Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
Annual
Report
October
31,
2022
Columbia
Short
Duration
Bond
ETF
Strategic
Beta
ETFs
|
Annual
Report
2022
TABLE
OF
CONTENTS
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
6
Understanding
Your
Fund’s
Expenses
8
Portfolio
of
Investments
9
Statement
of
Assets
and
Liabilities
20
Statement
of
Operations
21
Statement
of
Changes
in
Net
Assets
22
Financial
Highlights
23
Notes
to
Financial
Statements
24
Report
of
Independent
Registered
Public
Accounting
Firm
33
Trustees
and
Officers
34
Approval
of
Investment
Management
Services
Agreement
43
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
the
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
The
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
Fund’s
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
The
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
is
available
on
columbiathreadneedle.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
Premium/discount
information
for
the
Fund
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.
FUND
AT
A
GLANCE
Columbia
Short
Duration
Bond
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
3
Portfolio
management
Ronald
Stahl,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2021
Gregory
Liechty
Portfolio
Manager
Managed
Fund
since
2021
David
Janssen,
CFA
Portfolio
Manager
Managed
Fund
since
2021
Investment
objective
Columbia
Short
Duration
Bond
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage®
Short
Term
Bond
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.
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
®
Short
Term
Bond
Index
is
a
fixed
weight
composite
index
that
blends
six
custom
sub-indices
based
off
the
following
Bloomberg
flagship
indices:
US
Corporate,
US
High
Yield,
US
MBS,
US
CMBS,
US
ABS,
and
the
EM
USD
Aggregate.
The
Bloomberg
U.S.
Credit
1-5
Year
Index
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-
rate,
taxable
corporate
and
government
related
bond
markets
with
maturities
of
one
to
five
years.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
October
31,
2022)
Inception
1
Year
Life
Market
Price
09/21/21
-9.25
-8.94
Net
Asset
Value
09/21/21
-8.96
-8.68
{
Beta
Advantage®
}
Short
Term
Bond
Index
-10.14
-9.64
Bloomberg
U.S.
1-5
Year
Credit
Index
-7.64
-7.49
FUND
AT
A
GLANCE
(continued)
Columbia
Short
Duration
Bond
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(September
21,
2021
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.
Quality
breakdown
(%)
(at
October
31,
2022)
AAA
rating
29.9
AA
rating
2.8
A
rating
2.3
BBB
rating
37.9
BB
rating
27.1
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments.
Quality
breakdown
(%)
(at
October
31,
2022)
Bond
ratings
apply
to
the
underlying
holdings
of
the
Fund
and
not
the
Fund
itself
and
are
divided
into
categories
ranging
from
highest
to
lowest
credit
quality,
determined
by
using
the
middle
rating
of
Moody’s,
S&P
and
Fitch,
after
dropping
the
highest
and
lowest
available
ratings.
When
ratings
are
available
from
only
two
rating
agencies,
the
lower
rating
is
used.
When
a
rating
is
available
from
only
one
rating
agency,
that
rating
is
used.
If
a
security
is
not
rated
but
has
a
rating
by
Kroll
and/or
DBRS,
the
same
methodology
is
applied
to
those
bonds
that
would
otherwise
be
not
rated.
When
a
bond
is
not
rated
by
any
rating
agency,
it
is
designated
as
“Not
rated.”
Credit
quality
ratings
assigned
by
a
rating
agency
are
subjective
opinions,
not
statements
of
fact,
and
are
subject
to
change,
including
daily.
The
ratings
assigned
by
credit
rating
agencies
are
but
one
of
the
considerations
that
the
Investment
Manager
and/
or
Fund’s
subadviser
incorporates
into
its
credit
analysis
process,
along
with
such
other
issuer-specific
factors
as
cash
flows,
capital
structure
and
leverage
ratios,
ability
to
de-leverage
(repay)
through
free
cash
flow,
quality
of
management,
market
positioning
and
access
to
capital,
as
well
as
such
security-specific
factors
as
the
terms
of
the
security
(e.g.,
interest
rate
and
time
to
maturity)
and
the
amount
and
type
of
any
collateral.
FUND
AT
A
GLANCE
(continued)
Columbia
Short
Duration
Bond
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
Portfolio
breakdown
(%)
(at
October
31,
2022
)
Asset-Backed
Securities
-
Non-Agency
9.2
Commercial
Mortgage-Backed
Securities
-
Non-Agency
9.2
Corporate
Bonds
50.9
Foreign
Government
Obligations
12.8
U.S.
Government
&
Agency
Obligations
9.0
U.S.
Treasury
Obligations
7.1
Money
Market
Funds
1.8
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Short
Duration
Bond
ETF
returned
-8.96%
based
on
net
asset
value
(NAV)
and
-9.25%
based
on
market
price.
The
Beta
Advantage
®
Short
Term
Bond
Index,
against
which
the
performance
of
the
Fund
is
measured,
returned
-10.14%.
The
Bloomberg
U.S.
1-5
Year
Credit
Index
returned
-7.64%
during
the
same
time
period.
The
Fund
had
a
NAV
of
$19.86
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$17.66.
The
Fund’s
market
price
on
October
31,
2022
was
$17.64
per
share.
Market
overview
Investor
sentiment
has
generally
deteriorated
in
2022
relative
to
2021.
Inflation
has
proven
to
be
more
persistent
than
originally
expected,
leading
the
U.S.
Federal
Reserve
(the
Fed)
to
tighten
monetary
policy
even
if
that
results
in
a
weaker
job
market
and
below-trend
economic
growth.
The
Fed
began
to
decrease
the
size
of
its
balance
sheet
by
letting
a
combined
$95
billion
of
Treasuries
and
agency
mortgage-backed
securities
(MBS)
runoff
per
month
and
raised
its
policy
rate
from
the
zero
lower
bound
to
a
range
of
3.00%-3.25%
over
the
course
of
5
meetings
in
2022.
Economic
growth
indicators
have
softened
in
2022,
but
the
labor
market
remains
tight,
and
inflation
is
still
well
above
the
Fed’s
2%
goal
at
the
close
of
the
reporting
period.
The
Fed’s
most
recent
Summary
of
Economic
Projections
showed
that
board
members
expected
to
continue
raising
the
policy
rate
into
2023.
Financial
markets
are
reflecting
similar
interest
rates
moves
as
the
Fed’s
projections.
Given
the
likely
trajectory
of
the
fed
funds
target
rate,
short-term
Treasury
yields
moved
sharply
higher
over
the
year,
while
longer
term
yields
also
rose,
albeit
to
a
lesser
degree.
Credit-related
sectors
produced
negative
absolute
returns
and
negative
excess
returns
relative
to
Treasuries
over
the
12-month
period
that
ended
October
31,
2022.
On
an
excess
returns
basis,
emerging
market
bonds
performed
the
worst,
followed
by
lower
rated
investment-grade
corporates
and
mortgage-backed
securities.
Asset-backed
securities
(ABS)
and
agency
securities
outperformed
other
sectors
over
the
period,
although
the
sectors
still
generated
negative
excess
returns.
Shorter
duration
bonds
outperformed
longer
duration
bonds.
Within
the
short-term
investment-grade
corporate
market,
lower
rated
securities
outperformed
higher
quality
securities
and
all
ratings
buckets
generated
positive
excess
returns,
besides
AAA-rated
securities.
The
trend
was
reversed
in
longer
term
investment-grade
corporates,
with
higher
rated
securities
outperforming
lower
quality
securities
and
excess
returns
for
all
ratings
buckets
being
negative.
Relative
to
October
2021,
interest
rates
increased,
the
yield
curve
inverted,
and
credit
spreads
widened.
The
Fund’s
notable
contributors
during
the
period
Security
selection
resulted
in
positive
relative
performance
and
was
the
primary
factor
that
caused
the
Fund’s
return
to
deviate
from
its
benchmark.
At
the
start
of
the
year,
the
benchmark
and
Fund
had
exposure
to
Russian
issuers.
After
Russia’s
invasion
of
Ukraine,
the
United
States
government
issued
wide-ranging
sanctions
on
Russia
and
Russian-related
investments.
Bloomberg,
the
benchmark
manager,
announced
all
securities
with
a
country
of
risk
of
Russia
would
exit
Bloomberg
indexes
at
a
valuation
of
near
zero
at
the
end
of
March
2022.
However,
the
Fund’s
Russian
holdings
were
sold
at
a
later
date
for
a
price
greater
than
zero.
The
difference
between
Fund’s
performance
and
its
benchmark
was
largely
due
to
the
Russian-related
holdings.
The
Fund’s
notable
detractors
during
the
period
The
Fund’s
performance
was
negatively
affected
by
its
exposure
to
interest
rate
and
credit
risk.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
Interest
rates
across
the
yield
curve
increased
materially
over
the
last
year,
more
so
for
shorter
maturities
than
longer
maturities.
The
three-year
Treasury
yield
increased
approximately
305
bps
to
4.23%
over
the
period
while
the
30-year
Treasury
yield
rose
223
bps
to
4.16%.
The
Fund’s
duration
averaged
3.13
years,
close
to
the
benchmark’s
average
duration
of
3.14
years.
The
Fund
and
benchmark
also
had
material
allocations
to
credit-related
sectors
such
as
investment-grade
and
high-yield
corporates,
asset-backed
securities,
and
commercial
mortgage-backed
securities,
which
detracted
from
performance
as
credit
spreads
widened.
Fixed
income
securities
involve
interest
rate,
credit,
inflation,
illiquidity
and
reinvestment
risks.
Interest
rate
risk
is
the
risk
that
fixed
income
securities
will
decline
in
value
because
of
changes
in
interest
rates.
Generally,
the
value
of
debt
securities
falls
as
interest
rates
rise.
Fixed
income
securities
differ
in
their
sensitivities
to
changes
in
interest
rates.
Fixed
income
securities
with
longer
effective
durations
tend
to
be
more
sensitive
to
changes
in
interest
rates,
usually
making
them
more
volatile
than
securities
with
shorter
effective
durations.
