Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
Semiannual
Report
April
30,
2022
(Unaudited)
Columbia
Multi-Sector
Municipal
Income
ETF
Strategic
Beta
ETFs
|
Semiannual
Report
2022
TABLE
OF
CONTENTS
Fund
at
a
Glance
3
Understanding
Your
Fund’s
Expenses
5
Portfolio
of
Investments
6
Statement
of
Assets
and
Liabilities
19
Statement
of
Operations
20
Statement
of
Changes
in
Net
Assets
21
Financial
Highlights
22
Notes
to
Financial
Statements
23
Liquidity
Risk
Management
Program
30
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,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
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
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2022
3
Portfolio
management
Catherine
Stienstra
Lead
Portfolio
Manager
Managed
Fund
since
2018
Douglas
Rangel,
CFA
Portfolio
Manager
Managed
Fund
since
June
2022
William
(Bill)
Callagy
Portfolio
Manager
Managed
Fund
since
June
2022
Anders
Myhran,
CFA*
Portfolio
Manager
Managed
Fund
since
2018
*
Anders
Myhran
has
announced
that
he
plans
to
retire
from
the
Investment
Manager
effective
September
30,
2022.
Until
then,
Mr.
Myhran
will
continue
to
serve
as
Portfolio
Manager
of
the
Fund.
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Multi-Sector
Municipal
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
is
a
rules-based
multi-sector
strategic
beta
approach
to
measuring
the
performance
of
the
U.S.
tax-exempt
bond
market
which
is
composed
of
bonds
issued
by
or
on
behalf
of
state
or
local
governments
whose
interest
is
exempt
from
regular
federal
income
tax
(but
may
be
subject
to
the
alternative
minimum
tax),
through
representation
of
five
segments
of
the
municipal
debt
market
in
the
Index,
with
a
focus
on
yield,
quality,
maturity,
liquidity,
and
interest
rate
sensitivity
of
the
particular
segment.
The
Index
includes
publicly
issued
U.S.
dollar
denominated,
fixed
rate
municipal
bonds.
California
bonds,
Guam
bonds,
Puerto
Rico
bonds,
U.S.
Virgin
Island
bonds,
other
U.S.
territories,
commonwealths
and
possessions,
pre-refunded
bonds,
insured
bonds,
floaters,
callable
bonds
with
less
than
1
year
to
call,
tobacco
bonds,
and
derivatives
are
all
excluded
from
the
Index.
The
five
fixed
segments
with
their
respective
weightings
are
as
follows:
Municipal
Core
Revenue
Segment
(45%);
Municipal
Health
Care
Segment
(20%);
Municipal
High-Quality
Revenue
Segment
(15%);
The
Municipal
Core
General
Obligation
Segment
(10%);
and
the
Municipal
High
Yield
Segment
(10%).
Each
sector
of
the
Index
is
constructed
with
rules
specific
to
the
segment
to
provide
a
better
balance
of
quality,
yield
and
liquidity.
The
rules
for
each
segment
can
be
found
in
the
Fund’s
prospectus.
It
is
not
possible
to
invest
directly
in
an
index.
The
Bloomberg
Municipal
Bond
Index
is
an
unmanaged
index
considered
representative
of
the
broad
market
for
investment-grade,
tax-exempt
bonds
with
a
maturity
of
at
least
one
year.
Effective
August
24,
2021,
the
Bloomberg
Barclays
Municipal
Bond
Index
was
re-branded
as
the
Bloomberg
Municipal
Bond
Index.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2022)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
10/10/18
-8.50
-8.44
2.62
Net
Asset
Value
10/10/18
-8.35
-8.16
2.58
{
Beta
Advantage®
}
Multi-Sector
Municipal
Bond
Index
-8.13
-7.94
2.46
Bloomberg
Municipal
Bond
Index
-7.90
-7.88
1.98
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Semiannual
Report
2022
Quality
breakdown
(%)
(at
April
30,
2022)
AAA
rating
7.8
AA
rating
34.9
A
rating
36.8
BBB
rating
12.7
BB
rating
6.6
B
rating
1.1
CC
rating
0.0
(a)
Not
rated
0.1
Total
100.0
(a)
Rounds
to
zero.
