Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
STRATEGIC
BETA
ETFs
Annual
Report
October
31,
2022
Columbia
Multi-Sector
Municipal
Income
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
23
Statement
of
Operations
24
Statement
of
Changes
in
Net
Assets
25
Financial
Highlights
26
Notes
to
Financial
Statements
27
Report
of
Independent
Registered
Public
Accounting
Firm
34
Federal
Income
Tax
Information
35
Trustees
and
Officers
36
Approval
of
Investment
Management
Services
Agreement
45
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
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
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
(Unaudited)
Strategic
Beta
ETFs
|
Annual
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
Investment
objective
Columbia
Multi-Sector
Municipal
Income
ETF
(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.
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
10/10/18
-12.40
1.20
Net
Asset
Value
10/10/18
-12.17
1.19
{
Beta
Advantage®
}
Multi-Sector
Municipal
Bond
Index
-12.18
1.03
Bloomberg
Municipal
Bond
Index
-11.98
0.61
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(October
10,
2018
—
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
8.5
AA
rating
36.7
A
rating
41.3
BBB
rating
5.3
BB
rating
6.8
B
rating
1.3
CCC
rating
0.1
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
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)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
5
Top
ten
states/territories
(%)
(at
October
31,
2022)
New
York
17
.2
Texas
9
.4
New
Jersey
9
.0
Illinois
9
.0
Pennsylvania
6
.3
Florida
5
.9
Colorado
4
.2
Connecticut
3
.8
Ohio
3
.1
Massachusetts
3
.0
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.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2022
For
the
12-month
period
that
ended
October
31,
2022,
Columbia
Multi-Sector
Municipal
Income
ETF
returned
-12.17%
based
on
net
asset
value
(NAV)
and
-12.40%
based
on
market
price.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
-12.18%
during
the
same
period.
To
compare,
the
Bloomberg
Municipal
Bond
Index
returned
-11.98%
for
the
same
period.
The
Fund
had
a
NAV
of
$22.30
on
October
31,
2021
and
ended
the
annual
period
on
October
31,
2022
with
a
NAV
of
$19.27.
The
Fund’s
market
price
on
October
31,
2022
was
$19.28
per
share.
Market
overview
During
the
annual
period,
rising
interest
rates
were
the
primary
driver
of
fixed
income
market
performance
overall,
including
the
municipal
bond
market.
With
inflation
near
multi-decade
highs,
the
U.S.
Federal
Reserve
(Fed)
kicked
off
its
interest
rate
hiking
program
in
March
2022
and
then
raised
interest
rates
four
more
times
—
for
a
total
of
300
basis
points
—
by
the
end
of
October.
(A
basis
point
is
1/100th
of
a
percentage
point.)
In
addition,
the
Fed
began
tapering
its
asset
purchases
in
an
effort
to
reduce
the
size
of
its
balance
sheet.
This
Fed
activity,
combined
with
supply-chain
constraints,
elevated
food
and
fuel
prices,
war
in
Ukraine
and
lingering
COVID-19
concerns,
pressured
both
fixed-income
and
equity
markets,
resulting
in
some
of
the
worst
performance
in
decades.
Municipal
bond
yields
followed
the
upward
march
of
U.S.
Treasury
yields
during
the
annual
period,
closing
October
2022
significantly
higher
across
the
yield
curve,
or
spectrum
of
maturities.
Municipal
bond
yields
rose
more
at
the
short-term
end
of
the
yield
curve,
but
longer
maturity
bonds
underperformed
their
shorter
term
counterparts,
given
their
longer
duration.
Also,
lower
credit
quality
segments
were
weaker,
with
AAA-rated
municipal
bonds
returning
-11.24%
for
the
annual
period
as
compared
to
-15.30%
and
-16.45%
for
BBB-rated
municipal
bonds
and
high-yield
municipal
bonds,
respectively.
(Remember,
there
is
an
inverse
relationship
between
bond
prices
and
yield
movements,
so
that
bond
prices
fall
when
yields
increase
and
vice
versa.)
Higher
yields,
followed
by
negative
total
returns,
caused
investors
to
flee
the
municipal
bond
sector
at
a
record
pace.
Despite
the
negative
returns,
there
were
several
notable
bright
spots
during
the
period.
First,
fundamental
credit
health
across
much
of
the
municipal
bond
market
remained
strong.
Upgrades
outpaced
downgrades
during
the
period,
and
most
issuers
benefited
from
better
than
consensus
expected
revenues
and
tax
collections
and
substantial
post-
COVID-19
federal
aid.
Second,
municipal
bond
exchange-traded
funds
(ETFs)
bucked
the
mutual
fund
outflow
trend
and
experienced
inflows,
using
those
monies
to
take
advantage
of
higher
absolute
yield
levels
and
more
inexpensive
offerings.
Finally,
while
absolute
returns
disappointed,
municipal
bonds,
as
measured
by
the
Bloomberg
Municipal
Bond
Index,
was
one
of
the
best-performing
sectors
in
the
U.S.
fixed-income
market
during
the
period,
outperforming
U.S.
Treasuries,
investment-grade
corporate
bonds
and
securitized
sectors.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
state
general
obligation
(GO),
water
and
sewer,
transportation
and
local
GO
sectors
saw
the
least
negative
total
returns
and,
therefore,
contributed
most
positively
to
the
Index’s
results
on
a
relative
basis
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
industrial
development
revenue/pollution
control
revenue
(IDR/PCR),
hospitals
and
special
tax
sectors
saw
the
most
negative
total
returns,
detracting
most
from
the
Index’s
results
on
a
relative
basis
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
Fixed-income
securities
present
credit
risk,
which
includes
issuer
default
risk.
The
Fund
is
subject
to
municipal
securities
risk,
which
includes
the
risk
that
the
value
of
such
securities
may
be
affected
by
state
tax,
legislative,
regulatory,
demographic
or
political
conditions/factors,
as
well
as
a
state’s
financial,
economic
or
other
conditions/factors.
The
Fund
may
invest
materially
in
a
single
issuer
and,
therefore,
be
more
exposed
to
the
risk
of
loss
than
a
fund
that
invests
more
broadly.
Prepayment
and
extension
risk
exists
because
the
timing
of
payments
on
a
loan,
bond
or
other
investment
may
accelerate
when
interest
rates
fall
or
decelerate
when
interest
rates
rise
which
may
reduce
investment
opportunities
and
potential
returns.
A
rise
in
interest
rates
may
result
in
a
price
decline
of
fixed-income
instruments
held
by
the
Fund,
negatively
impacting
its
performance
and
NAV.
Falling
rates
may
result
in
the
Fund
investing
in
lower
yielding
debt
instruments,
lowering
the
Fund’s
income
and
yield.
These
risks
may
be
heightened
for
longer
maturity
and
duration
securities.
Non-investment-grade
(high-yield
or
junk)
securities
present
greater
price
volatility
and
more
risk
to
principal
and
income
than
higher
rated
securities.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund’s
use
of
a
“representative
sampling”
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
7
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.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
and,
correspondingly,
the
Fund
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
asset
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
The
Fund’s
portfolio
turnover,
as
it
seeks
to
track
its
index,
may
cause
an
adverse
expense
impact,
decreasing
the
Fund’s
returns
relative
to
the
index,
which
does
not
bear
transaction
expenses.
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,
including
if
creation
and
redemptions
units
are
not
affected
on
an
in-kind
basis,
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.
Market
or
other
(e.g.,
interest
rate)
environments
may
adversely
affect
the
liquidity
of
fund
investments,
negatively
impacting
their
price.
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
holding,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
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
Multi-Sector
Municipal
Income
ETF
1,000.00
1,000.00
958.20
1,024.05
1.14
1.17
0.23
PORTFOLIO
OF
INVESTMENTS
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
Municipal
Bonds
98
.1
%
Issue
Description
Principal
Amount
($)
Value
($)
Alabama
1.0%
County
of
Jefferson
AL
Sewer
Revenue,
Series
E
Revenue
Bonds
0.000%,
10/01/33
(a)
250,000‌
116,619‌
0.000%,
10/01/34
(a)
225,000‌
96,689‌
Health
Care
Authority
of
The
City
of
Huntsville
(The)
Series
B1
Revenue
Bonds
5.000%,
06/01/38
525,000‌
534,984‌
Sumter
County
Industrial
Development
Authority
(Mandatory
Put
07/15/32)
Revenue
Bonds
6.000%,
07/15/52
750,000‌
677,155‌
UAB
Medicine
Finance
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/35
235,000‌
239,410‌
4.000%,
09/01/36
525,000‌
480,759‌
Total
Alabama
2,145,616‌
Alaska
0.0%
Borough
of
Matanuska-Susitna
Revenue
Bonds
5.000%,
09/01/32
100,000‌
102,553‌
Arizona
1.7%
Arizona
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
12/01/39
470,000‌
466,986‌
Arizona
Industrial
Development
Authority
Series
A
Revenue
Bonds
3.000%,
02/01/45
110,000‌
74,874‌
City
of
Mesa
AZ
Utility
System
Revenue
Revenue
Bonds
3.250%,
07/01/29
150,000‌
144,145‌
City
of
Phoenix
Civic
Improvement
Corp.