Effective
duration
is
determined
by
a
number
of
factors
including
coupon
rate,
whether
the
coupon
is
fixed
or
floating,
time
to
maturity,
call
or
put
features,
and
various
repayment
features.
Below
investment-grade
securities,
or
“junk
bonds,”
are
more
likely
to
pose
a
credit
risk,
as
the
issuers
of
these
securities
are
more
likely
to
have
problems
making
interest
and
principal
payments
than
issuers
of
higher-rated
securities.
Lower-rated
securities
may
be
more
susceptible
to
real
or
perceived
adverse
economic
and
competitive
industry
conditions
than
higher-grade
securities,
and
prices
of
these
securities
may
be
more
sensitive
to
adverse
economic
downturns
or
individual
corporate
developments.
If
the
issuer
of
the
securities
defaults,
the
ETF
may
incur
additional
expenses
to
seek
recovery.
Generally,
rising
interest
rates
tend
to
extend
the
duration
of
fixed
rate
mortgage-related
securities,
making
them
more
sensitive
to
changes
in
interest
rates.
As
a
result,
in
a
period
of
rising
interest
rates,
if
the
ETF
holds
mortgage-related
securities,
it
may
exhibit
additional
volatility.
In
addition,
adjustable
and
fixed
rate
mortgage-related
securities
are
subject
to
prepayment
risk.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund’s
use
of
a
“representative
sampling”
approach
in
seeking
to
track
the
performance
of
its
index
(investing
in
only
some
of
the
components
of
the
index
that
collectively
are
believed
to
have
an
investment
profile
similar
to
that
of
the
index)
may
not
allow
the
Fund
to
track
its
index
with
the
same
degree
of
accuracy
as
would
an
investment
vehicle
replicating
the
entire
Index.
In
addition
to
the
multi-sector
bond
strategies
employed,
the
Fund
may
invest
in
other
securities,
including
private
placements.
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.
Foreign
currency
risks
involve
risk
of
capital
loss
from
unfavorable
fluctuation
in
currency
values,
from
differences
in
generally
accepted
accounting
principles,
from
economic
or
political
instability
in
other
nations
or
increased
volatility
and
lower
trading
volume.
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
the
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)
8
Strategic
Beta
ETFs
|
Annual
Report
2022
As
a
shareholder
of
the
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
the
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
May
1,
2022
October
31,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Short
Duration
Bond
ETF
1,000.00
1,000.00
968.80
1,023.95
1.24
1.28
0.25
PORTFOLIO
OF
INVESTMENTS
Columbia
Short
Duration
Bond
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
9
Asset-Backed
Securities
-
Non-Agency
  10.0%
Issue
Description
Principal
Amount
($)
Value
($)
AmeriCredit
Automobile
Receivables
Trust
Class
C,
Subordinated
Series
2021-1,
0.890%,
10/19/26
115,000‌
105,833‌
Class
D,
Series
2020-3,
1.490%,
09/18/26
135,000‌
124,033‌
AmeriCredit
Automobile
Receivables
Trust
2022-2
Class
A3,
Series
2022-2,
4.380%,
04/18/28
125,000‌
122,621‌
BMW
Vehicle
Owner
Trust
Class
A4,
Series
2020-A,
0.620%,
04/26/27
100,000‌
95,069‌
Carmax
Auto
Owner
Trust
Class
A3,
Series
2021-2,
0.520%,
02/17/26
65,000‌
62,248‌
Class
C,
Series
2018-4,
3.850%,
07/15/24
100,000‌
99,871‌
Class
C,
Subordinated
Series
2020-3,
1.690%,
04/15/26
25,000‌
23,454‌
Class
C,
Series
2022-1,
2.200%,
11/15/27
100,000‌
89,923‌
Carvana
Auto
Receivables
Trust
2022-P1
Class
C,
Series
2022-P1,
3.300%,
04/10/28
300,000‌
269,063‌
Drive
Auto
Receivables
Trust
Class
C,
Subordinated
Series
2021-3,
1.470%,
01/15/27
125,000‌
118,691‌
Exeter
Automobile
Receivables
Trust
Class
D,
Subordinated
Series
2021-3A,
1.550%,
06/15/27
75,000‌
67,480‌
Exeter
Automobile
Receivables
Trust
2021-4
Class
D,
Series
2021-4A,
1.960%,
01/17/28
100,000‌
89,812‌
Ford
Credit
Auto
Owner
Trust
Class
B,
Series
2020-C,
0.790%,
08/15/26
135,000‌
122,487‌
Class
C,
Subordinated
Series
2020-C,
1.040%,
05/15/28
100,000‌
90,682‌
Class
A4,
Series
2022-B,
3.930%,
08/15/27
150,000‌
145,529‌
Ford
Credit
Floorplan
Master
Owner
Trust
Class
A,
Series
2019-2,
3.060%,
04/15/26
275,000‌
264,646‌
Class
A,
Series
2020-2,
1.060%,
09/15/27
150,000‌
133,117‌
GM
Financial
Automobile
Leasing
Trust
Class
A3,
Series
2022-2,
3.420%,
06/20/25
100,000‌
97,308‌
Class
A4,
Series
2021-2,
0.410%,
05/20/25
43,000‌
41,217‌
Class
B,
Subordinated
Series
2021-2,
0.690%,
05/20/25
100,000‌
94,884‌
GM
Financial
Consumer
Automobile
Receivables
Trust
Class
A4,
Series
2021-4,
0.990%,
10/18/27
118,000‌
105,629‌
Class
A4,
Series
2022-2,
3.250%,
04/17/28
150,000‌
143,378‌
Class
A3,
Series
2021-2,
0.510%,
04/16/26
100,000‌
95,339‌
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Harley-Davidson
Motorcycle
Trust
Class
A3,
Series
2021-A,
0.370%,
04/15/26
72,260‌
70,374‌
Honda
Auto
Receivables
2020-2
Owner
Trust
Class
A4,
Series
2020-2,
1.090%,
10/15/26
150,000‌
144,464‌
Honda
Auto
Receivables
Owner
Trust
Class
A4,
Series
2020-3,
0.460%,
04/19/27
150,000‌
143,067‌
Hyundai
Auto
Receivables
Trust
Class
A4,
Series
2020-C,
0.490%,
11/16/26
100,000‌
92,063‌
Hyundai
Auto
Receivables
Trust
2022-A
Class
A3,
Series
2022-A,
2.220%,
10/15/26
150,000‌
143,635‌
Class
A4,
Series
2022-A,
2.350%,
04/17/28
145,000‌
134,820‌
Mercedes-Benz
Auto
Lease
Trust
2021-B
Class
A4,
Series
2021-B,
0.510%,
03/15/27
150,000‌
140,854‌
Nissan
Auto
Receivables
Owner
Trust
Class
A4,
Series
2020-B,
0.710%,
02/16/27
150,000‌
143,232‌
Santander
Drive
Auto
Receivables
Trust
Class
B,
Series
2022-3,
4.130%,
08/16/27
45,000‌
43,739‌
Class
D,
Subordinated
Series
2021-4,
1.670%,
10/15/27
50,000‌
46,095‌
Class
A3,
Series
2022-4,
4.140%,
02/16/27
90,000‌
88,512‌
Class
D,
Series
2021-1,
1.130%,
11/16/26
100,000‌
94,723‌
Class
D,
Series
2020-4,
1.480%,
01/15/27
100,000‌
94,988‌
Toyota
Auto
Receivables
2021-B
Owner
Trust
Class
A4,
Series
2021-B,
0.530%,
10/15/26
100,000‌
90,274‌
Toyota
Auto
Receivables
Owner
Trust
Class
A3,
Series
2020-D,
0.350%,
01/15/25
57,868‌
56,826‌
Class
A3,
Series
2022-B,
2.930%,
09/15/26
100,000‌
96,024‌
World
Omni
Auto
Receivables
Trust
Class
A4,
Series
2019-A,
3.220%,
06/16/25
100,000‌
99,711‌
Class
B,
Subordinated
Series
2019-A,
3.340%,
06/16/25
125,000‌
124,558‌
Class
B,
Series
2020-C,
0.870%,
10/15/26
100,000‌
92,903‌
World
Omni
Automobile
Lease
Securitization
Trust
Class
B,
Series
2022-A,
3.670%,
06/15/27
100,000‌
96,694‌
World
Omni
Automobile
Lease
Securitization
Trust
2022-A
Class
A4,
Series
2022-A,
3.340%,
06/15/27
150,000‌
145,340‌
Total
Asset-Backed
Securities
-
Non-
Agency
(Cost
$4,992,281)
4,785,210‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2022
Commercial
Mortgage-Backed
Securities
-
Non-Agency
  10.0%
Issue
Description
Principal
Amount
($)
Value
($)
Bank
Class
A2,
Series
2019-BN18,
3.474%,
05/15/62
125,000‌
120,167‌
Class
A2,
Series
2019-BN16,
3.933%,
02/15/52
131,484‌
128,656‌
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Class
A4,
Series
2016-UB10,
3.170%,
07/15/49
75,000‌
68,476‌
Class
A3,
Series
2017-BNK3,
3.311%,
02/15/50
98,956‌
89,966‌
BBCMS
Mortgage
Trust
Class