Percentages
indicated
are
based
upon
total
fixed
income
investments.
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
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.
Top
ten
states/territories
(%)
(at
April
30,
2022)
New
York
16
.7
New
Jersey
10
.2
Illinois
9
.4
Texas
8
.6
Pennsylvania
6
.7
Florida
6
.0
Ohio
4
.0
Connecticut
3
.8
Massachusetts
3
.4
Colorado
3
.2
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2022
5
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
April
30,
2022.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
November
1,
2021—
April
30,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Multi-Sector
Municipal
Income
ETF
1,000.00
1,000.00
916.50
1,023.65
1.09
1.15
0.23
PORTFOLIO
OF
INVESTMENTS
April
30,
2022
(Unaudited)
(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.
6
Strategic
Beta
ETFs
|
Semiannual
Report
2022
Municipal
Bonds
98
.2
%
Issue
Description
Principal
Amount
($)
Value
($)
Alabama
0.7%
County
of
Jefferson
AL
Sewer
Revenue,
Series
E
Revenue
Bonds
0.000%,
10/01/33
(a)
250,000‌
116,131‌
0.000%,
10/01/34
(a)
225,000‌
96,273‌
Health
Care
Authority
of
The
City
of
Huntsville
(The)
Series
B1
Revenue
Bonds
5.000%,
06/01/38
525,000‌
570,976‌
UAB
Medicine
Finance
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/35
235,000‌
250,151‌
4.000%,
09/01/36
275,000‌
279,570‌
Total
Alabama
1,313,101‌
Alaska
0.1%
Borough
of
Matanuska-Susitna
Revenue
Bonds
5.000%,
09/01/32
100,000‌
105,866‌
Arizona
1.1%
Arizona
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
12/01/39
470,000‌
485,238‌
Arizona
Industrial
Development
Authority
Series
A
Revenue
Bonds
3.000%,
02/01/45
110,000‌
85,357‌
City
of
Mesa
AZ
Utility
System
Revenue
Revenue
Bonds
3.250%,
07/01/29
150,000‌
150,660‌
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
Bonds
4.000%
07/01/28,
Series
B
150,000‌
154,855‌
5.000%
07/01/36,
Series
D
215,000‌
230,332‌
Maricopa
County
Industrial
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
01/01/35
205,000‌
218,343‌
4.000%,
01/01/38
220,000‌
220,872‌
Maricopa
County
Special
Health
Care
District
Series
C
5.000%,
07/01/31
510,000‌
563,544‌
Total
Arizona
2,109,201‌
California
0.1%
Department
of
Veterans
Affairs
Veteran's
Farm
&
Home
Purchase
Program
Series
A
Revenue
Bonds
2.100%,
12/01/35
150,000‌
127,949‌
Colorado
3.2%
Adams
12
Five
Star
Schools
Series
B
5.000%,
12/15/27
155,000‌
171,489‌
City
&
County
of
Denver
Revenue
Bonds
5.000%,
10/01/32
100,000‌
101,032‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
&
County
of
Denver
CO
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
12/01/26
270,000‌
290,382‌
5.000%,
12/01/27
160,000‌
173,389‌
5.000%,
11/15/29
325,000‌
353,710‌
5.000%,
12/01/29
285,000‌
311,033‌
5.000%,
12/01/30
150,000‌
165,528‌
Colorado
Health
Facilities
Authority
Revenue
Bonds
5.000%
08/01/35,
Series
A-2
200,000‌
215,927‌
4.000%
08/01/38,
Series
A-1
225,000‌
219,942‌
5.000%
11/01/39,
Series
A
180,000‌
193,231‌
5.000%
11/15/41,
Series
A
250,000‌
277,737‌
5.000%
01/01/44,
Series
A
385,000‌