Revenue
Bonds
5.000%
07/01/25,
Series
B
500,000‌
513,741‌
4.000%
07/01/28,
Series
B
150,000‌
151,115‌
5.000%
07/01/36,
Series
D
1,000,000‌
1,018,471‌
Maricopa
County
Industrial
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
01/01/35
315,000‌
322,278‌
4.000%,
01/01/38
720,000‌
647,376‌
Maricopa
County
Special
Health
Care
District
Series
C
5.000%,
07/01/31
510,000‌
542,749‌
Total
Arizona
3,881,735‌
California
0.1%
Department
of
Veterans
Affairs
Veteran's
Farm
&
Home
Purchase
Program
Series
A
Revenue
Bonds
2.100%,
12/01/35
150,000‌
110,450‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Colorado
4.1%
Adams
12
Five
Star
Schools
Series
B
5.000%,
12/15/27
155,000‌
164,713‌
City
&
County
of
Denver
Revenue
Bonds
5.000%,
10/01/32
100,000‌
96,573‌
City
&
County
of
Denver
CO
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
12/01/26
270,000‌
277,694‌
5.000%,
12/01/27
160,000‌
165,452‌
5.000%,
11/15/29
325,000‌
335,616‌
5.000%,
12/01/29
555,000‌
571,978‌
5.000%,
11/15/30
670,000‌
691,251‌
5.000%,
12/01/30
150,000‌
154,225‌
Colorado
Health
Facilities
Authority
Revenue
Bonds
5.000%
08/01/35,
Series
A-2
200,000‌
200,733‌
4.000%
08/01/37,
Series
A
370,000‌
323,934‌
4.000%
08/01/38,
Series
A-1
500,000‌
431,357‌
5.000%
11/01/39,
Series
A
180,000‌
179,359‌
5.000%
11/15/41,
Series
A
250,000‌
253,960‌
5.000%
08/01/44,
Series
A-2
1,200,000‌
1,150,752‌
5.000%
11/01/44,
Series
A
700,000‌
671,025‌
4.000%
11/15/46,
Series
A
715,000‌
601,592‌
Colorado
Housing
and
Finance
Authority
Series
L
Revenue
Bonds
1.650%,
05/01/29
250,000‌
215,757‌
Denver
City
&
County
School
District
No
1
4.000%,
12/01/31
500,000‌
504,197‌
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(a)
140,000‌
80,558‌
State
of
Colorado
Revenue
Bonds
5.000%
12/15/29,
Series
A
1,000,000‌
1,077,504‌
4.000%
03/15/30,
Series
L
250,000‌
253,113‌
5.000%
12/15/33,
Series
A
150,000‌
161,343‌
4.000%
12/15/36,
Series
A
500,000‌
468,907‌
3.000%
12/15/37,
Series
A
250,000‌
196,607‌
Total
Colorado
9,228,200‌
Connecticut
3.8%
Connecticut
Housing
Finance
Authority
Revenue
Bonds
2.875%
11/15/30,
Series
A-1
175,000‌
160,106‌
2.000%
11/15/36,
Series
B-3
250,000‌
176,701‌
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
A
320,000‌
328,572‌
5.000%
07/01/33,
Series
A
235,000‌
241,014‌
5.000%
07/01/35,
Series
A
265,000‌
268,132‌
4.000%
07/01/38,
Series
A
200,000‌
167,163‌
3.000%
07/01/39,
Series
A
345,000‌
244,347‌
5.000%
12/01/45
775,000‌
742,866‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
State
of
Connecticut
Clean
Water
Fund
-
State
Revolving
Fund
Series
A
Revenue
Bonds
5.000%,
03/01/27
225,000‌
233,606‌
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%
08/01/28,
Series
A
450,000‌
469,206‌
5.000%
01/01/29,
Series
A
340,000‌
364,336‌
5.000%
09/01/30,
Series
A
325,000‌
341,521‌
5.000%
10/01/31,
Series
B
125,000‌
133,192‌
5.000%
01/01/33,
Series
A
260,000‌
273,994‌
5.000%
05/01/33,
Series
A
465,000‌
502,378‌
5.000%
08/01/34,
Series
A
345,000‌
353,949‌
5.000%
05/01/35,
Series
A
450,000‌
480,208‌
4.000%
05/01/36,
Series
A
745,000‌
706,262‌
4.000%
09/01/36,
Series
A
750,000‌
717,655‌
5.000%
11/01/36,
Series
D
750,000‌
795,715‌
4.000%
05/01/37,
Series
A
750,000‌
709,130‌
Total
Connecticut
8,410,053‌
Delaware
0.6%
Delaware
State
Health
Facilities
Authority,
Series
A
Revenue
Bonds
4.000%,
07/01/40
600,000‌
531,636‌
5.000%,
10/01/40
715,000‌
732,075‌
5.000%,
10/01/45
125,000‌
125,697‌
Total
Delaware
1,389,408‌
District
of
Columbia
2.0%
District
of
Columbia
Revenue
Bonds
5.000%,
04/01/33
470,000‌
479,146‌
5.000%,
04/01/36
450,000‌
453,364‌
4.000%,
07/15/40
130,000‌
113,810‌
5.000%,
07/15/40
140,000‌
138,790‌
District
of
Columbia
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/29
250,000‌
263,109‌
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/29,
Series
A
875,000‌
905,822‌
5.000%
10/01/30
200,000‌
204,659‌
5.000%
10/01/30,
Series
A
750,000‌
776,100‌
5.000%
10/01/32,
Series
A
350,000‌
357,788‌
5.000%
10/01/33,
Series
A
450,000‌
458,121‌
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%
10/01/30,
Series
B
(a)
130,000‌
92,162‌
0.000%
10/01/37,
Series
A
(a)
500,000‌
224,105‌
Total
District
of
Columbia
4,466,976‌
Florida
5.8%
Alachua
County
Health
Facilities
Authority
Series
B-1
Revenue
Bonds
5.000%,
12/01/34
150,000‌
151,321‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Brevard
County
Health
Facilities
Authority
Revenue
Bonds
4.000%
04/01/36
140,000‌
126,160‌
5.000%
04/01/42,
Series
A
350,000‌
341,341‌
Capital
Trust
Agency,
Inc.
Series
A
Revenue
Bonds
5.250%,
12/01/43
(b)
150,000‌
138,291‌
Central
Florida
Expressway
Authority
Series
D
Revenue
Bonds
5.000%,
07/01/34
645,000‌
687,026‌
City
of
Gainesville
FL
Utilities
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
10/01/28
125,000‌
132,627‌
5.000%,
10/01/31
225,000‌
235,409‌
5.000%,
10/01/32
125,000‌
130,352‌
City
of
Port
St
Lucie
FL
Utility
System
Revenue
Revenue
Bonds
5.000%,
09/01/29
285,000‌
300,747‌
4.000%,
09/01/30
250,000‌
251,969‌
City
of
Tampa,
Series
B
Revenue
Bonds
4.000%,
07/01/38
175,000‌
153,217‌
4.000%,
07/01/39
500,000‌
432,645‌
County
of
Miami-Dade
FL
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/32
205,000‌
206,437‌
5.000%
10/01/32,
Series
A
250,000‌
251,753‌
5.000%
10/01/33,
Series
A
1,000,000‌
995,730‌
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
Revenue
Bonds
5.000%
10/01/25
315,000‌
327,853‌
5.000%
10/01/30,
Series
B
250,000‌
259,624‌
Escambia
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
08/15/45
600,000‌
468,163‌
Florida
Development
Finance
Corp.