ASB,
Series
2018-C2,
4.236%,
12/15/51
100,000‌
95,284‌
CD
Mortgage
Trust
Class
A3,
Series
2017-CD6,
3.104%,
11/13/50
100,000‌
94,996‌
Class
ASB,
Series
2017-CD6,
3.332%,
11/13/50
100,000‌
94,772‌
Class
A3,
Series
2017-CD4,
3.248%,
05/10/50
138,285‌
124,502‌
CFCRE
Commercial
Mortgage
Trust
Class
A3,
Series
2016-C3,
3.865%,
01/10/48
150,000‌
141,252‌
Class
AM,
Subordinated
Series
2016-C6,
3.502%,
11/10/49
(a)
50,000‌
44,669‌
CGMS
Commercial
Mortgage
Trust
Class
A4,
Series
2017-B1,
3.458%,
08/15/50
125,000‌
112,365‌
Citigroup
Commercial
Mortgage
Trust
Class
A3,
Series
2018-C5,
3.963%,
06/10/51
35,224‌
32,117‌
Class
AS,
Subordinated
Series
2016-P6,
4.032%,
12/10/49
(a)
100,000‌
91,060‌
Class
AS,
Series
2015-GC27,
3.571%,
02/10/48
100,000‌
93,872‌
Class
A4,
Series
2015-GC31,
3.762%,
06/10/48
100,000‌
94,445‌
Class
B,
Subordinated
Series
2015-P1,
4.315%,
09/15/48
(a)
100,000‌
92,598‌
Class
A2,
Series
2020-GC46,
2.708%,
02/15/53
100,000‌
93,209‌
Class
A4,
Series
2016-P3,
3.329%,
04/15/49
100,000‌
92,124‌
Citigroup
Commercial
Mortgage
Trust
2017-P7
Class
B,
Series
2017-P7,
4.137%,
04/14/50
(a)
150,000‌
132,078‌
Citigroup
Commercial
Mortgage
Trust
2017-P8
Class
AAB,
Series
2017-P8,
3.268%,
09/15/50
144,795‌
137,428‌
COMM
Mortgage
Trust
Class
A4,
Series
2014-UBS3,
3.819%,
06/10/47
100,000‌
96,490‌
Class
D,
Series
2015-CR26,
3.469%,
10/10/48
(a)
56,000‌
45,847‌
Class
A3,
Series
2017-COR2,
3.510%,
09/10/50
100,000‌
90,606‌
Class
C,
Series
2013-CR13,
4.877%,
11/10/46
(a)
100,000‌
94,892‌
Class
A3,
Series
2015-LC23,
3.521%,
10/10/48
125,000‌
117,879‌
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
A4,
Series
2015-LC19,
3.183%,
02/10/48
65,000‌
61,004‌
GS
Mortgage
Securities
Trust
Class
AS,
Series
2013-GC16,
4.649%,
11/10/46
150,000‌
146,895‌
Class
C,
Subordinated
Series
2016-GS3,
3.991%,
10/10/49
(a)
75,000‌
64,546‌
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-JP2,
2.822%,
08/15/49
150,000‌
134,926‌
JPMBB
Commercial
Mortgage
Securities
Trust
Class
AS,
Series
2016-C2,
3.484%,
06/15/49
100,000‌
89,543‌
Class
B,
Series
2017-C5,
4.009%,
03/15/50
(a)
150,000‌
126,249‌
Class
AS,
Subordinated
Series
2013-C17,
4.458%,
01/15/47
100,000‌
97,373‌
Class
A4,
Series
2014-C22,
3.801%,
09/15/47
100,000‌
96,172‌
Class
A4A1,
Series
2014-C25,
3.408%,
11/15/47
75,969‌
72,389‌
Class
A4,
Series
2015-C27,
3.179%,
02/15/48
100,000‌
93,868‌
Class
A3,
Series
2015-C31,
3.801%,
08/15/48
86,813‌
81,694‌
JPMCC
Commercial
Mortgage
Securities
Trust
Class
A3,
Series
2019-COR4,
3.763%,
03/10/52
100,000‌
90,463‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Class
A3,
Series
2015-C24,
3.479%,
05/15/48
89,683‌
85,014‌
Class
A3,
Series
2016-C28,
3.272%,
01/15/49
101,619‌
94,387‌
Class
C,
Subordinated
Series
2016-C31,
4.266%,
11/15/49
(a)
50,000‌
40,254‌
Class
ASB,
Series
2017-C34,
3.354%,
11/15/52
94,511‌
89,010‌
Morgan
Stanley
Capital
I
Trust
Class
A4,
Series
2016-UB12,
3.596%,
12/15/49
150,000‌
137,196‌
SG
Commercial
Mortgage
Securities
Trust
2016-C5
Class
A4,
Series
2016-C5,
3.055%,
10/10/48
150,000‌
135,525‌
Wells
Fargo
Commercial
Mortgage
Trust
Class
A4,
Series
2015-LC20,
2.925%,
04/15/50
100,000‌
93,664‌
Class
A3,
Series
2015-NXS4,
3.452%,
12/15/48
92,136‌
86,458‌
Class
A3,
Series
2015-P2,
3.541%,
12/15/48
70,813‌
66,430‌
Class
A5,
Series
2017-C39,
3.418%,
09/15/50
125,000‌
112,581‌
Class
C,
Series
2017-C39,
4.118%,
09/15/50
100,000‌
83,450‌
Class
A2,
Series
2020-C56,
2.498%,
06/15/53
45,000‌
41,759‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
11
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
WFRBS
Commercial
Mortgage
Trust
Class
A5,
Series
2014-C22,
3.752%,
09/15/57
150,000‌
144,542‌
Total
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(Cost
$5,282,739)
4,785,142‌
Corporate
Bonds
  55.6%
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)
2.196%,
02/04/26
80,000‌
71,129‌
5.040%,
05/01/27
119,000‌
114,849‌
Howmet
Aerospace,
Inc.
6.875%,
05/01/25
60,000‌
61,341‌
Huntington
Ingalls
Industries,
Inc.
2.043%,
08/16/28
85,000‌
68,313‌
L3Harris
Technologies,
Inc.
4.400%,
06/15/28
40,000‌
37,451‌
Northrop
Grumman
Corp.
3.250%,
08/01/23
40,000‌
39,452‌
3.250%,
01/15/28
60,000‌
54,280‌
Rolls-Royce
PLC
3.625%,
10/14/25
(b)
85,000‌
75,026‌
Spirit
AeroSystems
,
Inc.
5.500%,
01/15/25
(b)
120,000‌
116,277‌
Teledyne
Technologies,
Inc.
1.600%,
04/01/26
40,000‌
34,707‌
Total
672,825‌
Airlines
1.2%
American
Airlines
Pass
Through
Trust
Class
AA,
Series
2016-3,
3.000%,
10/15/28
36,108‌
30,216‌
Class
A,
Series
2015-1,
3.375%,
05/01/27
55,341‌
44,648‌
Class
AA,
Series
2015-2,
3.600%,
09/22/27
34,605‌
30,216‌
American
Airlines,
Inc./
AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(b)
120,000‌
114,365‌
Delta
Air
Lines,
Inc.
2.900%,
10/28/24
130,000‌
122,808‌
7.375%,
01/15/26
85,000‌
86,910‌
Southwest
Airlines
Co.
5.250%,
05/04/25
40,000‌
39,821‌
United
Airlines
Pass
Through
Trust
Class
A,
Series
2013-1,
4.300%,
08/15/25
51,264‌
47,017‌
United
Airlines,
Inc.
4.375%,
04/15/26
(b)
60,000‌
54,897‌
Total
570,898‌
Automotive
2.8%
Ford
Motor
Co.
4.346%,
12/08/26
110,000‌
102,394‌
Ford
Motor
Credit
Co.
LLC
4.125%,
08/17/27
200,000‌
177,539‌
4.134%,
08/04/25
204,000‌
189,618‌
4.271%,
01/09/27
200,000‌
180,755‌
Series
GMTN,
4.389%,
01/08/26
300,000‌
277,765‌
General
Motors
Co.
6.125%,
10/01/25
40,000‌
39,844‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
General
Motors
Financial
Co.,
Inc.
1.250%,
01/08/26
120,000‌
102,601‌
Goodyear
Tire
&
Rubber
Co.
(The)
4.875%,
03/15/27
50,000‌
45,503‌
5.000%,
05/31/26
60,000‌
57,624‌
ZF
North
America
Capital,
Inc.
4.750%,
04/29/25
(b)
153,000‌
143,600‌
Total
1,317,243‌
Banking
4.9%
Ally
Financial,
Inc.
1.450%,
10/02/23
60,000‌
57,557‌
5.750%,
11/20/25
100,000‌
96,512‌
Bank
of
America
Corp.
Series
L,
3.950%,
04/21/25
120,000‌
114,916‌
Bank
of
Nova
Scotia
(The)
Subordinated
4.500%,
12/16/25
120,000‌
115,023‌
Barclays
PLC
4.375%,
01/12/26
200,000‌
185,735‌
Capital
One
Financial
Corp.
3.300%,
10/30/24
60,000‌
57,188‌
4.200%,
10/29/25
40,000‌
37,975‌
Citigroup,
Inc.
4.125%,
07/25/28
80,000‌
72,085‌
Subordinated
4.600%,
03/09/26
120,000‌
115,184‌
Citizens
Financial
Group,
Inc.
2.850%,
07/27/26
80,000‌
72,514‌
Deutsche
Bank
AG
4.500%,
04/01/25
200,000‌
185,895‌
Deutsche
Bank
AG/New
York
NY
2.552%,
(SOFRRATE
+
1.318%),
01/07/28
(c)
150,000‌
120,010‌
Fifth
Third
Bancorp
2.550%,
05/05/27
40,000‌
34,957‌
First-Citizens
Bank
&
Trust
Co.
3.929%,
(SOFRRATE
+
3.827%),
06/19/24
(c)
40,000‌
39,376‌
Goldman
Sachs
Group,
Inc.
(The)
5.950%,
01/15/27
80,000‌
80,736‌
HSBC
Holdings
PLC
4.250%,
08/18/25
204,000‌
190,010‌
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(b)
200,000‌
181,927‌
Morgan
Stanley
Subordinated
5.000%,
11/24/25
120,000‌
118,074‌
NatWest
Group
PLC
4.892%,
(3-month
USD
LIBOR
+
1.754%),
05/18/29
(c)
204,000‌
181,907‌
Regions
Financial
Corp.
1.800%,
08/12/28
40,000‌
32,518‌
Santander
Holdings
USA,
Inc.
4.500%,
07/17/25
40,000‌
38,285‌
Synchrony
Financial
3.950%,
12/01/27
85,000‌
73,162‌
4.250%,
08/15/24
70,000‌
67,587‌
Webster
Financial
Corp.
