‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.35‌%
(c)
0.35‌%
0.35‌%
0.35‌%
(c)
0.35‌%
Total
net
expenses
(b)(d)
0.35‌%
(c)
0.35‌%
0.35‌%
0.35‌%
(c)
0.35‌%
Net
investment
income
2.73‌%
2.55‌%
2.98‌%
2.94‌%
2.55‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$39,911‌
$5,545‌
$5,084‌
$4,291‌
$4,239‌
Portfolio
turnover
167‌%
77‌%
77‌%
56‌%
61‌%
(a)
Calculation
of
the
net
gain
(loss)
per
share
(both
realized
and
unrealized)
does
not
correlate
to
the
aggregate
realized
and
unrealized
gain
(loss)
presented
in
the
Statement
of
Operations
due
to
the
timing
of
subscriptions
and
redemptions
of
Fund
shares
in
relation
to
fluctuations
in
the
market
value
of
the
portfolio.
(b)
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.
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2022
26
Strategic
Beta
ETFs
|
Annual
Report
2022
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
International
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
International
Equity
Income
ETF)
and
Columbia
U.S.
ESG
Equity
Income
ETF
(formerly
Columbia
Sustainable
U.S.
Equity
Income
ETF).
Each
Fund
is
diversified.
Effective
October
14,
2022
Columbia
Sustainable
International
Equity
Income
ETF
was
renamed
Columbia
International
ESG
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF
was
renamed
Columbia
U.S.
ESG
Equity
Income
ETF.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
27
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.
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.
Foreign
currency
transactions
and
translation
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
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
each
calendar
quarter.
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
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds
(ETFs);
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format.
The
rule
amendments
will
require
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
will
become
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendment.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
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:
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
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
for
investments,
capital
loss
carryforwards,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind,
foreign
currency
transactions
and
passive
foreign
investment
company
(PFIC)
holdings.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
applicable
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
International
ESG
Equity
Income
ETF
0.45
Columbia
U.S.
ESG
Equity
Income
ETF
0.35
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
International
ESG
Equity
Income
ETF
17,194
(17,194)
-
Columbia
U.S.
ESG
Equity
Income
ETF
(11,300)
(306,196)
317,496
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
At
October
31,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2022,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2022,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2022,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2022,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
International
ESG
Equity
Income
ETF
205,543
-
205,543
158,794
-
158,794
Columbia
U.S.
ESG
Equity
Income
ETF
808,579
-
808,579
154,053
-
154,053
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
ESG
Equity
Income
ETF
36,704
-
(1,812,813)
140,850
Columbia
U.S.
ESG
Equity
Income
ETF
54,859
-
(1,582,778)
2,388,744
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
ESG
Equity
Income
ETF
5,320,956
313,398
(172,548)
140,850
Columbia
U.S.
ESG
Equity
Income
ETF
37,494,311
2,891,118
(502,374)
2,388,744
Fund
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
International
ESG
Equity
Income
ETF
717,900
1,094,913
1,812,813
-
Columbia
U.S.
ESG
Equity
Income
ETF
1,582,778
-
1,582,778
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
International
ESG
Equity
Income
ETF
9,255,625
9,258,970
Columbia
U.S.
ESG
Equity
Income
ETF
42,752,881
42,800,454
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2022,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2022,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
27,
2022
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
27,
2022
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
year
ended October
31,
2022.
Note
8.
Significant
risks
Environmental,
social
and
governance
investment
research
tools
risk
The
Investment
Manager’s
proprietary
ESGM
Ratings
system
and
screens
are
subjective
(based
on
the
Investment
Manager’s
opinion)
research
tools
incorporated
into
the
Index
constituent
selection
process.
These
research
tools
may
not
operate
as
intended
and
may
cause
the
Fund
to
underperform
other
investment
strategies.
Fund
performance
will
depend
upon
the
quality
and
accuracy
of
the
assumptions
and
framework
(which
may
be
amended
over
time)
upon
which
these
research
tools
are
based,
as
well
as
the
accuracy
and
availability
of
data
they
employ,
which
may
be
based
on
proprietary
and/or
third-party
research,
or
may
be
provided
by
the
issuers
themselves
(which
also
may
be
based
upon
data
obtained
from
third
parties).
Any
errors
in
the
data
could
adversely
affect
the
respective
ESGM
Rating
and
Fund
performance.
These
research
tools
depend,
in
part,
upon
subjective
selection
and
application
of
factors
and
data
inputs.
The
Investment
Manager
has
discretion
to
determine
the
data
collected
and
incorporated
into
these
research
tools,
as
well
as
in
interpreting
and
applying
the
data
used
in
these
research
tools.