392,029‌
5.000%
08/01/44,
Series
A-2
200,000‌
214,266‌
5.000%
11/01/44,
Series
A
700,000‌
748,083‌
Colorado
Housing
and
Finance
Authority
Series
L
Revenue
Bonds
1.650%,
05/01/29
250,000‌
225,260‌
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(a)
140,000‌
88,035‌
Regional
Transportation
District
Revenue
Bonds
5.000%,
06/01/26
260,000‌
276,808‌
5.000%,
06/01/27
165,000‌
176,070‌
State
of
Colorado
Revenue
Bonds
4.000%
03/15/30,
Series
L
250,000‌
264,256‌
5.000%
12/15/33,
Series
A
150,000‌
170,391‌
4.000%
12/15/36,
Series
A
500,000‌
520,171‌
3.000%
12/15/37,
Series
A
250,000‌
229,323‌
Total
Colorado
5,778,092‌
Connecticut
3.7%
Connecticut
Housing
Finance
Authority
Revenue
Bonds
2.875%
11/15/30,
Series
A-1
175,000‌
168,385‌
2.000%
11/15/36,
Series
B-3
250,000‌
199,710‌
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
A
320,000‌
351,917‌
5.000%
07/01/33,
Series
A
235,000‌
257,373‌
5.000%
07/01/35,
Series
A
265,000‌
288,139‌
4.000%
07/01/38,
Series
A
200,000‌
200,417‌
3.000%
07/01/39,
Series
A
345,000‌
295,119‌
5.000%
12/01/45
275,000‌
288,672‌
State
of
Connecticut
Clean
Water
Fund
-
State
Revolving
Fund
Series
A
Revenue
Bonds
5.000%,
03/01/27
225,000‌
239,622‌
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%
08/01/28,
Series
A
450,000‌
483,640‌
5.000%
01/01/29,
Series
A
340,000‌
379,305‌
5.000%
09/01/30,
Series
A
135,000‌
147,084‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2022
7
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
10/01/31,
Series
B
125,000‌
139,032‌
5.000%
01/01/33,
Series
A
260,000‌
285,259‌
5.000%
05/01/33,
Series
A
465,000‌
530,940‌
5.000%
08/01/34,
Series
A
345,000‌
366,015‌
5.000%
09/01/34,
Series
A
175,000‌
183,249‌
5.000%
05/01/35,
Series
A
450,000‌
512,249‌
4.000%
05/01/36,
Series
A
535,000‌
556,783‌
5.000%
11/01/36,
Series
D
750,000‌
855,904‌
Total
Connecticut
6,728,814‌
Delaware
0.3%
Delaware
State
Health
Facilities
Authority,
Series
A
Revenue
Bonds
4.000%,
07/01/40
200,000‌
200,255‌
5.000%,
10/01/40
215,000‌
240,029‌
5.000%,
10/01/45
125,000‌
137,885‌
Total
Delaware
578,169‌
District
of
Columbia
2.1%
District
of
Columbia
Revenue
Bonds
5.000%,
04/01/33
370,000‌
397,529‌
5.000%,
04/01/36
450,000‌
479,121‌
4.000%,
07/15/40
130,000‌
131,107‌
5.000%,
07/15/40
140,000‌
147,685‌
District
of
Columbia
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/29
250,000‌
272,752‌
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/29,
Series
A
125,000‌
130,607‌
5.000%
10/01/30
200,000‌
215,181‌
5.000%
10/01/30,
Series
A
750,000‌
829,000‌
5.000%
10/01/32,
Series
A
350,000‌
388,004‌
5.000%
10/01/33,
Series
A
450,000‌
495,965‌
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%
10/01/30,
Series
B
(a)
130,000‌
95,476‌
0.000%
10/01/37,
Series
A
(a)
500,000‌
242,650‌
Total
District
of
Columbia
3,825,077‌
Florida
5.9%
Alachua
County
Health
Facilities
Authority
Series
B-1
Revenue
Bonds
5.000%,
12/01/34
150,000‌
164,531‌
Brevard
County
Health
Facilities
Authority
Revenue
Bonds
4.000%,
04/01/36
140,000‌
140,379‌
Capital
Trust
Agency,
Inc.
