Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
THEMATIC
ETFs
SEMIANNUAL
REPORT
April
30,
2023
(Unaudited)
Columbia
Seligman
Semiconductor
and
Technology
ETF
An
Actively
Managed
ETF
Thematic
ETFs
|
Semiannual
Report
2023
TABLE
OF
CONTENTS
Fund
at
a
Glance
3
Understanding
Your
Fund’s
Expenses
5
Portfolio
of
Investments
6
Statement
of
Assets
and
Liabilities
8
Statement
of
Operations
9
Statement
of
Changes
in
Net
Assets
10
Financial
Highlights
11
Notes
to
Financial
Statements
12
Liquidity
Risk
Management
Program
19
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)
Thematic
ETFs
|
Semiannual
Report
2023
3
Portfolio
management
Paul
Wick
Lead
Portfolio
Manager
Managed
Fund
since
March
2022
Shekhar
Pramanick
Technology
Team
Member
Managed
Fund
since
March
2022
Sanjay
Devgan
Technology
Team
Member
Managed
Fund
since
March
2022
Portfolio
implementation
Christopher
Lo,
CFA
Implementation
Portfolio
Manager
Managed
Fund
since
March
2022
Investment
objective
Columbia
Seligman
Semiconductor
and
Technology
ETF
(the
Fund)
seeks
capital
appreciation.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund’s
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
PHLX
Semiconductor
Sector
Index
is
a
modified
capitalization-weighted
index
composed
of
the
30
largest
companies
primarily
involved
in
the
design,
distribution,
manufacture,
and
sale
of
semiconductors.
The
S&P
500
Index,
an
unmanaged
index,
measures
the
performance
of
500
widely
held,
large-
capitalization
U.S.
stocks
and
is
frequently
used
as
a
general
measure
of
market
performance.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2023)
Inception
6
months
1
Year
Life
Market
Price
03/29/22
16.05
-0.17
-12.82
Net
Asset
Value
03/29/22
15.74
-0.22
-12.82
PHLX
Semiconductor
Sector
Index
26.47
4.15
-13.16
S&P
500
Index
8.63
2.66
-6.62
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Thematic
ETFs
|
Semiannual
Report
2023
Portfolio
breakdown
(%)
(at
April
30,
2023
)
Common
Stocks
95.9
Money
Market
Funds
4.1
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sector
breakdown
(%)
(at
April
30,
2023
)
Information
Technology  
96.2
Industrials  
1.9
Communication
Services  
1.9
Total
100.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sub-industry
breakdown
(%)
(at
April
30,
2023
)
Information
Technology
Application
Software  
8.1
Electronic
Equipment
&
Instruments  
2.4
Semiconductor
Equipment  
21.5
Semiconductors  
60.1
Systems
Software  
0.7
Technology
Hardware,
Storage
&
Peripherals  
3.4
Total
96.2
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Thematic
ETFs
|
Semiannual
Report
2023
5
As
a
shareholder
of
the
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
April
30,
2023.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
November
1,
2022
—
April
30,
2023
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Seligman
Semiconductor
and
Technology
ETF
1,000.00
1,000.00
1,157.40
1,021.08
4.01
3.76
0.75
PORTFOLIO
OF
INVESTMENTS
April
30,
2023
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
6
Thematic
ETFs
|
Semiannual
Report
2023
Notes
to
Portfolio
of
Investments
Common
Stocks
95
.9
%
Issuer
Shares
Value
($)
Communication
Services  1.8%
Interactive
Media
&
Services
1.8%
Alphabet,
Inc.
Class
C
(a)
2,817
304,856
Total
Communication
Services
304,856
Industrials  1.8%
Electrical
Equipment
1.8%
Bloom
Energy
Corp.
Class
A
(a)
18,914
314,918
Total
Industrials
314,918
Information
Technology  92.3%
Electronic
Equipment,
Instruments
&
Components
2.3%
Advanced
Energy
Industries,
Inc.
4,601
397,987
Semiconductors
&
Semiconductor
Equipment
78.3%
Advanced
Micro
Devices,
Inc.
(a)
1,320
117,968
Analog
Devices,
Inc.
4,668
839,680
Applied
Materials,
Inc.
5,597
632,629
Broadcom,
Inc.
1,629
1,020,568
Diodes,
Inc.
(a)
1,673
133,338
Entegris,
Inc.
767
57,464
GLOBALFOUNDRIES,
Inc.
(a)
1,577
92,728
Ichor
Holdings
Ltd.
(a)
2,820
78,537
indie
Semiconductor,
Inc.
Class
A
(a)
32,230
243,981
Intel
Corp.
12,142
377,130
KLA
Corp.
1,989
768,828
Lam
Research
Corp.
2,553
1,337,976
Marvell
Technology,
Inc.
14,890
587,857
MaxLinear,
Inc.
(a)
5,313
128,203
Microchip
Technology,
Inc.
11,391
831,429
Micron
Technology,
Inc.
8,675
558,323
MKS
Instruments,
Inc.
998
83,702
NXP
Semiconductors
NV
3,686
603,546
ON
Semiconductor
Corp.
(a)
6,810
490,048
Qorvo,
Inc.
(a)
4,991
459,571
QUALCOMM,
Inc.
3,842
448,746
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Rambus,
Inc.
(a)
12,340
547,156
Semtech
Corp.
(a)
9,448
184,141
Silicon
Laboratories,
Inc.
(a)
1,106
154,066
Skyworks
Solutions,
Inc.
2,864
303,298
SMART
Global
Holdings,
Inc.
(a)
12,684
195,587
STMicroelectronics
NV
7,337
314,611
Synaptics,
Inc.
(a)
5,341
472,999
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
4,899
412,986
Teradyne,
Inc.
6,230
569,297
Tower
Semiconductor
Ltd.
(a)
8,075
363,415
Total
13,409,808
Software
8.4%
Adeia,
Inc.
14,086
107,617
Cadence
Design
Systems,
Inc.
(a)
2,831
592,953
Synopsys,
Inc.
(a)
1,991
739,298
Total
1,439,868
Technology
Hardware,
Storage
&
Peripherals
3.3%
Apple,
Inc.
1,094
185,630
Western
Digital
Corp.
(a)
10,871
374,397
Total
560,027
Total
Information
Technology
15,807,690
Total
Common
Stocks
(Cost
$16,469,158)
16,427,464
Money
Market
Funds
4
.1
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
4.462%
(b)
695,317
695,317
Total
Money
Market
Funds
(Cost
$695,317)
695,317
Total
Investments
in
Securities
(Cost
$17,164,475)
17,122,781
Other
Assets
&
Liabilities,
Net
(8,140)
Net
Assets
17,114,641
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2023.
Abbreviation
Legend
ADR
American
Depositary
Receipts
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.).
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2023
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
ETFs
|
Semiannual
Report
2023
7
Fair
Value
Measurements
(continued)
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.
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
April
30,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
304,856
–
–
304,856
Industrials
314,918
–
–
314,918
Information
Technology
15,807,690
–
–
15,807,690
Total
Common
Stocks
16,427,464
–
–
16,427,464
Money
Market
Funds
695,317
–
–
695,317
Total
Investments
in
Securities
17,122,781
–
–
17,122,781
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,
2023
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Thematic
ETFs
|
Semiannual
Report
2023
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$17,164,475)
$17,122,781
Receivable
for:
Dividends
2,709
Total
assets
17,125,490
Liabilities
Payable
for:
Investment
management
fees
10,849
Total
liabilities
10,849
Net
assets
applicable
to
outstanding
capital
stock
$17,114,641
Represented
by:
Paid-in
capital
$17,499,969
Total
distributable
earnings
(loss)
(385,328)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$17,114,641
Shares
outstanding
1,000,050
Net
asset
value
per
share
$17.11
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2023
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
ETFs
|
Semiannual
Report
2023
9
Investment
Income:
Dividends
-
unaffiliated
issuers
$90,210
Foreign
taxes
withheld
(1,952)
Total
income
88,258
Expenses:
Investment
management
fees
59,366
Net
Investment
Income
28,892
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(4,016)
In-kind
transactions
-
unaffiliated
issuers
17,400
Net
realized
gain
13,384
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,836,808
Net
change
in
unrealized
appreciation
1,836,808
Net
realized
and
unrealized
gain
1,850,192
Net
Increase
in
net
assets
resulting
from
operations
$1,879,084
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Thematic
ETFs
|
Semiannual
Report
2023