It
is
not
practicable
for
these
research
tools
to
factor
in
all
available
data,
and
no
assurance
can
be
given
that
such
data
will
be
helpful
or
be
free
from
errors.
Information
the
Investment
Manager
deems
sufficient
to
calculate
a
company’s
ESGM
Rating
may
not
be
available
for
certain
companies
in
the
Index’s
starting
universe,
and
such
companies
are
then
ineligible
for
inclusion
in
the
Index.
Funds
Contributions
($)
Columbia
International
ESG
Equity
Income
ETF
1,199,958
Columbia
U.S.
ESG
Equity
Income
ETF
35,693,910
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
International
ESG
Equity
Income
ETF
-
-
-
Columbia
U.S.
ESG
Equity
Income
ETF
1,565,680
1,887,912
322,232
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
The
inability
to
assign
an
ESGM
Rating
to
such
companies
may
also
affect
the
relative
ESGM
Ratings,
and
therefore
the
eligibility
for
inclusion
in
the
Index,
of
companies
that
are
assigned
ESGM
Ratings.
Foreign
securities
and
emerging
market
countries
risk
Investing
in
foreign
securities
may
involve
heightened
risks
relative
to
investments
in
U.S.
securities.
Investing
in
foreign
securities
subjects
the
Funds
to
the
risks
associated
with
the
issuer’s
country
of
organization
and
places
of
business
operations,
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic
and
other
conditions
or
events
occurring
in
the
country
or
region,
which
may
result
in
significant
market
volatility.
In
addition,
certain
foreign
securities
may
be
more
volatile
and
less
liquid
than
U.S.
securities.
Investing
in
emerging
markets
may
increase
these
risks
and
expose
the
Funds
to
elevated
risks
associated
with
increased
inflation,
deflation
or
currency
devaluation.
To
the
extent
that
Columbia
International
ESG
Equity
Income
ETF
concentrates
its
investment
exposure
to
any
one
or
a
few
specific
countries,
the
Fund
will
be
particularly
susceptible
to
the
risks
associated
with
the
conditions,
events
or
other
factors
impacting
those
countries
or
regions
and
may,
therefore,
have
a
greater
risk
than
that
of
a
fund
that
is
more
geographically
diversified.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
 Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Geographic
focus
risk
Columbia
International
ESG
Equity
Income
ETF
may
be
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Funds
invests.
The
Funds’
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
Asia
Pacific
Region.
Columbia
International
ESG
Equity
Income
ETF
is
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
in
the
Asia
Pacific
region.
Many
of
the
countries
in
the
region
are
considered
underdeveloped
or
developing,
including
from
a
political,
economic
and/or
social
perspective,
and
may
have
relatively
unstable
governments
and
economies
based
on
limited
business,
industries
and/or
natural
resources
or
commodities.
Events
in
any
one
country
within
the
region
may
impact
other
countries
in
the
region
or
the
region
as
a
whole.
As
a
result,
events
in
the
region
will
generally
have
a
greater
effect
on
the
Funds
than
if
the
Funds
were
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Funds’
investments
and
losses
for
the
Funds.
Also,
securities
of
some
companies
in
the
region
can
be
less
liquid
than
U.S.
or
other
foreign
securities,
potentially
making
it
difficult
for
the
Funds
to
sell
such
securities
at
a
desirable
time
and
price.
Europe.
Columbia
International
ESG
Equity
Income
ETF
is
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions,
including
acts
of
war
or
other
conflicts
in
the
region,
affecting
issuers
and
countries
in
Europe.
Countries
in
Europe
are
often
closely
connected
and
interdependent,
and
events
in
one
European
country
can
have
an
adverse
impact
on,
and
potentially
spread
to,
other
European
countries.
In
addition,
whether
in
the
public
or
private
sector,
significant
debt
problems
of
a
single
European
Union
(EU)
country
can
pose
economic
risks
to
the
EU
as
a
whole.
As
a
result,
the
Fund’s
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Europe
fall
out
of
favor,
it
may
cause
the
Fund
to
underperform
other
funds
that
do
not
focus
their
investments
in
this
region
of
the
world.
The
departure
of
the
United
Kingdom
(UK)
from
the
EU
single
market
became
effective
January
1,
2021
with
the
end
of
the
Brexit
transition
period
and
the
post-Brexit
trade
deal
between
the
UK
and
EU
taking
effect
on
December
31,
2020.
The
impact
of
Brexit
on
the
UK
and
European
economies
and
the
broader
global
economy
could
be
significant,
resulting
in
negative
impacts
on
currency
and
financial
markets
generally,
such
as
increased
volatility
and
illiquidity,
and
potentially
lower
economic
growth
in
markets
in
Europe,
which
may
adversely
affect
the
value
of
your
investment
in
the
Fund.