Series
A
Revenue
Bonds
5.250%,
12/01/43
(b)
150,000‌
159,876‌
Central
Florida
Expressway
Authority
Series
D
Revenue
Bonds
5.000%,
07/01/34
645,000‌
739,390‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Gainesville
FL
Utilities
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
10/01/28
125,000‌
139,015‌
5.000%,
10/01/31
225,000‌
248,280‌
5.000%,
10/01/32
125,000‌
137,638‌
City
of
Port
St
Lucie
FL
Utility
System
Revenue
Revenue
Bonds
5.000%,
09/01/29
285,000‌
310,461‌
4.000%,
09/01/30
250,000‌
260,242‌
City
of
Tampa,
Series
B
Revenue
Bonds
4.000%,
07/01/38
175,000‌
178,671‌
4.000%,
07/01/39
500,000‌
510,567‌
County
of
Miami-Dade
FL
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/32
205,000‌
212,395‌
5.000%
10/01/32,
Series
A
250,000‌
258,183‌
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
Revenue
Bonds
5.000%
10/01/25
315,000‌
338,634‌
5.000%
10/01/30,
Series
B
250,000‌
268,026‌
Escambia
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
08/15/45
250,000‌
238,406‌
Florida
Development
Finance
Corp.
Revenue
Bonds
4.000%
11/15/34
200,000‌
208,559‌
4.000%
06/01/36,
Series
A
(b)
400,000‌
367,136‌
4.000%
06/01/41,
Series
A
(b)
200,000‌
174,849‌
Greater
Orlando
Aviation
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/26
260,000‌
282,543‌
5.000%,
10/01/27
255,000‌
281,353‌
4.000%,
10/01/35
275,000‌
279,232‌
Hillsborough
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
4.000%,
10/01/43
165,000‌
162,500‌
Hillsborough
County
School
Board
Revenue
Bonds
5.000%,
07/01/29
150,000‌
167,112‌
JEA
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
555,000‌
616,813‌
North
Broward
Hospital
District
Series
B
Revenue
Bonds
5.000%,
01/01/35
200,000‌
215,749‌
Orange
County
Health
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/37
100,000‌
105,710‌
5.000%,
10/01/39
100,000‌
105,731‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Strategic
Beta
ETFs
|
Semiannual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Palm
Beach
County
School
District
Revenue
Bonds
5.000%
08/01/27,
Series
D
350,000‌
375,048‌
5.000%
08/01/28,
Series
B
360,000‌
401,477‌
5.000%
08/01/30,
Series
D
685,000‌
731,825‌
School
Board
of
Miami-Dade
County
(The)
Revenue
Bonds
5.000%
05/01/28,
Series
B
670,000‌
712,303‌
5.000%
05/01/30,
Series
A
195,000‌
206,326‌
5.000%
11/01/31,
Series
D
145,000‌
152,286‌
5.000%
05/01/32,
Series
A
135,000‌
142,475‌
School
District
of
Broward
County
Series
A
Revenue
Bonds
5.000%,
07/01/34
250,000‌
283,263‌
South
Broward
Hospital
District
Series
A
Revenue
Bonds
3.500%,
05/01/39
200,000‌
183,335‌
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000‌
160,398‌
Volusia
County
School
Board
Series
B
Revenue
Bonds
5.000%,
08/01/30
200,000‌
210,439‌
Total
Florida
10,831,156‌
Georgia
2.6%
Brookhaven
Development