Revenue
Bonds
4.000%
11/15/34
200,000‌
184,038‌
4.000%
06/01/36,
Series
A
(b)
400,000‌
325,747‌
4.000%
06/01/41,
Series
A
(b)
200,000‌
152,950‌
Greater
Orlando
Aviation
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/26
260,000‌
268,671‌
5.000%,
10/01/27
255,000‌
264,007‌
4.000%,
10/01/35
275,000‌
251,706‌
Hillsborough
County
School
Board
Revenue
Bonds
5.000%,
07/01/29
150,000‌
158,239‌
JEA
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
555,000‌
592,551‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
11
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
North
Broward
Hospital
District
Series
B
Revenue
Bonds
5.000%,
01/01/35
200,000‌
200,091‌
Orange
County
Health
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/37
100,000‌
100,633‌
5.000%,
10/01/39
200,000‌
199,943‌
Palm
Beach
County
School
District
Revenue
Bonds
5.000%
08/01/27,
Series
D
350,000‌
361,131‌
5.000%
08/01/28,
Series
B
360,000‌
381,008‌
5.000%
08/01/30,
Series
D
685,000‌
705,190‌
School
Board
of
Miami-Dade
County
(The)
Revenue
Bonds
5.000%
05/01/28,
Series
B
670,000‌
690,614‌
5.000%
05/01/30,
Series
A
195,000‌
200,411‌
5.000%
11/01/31,
Series
D
145,000‌
148,621‌
5.000%
05/01/32,
Series
A
135,000‌
138,513‌
School
District
of
Broward
County
Revenue
Bonds
5.000%
07/01/29,
Series
B
1,000,000‌
1,029,178‌
5.000%
07/01/34,
Series
A
250,000‌
263,282‌
South
Broward
Hospital
District
Series
A
Revenue
Bonds
3.500%,
05/01/39
370,000‌
301,563‌
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000‌
154,873‌
Volusia
County
School
Board
Series
B
Revenue
Bonds
5.000%,
08/01/30
200,000‌
204,729‌
Total
Florida
12,868,354‌
Georgia
1.9%
Brookhaven
Development
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/44
490,000‌
429,968‌
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Series
C
Revenue
Bonds
5.000%,
07/01/36
200,000‌
207,985‌
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.000%,
11/01/27
190,000‌
197,800‌
5.750%,
11/01/29
200,000‌
229,448‌
Gainesville
&
Hall
County
Hospital
Authority,
Series
A
Revenue
Bonds
5.000%,
02/15/36
500,000‌
503,402‌
5.000%,
02/15/42
805,000‌
789,825‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
George
L
Smith
II
Congress
Center
Authority
Series
A
Revenue
Bonds
2.375%,
01/01/31
200,000‌
169,861‌
Municipal
Electric
Authority
of
Georgia
Series
A
Revenue
Bonds
5.000%,
01/01/28
200,000‌
204,518‌
State
of
Georgia
4.000%
02/01/26,
Series
A-2
215,000‌
217,228‌
5.000%
02/01/27,
Series
A
200,000‌
210,890‌
5.000%
02/01/28,
Series
A-2
500,000‌
534,438‌
5.000%
07/01/28,
Series
F
460,000‌
490,880‌
Total
Georgia
4,186,243‌
Hawaii
0.8%
City
&
County
of
Honolulu
Series
A
5.000%,
10/01/29
350,000‌
365,921‌
State
of
Hawaii
5.000%
01/01/26
500,000‌
525,685‌
5.000%
08/01/26,
Series
EO
200,000‌
205,800‌
5.000%
10/01/27,
Series
FH
325,000‌
344,761‌
State
of
Hawaii
Airports
System
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/33
350,000‌
354,496‌
Total
Hawaii
1,796,663‌
Idaho
0.1%
Idaho
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/44
120,000‌
116,403‌
Illinois
8.8%
Chicago
Board
of
Education
0.000%
12/01/29,
Series
A
(a)
185,000‌
131,431‌
5.000%
12/01/30,
Series
A
150,000‌
146,288‌
0.000%
12/01/31,
Series
A
(a)
355,000‌
227,680‌
0.000%
12/01/31,
Series
B-1
(a)
220,000‌
141,100‌
5.000%
12/01/33,
Series
A
850,000‌
812,188‌
5.000%
12/01/34,
Series
A
350,000‌
332,757‌
5.000%
12/01/35,
Series
A
250,000‌
233,568‌
5.250%
12/01/35,
Series
C
130,000‌
123,973‌
4.000%
12/01/36,
Series
B
1,200,000‌
991,053‌
5.000%
12/01/36,
Series
A
300,000‌
275,744‌
5.000%
12/01/37,
Series
A
100,000‌
91,196‌
5.000%
12/01/38,
Series
A
400,000‌
363,422‌
5.250%
12/01/39,
Series
C
875,000‌
809,395‌
5.000%
12/01/41,
Series
A
250,000‌
222,561‌
5.000%
12/01/42,
Series
A
200,000‌
177,003‌
4.000%
12/01/43,
Series
A
500,000‌
381,582‌
Chicago
Housing
Authority
Series
A
Revenue
Bonds
5.000%,
01/01/32
180,000‌
188,157‌
Chicago
Midway
International
Airport
Series
A
Revenue
Bonds
5.000%,
01/01/30
500,000‌
501,355‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.000%
01/01/28,
Series
B
555,000‌
570,894‌
5.000%
01/01/31,
Series
B
450,000‌
460,782‌
5.000%
01/01/33,
Series
A
550,000‌
551,237‌
5.000%
01/01/33,
Series
B
330,000‌
341,395‌
5.000%
01/01/34,
Series
A
500,000‌
499,243‌
5.000%
01/01/34,
Series
B
675,000‌
686,414‌
5.000%
01/01/34,
Series
C
500,000‌
512,128‌
5.000%
01/01/35,
Series
B
350,000‌
354,749‌
City
of
Chicago
0.000%
01/01/31,
Series
C
(a)
320,000‌
214,292‌
4.000%
01/01/34,
Series
B
188,000‌
161,728‌
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No
512
4.000%,
12/15/29
180,000‌
183,383‌
Illinois
Finance
Authority
Revenue
Bonds
4.000%
01/01/25
815,000‌
825,451‌
5.000%
01/01/27
650,000‌
679,860‌
5.000%
07/01/28
115,000‌
121,946‌
5.000%
07/01/31
140,000‌
147,734‌
5.000%
08/15/33,
Series
A
250,000‌
261,454‌
4.000%
08/15/37,
Series
A
500,000‌
451,995‌
4.125%
08/15/37,
Series
C
840,000‌
734,030‌
4.125%
11/15/37,
Series
A
235,000‌
207,488‌
4.000%
08/15/41,
Series
A
600,000‌
512,323‌
4.125%
05/01/45
170,000‌
146,952‌
Illinois
State
Toll
Highway
Authority
Revenue
Bonds
5.000%
01/01/30,
Series
B
865,000‌
939,709‌
5.000%
01/01/31,
Series
C
150,000‌
162,816‌
4.000%
12/01/31,
Series
A
320,000‌
322,464‌
5.000%
12/01/31,
Series
A
435,000‌
452,921‌
Metropolitan
Pier
&
Exposition
Authority
Revenue
Bonds
0.000%
06/15/28
(a)
100,000‌
76,556‌
0.000%
12/15/29,
Series
A
(a)
160,000‌
113,222‌
0.000%
06/15/30
(a)
370,000‌
261,099‌
0.000%
06/15/30,
Series
A
(a)
415,000‌
286,454‌
0.000%
06/15/36,
Series
A
(a)
540,000‌
263,472‌
0.000%
12/15/36,
Series
A
(a)
750,000‌
339,444‌
0.000%
12/15/41,
Series
B
(a)
280,000‌
93,445‌
5.000%
06/15/42,
Series
B
1,000,000‌
946,596‌
Northern
Illinois
Municipal
Power
Agency
Series
A
Revenue
Bonds
4.000%,
12/01/32
200,000‌
190,797‌
State
of
Illinois
4.000%
06/01/33
100,000‌
89,129‌
4.000%
03/01/39,
Series
A
200,000‌
165,347‌
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(a)
300,000‌
207,399‌
Total
Illinois
19,686,801‌
Indiana
0.4%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000‌
125,250‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Indiana
Finance
Authority
Revenue
Bonds
3.000%
11/01/30,
Series
A
150,000‌
130,297‌
4.000%
11/01/33,
Series
C
100,000‌
96,103‌
5.000%
12/01/35,
Series
A
150,000‌
153,050‌
Indiana
Municipal
Power
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/34
100,000‌
103,809‌
St
Joseph
County
Hospital
Authority
Series
C
Revenue
Bonds
4.000%,
08/15/44
240,000‌
198,363‌
Total
Indiana
806,872‌
Iowa
0.4%
Iowa
Finance
Authority
Revenue
Bonds
5.000%
08/01/31
500,000‌
535,008‌
2.250%
01/01/32,
Series
D
150,000‌
125,045‌
5.000%
05/15/43,
Series
A
160,000‌
137,038‌
Total
Iowa
797,091‌
Kansas
0.3%
University
of
Kansas
Hospital
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/47
650,000‌
630,451‌
Kentucky
0.6%
County
of
Christian
Revenue
Bonds
5.375%,
02/01/36
250,000‌
247,477‌
Louisville/Jefferson
County
Metropolitan
Government,
Series
A
Revenue
Bonds
5.000%,
10/01/30
290,000‌
296,859‌
4.000%,
10/01/35
1,000,000‌
904,373‌
Total
Kentucky
1,448,709‌
Louisiana
0.3%
East
Baton
Rouge
Sewerage
Commission
Series
A
(Mandatory
Put
02/01/28)
Revenue
Bonds
1.300%,
02/01/41
275,000‌
246,947‌
State
of
Louisiana
5.000%
08/01/25,
Series
C
220,000‌
226,406‌
5.000%
08/01/27,
Series
B
230,000‌
243,457‌
Total
Louisiana
716,810‌
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/45
500,000‌
410,245‌
Maine
State
Housing
Authority
Series
B
Revenue
Bonds
3.450%,
11/15/34
100,000‌
87,049‌
Total
Maine
497,294‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
13
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Maryland
2.8%
County
of
Frederick
Series
A
Revenue
Bonds
5.000%,
09/01/32
(b)
75,000‌
72,572‌
County
of
Howard
Series
B
5.000%,
02/15/28
225,000‌
240,219‌
County
of
Montgomery,
Series
A
5.000%,
11/01/26
150,000‌
159,525‌
5.000%,
08/01/30
300,000‌
333,136‌
County
of
Prince
George's
Series
A
4.000%,
07/15/30
150,000‌
153,294‌
Maryland
Community
Development
Administration
Revenue
Bonds
0.900%
03/01/27,
Series
B
250,000‌
218,043‌
2.200%
09/01/36,
Series
C
350,000‌
259,465‌
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%
07/01/41
165,000‌
143,090‌
5.000%
05/15/45,
Series
A
250,000‌
245,513‌
5.500%
01/01/46,
Series
A
750,000‌
734,324‌
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
100,000‌
105,445‌
Maryland
Water
Infrastructure
Financing
Administration
Revenue
Bonds
2.800%,
03/01/26
150,000‌
146,309‌
3.000%,
03/01/30
310,000‌
296,126‌
Montgomery
County
Housing
Opportunities
Commission
Series
A-2
(Mandatory
Put
01/01/25)
Revenue
Bonds
1.800%,
07/01/26
350,000‌
341,107‌
State
of
Maryland
5.000%
03/15/26,
Series
A
305,000‌
321,890‌
4.000%
06/01/27
430,000‌
434,910‌
5.000%
08/01/30,
Series
A
730,000‌
801,973‌
5.000%
03/01/31,
Series
A
245,000‌
273,471‌
5.000%
03/15/31,
Series
A
895,000‌
962,161‌
Total
Maryland
6,242,573‌
Massachusetts
2.9%
Commonwealth
of
Massachusetts
5.000%
07/01/27,
Series
A
250,000‌
267,297‌
5.000%
07/01/28,
Series
A
200,000‌
210,622‌
5.000%
03/01/29,
Series
A
150,000‌
163,292‌
5.000%
11/01/30,
Series
E
325,000‌
359,512‌
5.000%
07/01/31,
Series
B
335,000‌
352,088‌
5.000%
11/01/31,
Series
E
250,000‌
267,062‌
Massachusetts
Department
of
Transportation
Series
A
Revenue
Bonds
0.000%,
01/01/28
(a)
435,000‌
350,880‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.000%
10/01/24
400,000‌
400,067‌
5.000%
10/01/25
250,000‌
249,345‌
5.000%
07/01/34,
Series
E
110,000‌
110,579‌
5.000%
07/01/36,
Series
I
150,000‌
151,459‌
5.000%
07/01/36,
Series
K
150,000‌
152,488‌
4.000%
07/01/38,
Series
K
150,000‌
126,111‌
5.000%
10/01/38
400,000‌
365,392‌
4.000%
07/01/40
200,000‌
157,488‌
5.000%
07/01/41,
Series
I
350,000‌
340,556‌
5.000%
07/01/43,
Series
J2
850,000‌
838,436‌
5.000%
07/01/44,
Series
A
200,000‌
184,923‌
Massachusetts
Housing
Finance
Agency
Series
B-2
Revenue
Bonds
0.900%,
06/01/26
475,000‌
413,436‌
Massachusetts
Port
Authority
Series
A
Revenue
Bonds
5.000%,
07/01/36
250,000‌
253,284‌
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Revenue
Series
A
Revenue
Bonds
5.000%,
01/01/32
460,000‌
493,503‌
Massachusetts
Water
Resources
Authority
Series
C
Revenue
Bonds
5.000%,
08/01/31
300,000‌
320,325‌
Total
Massachusetts
6,528,145‌
Michigan
2.5%
City
of
Detroit
5.000%,
04/01/35
400,000‌
383,578‌
Flint
Hospital
Building
Authority
Revenue
Bonds
4.000%,
07/01/41
185,000‌
152,903‌
Great
Lakes
Water
Authority
Sewage
Disposal
System
Revenue
Series
B
Revenue
Bonds
5.000%,
07/01/29
200,000‌
214,384‌
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
Revenue
Bonds
5.000%
07/01/28,
Series
A
200,000‌
213,142‌
5.000%
07/01/31,
Series
C
650,000‌
676,874‌
Michigan
Finance
Authority
Revenue
Bonds
5.000%
10/01/29,
Series
B
275,000‌
290,866‌
5.000%
07/01/31,
Series
C-3
350,000‌
358,598‌
3.125%
12/01/35,
Series
A
100,000‌
83,733‌
5.000%
11/15/41
450,000‌
447,116‌
3.250%
11/15/42
150,000‌
110,169‌
5.000%
12/01/42,
Series
A-MI
605,000‌
597,818‌
4.000%
02/15/44,
Series
A
500,000‌
419,969‌
5.000%
11/01/44,
Series
A
1,000,000‌
977,557‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Michigan
State
Building
Authority,
Series
I
Revenue
Bonds
5.000%,
10/15/27
400,000‌
422,661‌
5.000%,
04/15/30
145,000‌
150,070‌
5.000%,
04/15/32
155,000‌
160,351‌
Total
Michigan
5,659,789‌
Minnesota
0.9%
City
of
Apple
Valley
Series
A
Revenue
Bonds
4.250%,
01/01/37
260,000‌
186,937‌
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
210,000‌
177,236‌
City
of
Minneapolis
Series
A
Revenue
Bonds
6.000%,
07/01/43
100,000‌
96,723‌
City
of
St
Cloud
Series
A
Revenue
Bonds
4.000%,
05/01/37
320,000‌
288,765‌
Duluth
Housing
&
Redevelopment
Authority
Series
A
Revenue
Bonds
5.000%,
11/01/33
100,000‌
92,331‌
Housing
&
Redevelopment
Authority
of
The
City
of
St
Paul
Minnesota
Series
A
Revenue
Bonds
5.000%,
07/01/33
975,000‌
988,188‌
Minnesota
Housing
Finance
Agency
Series
G
Revenue
Bonds
1.650%,
01/01/28
305,000‌
263,652‌
Total
Minnesota
2,093,832‌
Mississippi
0.1%
Mississippi
Home
Corp.
Series
A
Revenue
Bonds
1.950%,
06/01/32
200,000‌
160,068‌
State
of
Mississippi
Series
C
5.000%,
10/01/26
100,000‌
104,696‌
Total
Mississippi
264,764‌
Missouri
1.4%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
Bonds
4.000%
11/15/42
500,000‌
423,944‌
4.000%
07/01/46,
Series
A
600,000‌
517,711‌
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000‌
140,294‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Metropolitan
St
Louis
Sewer
District
Series
A
Revenue
Bonds
5.000%,
05/01/29
895,000‌
955,300‌
Missouri
Joint
Municipal
Electric
Utility
Commission,
Series
A
Revenue
Bonds
5.000%,
12/01/30
770,000‌
783,564‌
4.000%,
12/01/32
200,000‌
194,321‌
4.000%,
12/01/33
120,000‌
114,810‌
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000‌
93,225‌
Total
Missouri
3,223,169‌
Montana
0.1%
Montana
Facility
Finance
Authority
Series
A
Revenue
Bonds
4.000%,
01/01/37
335,000‌
311,320‌
Nebraska
0.1%
Public
Power
Generation
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/28
300,000‌
308,090‌
New
Jersey
8.9%
New
Jersey
Economic
Development
Authority
Revenue
Bonds
4.375%
06/15/27,
Series
XX
470,000‌
472,147‌
5.500%
09/01/27,
Series
N-1
120,000‌
128,241‌
4.000%
11/01/27,
Series
A
370,000‌
367,925‌
5.000%
06/15/30,
Series
B
210,000‌
217,715‌
3.125%
07/01/31,
Series
A
145,000‌
128,476‌
5.000%
06/15/32,
Series
EEE
175,000‌
178,784‌
6.000%
07/01/32,
Series
A
200,000‌
200,035‌
4.000%
06/15/34,
Series
QQQ
350,000‌
321,617‌
5.000%
06/15/34,
Series
WW
300,000‌
301,266‌
4.000%
07/01/34,
Series
A
315,000‌
287,838‌
5.000%
06/15/35,
Series
WW
270,000‌
270,465‌
5.000%
06/15/36,
Series
AAA
525,000‌
524,634‌
New
Jersey
Educational
Facilities
Authority
Revenue
Bonds
5.000%,
06/15/28
135,000‌
137,224‌
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
Bonds
4.000%
07/01/32,
Series
A
225,000‌
222,551‌
5.000%
10/01/36
1,000,000‌
993,402‌
New
Jersey
Housing
&
Mortgage
Finance
Agency
Revenue
Bonds
4.000%
04/01/24,
Series
D
265,000‌
264,726‌
4.000%
04/01/25,
Series
D
225,000‌
222,471‌
4.250%
10/01/37,
Series
I
500,000‌
464,171‌
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%
12/15/25,
Series
C
(a)
180,000‌
158,091‌
0.000%
12/15/26,
Series
C
(a)
210,000‌
176,386‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
15
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
06/15/27,
Series
A-1
385,000‌
398,316‌
0.000%
12/15/27,
Series
A
(a)
300,000‌
239,967‌
0.000%
12/15/27,
Series
C
(a)
350,000‌
281,331‌
5.000%
06/15/28,
Series
A-1
240,000‌
247,354‌
0.000%
12/15/28,
Series
A
(a)
335,000‌
254,865‌
5.000%
06/15/29,
Series
BB-1
245,000‌
253,272‌
0.000%
12/15/29,
Series
A
(a)
850,000‌
612,830‌
5.000%
06/15/30,
Series
A
480,000‌
492,871‌
0.000%
12/15/30,
Series
C
(a)
225,000‌
154,663‌
5.000%
06/15/31,
Series
BB
115,000‌
118,206‌
5.000%
06/15/32,
Series
D
385,000‌
388,009‌
5.250%
06/15/32,
Series
C
445,000‌
451,338‌
0.000%
12/15/32,
Series
A
(a)
595,000‌
358,540‌
5.000%
12/15/32,
Series
A
805,000‌
820,151‌
5.000%
06/15/33,
Series
A
400,000‌
409,227‌
5.000%
06/15/33,
Series
BB-1
1,250,000‌
1,269,002‌
0.000%
12/15/33,
Series
C
(a)
705,000‌
410,711‌
5.000%
06/15/34,
Series
2014
250,000‌
253,058‌
0.000%
12/15/34,
Series
A
(a)
135,000‌
71,389‌
0.000%
12/15/34,
Series
A
(a)
130,000‌
68,800‌
0.000%
12/15/34,
Series
C
(a)
250,000‌
137,571‌
5.000%
12/15/34,
Series
A
820,000‌
826,104‌
4.750%
06/15/35,
Series
AA
200,000‌
195,776‌
0.000%
12/15/35,
Series
A
(a)
165,000‌
81,652‌
4.000%
06/15/36,
Series
A
850,000‌
758,457‌
4.000%
06/15/36,
Series
AA
120,000‌
107,076‌
5.000%
06/15/36,
Series
AA
120,000‌
119,916‌
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.000%
01/01/31,
Series
E
875,000‌
905,302‌
5.000%
01/01/32,
Series
B
255,000‌
270,199‌
5.000%
01/01/32,
Series
E
930,000‌
963,736‌
4.000%
01/01/33,
Series
G
225,000‌
223,027‌
5.000%
01/01/33,
Series
A
270,000‌
275,878‌
5.000%
01/01/33,
Series
B
750,000‌
790,596‌
5.000%
01/01/34,
Series
A
205,000‌
213,230‌
5.000%
01/01/34,
Series
E
395,000‌
404,494‌
Total
New
Jersey
19,865,079‌
New
Mexico
0.2%
New
Mexico
Hospital
Equipment
Loan
Council
Series
A
Revenue
Bonds
5.000%,
08/01/46
400,000‌
401,663‌
New
York
16.9%
Albany
Capital
Resource
Corp.
Revenue
Bonds
4.000%,
07/01/41
250,000‌
177,545‌
Brooklyn
Arena
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
07/15/36
150,000‌
121,745‌
Broome
County
Local
Development
Corp.
Revenue
Bonds
3.000%,
04/01/45
200,000‌
137,416‌
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
Revenue
Bonds
5.000%,
07/01/40
400,000‌
325,272‌
4.000%,
07/01/45
225,000‌
149,847‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
New
York
5.000%
08/01/25,
Series
C
350,000‌
364,966‌
5.000%
08/01/25,
Series
J
115,000‌
116,450‌
5.000%
08/01/27,
Series
A
735,000‌
766,128‌
5.000%
08/01/27,
Series
C-1
175,000‌
187,020‌
5.000%
08/01/27,
Series
E
150,000‌
160,262‌
5.000%
08/01/28,
Series
A
390,000‌
403,620‌
5.000%
08/01/28,
Series
A-1
250,000‌
267,494‌
5.000%
08/01/28,
Series
C
620,000‌
650,152‌
5.000%
08/01/29,
Series
A-1
500,000‌
545,859‌
5.000%
04/01/32,
Series
L-5
240,000‌
263,589‌
Dutchess
County
Local
Development
Corp.
Revenue
Bonds
4.000%
07/01/34,
Series
B
300,000‌
264,118‌
3.000%
07/01/36,
Series
B
320,000‌
239,504‌
5.000%
07/01/45,
Series
A
(b)
500,000‌
454,579‌
Erie
County
Industrial
Development
Agency
(The)
Series
A
Revenue
Bonds
5.000%,
05/01/30
310,000‌
326,935‌
Long
Island
Power
Authority
Revenue
Bonds
0.000%
06/01/28
(a)
220,000‌
176,795‌
5.250%
09/01/29,
Series
C
140,000‌
152,451‌
5.000%
09/01/34
810,000‌
837,141‌
5.000%
09/01/34,
Series
A
400,000‌
417,277‌
5.000%
09/01/37,
Series
A
250,000‌
255,417‌
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%
11/15/26,
Series
A2
275,000‌
282,128‌
5.000%
11/15/27,
Series
C-1
250,000‌
254,796‌
5.000%
11/15/28,
Series
C-1
635,000‌
648,310‌
5.000%
11/15/31,
Series
C-1
560,000‌
564,214‌
5.000%
11/15/31,
Series
D
380,000‌
381,504‌
5.000%
11/15/32,
Series
D
700,000‌
703,262‌
5.000%
11/15/33,
Series
D-1
555,000‌
560,251‌
4.000%
11/15/35,
Series
C-1
625,000‌
540,031‌
5.000%
11/15/35,
Series
B
305,000‌
298,649‌
Monroe
County
Industrial
Development
Corp.
Series
A
Revenue
Bonds
4.000%,
07/01/35
125,000‌
120,385‌
New
York
City
Housing
Development
Corp.
Series
A
Revenue
Bonds
2.650%,
05/01/27
280,000‌
263,951‌
New
York
City
Municipal
Water
Finance
Authority
Revenue
Bonds
5.000%
06/15/25,
Series
BB-2
250,000‌
255,000‌
5.000%
06/15/28,
Series
BB-2
530,000‌
567,715‌
5.000%
06/15/28,
Series
CC-2
405,000‌
431,033‌
5.000%
06/15/28,
Series
EE
245,000‌
251,824‌
5.000%
06/15/28,
Series
FF
200,000‌
208,714‌
5.000%
06/15/28,
Series
HH
380,000‌
396,556‌
5.000%
06/15/29,
Series
AA-2
230,000‌
251,985‌
5.000%
06/15/29,
Series
FF
640,000‌
667,816‌
5.000%
06/15/29,
Series
GG
150,000‌
156,519‌
5.000%
06/15/29,
Series
GG-2
500,000‌
538,398‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
06/15/30,
Series
AA-2
335,000‌
370,316‌
5.000%
06/15/30,
Series
EE
125,000‌
138,178‌
5.000%
06/15/30,
Series
GG-1
250,000‌
276,355‌
5.000%
06/15/31,
Series
DD
430,000‌
478,478‌
New
York
Liberty
Development
Corp.
Series
A
Revenue
Bonds
2.400%,
11/15/35
350,000‌
248,425‌
New
York
State
Dormitory
Authority,
Series
A
Revenue
Bonds
5.000%,
07/01/28
365,000‌
385,868‌
5.000%,
10/01/29
160,000‌
168,723‌
5.000%,
10/01/30
340,000‌
354,780‌
5.000%,
08/01/31
200,000‌
192,596‌
5.000%,
10/01/31
310,000‌
323,066‌
5.000%,
08/01/32
390,000‌
370,587‌
5.000%,
05/01/33
400,000‌
404,482‌
5.000%,
07/01/33
525,000‌
554,663‌
5.000%,
08/01/33
110,000‌
103,134‌
5.000%,
07/01/34
650,000‌
673,752‌
4.000%,
10/01/34
300,000‌
287,723‌
4.000%,
07/01/35
1,030,000‌
990,110‌
5.000%,
07/01/35
450,000‌
464,785‌
5.000%,
05/01/38
750,000‌
739,561‌
New
York
State
Environmental
Facilities
Corp.
Revenue
Bonds
5.000%
06/15/27,
Series
A
500,000‌
532,107‌
5.000%
06/15/31
265,000‌
272,179‌
New
York
State
Housing
Finance
Agency
Series
E
Revenue
Bonds
1.100%,
05/01/26
250,000‌
225,369‌
New
York
State
Thruway
Authority
Revenue
Bonds
5.000%
01/01/29,
Series
B
200,000‌
212,432‌
5.000%
01/01/30,
Series
K
590,000‌
608,252‌
5.000%
01/01/31,
Series
K
160,000‌
164,954‌
4.000%
01/01/36,
Series
O
250,000‌
232,608‌
4.000%
01/01/38,
Series
B
150,000‌
134,843‌
New
York
Transportation
Development
Corp.
Revenue
Bonds
5.000%
01/01/31
200,000‌
200,684‌
3.000%
08/01/31
250,000‌
215,061‌
5.000%
12/01/32,
Series
A
180,000‌
175,226‌
5.000%
12/01/32,
Series
C
200,000‌
198,541‌
5.000%
01/01/34
175,000‌
169,197‌
5.000%
07/01/34,
Series
A-P3
500,000‌
473,179‌
5.000%
10/01/35
200,000‌
192,258‌
5.000%
01/01/36
150,000‌
144,217‌
5.000%
12/01/36,
Series
A
425,000‌
402,238‌
5.000%
10/01/40
500,000‌
470,091‌
4.000%
12/01/42,
Series
C
160,000‌
126,622‌
4.375%
10/01/45
2,000,000‌
1,656,566‌
Oneida
County
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
12/01/44
255,000‌
172,177‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
5.000%
09/15/25,
Series
207
115,000‌
118,211‌
5.000%
09/15/27,
Series
207
860,000‌
889,141‌
5.000%
09/15/29,
Series
207
800,000‌
822,216‌
5.000%
07/15/31,
Series
209
300,000‌
318,942‌
5.000%
09/15/31,
Series
207
500,000‌
510,857‌
3.250%
05/01/33,
Series
189
230,000‌
210,487‌
5.000%
10/15/33,
Series
194
440,000‌
456,448‌
5.000%
11/15/33,
Series
205
200,000‌
208,749‌
5.000%
07/15/35,
Series
222
870,000‌
914,489‌
5.000%
10/15/35,
Series
194
405,000‌
413,423‌
State
of
New
York
Mortgage
Agency
Revenue
Bonds
4.000%
04/01/31,
Series
248
500,000‌
471,439‌
1.900%
10/01/31,
Series
233
250,000‌
203,062‌
2.200%
10/01/36,
Series
239
560,000‌
425,778‌
Triborough
Bridge
&
Tunnel
Authority
Revenue
Bonds
0.000%
11/15/29,
Series
A
(a)
100,000‌
74,905‌
5.000%
11/15/31,
Series
A
485,000‌
507,401‌
5.000%
11/15/31,
Series
B
490,000‌
517,700‌
0.000%
11/15/32,
Series
B
(a)
220,000‌
142,064‌
Total
New
York
37,814,318‌
North
Carolina
0.5%
Charlotte-Mecklenburg
Hospital
Authority
(The)
Revenue
Bonds
5.000%
01/15/34,
Series
A
215,000‌
220,727‌
5.000%
01/15/49,
Series
D
(Mandatory
Put
12/01/31)
205,000‌
219,946‌
North
Carolina
Municipal
Power
Agency
No
1
Series
A
Revenue
Bonds
5.000%,
01/01/28
240,000‌
250,050‌
North
Carolina
Turnpike
Authority
Revenue
Bonds
5.000%,
01/01/35
145,000‌
150,375‌
State
of
North
Carolina
Revenue
Bonds
5.000%,
03/01/30
300,000‌
324,933‌
Total
North
Carolina
1,166,031‌
North
Dakota
0.6%
City
of
Grand
Forks
Series
A
Revenue
Bonds
3.000%,
12/01/39
500,000‌
381,221‌
County
of
Ward,
Series
C
Revenue
Bonds
5.000%,
06/01/34
200,000‌
178,866‌
5.000%,
06/01/43
500,000‌
412,065‌
North
Dakota
Housing
Finance
Agency
Revenue
Bonds
2.250%
01/01/25,
Series
A
175,000‌
170,115‌
2.750%
07/01/27,
Series
A
185,000‌
175,532‌
3.550%
07/01/33,
Series
D
95,000‌
87,851‌
Total
North
Dakota
1,405,650‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
17
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ohio
3.1%
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
Bonds
4.000%,
11/15/36
250,000‌
209,348‌
American
Municipal
Power,
Inc.
Revenue
Bonds
5.000%
02/15/33,
Series
C
830,000‌
879,882‌
5.000%
02/15/35,
Series
C
250,000‌
260,243‌
4.000%
02/15/36,
Series
A
385,000‌
354,052‌
City
of
Columbus
Series
A
4.000%,
08/15/27
380,000‌
386,421‌
City
of
Columbus
OH
Sewerage
Revenue
Revenue
Bonds
5.000%,
06/01/29
350,000‌
367,149‌
County
of
Allen
OH
Hospital
Facilities
Revenue
Series
A
Revenue
Bonds
5.000%,
11/01/43
115,000‌
114,196‌
Franklin
County
Convention
Facilities
Authority
Revenue
Bonds
5.000%,
12/01/44
200,000‌
183,631‌
Ohio
Housing
Finance
Agency
Series
K
Revenue
Bonds
3.200%,
09/01/36
70,000‌
59,721‌
Ohio
Turnpike
&
Infrastructure
Commission
Revenue
Bonds
5.000%
02/15/33,
Series
A
500,000‌
528,134‌
0.000%
02/15/34,
Series
A-4
(a)
285,000‌
304,328‌
0.000%
02/15/35,
Series
A-4
(a)
150,000‌
166,207‌
Ohio
Water
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/25
335,000‌
349,062‌
5.000%,
06/01/29
930,000‌
1,014,144‌
5.000%,
12/01/30
325,000‌
342,362‌
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Series
A
Revenue
Bonds
5.000%,
06/01/28
250,000‌
267,557‌
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000‌
108,962‌
State
of
Ohio
Revenue
Bonds
3.250%
01/01/35,
Series
A
130,000‌
115,455‌
3.250%
01/01/37,
Series
A
140,000‌
119,176‌
4.000%
01/01/46,
Series
B
575,000‌
482,147‌
State
of
Ohio
5.000%
09/15/28,
Series
B
195,000‌
211,672‌
Total
Ohio
6,823,849‌
Oklahoma
0.8%
Grand
River
Dam
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/28
185,000‌
195,406‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%,
06/01/30
200,000‌
210,340‌
5.000%,
06/01/31
525,000‌
550,724‌
Norman
Regional
Hospital
Authority
Revenue
Bonds
4.000%,
09/01/37
150,000‌
129,532‌
Oklahoma
Development
Finance
Authority
Series
B
Revenue
Bonds
5.000%,
08/15/38
500,000‌
413,687‌
Tulsa
County
Industrial
Authority
Revenue
Bonds
5.000%,
11/15/32
335,000‌
329,713‌
Total
Oklahoma
1,829,402‌
Oregon
1.1%
City
of
Eugene
OR
Electric
Utility
System
Revenue
Series
A
Revenue
Bonds
4.000%,
08/01/31
410,000‌
411,341‌
Medford
Hospital
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
08/15/38
455,000‌
455,807‌
5.000%,
08/15/45
270,000‌
265,737‌
Oregon
Health
&
Science
University
Series
A
Revenue
Bonds
4.000%,
07/01/41
1,000,000‌
892,119‌
Salem
Hospital
Facility
Authority,
Series
A
Revenue
Bonds
5.000%,
05/15/34
200,000‌
206,162‌
4.000%,
05/15/41
240,000‌
207,984‌
Total
Oregon
2,439,150‌
Pennsylvania
6.2%
Allegheny
County
Hospital
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
04/01/35
150,000‌
151,600‌
4.000%,
07/15/39
1,000,000‌
887,722‌
4.000%,
04/01/44
680,000‌
566,142‌
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
Bonds
5.000%,
05/01/42
(b)
100,000‌
82,625‌
Berks
County
Industrial
Development
Authority
Revenue
Bonds
3.750%,
11/01/42
120,000‌
68,850‌
Berks
County
Municipal
Authority
(The)
Series
A
Revenue
Bonds
5.000%,
11/01/40
100,000‌
71,480‌
Cambria
County
General
Financing
Authority
Series
TT4
Revenue
Bonds
5.000%,
11/01/29
315,000‌
328,393‌
Chambersburg
Area
Municipal
Authority
Revenue
Bonds
5.500%,
10/01/33
150,000‌
141,061‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Chester
County
Health
and
Education
Facilities
Authority
Revenue
Bonds
4.250%
11/01/32
100,000‌
82,262‌
4.000%
09/01/41,
Series
A
440,000‌
380,742‌
City
of
Philadelphia
PA
Airport
Revenue
Revenue
Bonds
5.000%,
07/01/36
250,000‌
249,755‌
Commonwealth
Financing
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
255,000‌
259,830‌
Commonwealth
of
Pennsylvania
5.000%
01/01/26,
Series
1
260,000‌
272,785‌
5.000%
01/01/28,
Series
1
600,000‌
637,488‌
5.000%
09/15/28,
Series
2
200,000‌
211,166‌
5.000%
03/15/29,
Series
1
200,000‌
207,417‌
5.000%
03/15/31,
Series
1
340,000‌
350,313‌
4.000%
09/15/31
245,000‌
246,222‌
Cumberland
County
Municipal
Authority
Revenue
Bonds
4.000%,
01/01/33
45,000‌
40,452‌
Dauphin
County
General
Authority
Revenue
Bonds
5.000%,
10/15/34
(b)
100,000‌
91,432‌
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.700%
07/01/27,
Series
B
110,000‌
119,288‌
5.500%
08/01/28,
Series
A
1,230,000‌
1,337,571‌
5.750%
07/01/32
100,000‌
114,200‌
Geisinger
Authority
Series
A-2
Revenue
Bonds
5.000%,
02/15/39
375,000‌
375,910‌
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
Revenue
Bonds
5.000%,
07/01/33
100,000‌
101,293‌
Northampton
County
General
Purpose
Authority
Revenue
Bonds
4.000%,
11/01/34
315,000‌
305,748‌
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%,
08/15/44
500,000‌
430,561‌
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
3.650%
10/01/32,
Series
122
135,000‌
128,880‌
3.550%
10/01/33,
Series
127B
360,000‌
332,070‌
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%
06/01/28,
Series
B
465,000‌
480,689‌
5.000%
06/01/28,
Series
B-2
320,000‌
333,355‌
6.000%
12/01/30,
Series
E
760,000‌
813,936‌
6.250%
06/01/33,
Series
C
190,000‌
204,829‌
5.000%
06/01/36,
Series
B
1,000,000‌
1,010,253‌
Philadelphia
Authority
For
Industrial
Development
Revenue
Bonds
5.000%
10/01/27
300,000‌
314,611‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
04/01/33,
Series
2015
225,000‌
231,546‌
5.000%
09/01/42,
Series
A
200,000‌
200,335‌
Pittsburgh
Water
&
Sewer
Authority
Revenue
Bonds
5.000%
09/01/26,
Series
A
130,000‌
136,362‌
5.000%
09/01/31,
Series
B
800,000‌
859,989‌
Redevelopment
Authority
of
the
City
of
Philadelphia
Series
A
Revenue
Bonds
5.000%,
04/15/31
475,000‌
488,030‌
State
Public
School
Building
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
280,000‌
290,957‌
Total
Pennsylvania
13,938,150‌
Rhode
Island
0.5%
Rhode
Island
Commerce
Corp.
Series
B
Revenue
Bonds
5.000%,
06/15/31
630,000‌
652,630‌
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Series
76-A
Revenue
Bonds
2.350%,
10/01/36
500,000‌
368,653‌
Total
Rhode
Island
1,021,283‌
South
Carolina
1.1%
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(a)
120,000‌
92,418‌
South
Carolina
Jobs-Economic
Development
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
C
300,000‌
308,388‌
5.000%
05/01/43,
Series
A
650,000‌
630,451‌
4.000%
12/01/44,
Series
A
200,000‌
164,879‌
South
Carolina
Public
Service
Authority,
Series
A
Revenue
Bonds
5.000%,
12/01/31
950,000‌
968,197‌
5.000%,
12/01/33
325,000‌
326,485‌
Total
South
Carolina
2,490,818‌
South
Dakota
0.9%
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/35
180,000‌
182,871‌
4.000%
07/01/37
150,000‌
135,242‌
5.000%
11/01/44,
Series
B
1,000,000‌
957,901‌
South
Dakota
Housing
Development
Authority
Revenue
Bonds
2.650%
11/01/27,
Series
F
500,000‌
470,530‌
3.400%
11/01/32,
Series
B
355,000‌
332,217‌
Total
South
Dakota
2,078,761‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
19
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Tennessee
0.5%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000‌
93,620‌
City
of
Memphis,
Series
A
5.000%,
04/01/25
250,000‌
260,419‌
5.000%,
04/01/26
245,000‌
255,030‌
Memphis-Shelby
County
Industrial
Development
Board
Series
B
Revenue
Bonds
5.000%,
11/01/30
150,000‌
156,663‌
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facs
Bd
Series
A
Revenue
Bonds
5.000%,
07/01/35
150,000‌
150,247‌
Tennessee
Housing
Development
Agency
Revenue
Bonds
2.450%,
01/01/27
250,000‌
240,656‌
Total
Tennessee
1,156,635‌
Texas
9.2%
Alamo
Community
College
District
5.000%,
08/15/28
330,000‌
352,533‌
Austin
Convention
Enterprises,
Inc.
Series
B
Revenue
Bonds
5.000%,
01/01/32
250,000‌
233,339‌
Central
Texas
Turnpike
System
Revenue
Bonds
0.000%
08/15/28,
Series
A
(a)
150,000‌
118,071‌
0.000%
08/15/29,
Series
A
(a)
270,000‌
202,681‌
5.000%
08/15/33,
Series
C
225,000‌
227,485‌
5.000%
08/15/34,
Series
C
1,000,000‌
1,008,745‌
City
of
Austin
TX
Airport
System
Revenue
Revenue
Bonds
5.000%,
11/15/27
200,000‌
203,350‌
City
of
Dallas
5.000%,
02/15/26
330,000‌
336,583‌
City
of
Dallas
TX
Waterworks
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
580,000‌
612,163‌
City
of
Garland
TX
Electric
Utility
System
Revenue
Revenue
Bonds
3.000%,
03/01/37
300,000‌
245,734‌
City
of
Houston
Series
A
5.000%,
03/01/26
355,000‌
372,127‌
City
of
Houston
TX
Airport
System
Revenue
Revenue
Bonds
5.000%
07/01/29
500,000‌
492,117‌
4.000%
07/15/41,
Series
B-1
450,000‌
345,404‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Houston
TX
Combined
Utility
System
Revenue
Series
B
Revenue
Bonds
5.000%,
11/15/27
695,000‌
733,547‌
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
Revenue
Bonds
5.000%,
02/01/30
205,000‌
215,454‌
5.000%,
02/01/36
975,000‌
1,018,167‌
County
of
Harris
Series
A
5.000%,
10/01/25
225,000‌
235,430‌
Dallas
Fort
Worth
International
Airport
Revenue
Bonds
5.250%
11/01/30,
Series
A
225,000‌
227,609‌
4.000%
11/01/34
1,255,000‌
1,182,600‌
Fort
Bend
Independent
School
District
5.000%,
08/15/29
480,000‌
513,011‌
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%,
07/01/45
240,000‌
233,623‌
Harris
County-Houston
Sports
Authority
Series
A-3
Revenue
Bonds
0.000%,
11/15/32
(a)
200,000‌
111,891‌
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/32
350,000‌
379,114‌
5.000%,
05/15/35
350,000‌
363,034‌
Matagorda
County
Navigation
District
No
1
Revenue
Bonds
5.125%,
11/01/28
315,000‌
328,382‌
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
12/01/39,
Series
A-1
115,000‌
101,506‌
4.000%
08/15/40,
Series
A
225,000‌
199,275‌
North
East
Independent
School
District
5.250%,
02/01/29
150,000‌
165,109‌
North
Texas
Municipal
Water
District
Water
System
Revenue
Revenue
Bonds
5.000%,
09/01/28
250,000‌
261,523‌
North
Texas
Tollway
Authority
Revenue
Bonds
0.000%
01/01/28,
Series
D
(a)
230,000‌
188,126‌
5.000%
01/01/28,
Series
A
415,000‌
433,576‌
5.000%
01/01/29,
Series
A
250,000‌
260,894‌
5.000%
01/01/29,
Series
B
325,000‌
335,058‌
0.000%
01/01/30,
Series
D
(a)
500,000‌
374,744‌
5.000%
01/01/30,
Series
A
545,000‌
565,143‌
5.000%
01/01/31,
Series
A
850,000‌
884,985‌
0.000%
01/01/34,
Series
D
(a)
410,000‌
247,514‌
5.000%
01/01/36,
Series
A
370,000‌
380,776‌
Northeast
Higher
Education
Finance
Corp.
Series
B
Revenue
Bonds
5.000%,
08/15/40
110,000‌
96,512‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Annual
Report
2022
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Port
Freeport
Revenue
Bonds
5.000%,
06/01/33
895,000‌
926,722‌
Round
Rock
Independent
School
District
Series
A
5.000%,
08/01/30
100,000‌
109,394‌
San
Antonio
Water
System,
Series
A
Revenue
Bonds
5.000%,
05/15/30
400,000‌
419,890‌
5.000%,
05/15/31
155,000‌
162,230‌
2.625%,
05/01/49
(Mandatory
Put
05/01/24)
300,000‌
296,920‌
State
of
Texas,
Series
A
5.000%,
10/01/27
165,000‌
170,218‌
5.000%,
10/01/29
270,000‌
281,994‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
07/01/32,
Series
B
120,000‌
125,130‌
5.000%
05/15/37
100,000‌
91,204‌
Tarrant
Regional
Water
District
Water
Supply
System
Revenue
Revenue
Bonds
5.000%,
03/01/29
225,000‌
233,222‌
Texas
Water
Development
Board,
Series
A
Revenue
Bonds
5.000%,
04/15/28
315,000‌
338,012‌
5.000%,
10/15/28
200,000‌
215,910‌
5.000%,
10/15/30
335,000‌
350,339‌
5.000%,
10/15/31
605,000‌
632,193‌
Trinity
River
Authority
Central
Regional
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
08/01/28
750,000‌
799,691‌
5.000%,
08/01/30
550,000‌
598,485‌
Total
Texas
20,538,489‌
Utah
0.5%
City
of
Salt
Lake
City
UT
Airport
Revenue,
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000‌
101,806‌
5.000%,
07/01/35
500,000‌
492,713‌
Intermountain
Power
Agency
Series
A
Revenue
Bonds
5.000%,
07/01/35
500,000‌
535,439‌
Total
Utah
1,129,958‌
Virginia
0.4%
Fairfax
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
05/15/44
225,000‌
225,765‌
Virginia
Resources
Authority
Clean
Water
Revolving
Fund
Series
B
Revenue
Bonds
4.000%,
10/01/27
185,000‌
187,233‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Virginia
Small
Business
Financing
Authority
Revenue
Bonds
5.250%,
10/01/29
165,000‌
169,394‌
4.000%,
01/01/37
250,000‌
218,962‌
Total
Virginia
801,354‌
Washington
2.1%
City
of
Seattle
WA
Water
System
Revenue
Revenue
Bonds
5.000%,
05/01/27
1,500,000‌
1,559,956‌
County
of
King
4.000%,
07/01/30
250,000‌
254,020‌
County
of
King
WA
Sewer
Revenue
Series
B
Revenue
Bonds
5.000%,
07/01/27
235,000‌
248,216‌
King
County
School
District
No
405
Bellevue
5.000%,
12/01/25
500,000‌
524,818‌
Port
of
Seattle
Revenue
Bonds
5.000%,
04/01/36
200,000‌
202,009‌
State
of
Washington
5.000%
07/01/28,
Series
R-2015-C
150,000‌
155,324‌
5.000%
07/01/29,
Series
B
210,000‌
220,287‌
5.000%
07/01/30,
Series
R-2015E
200,000‌
206,849‌
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%
08/01/38,
Series
A-2
150,000‌
148,540‌
5.000%
10/01/38,
Series
D
350,000‌
350,894‌
5.000%
08/15/45,
Series
A
200,000‌
193,978‌
5.000%
09/01/45
300,000‌
292,410‌
Washington
State
Convention
Center
Public
Facilities
District
Revenue
Bonds
4.000%,
07/01/32
210,000‌
194,826‌
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(b)
100,000‌
84,444‌
Total
Washington
4,636,571‌
Wisconsin
0.9%
Public
Finance
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/40
200,000‌
198,462‌
4.000%,
01/01/45
200,000‌
165,012‌
State
of
Wisconsin
5.000%
05/01/27
240,000‌
250,315‌
5.000%
05/01/28,
Series
4
450,000‌
465,606‌
5.000%
11/01/28,
Series
2
500,000‌
529,136‌
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
Bonds
4.250%
07/01/33,
Series
B
200,000‌
155,196‌
3.500%
02/15/46,
Series
A
405,000‌
288,624‌
Total
Wisconsin
2,052,351‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
21
Notes
to
Portfolio
of
Investments
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Total
Municipal
Bonds
(Cost
$245,566,569)
219,507,876‌
Money
Market
Funds
2
.5
%
Shares
Value
($)
Dreyfus
Tax
Exempt
Cash
Management
Fund,
Institutional
Shares
2.007%
(c)
5,509,262‌
5,508,711‌
Total
Money
Market
Funds
(Cost
$5,508,711)
5,508,711‌
Total
Investments
in
Securities
(Cost
$251,075,280)
225,016,587‌
Other
Assets
&
Liabilities,
Net
(
1,431,907‌
)
Net
Assets
223,584,680‌
(a)
Zero
coupon
bond.
(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
$1,402,640,
which
represents
0.63%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2022.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Annual
Report
2022
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
Municipal
Bonds
–
219,507,876
–
219,507,876
Money
Market
Funds
5,508,711
–
–
5,508,711
Total
Investments
in
Securities
5,508,711
219,507,876
–
225,016,587
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.
Strategic
Beta
ETFs
|
Annual
Report
2022
23
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$251,075,280)
$225,016,587
Cash
863
Receivable
for:
Interest
3,077,953
Total
assets
228,095,403
Liabilities
Payable
for:
Investments
purchased
4,469,312
Investment
management
fees
41,411
Total
liabilities
4,510,723
Net
assets
applicable
to
outstanding
capital
stock
$223,584,680
Represented
by:
Paid-in
capital
$250,062,118
Total
distributable
earnings
(loss)
(26,477,438)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$223,584,680
Shares
outstanding
11,600,000
Net
asset
value
per
share
$19.27
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Strategic
Beta
ETFs
|
Annual
Report
2022
Investment
Income:
Interest
$3,518,547
Total
income
3,518,547
Expenses:
Investment
management
fees
435,109
Overdraft
expense
28
Total
expenses
435,137
Net
Investment
Income
3,083,410
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(760,476)
Net
realized
loss
(760,476)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(28,317,930)
Net
change
in
unrealized
depreciation
(28,317,930)
Net
realized
and
unrealized
loss
(29,078,406)
Net
Decrease
in
net
assets
resulting
from
operations
$(25,994,996)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Annual
Report
2022
25
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Operations
Net
investment
income
$3,083,410
$1,559,527
Net
realized
gain
(loss)
(760,476)
142,741
Net
change
in
unrealized
appreciation
(depreciation)
(28,317,930)
396,180
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(25,994,996)
2,098,448
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(3,038,834)
(1,616,392)
Shareholder
transactions
Proceeds
from
shares
sold
133,379,155
84,369,700
Cost
of
shares
redeemed
(22,379,887)
(1,112)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
110,999,268
84,368,588
Increase
in
net
assets
81,965,438
84,850,644
Net
Assets:
Net
assets
beginning
of
year
141,619,242
56,768,598
Net
assets
at
end
of
year
$223,584,680
$141,619,242
Capital
stock
activity
Shares
outstanding,
beginning
of
year
6,350,000
2,600,050
Subscriptions
6,300,000
3,750,000
Redemptions
(1,050,000)
(50)
Shares
outstanding,
end
of
year
11,600,000
6,350,000
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
October
31,
2022
2021
2020
2019
2018
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
22
.30‌
$
21
.83‌
$
21
.56‌
$
20
.02‌
$
20
.00‌
Income
(loss)
from
investment
operations:
Net
investment
income
0
.34‌
0
.37‌
0
.51‌
0
.56‌
0
.03‌
Net
realized
and
unrealized
gain
(loss)
(
3
.03‌
)
0
.52‌
0
.30‌
1
.51‌
(
0
.01‌
)
Total
from
investment
operations
(
2
.69‌
)
0
.89‌
0
.81‌
2
.07‌
0
.02‌
Less
distributions
to
shareholders:
Net
investment
income
(
0
.32‌
)
(
0
.38‌
)
(
0
.51‌
)
(
0
.53‌
)
–‌
Net
realized
gains
(
0
.02‌
)
(
0
.04‌
)
(
0
.03‌
)
–‌
–‌
Total
distribution
to
shareholders
(
0
.34‌
)
(
0
.42‌
)
(
0
.54‌
)
(
0
.53‌
)
–‌
Net
asset
value,
end
of
year
$
19
.27‌
$
22
.30‌
$
21
.83‌
$
21
.56‌
$
20
.02‌
Total
Return
at
NAV
(
12
.17‌
)
%
4
.11‌
%
3
.82‌
%
10
.42‌
%
0
.10‌
%
Total
Return
at
Market
(
12
.40‌
)
%
3
.85‌
%
4
.18‌
%
10
.24‌
%
0
.45‌
%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0
.23‌
%
(c)
0
.23‌
%
(c)
0
.23‌
%
0
.26‌
%
0
.28‌
%
(d)
Total
net
expenses
(b)(e)
0
.23‌
%
(c)
0
.23‌
%
(c)
0
.23‌
%
0
.26‌
%
0
.28‌
%
(d)
Net
investment
income
1
.63‌
%
1
.65‌
%
2
.37‌
%
2
.67‌
%
2
.34‌
%
(d)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
223,585‌
$
141,619‌
$
56,769‌
$
26,946‌
$
16,014‌
Portfolio
turnover
14‌
%
6‌
%
11‌
%
20‌
%
48‌
%
(a)
The
Fund
commenced
operations
on
October
10,
2018.
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)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Annualized
(e)
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
Strategic
Beta
ETFs
|
Annual
Report
2022
27
Note
1.
Organization
Columbia
Multi-Sector
Municipal
Income
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
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.
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.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
28
Strategic
Beta
ETFs
|
Annual
Report
2022
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.
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
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.
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
net
tax-exempt
and
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.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
29
Recent
accounting
pronouncement
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
0.23%
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.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
30
Strategic
Beta
ETFs
|
Annual
Report
2022
At
October
31,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
capital
loss
carryforwards,
distribution
reclassifications
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.
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
$133,509,078
and
$25,933,420,
respectively,
for
the
year
ended
October
31,
2022.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
(86)
86
-
Year
Ended
October
31,
2022
Year
Ended
October
31,
2021
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
28,543
2,892,137
118,154
3,038,834
1,234
1,506,551
108,607
1,616,392
Undistributed
ordinary
income
($)
Undistributed
tax-exempt
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
-
338,337
-
(748,184)
(26,067,591)
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
251,084,178
63,514
(26,131,105)
(26,067,591)
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
594,885
153,299
748,184
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
31
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
$5,187,578.
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
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.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
32
Strategic
Beta
ETFs
|
Annual
Report
2022
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
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.
Municipal
securities
risk
Municipal
securities
are
debt
obligations
generally
issued
to
obtain
funds
for
various
public
purposes,
including
general
financing
for
state
and
local
governments,
or
financing
for
a
specific
project
or
public
facility,
and
include
obligations
of
the
governments
of
the
U.S.
territories,
commonwealths
and
possessions
such
as
Guam,
Puerto
Rico
and
the
U.S.
Virgin
Islands
to
the
extent
such
obligations
are
exempt
from
state
and
U.S.
federal
income
taxes.
The
value
of
municipal
securities
can
be
significantly
affected
by
actual
or
expected
political
and
legislative
changes
at
the
federal
or
state
level.
Municipal
securities
may
be
fully
or
partially
backed
by
the
taxing
authority
of
the
local
government,
by
the
credit
of
a
private
issuer,
by
the
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
or
by
domestic
or
foreign
entities
providing
credit
support,
such
as
letters
of
credit,
guarantees
or
insurance,
and
are
generally
classified
into
general
obligation
bonds
and
special
revenue
obligations.
Because
many
municipal
securities
are
issued
to
finance
projects
in
sectors
such
as
education,
health
care,
transportation
and
utilities,
conditions
in
those
sectors
can
affect
the
overall
municipal
market.
Issuers
in
a
state,
territory,
commonwealth
or
possession
in
which
the
Fund
invests
may
experience
significant
financial
difficulties
for
various
reasons,
including
as
the
result
of
events
that
cannot
be
reasonably
anticipated
or
controlled
such
as
economic
downturns
or
similar
periods
of
economic
stress,
social
conflict
or
unrest,
labor
disruption
and
natural
disasters.
Such
financial
difficulties
may
lead
to
credit
rating
downgrades
or
defaults
of
such
issuers
which
in
turn,
could
affect
the
market
values
and
marketability
of
many
or
all
municipal
obligations
of
issuers
in
such
state,
territory,
commonwealth
or
possession.
The
value
of
the
Fund’s
shares
will
be
negatively
impacted
to
the
extent
it
invests
in
such
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2022
Strategic
Beta
ETFs
|
Annual
Report
2022
33
securities.
The
Fund’s
annual
and
semiannual
reports
show
the
Fund’s
investment
exposures
at
a
point
in
time.
The
risk
of
investing
in
the
Fund
is
directly
correlated
to
the
Fund’s
investment
exposures.
Securities
issued
by
a
particular
state
and
its
instrumentalities
are
subject
to
the
risk
of
unfavorable
developments
in
such
state.
A
municipal
security
can
be
significantly
affected
by
adverse
tax,
legislative,
regulatory,
demographic
or
political
changes
as
well
as
changes
in
a
particular
state’s
(state
and
its
instrumentalities’)
financial,
economic
or
other
condition
and
prospects.
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.
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.
34
Strategic
Beta
ETFs
|
Annual
Report
2022
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Multi-Sector
Municipal
Income
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Multi-Sector
Municipal
Income
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,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2022
and
for
the
period
October
10,
2018
(commencement
of
operations)
through
October
31,
2018
(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
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2022
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2022
and
for
the
period
October
10,
2018
(commencement
of
operations)
through
October
31,
2018
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.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
35
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2022
.
Shareholders
will
be
notified
in
early
2023
of
the
amounts
for
use
in
preparing
2022
income
tax
returns.
Exempt-interest
dividends.
The
percentage
of
net
investment
income
distributed
during
the
fiscal
year
that
qualifies
as
exempt-interest
dividends
for
federal
income
tax
purposes.
A
portion
of
the
income
may
be
subject
to
federal
alternative
minimum
tax.
Exempt-
interest
dividends
99.87%
TRUSTEES
AND
OFFICERS
(Unaudited)
36
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
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
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)
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
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
39
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
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)
40
Strategic
Beta
ETFs
|
Annual
Report
2022
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
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
41
*
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
Hacker
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)
42
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
Fund’s
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
Interested
trustee
affiliated
with
Investment
Manager*
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
43
The
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Trusts
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman,
who
is
the
President
and
Principal
Executive
Officer,
the
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)
44
Strategic
Beta
ETFs
|
Annual
Report
2022
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
-
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October
2014;
Vice
President
&
Resolution
Officer,
Ameriprise
Trust
Company
since
August
2009.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2022
45
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Multi-Sector
Municipal
Income
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)
46
Strategic
Beta
ETFs
|
Annual
Report
2022
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight,
over
the
past
several
years,
as
well
as
planned
2022
initiatives
in
this
regard.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
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
47
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
ANN303_10_M01_(12/22)
CET001678
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