Japan.
Columbia
International
ESG
Equity
Income
ETF
is
particularly
susceptible
to
the
social,
political,
economic,
regulatory
and
other
conditions
or
events
that
may
affect
Japan’s
economy.
The
Japanese
economy
is
heavily
dependent
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
33
upon
international
trade,
including,
among
other
things,
the
export
of
finished
goods
and
the
import
of
oil
and
other
commodities
and
raw
materials.
Because
of
its
trade
dependence,
the
Japanese
economy
is
particularly
exposed
to
the
risks
of
currency
fluctuation,
foreign
trade
policy
and
regional
and
global
economic
disruption,
including
the
risk
of
increased
tariffs,
embargoes,
and
other
trade
limitations
or
factors.
Strained
relationships
between
Japan
and
its
neighboring
countries,
including
China,
South
Korea
and
North
Korea,
based
on
historical
grievances,
territorial
disputes,
and
defense
concerns,
may
also
cause
uncertainty
in
Japanese
markets.
As
a
result,
additional
tariffs,
other
trade
barriers,
or
boycotts
may
have
an
adverse
impact
on
the
Japanese
economy.
Japanese
government
policy
has
been
characterized
by
economic
regulation,
intervention,
protectionism
and
large
government
deficits.
The
Japanese
economy
is
also
challenged
by
an
unstable
financial
services
sector,
highly
leveraged
corporate
balance
sheets
and
extensive
cross-ownership
among
major
corporations.
Structural
social
and
labor
market
changes,
including
an
aging
workforce,
population
decline
and
traditional
aversion
to
labor
mobility
may
adversely
affect
Japan’s
economic
competitiveness
and
growth
potential.
The
potential
for
natural
disasters,
such
as
earthquakes,
volcanic
eruptions,
typhoons
and
tsunamis,
could
also
have
significant
negative
effects
on
Japan’s
economy.
As
a
result
of
the
Funds’
investment
in
Japanese
securities,
the
Funds’
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Japan
fall
out
of
favor,
it
may
cause
the
Funds
to
underperform
other
funds
that
do
not
focus
their
investments
in
Japan.
Industrials
sector
risk
Columbia
International
ESG
Equity
Income
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
industrials
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
industrials
sector
are
subject
to
certain
risks,
including
changes
in
supply
and
demand
for
their
specific
product
or
service
and
for
industrial
sector
products
in
general,
including
decline
in
demand
for
such
products
due
to
rapid
technological
developments
and
frequent
new
product
introduction.
Performance
of
such
companies
may
be
affected
by
factors
including
government
regulation,
world
events
and
economic
conditions
and
risks
for
environmental
damage
and
product
liability
claims.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
34
Strategic
Beta
ETFs
|
Annual
Report
2022
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objective.
Any
such
events
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
index,
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
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.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Funds.
Strategic
Beta
ETFs
|
Annual
Report
2022
35
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
U.S.
ESG
Equity
Income
ETF
and
Columbia
International
ESG
Equity
Income
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
U.S.
ESG
Equity
Income
ETF
and
Columbia
International
ESG
Equity
Income
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2022,
the
related
statements
of
operations
for
the
year
ended
October
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2022
by
correspondence
with
the
custodian
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
22,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
36
Strategic
Beta
ETFs
|
Annual
Report
2022
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2022
.
Shareholders
will
be
notified
in
early
2023
of
the
amounts
for
use
in
preparing
2022
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
Foreign
Tax
Credit
The
following
Fund
makes
the
election
to
pass
through
to
shareholders
the
foreign
taxes
paid.
Eligible
shareholders
may
claim
a
foreign
tax
credit.
These
taxes,
and
the
corresponding
foreign
source
income,
are
provided.
Fund
DRD
QDI
Columbia
International
ESG
Equity
Income
ETF
0.00%
65.12%
Columbia
U.S.