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/44
490,000‌
492,620‌
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Series
C
Revenue
Bonds
5.000%,
07/01/36
200,000‌
220,265‌
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.000%,
11/01/27
190,000‌
203,650‌
5.750%,
11/01/29
200,000‌
240,994‌
Gainesville
&
Hall
County
Hospital
Authority,
Series
A
Revenue
Bonds
5.000%,
02/15/36
500,000‌
545,523‌
5.000%,
02/15/42
805,000‌
873,800‌
George
L
Smith
II
Congress
Center
Authority
Series
A
Revenue
Bonds
2.375%,
01/01/31
200,000‌
176,705‌
Gwinnett
County
School
District
5.000%,
02/01/27
200,000‌
213,583‌
Municipal
Electric
Authority
of
Georgia
Series
A
Revenue
Bonds
5.000%,
01/01/28
200,000‌
216,035‌
State
of
Georgia
4.000%
02/01/26,
Series
A-2
215,000‌
221,378‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
02/01/27,
Series
A
200,000‌
218,323‌
5.000%
02/01/28,
Series
A-2
500,000‌
555,770‌
5.000%
07/01/28,
Series
F
460,000‌
510,469‌
Total
Georgia
4,689,115‌
Hawaii
0.9%
City
&
County
of
Honolulu
Series
A
5.000%,
10/01/29
350,000‌
377,486‌
State
of
Hawaii
5.000%
01/01/26
500,000‌
543,468‌
5.000%
08/01/26,
Series
EO
200,000‌
211,168‌
5.000%
10/01/27,
Series
FH
150,000‌
164,999‌
State
of
Hawaii
Airports
System
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/33
350,000‌
378,614‌
Total
Hawaii
1,675,735‌
Idaho
0.1%
Idaho
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/44
120,000‌
122,503‌
Illinois
9.2%
Chicago
Board
of
Education
0.000%
12/01/29,
Series
A
(a)
185,000‌
134,197‌
5.000%
12/01/30,
Series
A
150,000‌
159,094‌
0.000%
12/01/31,
Series
A
(a)
355,000‌
234,336‌
0.000%
12/01/31,
Series
B-1
(a)
220,000‌
145,222‌
5.000%
12/01/33,
Series
A
850,000‌
895,389‌
5.000%
12/01/34,
Series
A
350,000‌
367,796‌
5.250%
12/01/35,
Series
C
130,000‌
134,146‌
4.000%
12/01/36,
Series
B
1,200,000‌
1,115,697‌
5.000%
12/01/38,
Series
A
400,000‌
419,780‌
5.250%
12/01/39,
Series
C
235,000‌
243,247‌
5.000%
12/01/41,
Series
A
250,000‌
261,175‌
5.000%
12/01/42,
Series
A
200,000‌
202,224‌
Chicago
Housing
Authority
Series
A
Revenue
Bonds
5.000%,
01/01/32
180,000‌
193,999‌
Chicago
Midway
International
Airport
Series
A
Revenue
Bonds
5.000%,
01/01/30
500,000‌
515,710‌
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.000%
01/01/28,
Series
B
555,000‌
584,654‌
5.000%
01/01/31,
Series
B
450,000‌
470,502‌
5.000%
01/01/33,
Series
A
550,000‌
568,557‌
5.000%
01/01/33,
Series
B
330,000‌
353,005‌
5.000%
01/01/34,
Series
B
675,000‌
719,446‌
5.000%
01/01/34,
Series
C
500,000‌
526,852‌
5.000%
01/01/35,
Series
B
350,000‌
368,828‌
City
of
Chicago
0.000%
01/01/31,
Series
C
(a)
320,000‌
227,838‌
4.000%
01/01/34,
Series
B
188,000‌
181,897‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2022
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2022
9
Municipal
Bonds
(continued)
Issue
Description
Principal