4.100%,
03/25/29
85,000‌
76,131‌
Total
2,345,264‌
Building
Materials
0.3%
Martin
Marietta
Materials,
Inc.
3.500%,
12/15/27
85,000‌
77,357‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Standard
Industries,
Inc.
5.000%,
02/15/27
(b)
50,000‌
45,699‌
Total
123,056‌
Cable
and
Satellite
1.6%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
05/01/27
(b)
150,000‌
138,987‌
5.500%,
05/01/26
(b)
60,000‌
57,684‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.200%,
03/15/28
120,000‌
107,407‌
Series
USD,
4.500%,
02/01/24
40,000‌
39,383‌
4.908%,
07/23/25
100,000‌
97,091‌
Sirius
XM
Radio,
Inc.
3.125%,
09/01/26
(b)
50,000‌
44,685‌
5.000%,
08/01/27
(b)
100,000‌
92,000‌
Viasat
,
Inc.
5.625%,
04/15/27
(b)
85,000‌
78,566‌
Videotron
Ltd.
5.375%,
06/15/24
(b)
85,000‌
84,295‌
Total
740,098‌
Chemicals
0.3%
Celanese
US
Holdings
LLC
6.330%,
07/15/29
60,000‌
55,844‌
DuPont
de
Nemours,
Inc.
4.205%,
11/15/23
40,000‌
39,574‌
4.493%,
11/15/25
20,000‌
19,600‌
Sherwin-Williams
Co.
(The)
3.450%,
06/01/27
40,000‌
36,736‌
Total
151,754‌
Construction
Machinery
0.1%
CNH
Industrial
NV
4.500%,
08/15/23
40,000‌
39,682‌
Consumer
Cyclical
Services
0.8%
Brink's
Co.
(The)
4.625%,
10/15/27
(b)
50,000‌
46,007‌
CoreCivic
,
Inc.
8.250%,
04/15/26
50,000‌
50,867‌
eBay,
Inc.
1.400%,
05/10/26
40,000‌
34,811‌
Newmark
Group,
Inc.
6.125%,
11/15/23
85,000‌
84,696‌
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(b)
50,000‌
43,425‌
5.750%,
04/15/26
(b)
120,000‌
117,313‌
Total
377,119‌
Consumer
Products
0.5%
Brunswick
Corp.
0.850%,
08/18/24
85,000‌
77,809‌
Clorox
Co.
(The)
3.100%,
10/01/27
40,000‌
36,231‌
Newell
Brands,
Inc.
4.875%,
06/01/25
120,000‌
115,777‌
Total
229,817‌
Diversified
Manufacturing
1.0%
Carrier
Global
Corp.
2.493%,
02/15/27
40,000‌
35,226‌
Newell
Brands,
Inc.
4.450%,
04/01/26
60,000‌
55,803‌
Otis
Worldwide
Corp.
2.056%,
04/05/25
40,000‌
37,025‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Parker-Hannifin
Corp.
2.700%,
06/14/24
40,000‌
38,328‌
Raytheon
Technologies
Corp.
4.125%,
11/16/28
120,000‌
111,744‌
Trane
Technologies
Global
Holding
Co.
Ltd.
3.750%,
08/21/28
40,000‌
36,516‌
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(b)
115,000‌
116,151‌
Westinghouse
Air
Brake
Technologies
Corp.
3.200%,
06/15/25
60,000‌
55,728‌
Total
486,521‌
Electric
2.4%
AES
Corp.
(The)
1.375%,
01/15/26
40,000‌
34,642‌
American
Electric
Power
Co.,
Inc.
Subordinated
3.875%,
(US
5
Year
CMT
T-Note
+
2.675%),
02/15/62
(c)
120,000‌
92,714‌
Cleco
Corporate
Holdings
LLC
3.743%,
05/01/26
80,000‌
74,090‌
Dominion
Energy,
Inc.
Subordinated
5.750%,
(3-month
USD
LIBOR
+
3.057%),
10/01/54
(c)
120,000‌
111,596‌
Duke
Energy
Corp.
3.750%,
04/15/24
40,000‌
39,248‌
Emera
US
Finance
LP
3.550%,
06/15/26
80,000‌
73,795‌
Enel
Americas
SA
4.000%,
10/25/26
85,000‌
78,580‌
FirstEnergy
Corp.
Series
B,
4.400%,
07/15/27
30,000‌
28,102‌
FirstEnergy
Transmission
LLC
4.350%,
01/15/25
(b)
60,000‌
57,977‌
Interstate
Power
and
Light
Co.
3.250%,
12/01/24
40,000‌
38,360‌
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
01/15/27
40,000‌
34,615‌
3.550%,
05/01/27
40,000‌
36,906‌
NextEra
Energy
Operating
Partners
LP
4.250%,
07/15/24
(b)
85,000‌
82,454‌
Pacific
Gas
and
Electric
Co.
2.100%,
08/01/27
85,000‌
69,835‌
Public
Service
Enterprise
Group,
Inc.
2.875%,
06/15/24
40,000‌
38,438‌
Southern
Co.
(The)
2.950%,
07/01/23
40,000‌
39,342‌
Vistra
Operations
Co.
LLC
5.500%,
09/01/26
(b)
205,000‌
196,645‌
Xcel
Energy,
Inc.
3.300%,
06/01/25
40,000‌
37,957‌
Total
1,165,296‌
Environmental
0.2%
GFL
Environmental,
Inc.
5.125%,
12/15/26
(b)
50,000‌
47,686‌
Republic
Services,
Inc.
2.900%,
07/01/26
40,000‌
36,617‌
Total
84,303‌
Finance
Companies
2.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.450%,
10/29/26
170,000‌
143,755‌
Air
Lease
Corp.
Series
MTN,
2.875%,
01/15/26
80,000‌
71,137‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ares
Capital
Corp.
2.150%,
07/15/26
40,000‌
33,069‌
Bain
Capital
Specialty
Finance,
Inc.
2.950%,
03/10/26
120,000‌
101,548‌
Blackstone
Private
Credit
Fund
1.750%,
09/15/24
120,000‌
109,636‌
Equitable
Holdings,
Inc.
4.350%,
04/20/28
120,000‌
111,250‌
Navient
Corp.
5.875%,
10/25/24
60,000‌
58,351‌
6.750%,
06/25/25
80,000‌
76,447‌
Oaktree
Specialty
Lending
Corp.
3.500%,
02/25/25
85,000‌
79,128‌
OneMain
Finance
Corp.
3.500%,
01/15/27
170,000‌
140,005‌
7.125%,
03/15/26
50,000‌
48,136‌
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
2.875%,
10/15/26
(b)
50,000‌
41,898‌
SLM
Corp.
4.200%,
10/29/25
80,000‌
74,428‌
United
Wholesale
Mortgage
LLC
5.500%,
11/15/25
(b)
120,000‌
108,469‌
Total
1,197,257‌
Food
and
Beverage
1.4%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
3.650%,
02/01/26
40,000‌
38,345‌
Anheuser-Busch
InBev
Worldwide,
Inc.
4.750%,
01/23/29
100,000‌
97,375‌
Bunge
Ltd.
Finance
Corp.
3.250%,
08/15/26
40,000‌
36,510‌
Campbell
Soup
Co.
3.950%,
03/15/25
40,000‌
38,792‌
Conagra
Brands,
Inc.
4.300%,
05/01/24
60,000‌
58,998‌
Constellation
Brands,
Inc.
4.350%,
05/09/27
85,000‌
81,230‌
General
Mills,
Inc.
4.000%,
04/17/25
40,000‌
38,934‌
Kellogg
Co.
3.250%,
04/01/26
40,000‌
37,483‌
Keurig
Dr
Pepper,
Inc.
0.750%,
03/15/24
40,000‌
37,686‌
Kraft
Heinz
Foods
Co.
3.000%,
06/01/26
60,000‌
55,294‌
McCormick
&
Co.,
Inc.
0.900%,
02/15/26
85,000‌
73,375‌
Sysco
Corp.
3.300%,
07/15/26
40,000‌
37,018‌
Tyson
Foods,
Inc.
3.950%,
08/15/24
60,000‌
58,567‌
Total
689,607‌
Foreign
Agencies
3.6%
China
Construction
Bank
Corp.
2.450%,
(US
5
Year
CMT
T-Note
+
2.150%),
06/24/30
(c)
200,000‌
184,802‌
CNAC
HK
Finbridge
Co.
Ltd.
3.375%,
06/19/24
200,000‌
190,683‌
DP
World
Salaam
6.000%,
(US
5
Year
CMT
T-Note
+
5.750%),
01/01/71
(c)
200,000‌
193,830‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ecopetrol
SA
4.125%,
01/16/25
100,000‌
92,287‌
5.875%,
09/18/23
230,000‌
226,399‌
Petrobras
Global
Finance
BV
7.375%,
01/17/27
180,000‌
183,490‌
Petroleos
Mexicanos
4.500%,
01/23/26
220,000‌
194,435‌
6.875%,
08/04/26
250,000‌
231,346‌
Southern
Gas
Corridor
CJSC
Series
REGS,
6.875%,
03/24/26
200,000‌
197,146‌
Total
1,694,418‌
Foreign
Government
Obligations
2.4%
Equate
Petrochemical
BV
Series
REGS,
4.250%,
11/03/26
200,000‌
186,993‌
Industrial
&
Commercial
Bank
of
China
Ltd.
Series
REGS,
4.875%,
09/21/25
455,000‌
447,127‌
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
4.125%,
05/15/27
200,000‌
183,440‌
Petroleos
Mexicanos
5.350%,
02/12/28
424,000‌
338,573‌
Total
1,156,133‌
Gaming
1.2%
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
5.375%,
04/15/26
40,000‌
38,173‌
5.750%,
06/01/28
85,000‌
79,290‌
International
Game
Technology
PLC
6.250%,
01/15/27
(b)
200,000‌
198,172‌
Las
Vegas
Sands
Corp.