ESG
Equity
Income
ETF
100.00%
100.00%
Columbia
International
ESG
Equity
Income
ETF
Foreign
Taxes
Paid
$23,315
Foreign
Taxes
Paid
Per
Share
0.09
Foreign
Source
Income
236,131
Foreign
Source
Income
Per
Share
0.94
TRUSTEES
AND
OFFICERS
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
37
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
176
Former
Chairman
of
the
Board,
NICSA
(National
Investment
Company
Services
Association)
(Executive
Committee,
Nominating
Committee
and
Governance
Committee),
2014-2016;
former
Director,
Intech
Investment
Management,
2011-2016;
former
Board
Member,
Metro
Denver
Chamber
of
Commerce,
2015-2016;
former
Advisory
Board
Member,
University
of
Colorado
Business
School,
2015-2018
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
Attorney,
specializing
in
arbitration
and
mediation;
Chief
Justice,
Minnesota
Supreme
Court,
1998-2006;
Associate
Justice,
Minnesota
Supreme
Court,
1996-1998;
Fourth
Judicial
District
Court
Judge,
Hennepin
County,
1994-1996;
Attorney
in
private
practice
and
public
service,
1984-1993;
State
Representative,
Minnesota
House
of
Representatives,
1979-1993,
which
included
service
on
the
Tax
and
Financial
Institutions
and
Insurance
Committees;
Member
and
Interim
Chair,
Minnesota
Sports
Facilities
Authority,
January
-
July
2017;
Interim
President
and
Chief
Executive
Officer,
Blue
Cross
and
Blue
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee,  2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
38
Strategic
Beta
ETFs
|
Annual
Report
2022
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
President,
Springboard-
Partners
in
Cross
Cultural
Leadership
(consulting
company)
since
2003;
Managing
Director
of
US
Equity
Research,
JP
Morgan
Chase,
1999-2003;
Director
of
US
Equity
Research,
Chase
Asset
Management,
1996-1999;
Co-Director
Latin
America
Research,
1993-1996,
COO
Global
Research,
1992-1996,
Co-Director
of
US
Research,
1991-1992,
Investment
Banker,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee)
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
174
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
174
Former
Director,
The
Autism
Project,
March
2015-December
2021;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
39
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
Trustee
Professor
of
Economics
and
Management,
Bentley
University
since
1976
(also
teaches
and
conducts
research
on
corporate
governance);
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
176
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
176
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
174
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
41
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
176
Director,
Blue
Cross
Blue
Shield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
Chair
of
the
Duke
Endowment;
Chair
of
Greenville
–
Spartanburg
Airport
Commission;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2003-2011;
former
Director,
Piedmont
Natural
Gas,
2004-2016;
former
Director,
National
Association
of
Corporate
Directors,
Carolinas
Chapter,
2013-2018;
Chair
of
Daniel-Mickel
Foundation
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008-January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
42
Strategic
Beta
ETFs
|
Annual
Report
2022
*
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
Santomero
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
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
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
Interested
trustee
affiliated
with
Investment
Manager*
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
43
The
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Trusts
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman,
who
is
the
President
and
Principal
Executive
Officer,
the
Funds'
other
officers
are:
Fund
officers
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
formerly,
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
Ryan
C.
Larrenaga
290
Congress
Street
Boston,
MA
02210
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017)
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
-
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October
2014;
Vice
President
&
Resolution
Officer,
Ameriprise
Trust
Company
since
August
2009.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
45
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
International
ESG
Equity
Income
ETF
and
Columbia
U.S.
ESG
Equity
Income
ETF
(each,
a
Fund
and
collectively,
the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
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
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
November
2021
and
March,
April
and
June
2022,
including
reports
providing
the
results
of
analyses
performed
by
an
independent
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
to
written
requests
for
information
by
independent
legal
counsels
to
the
Independent
Trustees
(Independent
Legal
Counsel)
to
the
Investment
Manager,
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees,
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
23,
2022
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
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
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
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
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
46
Strategic
Beta
ETFs
|
Annual
Report
2022
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2022
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager's
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
observed
that
the
Investment
Manager
has
been
able
to
effectively
manage
the
Columbia
Funds
through
the
COVID-19
pandemic
period
with
no
disruptions
in
services
provided. The
Board
also
considered
added
personnel
and
resources
obtained
by
Columbia
Threadneedle
through
Ameriprise
Financial’s
acquisition
of
BMO
Financial
Group’s
Europe,
Middle
East,
and
Africa
(EMEA)
asset
management
business.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
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
Agreement
and
the
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
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
Agreement.
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
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
In
this
connection,
the
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception),
for
each
of
the
Funds:
(i)
the
performance
of
the
Fund,
(ii)
the
performance
of
a
benchmark
index,
(iii)
the
percentage
ranking
of
the
Fund
among
its
comparison
group,
(iv)
the
Fund’s
performance
relative
to
peers
and
benchmarks,
(v)
the
net
assets
of
the
Fund
and
(vi)
index
tracking
error
data
of
the
Fund.
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
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
47
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
ETFs
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
each
Fund,
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
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
each
Fund’s
total
expense
ratio
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
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
in
2021
the
Board
had
considered
2020
profitability
and
that
the
2022
information
showed
that
the
profitability
generated
by
the
Investment
Manager
in
2021
increased
from
2020
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Columbia
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
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
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
23,
2022,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
ADDITIONAL
INFORMATION
48
Strategic
Beta
ETFs
|
Annual
Report
2022
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds'
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
Each
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN271_10_M01_(12/22)
CET001681
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs