Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
STRATEGIC
BETA
ETFs
Annual
Report
October
31,
2021
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
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You
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your
account.
Strategic
Beta
ETFs
|
Annual
Report
2021
TABLE
OF
CONTENTS
Columbia
Research
Enhanced
Core
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Columbia
Research
Enhanced
Value
ETF
Fund
at
a
Glance
7
Manager
Discussion
of
Fund
Performance
9
Understanding
Your
Fund’s
Expenses
11
Portfolio
of
Investments
12
Statement
of
Assets
and
Liabilities
24
Statement
of
Operations
25
Statement
of
Changes
in
Net
Assets
26
Financial
Highlights
27
Notes
to
Financial
Statements
29
Report
of
Independent
Registered
Public
Accounting
Firm
36
Federal
Income
Tax
Information
37
Trustees
and
Officers
38
Approval
of
Investment
Management
Services
Agreement
46
Additional
Information
49
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000
®
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Index.
The
Russell
1000®
Index
tracks
the
performance
of
1,000
of
the
largest
U.S.
companies,
based
on
market
capitalization.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2021)
Inception
1
Year
Life
Market
Price
09/25/19
45.27
25.15
Net
Asset
Value
09/25/19
44.90
25.13
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Equity
Index
45.36
25.39
Russell
1000®
Index
43.51
26.14
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
4
Strategic
Beta
ETFs
|
Annual
Report
2021
Performance
of
a
hypothetical
$10,000
investment
(September
25,
2019
October
31,
2021)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
October
31,
2021)
Information
Technology
28
.7
Health
Care
12
.7
Consumer
Discretionary
11
.9
Financials
11
.3
Communication
Services
10
.6
Industrials
9
.0
Consumer
Staples
5
.4
Real
Estate
3
.1
Energy
2
.8
Utilities
2
.3
Materials
2
.2
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Research
Enhanced
Core
ETF
(RECS)
Strategic
Beta
ETFs
|
Annual
Report
2021
5
For
the
12-month
period
that
ended
October
31,
2021,
the
Fund
returned
44.90%
based
on
net
asset
value
(NAV)
and
45.27%
based
on
market
price.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
45.36%
during
the
same
period.
To
compare,
the
Russell
1000®
Index
returned
43.51%
for
the
same
period.
The
Fund
had
a
NAV
of
$21.79
on
October
31,
2020
and
ended
the
annual
period
on
October
31,
2021
with
a
NAV
of
$31.23.
The
Fund’s
market
price
on
October
31,
2021
was
$31.24
per
share.
Market
overview
U.S.
equities
gained
in
the
last
two
months
of
2020,
when
the
annual
period
began.
Investors
were
greatly
encouraged
by
the
release
of
COVID-19
vaccines,
which
raised
hopes
the
economy
could
gradually
return
to
normal
in
2021.
The
resolution
of
the
U.S.
presidential
election
positively
impacted
the
market
by
removing
a
source
of
uncertainty
that
had
weighed
on
the
markets
in
September
and
October.
Additionally,
investor
enthusiasm
was
raised
by
indications
the
U.S.
Federal
Reserve
(Fed)
would
keep
interest
rates
near
zero
indefinitely.
During
the
first
quarter
of
2021
market
focus
shifted
past
politics,
following
Democrat
wins
during
the
Georgia
run-off
elections,
and
onto
U.S.
fiscal
stimulus
and
COVID-19
vaccine
developments.
In
early
March,
$1.9
trillion
of
stimulus
was
delivered
with
the
signing
of
a
COVID-19
relief
bill.
Market
optimism
for
economic
reopening
was
reinforced
with
the
approval
of
a
third
COVID-19
vaccine.
The
first
quarter
also
saw
another
strong
corporate
earnings
season,
continuing
the
pro-cyclical
market
rotation
that
had
begun
in
November
2020.
For
the
second
consecutive
quarter,
value-oriented
stocks
outperformed
growth-oriented
stocks.
U.S.
equities
posted
solid
returns
in
the
second
calendar
quarter,
with
economic
reopening
momentum,
notable
corporate
earnings
surprises,
central
bank
liquidity
and
strong
equity
inflows
all
playing
a
part
in
driving
markets
higher.
Several
headline
benchmarks
posted
then-all-time
highs
despite
tight
labor
markets
and
supply
chain
disruptions
contributing
to
higher
inflation.
Debate
around
whether
such
inflation
would
be
transitory
or
persist
for
longer
dominated
headlines.
After
peaking
in
mid-May,
10-year
U.S.
Treasury
yields
declined,
leading
some
to
believe
inflation
concerns
had
peaked,
resulting
in
a
rotation
back
into
more
growth-oriented
stocks.
U.S.
equities
then
eked
out
only
a
modestly
positive
return
for
the
third
quarter
of
2021,
as
the
ongoing
rally
in
July
and
August
shifted
to
a
notable
sell-off
in
September,
interrupting
seven
consecutive
months
of
gains
and
marking
the
largest
monthly
decline
since
September
2020.
This
sell-off
sentiment
was
driven
by
worries
around
the
timing
of
Fed
tapering
and
the
durability
of
earnings
growth
amid
persistent
inflation
and
supply
chain
disruptions.
Investors
were
also
concerned
about
federal
debt
and
roadblocks
to
additional
stimulus.
However,
these
headwinds
were
balanced
by
expectations
for
accommodative
monetary
policy
and
an
ongoing
economic
boost
from
pent-up
demand.
Growth
stocks
notched
a
second
consecutive
quarter
of
outperformance
relative
to
value
stocks.
U.S.
equities
then
rebounded
strongly
in
October,
recording
their
best
monthly
gain
in
2021
to
date
as
a
result
of
the
optimism
regarding
the
third
quarter
corporate
earnings
season.
For
the
most
part,
investors
shrugged
off
the
tug
of
war
in
Congress
on
proposed
infrastructure
and
social
spending
legislation
and
the
potential
impact
of
rising
inflation.
Within
the
broad
U.S.
equity
market,
small-cap
stocks
performed
best,
followed
by
mid-cap
stocks
and
then
large-cap
stocks.
Value
stocks
outpaced
growth
stocks
across
the
capitalization
spectrum,
though
the
margin
of
differentiation
among
large-cap
stocks
was
quite
narrow.
Within
the
Russell
1000®
Index,
energy,
financials
and
information
technology
were
the
best
performing
sectors.
Energy
generated
a
triple-digit
positive
absolute
return,
and
financials
and
information
technology
each
posted
a
robust
double-digit
absolute
gain
during
the
annual
period.
Utilities,
consumer
staples
and
health
care
were
the
weakest
sectors
in
the
Russell
1000®
Index,
though
each
still
generated
a
double-digit
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
materials,
consumer
staples
and
utilities
sectors
contributed
the
least
to
the
Fund’s
results
relative
to
the
Russell
1000®
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Index,
an
underweight
position
in
three-dimensional
graphics
processors
developer
NVIDIA
Corp.
and
overweight
positions
in
home
improvement
retailer
The
Home
Depot,
Inc.
and
consumer
staples
manufacturer
The
Procter
&
Gamble
Co.
(0.00%,
0.00%
and
1.41%
of
Fund
net
assets
as
of
10/31/21,
respectively)
detracted
most.
NVIDIA
generated
a
triple-digit
positive
absolute
return,
while
Home
Depot
and
Procter
&
Gamble
each
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(RECS)
6
Strategic
Beta
ETFs
|
Annual
Report
2021
posted
a
positive
absolute
return
but
underperformed
the
Russell
1000®
Index
during
the
annual
period.
Nvidia
and
Home
Depot
were
both
removed
from
the
portfolio
prior
to
10/31/21
in
the
Fund's
reconstitution
process.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
information
technology,
financials
and
communication
services
sectors
contributed
most
positively
to
the
Fund’s
results
relative
to
the
Russell
1000®
Index
during
the
annual
period.
Relative
to
the
Russell
1000®
Index,
overweight
positions
in
software
behemoth
Microsoft
Corp.,
Google
parent
company
Alphabet
Inc.-Class
A
and
integrated
energy
company
ConocoPhillips
(8.23%,
3.43%
and
0%
of
Fund
net
assets
as
of
10/31/21,
respectively)
contributed
most
positively.
Microsoft
and
Alphabet
each
posted
a
robust
double-
digit
positive
absolute
return
and
ConocoPhillips
generated
a
triple-digit
positive
absolute
return
during
the
annual
period.
While
the
Fund
was
overweight
in
ConocoPhillips
during
the
period,
which
aided
Fund
results,
the
position
was
eliminated
in
the
Fund's
June
reconstitution.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
There
is
no
guarantee
that
the
index
and,
correspondingly,
the
Fund
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Investments
selected
using
quantitative
methods
may
perform
differently
from
the
market
as
a
whole
and
may
not
enable
the
Fund
to
achieve
its
objective.
Investment
in
larger
companies
may
involve
certain
risks
associated
with
their
larger
size
and
may
be
less
able
to
respond
quickly
to
new
competitive
challenges
than
smaller
competitors.
Investments
in
mid-cap
companies
often
involve
greater
risks
that
investments
in
larger
companies
and
may
have
less
predictable
earning
and
be
less
liquid
than
the
securities
of
larger
firms.
Value
securities
may
be
unprofitable
if
the
market
fails
to
recognize
their
intrinsic
worth
or
the
portfolio
manager
misgauged
that
worth.
Growth
securities,
at
times,
may
not
perform
as
well
as
value
securities
or
the
stock
market
in
general
and
may
be
out
of
favor
with
investors.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
See
the
Fund's
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Value
ETF
Strategic
Beta
ETFs
|
Annual
Report
2021
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Value
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000
®
Value
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000
®
Value
Index.