3.500%,
08/18/26
180,000‌
156,850‌
Melco
Resorts
Finance
Ltd.
Series
REGS,
5.250%,
04/26/26
85,000‌
53,594‌
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
4.625%,
06/15/25
(b)
60,000‌
56,455‌
Total
582,534‌
Health
Care
2.7%
AmerisourceBergen
Corp.
3.450%,
12/15/27
40,000‌
36,521‌
Baxter
International,
Inc.
1.915%,
02/01/27
85,000‌
73,083‌
Becton
Dickinson
and
Co.
3.363%,
06/06/24
40,000‌
38,829‌
Boston
Scientific
Corp.
3.450%,
03/01/24
18,000‌
17,612‌
Cardinal
Health,
Inc.
3.079%,
06/15/24
40,000‌
38,502‌
Cigna
Corp.
3.400%,
03/01/27
85,000‌
78,254‌
4.125%,
11/15/25
40,000‌
38,630‌
4.375%,
10/15/28
50,000‌
46,994‌
CVS
Health
Corp.
1.300%,
08/21/27
85,000‌
70,474‌
4.300%,
03/25/28
80,000‌
75,110‌
HCA,
Inc.
5.250%,
06/15/26
50,000‌
48,495‌
5.375%,
09/01/26
85,000‌
82,495‌
5.875%,
02/15/26
100,000‌
99,149‌
IQVIA,
Inc.
5.000%,
05/15/27
(b)
200,000‌
190,470‌
Laboratory
Corp.
of
America
Holdings
1.550%,
06/01/26
80,000‌
69,427‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
PerkinElmer,
Inc.
0.850%,
09/15/24
120,000‌
110,822‌
Quest
Diagnostics,
Inc.
3.500%,
03/30/25
40,000‌
38,349‌
Tenet
Healthcare
Corp.
4.875%,
01/01/26
(b)
100,000‌
94,522‌
Toledo
Hospital
(The)
Series
B,
5.325%,
11/15/28
85,000‌
55,535‌
Total
1,303,273‌
Healthcare
Insurance
0.2%
Elevance
Health,
Inc.
4.101%,
03/01/28
40,000‌
37,564‌
Humana,
Inc.
1.350%,
02/03/27
85,000‌
71,247‌
Total
108,811‌
Healthcare
REIT
0.9%
Healthcare
Realty
Holdings
LP
3.625%,
01/15/28
85,000‌
73,866‌
Healthpeak
Properties,
Inc.
3.400%,
02/01/25
120,000‌
114,478‌
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
5.000%,
10/15/27
100,000‌
85,502‌
Omega
Healthcare
Investors,
Inc.
4.750%,
01/15/28
85,000‌
76,298‌
Ventas
Realty
LP
4.125%,
01/15/26
40,000‌
37,936‌
Welltower
,
Inc.
4.250%,
04/15/28
40,000‌
36,687‌
Total
424,767‌
Home
Construction
0.1%
Lennar
Corp.
4.750%,
05/30/25
40,000‌
38,851‌
Independent
Energy
1.7%
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
40,000‌
36,918‌
Coterra
Energy,
Inc.
4.375%,
03/15/29
(b)
85,000‌
78,292‌
EQT
Corp.
3.125%,
05/15/26
(b)
80,000‌
72,782‌
6.125%,
02/01/25
40,000‌
40,035‌
Harbour
Energy
PLC
5.500%,
10/15/26
(b)
85,000‌
76,610‌
Matador
Resources
Co.
5.875%,
09/15/26
85,000‌
83,513‌
MEG
Energy
Corp.
7.125%,
02/01/27
(b)
40,000‌
40,705‌
Occidental
Petroleum
Corp.
5.875%,
09/01/25
240,000‌
242,156‌
PDC
Energy,
Inc.
5.750%,
05/15/26
120,000‌
115,164‌
Southwestern
Energy
Co.
5.700%,
01/23/25
11,000‌
10,840‌
Total
797,015‌
Leisure
0.3%
Royal
Caribbean
Cruises
Ltd.
11.500%,
06/01/25
(b)
120,000‌
129,193‌
Life
Insurance
0.3%
CNO
Financial
Group,
Inc.
5.250%,
05/30/29
85,000‌
77,453‌
Lincoln
National
Corp.
3.800%,
03/01/28
40,000‌
36,649‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%,
09/01/23
40,000‌
39,700‌
Total
153,802‌
Lodging
0.7%
Hilton
Domestic
Operating
Co.,
Inc.
5.375%,
05/01/25
(b)
153,000‌
150,662‌
Hyatt
Hotels
Corp.
4.375%,
09/15/28
85,000‌
75,903‌
Marriott
International,
Inc.
Series
X,
4.000%,
04/15/28
60,000‌
54,142‌
Travel
+
Leisure
Co.
6.625%,
07/31/26
(b)
40,000‌
39,030‌
Total
319,737‌
Media
and
Entertainment
1.3%
AMC
Networks,
Inc.
4.750%,
08/01/25
120,000‌
110,124‌
Discovery
Communications
LLC
3.950%,
03/20/28
125,000‌
108,475‌
Fox
Corp.
3.050%,
04/07/25
80,000‌
75,591‌
Netflix,
Inc.
3.625%,
06/15/25
(b)
40,000‌
38,069‌
5.875%,
02/15/25
60,000‌
60,353‌
Omnicom
Group,
Inc.
/
Omnicom
Capital,
Inc.
3.650%,
11/01/24
40,000‌
38,594‌
Paramount
Global
4.000%,
01/15/26
40,000‌
37,542‌
Take-Two
Interactive
Software,
Inc.
3.550%,
04/14/25
85,000‌
81,081‌
Warnermedia
Holdings,
Inc.
4.054%,
03/15/29
(b)
100,000‌
85,041‌
Total
634,870‌
Media
Cable
0.3%
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(b)
150,000‌
135,002‌
Metals
and
Mining
1.1%
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(b)
40,000‌
39,715‌
FMG
Resources
August
2006
Pty
Ltd.
5.125%,
05/15/24
(b)
85,000‌
83,339‌
Freeport-McMoRan,
Inc.
4.550%,
11/14/24
150,000‌
147,390‌
Novelis
Corp.
3.250%,
11/15/26
(b)
150,000‌
132,077‌
Nucor
Corp.
2.000%,
06/01/25
40,000‌
36,779‌
Reliance
Steel
&
Aluminum
Co.
1.300%,
08/15/25
120,000‌
106,719‌
Total
546,019‌
Midstream
3.2%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
7.875%,
05/15/26
(b)
85,000‌
86,657‌
Buckeye
Partners
LP
3.950%,
12/01/26
85,000‌
74,523‌
4.125%,
03/01/25
(b)
40,000‌
37,671‌
Cheniere
Corpus
Christi
Holdings
LLC
5.125%,
06/30/27
40,000‌
39,058‌
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
5.750%,
04/01/25
50,000‌
48,768‌
DCP
Midstream
Operating
LP
5.375%,
07/15/25
40,000‌
39,096‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Enbridge,
Inc.
4.000%,
10/01/23
40,000‌
39,458‌
Energy
Transfer
LP
4.950%,
05/15/28
70,000‌
64,913‌
EnLink
Midstream
Partners
LP
4.150%,
06/01/25
16,000‌
15,057‌
Enterprise
Products
Operating
LLC
3.700%,
02/15/26
40,000‌
37,975‌
EQM
Midstream
Partners
LP
4.000%,
08/01/24
15,000‌
14,199‌
6.000%,
07/01/25
(b)
45,000‌
43,618‌
Kinder
Morgan,
Inc.
4.300%,
06/01/25
85,000‌
82,677‌
MPLX
LP
4.875%,
06/01/25
40,000‌
39,079‌
National
Fuel
Gas
Co.
3.950%,
09/15/27
85,000‌
75,322‌
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(b)
100,000‌
97,021‌
NuStar
Logistics
LP
5.625%,
04/28/27
85,000‌
78,943‌
6.000%,
06/01/26
40,000‌
38,764‌
ONEOK,
Inc.
4.000%,
07/13/27
80,000‌
72,530‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
4.650%,
10/15/25
85,000‌
82,121‌
Sabine
Pass
Liquefaction
LLC
5.000%,
03/15/27
40,000‌
38,546‌
5.625%,
03/01/25
40,000‌
39,818‌
Sunoco
LP
/
Sunoco
Finance
Corp.
6.000%,
04/15/27
50,000‌
48,988‌
TransCanada
PipeLines
Ltd.
4.875%,
01/15/26
40,000‌
39,169‌
Western
Midstream
Operating
LP
3.350%,
02/01/25
120,000‌
114,064‌
Williams
Cos.,
Inc.
(The)
3.750%,
06/15/27
125,000‌
114,793‌
Total
1,502,828‌
Natural
Gas
0.1%
Sempra
Energy
3.400%,
02/01/28
40,000‌
35,739‌
Office
REIT
0.3%
Alexandria
Real
Estate
Equities,
Inc.
3.950%,
01/15/27
40,000‌
37,483‌
Office
Properties
Income
Trust
4.500%,
02/01/25
120,000‌
100,169‌
Total
137,652‌
Oil
Field
Services
0.1%
Petrofac
Ltd.
9.750%,
11/15/26
(b)
85,000‌
62,899‌
Other
Financial
Institutions
0.5%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
4.750%,
09/15/24
50,000‌
48,274‌
6.250%,
05/15/26
40,000‌
38,415‌
6.375%,
12/15/25
170,000‌
165,034‌
Total
251,723‌
Other
Industry
0.1%
AECOM
5.125%,
03/15/27
50,000‌
47,315‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Other
REIT
0.4%
Digital
Realty
Trust
LP
4.450%,
07/15/28
40,000‌
36,927‌
EPR
Properties
4.500%,
04/01/25
40,000‌
37,218‌
iStar
,
Inc.
4.250%,
08/01/25
60,000‌
58,110‌
Service
Properties
Trust
7.500%,
09/15/25
60,000‌
58,487‌
Total
190,742‌
Packaging
1.0%
Amcor
Finance
USA,
Inc.
3.625%,
04/28/26
120,000‌
110,689‌
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.125%,
08/15/26
(b)
85,000‌
73,121‌
Ball
Corp.
5.250%,
07/01/25
180,000‌
177,570‌
Berry
Global,
Inc.
1.650%,
01/15/27
85,000‌
70,101‌
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
40,000‌
38,333‌
Total
469,814‌
Paper
0.2%
Celulosa
Arauco
y
Constitucion
SA
3.875%,
11/02/27
85,000‌
74,306‌
Pharmaceuticals
1.5%
AbbVie,
Inc.
2.950%,
11/21/26
185,000‌
168,921‌
3.800%,
03/15/25
60,000‌
57,959‌
Amgen,
Inc.
1.650%,
08/15/28
90,000‌
74,023‌
Gilead
Sciences,
Inc.
2.950%,
03/01/27
90,000‌
81,901‌
3.650%,
03/01/26
40,000‌
37,912‌
Mylan,
Inc.
4.550%,
04/15/28
60,000‌
53,792‌
Perrigo
Finance
Unlimited
Co.
3.900%,
12/15/24
85,000‌
80,921‌
4.375%,
03/15/26
40,000‌
37,492‌
Shire
Acquisitions
Investments
Ireland
DAC
3.200%,
09/23/26
80,000‌
73,569‌
Zoetis,
Inc.
4.500%,
11/13/25
40,000‌
39,179‌
Total
705,669‌
Property
&
Casualty
0.4%
American
International
Group,
Inc.
3.900%,
04/01/26
24,000‌
22,861‌
Aon
Global
Ltd.
3.875%,
12/15/25
40,000‌
38,072‌
Assurant,
Inc.
4.900%,
03/27/28
40,000‌
37,481‌
CNA
Financial
Corp.
3.450%,
08/15/27
85,000‌
76,830‌
Total
175,244‌
Railroads
0.3%
Canadian
Pacific
Railway
Co.
1.750%,
12/02/26
85,000‌
73,934‌
CSX
Corp.
2.600%,
11/01/26
85,000‌
77,129‌
Total
151,063‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Refining
0.4%
Marathon
Petroleum
Corp.
3.800%,
04/01/28
50,000‌
44,905‌
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
7.250%,
06/15/25
50,000‌
49,468‌
Phillips
66
3.900%,
03/15/28
40,000‌
36,944‌
Phillips
66
Co.
3.750%,
03/01/28
(b)
70,000‌
62,973‌
Total
194,290‌
Restaurants
0.4%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
5.750%,
04/15/25
(b)
70,000‌
69,991‌
McDonald's
Corp.
Series
MTN,
3.800%,
04/01/28
80,000‌
74,814‌
Starbucks
Corp.
3.500%,
03/01/28
40,000‌
36,797‌
Total
181,602‌
Retail
REIT
0.3%
Agree
LP
2.000%,
06/15/28
85,000‌
67,927‌
Kimco
Realty
Corp.
3.300%,
02/01/25
40,000‌
38,015‌
Realty
Income
Corp.
4.875%,
06/01/26
40,000‌
38,921‌
Total
144,863‌
Retailers
1.3%
AutoNation,
Inc.
3.800%,
11/15/27
125,000‌
109,319‌
Dollar
Tree,
Inc.
4.200%,
05/15/28
40,000‌
37,247‌
Hanesbrands,
Inc.
4.625%,
05/15/24
(b)
85,000‌
82,632‌
Lowe's
Cos.,
Inc.
3.650%,
04/05/29
85,000‌
76,460‌
O'Reilly
Automotive,
Inc.
3.600%,
09/01/27
120,000‌
110,724‌
QVC,
Inc.
4.450%,
02/15/25
80,000‌
69,944‌
Under
Armour
,
Inc.
3.250%,
06/15/26
170,000‌
146,125‌
Total
632,451‌
Supermarkets
0.2%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.250%,
03/15/26
(b)
50,000‌
45,014‌
4.625%,
01/15/27
(b)
40,000‌
37,099‌
Kroger
Co.
(The)
4.500%,
01/15/29
40,000‌
37,521‌
Total
119,634‌
Technology
3.8%
Avnet,
Inc.
4.625%,
04/15/26
40,000‌
37,816‌
Block,
Inc.
2.750%,
06/01/26
50,000‌
44,745‌
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
125,000‌
114,959‌
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
40,000‌
38,411‌
6.020%,
06/15/26
60,000‌
59,908‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Equifax,
Inc.
2.600%,
12/01/24
40,000‌
37,764‌
Equinix
,
Inc.
2.625%,
11/18/24
60,000‌
56,508‌
Fidelity
National
Information
Services,
Inc.
1.150%,
03/01/26
40,000‌
34,532‌
Fiserv,
Inc.
2.750%,
07/01/24
85,000‌
81,303‌
3.200%,
07/01/26
40,000‌
36,726‌
Flex
Ltd.
3.750%,
02/01/26
85,000‌
78,739‌
Global
Payments,
Inc.
1.200%,
03/01/26
40,000‌
34,151‌
Hewlett
Packard
Enterprise
Co.
4.450%,
10/02/23
40,000‌
39,697‌
HP,
Inc.
1.450%,
06/17/26
85,000‌
72,715‌
3.000%,
06/17/27
40,000‌
35,268‌
Iron
Mountain,
Inc.
4.875%,
09/15/27
(b)
50,000‌
46,132‌
Microchip
Technology,
Inc.
2.670%,
09/01/23
60,000‌
58,484‌
Moody's
Corp.
3.750%,
03/24/25
85,000‌
82,264‌
Motorola
Solutions,
Inc.
4.600%,
02/23/28
80,000‌
75,034‌
NortonLifeLock
,
Inc.
5.000%,
04/15/25
(b)
85,000‌
82,642‌
Oracle
Corp.
2.500%,
04/01/25
40,000‌
37,393‌
2.650%,
07/15/26
85,000‌
76,453‌
3.250%,
11/15/27
80,000‌
71,050‌
Seagate
HDD
Cayman
4.875%,
03/01/24
40,000‌
39,204‌
Sensata
Technologies
BV
5.000%,
10/01/25
(b)
60,000‌
58,377‌
Skyworks
Solutions,
Inc.
1.800%,
06/01/26
120,000‌
102,457‌
TD
SYNNEX
Corp.
1.750%,
08/09/26
85,000‌
71,790‌
VMware,
Inc.
1.400%,
08/15/26
85,000‌
72,620‌
3.900%,
08/21/27
40,000‌
36,653‌
Western
Digital
Corp.
4.750%,
02/15/26
60,000‌
55,435‌
Western
Union
Co.
(The)
2.850%,
01/10/25
40,000‌
37,558‌
Total
1,806,788‌
Tobacco
0.3%
Altria
Group,
Inc.
2.350%,
05/06/25
40,000‌
36,925‌
BAT
Capital
Corp.
3.557%,
08/15/27
125,000‌
109,408‌
Total
146,333‌
Transportation
Services
0.2%
FedEx
Corp.
3.250%,
04/01/26
60,000‌
56,526‌
Penske
Automotive
Group,
Inc.
Subordinated
3.500%,
09/01/25
60,000‌
55,982‌
Total
112,508‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wireless
1.2%
American
Tower
Corp.
5.000%,
02/15/24
40,000‌
39,795‌
Rogers
Communications,
Inc.
3.625%,
12/15/25
100,000‌
93,563‌
Sprint
Corp.
7.125%,
06/15/24
85,000‌
86,328‌
7.625%,
03/01/26
170,000‌
177,126‌
T-Mobile
USA,
Inc.
2.050%,
02/15/28
110,000‌
91,228‌
5.375%,
04/15/27
85,000‌
84,244‌
Total
572,284‌
Wirelines
1.2%
AT&T,
Inc.
0.900%,
03/25/24
40,000‌
37,786‌
2.300%,
06/01/27
40,000‌
34,909‌
4.350%,
03/01/29
85,000‌
78,907‌
British
Telecommunications
PLC
5.125%,
12/04/28
85,000‌
78,002‌
Level
3
Financing,
Inc.
3.400%,
03/01/27
(b)
100,000‌
86,205‌
Lumen
Technologies,
Inc.
4.000%,
02/15/27
(b)
100,000‌
85,115‌
Verizon
Communications,
Inc.
2.100%,
03/22/28
40,000‌
33,624‌
4.125%,
03/16/27
75,000‌
71,392‌
4.329%,
09/21/28
85,000‌
79,779‌
Total
585,719‌
Total
Corporate
Bonds
(Cost
$29,028,588)
26,516,631‌
Foreign
Government
Obligations
(d)
  14.0%
Principal
Amount
($)
Value
($)
Brazilian
Government
International
Bond
8.875%,
04/15/24
280,000‌
296,471‌
6.000%,
04/07/26
289,000‌
296,036‌
2.875%,
06/06/25
300,000‌
281,515‌
Colombia
Government
International
Bond
8.125%,
05/21/24
180,000‌
180,955‌
4.500%,
01/28/26
574,000‌
516,527‌
Dominican
Republic
International
Bond
Series
REGS,
5.500%,
01/27/25
200,000‌
196,472‌
Series
REGS,
5.950%,
01/25/27
272,000‌
256,174‌
Hungary
Government
International
Bond
5.375%,
03/25/24
200,000‌
198,075‌
Indonesia
Government
International
Bond
4.100%,
04/24/28
255,000‌
240,070‌
Series
REGS,
4.750%,
01/08/26
200,000‌
196,180‌
Kazakhstan
Government
International
Bond
Series
REGS,
5.125%,
07/21/25
200,000‌
204,599‌
Mexico
Government
International
Bond
4.125%,
01/21/26
200,000‌
192,915‌
3.750%,
01/11/28
255,000‌
233,859‌
Oman
Government
International
Bond
Series
REGS,
6.750%,
10/28/27
200,000‌
200,724‌
Series
REGS,
5.625%,
01/17/28
400,000‌
381,773‌
Oman
Sovereign
Sukuk
Co.
Series
REGS,
5.932%,
10/31/25
200,000‌
201,714‌
Panama
Government
International
Bond
Series
REGS,
3.750%,
04/17/26
240,000‌
224,758‌
Foreign
Government
Obligations
(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.350%,
09/10/24
200,000‌
198,086‌
Series
REGS,
4.400%,
03/01/28
255,000‌
241,859‌
Peruvian
Government
International
Bond
2.392%,
01/23/26
240,000‌
216,824‌
Philippine
Government
International
Bond
10.625%,
03/16/25
240,000‌
268,206‌
4.200%,
01/21/24
200,000‌
196,553‌
Republic
of
South
Africa
Government
International
Bond
5.875%,
09/16/25
200,000‌
198,261‌
4.875%,
04/14/26
200,000‌
188,217‌
4.850%,
09/27/27
255,000‌
231,407‌
Romanian
Government
International
Bond
Series
REGS,
4.375%,
08/22/23
410,000‌
406,986‌
Sharjah
Sukuk
Program
Ltd.
Series
EMTN,
4.226%,
03/14/28
200,000‌
176,266‌
Uruguay
Government
International
Bond
4.500%,
08/14/24
26,667‌
26,610‌
Total
Foreign
Government
Obligations
(Cost
$7,130,590)
6,648,092‌
U.S.
Government
&
Agency
Obligations
  9.9%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
9.9%
1.500%,
11/15/37
(e)
1,789,000‌
1,521,784‌
2.000%,
11/15/37
(e)
2,720,000‌
2,381,724‌
2.500%,
11/15/37
(e)
649,000‌
584,669‌
3.000%,
11/15/37
(e)
147,000‌
135,172‌
3.500%,
11/15/37
(e)
56,000‌
52,614‌
4.000%,
11/15/37
(e)
25,000‌
23,873‌
Total
4,699,836‌
Total
U.S.
Government
&
Agency
Obligations
(Cost
$4,719,420)
4,699,836‌
U.S.
Treasury
Obligations
  7.7%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bill
7.7%
0.827%,
12/29/22
1,750,000‌
1,739,230‌
2.944%,
07/13/23
2,000,000‌
1,940,014‌
Total
3,679,244‌
Total
U.S.
Treasury
Obligations
(Cost
$3,707,549)
3,679,244‌
Money
Market
Funds
2.0%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
3.010%
(f)
943,880‌
943,880‌
Total
Money
Market
Funds
(Cost
$943,880)
943,880‌
Total
Investments
in
Securities
(Cost
$55,805,047)
52,058,035‌
Other
Assets
&
Liabilities,
Net
(4,367,088‌)
Net
Assets
47,690,947‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
(a)
Represents
a
variable
rate
security
with
a
step
coupon
where
the
rate
adjusts
according
to
a
schedule
for
a
series
of
periods,
typically
lower
for
an
initial
period
and
then
increasing
to
a
higher
coupon
rate
thereafter.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2022.
(b)
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
$4,783,336,
which
represents
10.03%
of
total
net
assets.
(c)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2022.
(d)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(e)
Represents
a
security
purchased
on
a
when-issued
basis.
(f)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Abbreviation
Legend
LIBOR
London
Interbank
Offered
Rates
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
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
Short
Duration
Bond
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
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
Asset-Backed
Securities
-
Non-Agency
4,785,210
4,785,210
Commercial
Mortgage-Backed
Securities
-
Non-Agency
4,785,142
4,785,142
Corporate
Bonds
26,516,631
26,516,631
Foreign
Government
Obligations
6,648,092
6,648,092
U.S.
Government
&
Agency
Obligations
4,699,836
4,699,836
U.S.
Treasury
Obligations
3,679,244
3,679,244
Money
Market
Funds
943,880
943,880
Total
Investments
in
Securities
943,880
51,114,155
52,058,035
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$55,805,047)
$52,058,035
Receivable
for:
Investments
sold
494,734
Interest
414,979
Total
assets
52,967,748
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
4,719,420
Investments
purchased
547,271
Investment
management
fees
10,110
Total
liabilities
5,276,801
Net
assets
applicable
to
outstanding
capital
stock
$47,690,947
Represented
by:
Paid-in
capital
$52,823,157
Total
distributable
earnings
(loss)
(5,132,210)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$47,690,947
Shares
outstanding
2,700,050
Net
asset
value
per
share
$17.66
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Investment
Income:
Interest
$1,109,367
Foreign
taxes
withheld
(1,425)
Total
income
1,107,942
Expenses:
Investment
management
fees
104,781
Net
Investment
Income
1,003,161
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(1,433,142)
Net
realized
loss
(1,433,142)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(3,583,295)
Net
change
in
unrealized
depreciation
(3,583,295)
Net
realized
and
unrealized
loss
(5,016,437)
Net
Decrease
in
net
assets
resulting
from
operations
$(4,013,276)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2022
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
(a)
Operations
Net
investment
income
$1,003,161
$31,350
Net
realized
loss
(1,433,142)
(10,331)
Net
change
in
unrealized
depreciation
(3,583,295)
(163,717)
Net
decrease
in
net
assets
resulting
from
operations
(4,013,276)
(142,698)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(976,236)
Shareholder
transactions
Proceeds
from
shares
sold
39,388,579
Cost
of
shares
redeemed
(6,566,422)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
32,822,157
Increase
(decrease)
in
net
assets
27,832,645
(142,698)
Net
Assets:
Net
assets
beginning
of
year
19,858,302
20,001,000
Net
assets
at
end
of
year
$47,690,947
$19,858,302
Capital
stock
activity
Shares
outstanding,
beginning
of
year
1,000,050
1,000,050
Subscriptions
2,050,000
Redemptions
(350,000)
Shares
outstanding,
end
of
year
2,700,050
1,000,050
(a)
Based
on
operations
from
September
21,
2021
(commencement
of
operations)
through
the
stated
period
end.
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
23
The
following
table
is
intended
to
help
you
understand
the
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.
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
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$19.86‌
$20.00‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.44‌
0.03‌
Net
realized
and
unrealized
loss
(2.20‌)
(0.17‌)
Total
from
investment
operations
(1.76‌)
(0.14‌)
Less
distributions
to
shareholders:
Net
investment
income
(0.44‌)
–‌
Total
distribution
to
shareholders
(0.44‌)
–‌
Net
asset
value,
end
of
period
$17.66‌
$19.86‌
Total
Return
at
NAV
(8.96‌)%
(0.70‌)%
Total
Return
at
Market
(9.25‌)%
(0.70‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.25‌%
0.25‌%
(c)
Total
net
expenses
(b)(d)
0.25‌%
0.25‌%
(c)
Net
investment
income
2.39‌%
1.44‌%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$47,691‌
$19,858‌
Portfolio
turnover
163‌%
11‌%
(a)
The
Fund
commenced
operations
on
September
21,
2021.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(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)
Annualized
(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
24
Strategic
Beta
ETFs
|
Annual
Report
2022
Note
1.
Organization
Columbia
Short
Duration
Bond
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
non-diversified
fund.
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
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
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
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
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
Fund
in
the
preparation
of
its
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Asset-
and
mortgage-backed
securities
are
generally
valued
by
pricing
services,
which
utilize
pricing
models
that
incorporate
the
securities’
cash
flow
and
loan
performance
data.
These
models
also
take
into
account
available
market
data,
including
trades,
market
quotations,
and
benchmark
yield
curves
for
identical
or
similar
securities.
Factors
used
to
identify
similar
securities
may
include,
but
are
not
limited
to,
issuer,
collateral
type,
vintage,
prepayment
speeds,
collateral
performance,
credit
ratings,
credit
enhancement
and
expected
life.
Asset-backed
securities
for
which
quotations
are
readily
available
may
also
be
valued
based
upon
an
over-the-counter
or
exchange
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
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
25
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
Fund’s
Portfolio
of
Investments.
Asset
and
mortgage-
backed
securities
The
Fund
may
invest
in
asset-backed
and
mortgage-backed
securities.
The
maturity
dates
shown
represent
the
original
maturity
of
the
underlying
obligation.
Actual
maturity
may
vary
based
upon
prepayment
activity
on
these
obligations.
All,
or
a
portion,
of
the
obligation
may
be
prepaid
at
any
time
because
the
underlying
asset
may
be
prepaid.
As
a
result,
decreasing
market
interest
rates
could
result
in
an
increased
level
of
prepayment.
An
increased
prepayment
rate
will
have
the
effect
of
shortening
the
maturity
of
the
security.
Unless
otherwise
noted,
the
coupon
rates
presented
are
fixed
rates.
To
be
announced
securities
The
Fund
may
trade
securities
on
a
To
Be
Announced
(TBA)
basis.
As
with
other
delayed-delivery
transactions,
a
seller
agrees
to
issue
a
TBA
security
at
a
future
date.
However,
the
seller
does
not
specify
the
particular
securities
to
be
delivered.
Instead,
the
Fund
agrees
to
accept
any
security
that
meets
specified
terms.
In
some
cases,
Master
Securities
Forward
Transaction
Agreements
(MSFTAs)
may
be
used
to
govern
transactions
of
certain
forward-settling
agency
mortgage-backed
securities,
such
as
delayed-delivery
and
TBAs,
between
the
Fund
and
counterparty.
The
MSFTA
maintains
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral
relating
to
such
transactions.
Mortgage
dollar
roll
transactions
The
Fund
may
enter
into
mortgage
“dollar
rolls”
in
which
the
Fund
sells
securities
for
delivery
in
the
current
month
and
simultaneously
contracts
with
the
same
counterparty
to
repurchase
similar
but
not
identical
securities
(same
type,
coupon
and
maturity)
on
a
specified
future
date.
During
the
roll
period,
the
Fund
loses
the
right
to
receive
principal
and
interest
paid
on
the
securities
sold.
However,
the
Fund
may
benefit
because
it
receives
negotiated
amounts
in
the
form
of
reductions
of
the
purchase
price
for
the
future
purchase
plus
the
interest
earned
on
the
cash
proceeds
of
the
securities
sold
until
the
settlement
date
of
the
forward
purchase.
The
Fund
records
the
incremental
difference
between
the
forward
purchase
and
sale
of
each
forward
roll
as
a
realized
gain
or
loss.
Unless
any
realized
gains
exceed
the
income,
capital
appreciation,
and
gain
or
loss
due
to
mortgage
prepayments
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
mortgage
dollar
roll,
the
use
of
this
technique
may
diminish
the
investment
performance
of
the
Fund
compared
to
what
the
performance
would
have
been
without
the
use
of
mortgage
dollar
rolls.
All
cash
proceeds
will
be
invested
in
instruments
that
are
permissible
investments
for
the
Fund.
The
Fund
identifies
cash
or
liquid
securities
in
an
amount
equal
to
the
forward
purchase
price.
For
financial
reporting
and
tax
purposes,
the
Fund
treats
“to
be
announced”
mortgage
dollar
rolls
as
two
separate
transactions,
one
involving
the
purchase
of
a
security
and
a
separate
transaction
involving
a
sale.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
the
Fund
is
obligated
to
repurchase
may
decline
below
the
repurchase
price,
or
that
the
counterparty
may
default
on
its
obligations.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
26
Strategic
Beta
ETFs
|
Annual
Report
2022
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-
issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
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
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
adjustments
to
interest
income.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
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,
the
Fund
is
treated
as
a
separate
entity.
The
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,
the
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
Fund
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
27
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
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
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
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
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any;
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.25%
of
the
Fund’s
average
daily
net
assets.
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
Fund.
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.
The
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
Fund.
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
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
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
Fund
are
payable
by
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
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
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
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,
capital
loss
carryforwards
and
principal
and/or
interest
of
fixed
income
securities.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
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.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
56,146
(56,146)
-
Year
Ended
October
31,
2022
Period
Ended
October
31,
2021
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
976,236
-
976,236
-
-
-
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
depreciation
($)
118,316
-
(1,459,762)
(3,790,764)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
depreciation
($)
55,848,799
5,967
(3,796,731)
(3,790,764)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
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
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
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
Fund’s
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,
if
any,
aggregated
to
$71,964,809
and
$65,946,356,
respectively,
for
the
year
ended
October
31,
2022.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
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
$27,198,614.
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
Fund
did
not
have
in-kind
redemptions.
Note
7.
Line
of
credit
The
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
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2022.
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
1,446,692
13,070
1,459,762
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
to
indicate
their
credit
risk.
Lower-rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
High-yield
investments
risk
Securities
and
other
debt
instruments
held
by
the
Fund
that
are
rated
below
investment
grade
(commonly
called
"high-
yield"
or
"junk"
bonds)
and
unrated
debt
instruments
of
comparable
quality
expose
the
Fund
to
a
greater
risk
of
loss
of
principal
and
income
than
a
fund
that
invests
solely
or
primarily
in
investment
grade
debt
instruments.
In
addition,
these
investments
have
greater
price
fluctuations,
are
less
liquid
and
are
more
likely
to
experience
a
default
than
higher-
rated
debt
instruments.
High-yield
debt
instruments
are
considered
to
be
predominantly
speculative
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
prevailing
interest
rates
rise,
the
values
of
debt
instruments
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
instruments
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Higher
periods
of
inflation
could
lead
such
authorities
to
raise
interest
rates.
Increasing
interest
rates
may
negatively
affect
the
value
of
debt
securities
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
net
asset
value
per
share.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
security,
the
greater
its
sensitivity
to
changes
in
interest
rates.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
a
lack
of
marketability
of
investments
which
may
make
it
difficult
to
sell
the
investment
at
a
desirable
time
or
price.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
adversely
affect
the
liquidity
of
the
Fund’s
investments.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
investments,
or
forego
another,
more
appealing
investment
opportunity.
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
A
less
liquid
market
can
lead
to
an
increase
in
Fund
redemptions,
which
may
negatively
impact
Fund
performance
and
net
asset
value
per
share,
including,
for
example,
if
the
Fund
is
forced
to
sell
securities
in
a
down
market.
Market
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
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
Fund’s
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
Fund’s
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
and
limited
access
to
investments
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Fund
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Fund’s
ability
to
achieve
its
investment
objective.
Any
such
events
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
Mortgage-
and
other
asset-backed
securities
risk
The
value
of
any
mortgage-backed
and
other
asset-backed
securities
including
collateralized
debt
obligations,
if
any,
held
by
the
Fund
may
be
affected
by,
among
other
things,
changes
or
perceived
changes
in:
interest
rates;
factors
concerning
the
interests
in
and
structure
of
the
issuer
or
the
originator
of
the
mortgages
or
other
assets;
the
creditworthiness
of
the
entities
that
provide
any
supporting
letters
of
credit,
surety
bonds
or
other
credit
enhancements;
or
the
market’s
assessment
of
the
quality
of
underlying
assets.
Payment
of
principal
and
interest
on
some
mortgage-backed
securities
(but
not
the
market
value
of
the
securities
themselves)
may
be
guaranteed
by
the
full
faith
and
credit
of
a
particular
U.S.
Government
agency,
authority,
enterprise
or
instrumentality,
and
some,
but
not
all,
are
also
insured
or
guaranteed
by
the
U.S.
Government.
Mortgage-backed
securities
issued
by
non-governmental
issuers
(such
as
commercial
banks,
savings
and
loan
institutions,
private
mortgage
insurance
companies,
mortgage
bankers
and
other
secondary
market
issuers)
may
entail
greater
risk
than
obligations
guaranteed
by
the
U.S.
Government.
Mortgage-
and
other
asset-backed
securities
are
subject
to
liquidity
risk
and
prepayment
risk.
A
decline
or
flattening
of
housing
values
may
cause
delinquencies
in
mortgages
(especially
sub-prime
or
non-prime
mortgages)
underlying
mortgage-backed
securities
and
thereby
adversely
affect
the
ability
of
the
mortgage-backed
securities
issuer
to
make
principal
and/or
interest
payments
to
mortgage-
backed
securities
holders,
including
the
Fund.
Rising
or
high
interest
rates
tend
to
extend
the
duration
of
mortgage-
and
other
asset-backed
securities,
making
their
prices
more
volatile
and
more
sensitive
to
changes
in
interest
rates.
Non-diversification
risk
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
tracking
index.
The
Fund
invests
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
Fund
does
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
the
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
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
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
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
Fund.
Strategic
Beta
ETFs
|
Annual
Report
2022
33
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Short
Duration
Bond
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Short
Duration
Bond
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2022,
the
related
statement
of
operations
for
the
year
ended
October
31,
2022
and
the
statement
of
changes
in
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2022
and
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021,
including
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2022,
the
results
of
its
operations
for
the
year
ended
October
31,
2022,
and
the
changes
in
its
net
assets
and
the
financial
highlights
for
the
year
ended
October
31,
2022
and
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
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
Fund
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,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/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.
TRUSTEES
AND
OFFICERS
(Unaudited)
34
Strategic
Beta
ETFs
|
Annual
Report
2022
The
Board
oversees
the
Fund's
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
Fund's
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
176
Former
Chairman
of
the
Board,
NICSA
(National
Investment
Company
Services
Association)
(Executive
Committee,
Nominating
Committee
and
Governance
Committee),
2014-2016;
former
Director,
Intech
Investment
Management,
2011-2016;
former
Board
Member,
Metro
Denver
Chamber
of
Commerce,
2015-2016;
former
Advisory
Board
Member,
University
of
Colorado
Business
School,
2015-2018
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
Attorney,
specializing
in
arbitration
and
mediation;
Chief
Justice,
Minnesota
Supreme
Court,
1998-2006;
Associate
Justice,
Minnesota
Supreme
Court,
1996-1998;
Fourth
Judicial
District
Court
Judge,
Hennepin
County,
1994-1996;
Attorney
in
private
practice
and
public
service,
1984-1993;
State
Representative,
Minnesota
House
of
Representatives,
1979-1993,
which
included
service
on
the
Tax
and
Financial
Institutions
and
Insurance
Committees;
Member
and
Interim
Chair,
Minnesota
Sports
Facilities
Authority,
January
-
July
2017;
Interim
President
and
Chief
Executive
Officer,
Blue
Cross
and
Blue
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
176
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee,  2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
35
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)
36
Strategic
Beta
ETFs
|
Annual
Report
2022
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
Trustee
Professor
of
Economics
and
Management,
Bentley
University
since
1976
(also
teaches
and
conducts
research
on
corporate
governance);
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
former
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
176
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
176
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
37
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)
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
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
176
Director,
Blue
Cross
Blue
Shield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
Chair
of
the
Duke
Endowment;
Chair
of
Greenville
Spartanburg
Airport
Commission;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2003-2011;
former
Director,
Piedmont
Natural
Gas,
2004-2016;
former
Director,
National
Association
of
Corporate
Directors,
Carolinas
Chapter,
2013-2018;
Chair
of
Daniel-Mickel
Foundation
since
1998
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management,
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008-January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
39
*
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.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
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
41
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
Fund's
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)
42
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
43
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
Short
Duration
Bond
ETF
(the
Fund).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Fund
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Fund's
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
Fund
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Fund
by
Broadridge,
as
well
as
performance
relative
to
benchmarks;
Information
on
the
Fund’s
management
fees
and
total
expenses,
including
information
comparing
the
Fund’s
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
Fund.
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)
44
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
Fund,
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
Fund
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
Fund
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
Fund,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
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
the
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
Fund’s
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
Fund
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
45
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Fund’s
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
the
Fund's
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
approximated
the
peer
universe's
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Fund,
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
Fund.
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
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
Fund
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
Fund
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.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN314_10_M01_(12/22)
CET001679
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