0001683863-21-004112.txt : 20210702 0001683863-21-004112.hdr.sgml : 20210702 20210702072446 ACCESSION NUMBER: 0001683863-21-004112 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20210430 FILED AS OF DATE: 20210702 DATE AS OF CHANGE: 20210702 EFFECTIVENESS DATE: 20210702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Columbia ETF Trust I CENTRAL INDEX KEY: 0001551950 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22736 FILM NUMBER: 211067980 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 800-774-3768 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 0001551950 S000053878 Columbia Sustainable International Equity Income ETF C000169559 Columbia Sustainable International Equity Income ETF ESGN 0001551950 S000053879 Columbia Sustainable U.S. Equity Income ETF C000169560 Columbia Sustainable U.S. Equity Income ETF ESGS 0001551950 S000059078 Columbia Diversified Fixed Income Allocation ETF C000193701 Columbia Diversified Fixed Income Allocation ETF DIAL 0001551950 S000062425 Columbia Multi-Sector Municipal Income ETF C000202583 Columbia Multi-Sector Municipal Income ETF MUST 0001551950 S000066076 Columbia Research Enhanced Core ETF C000213611 Columbia Research Enhanced Core ETF RECS 0001551950 S000066077 Columbia Research Enhanced Value ETF C000213612 Columbia Research Enhanced Value ETF REVS N-CSRS 1 f9283d1.htm COLUMBIA ETF TRUST I

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number   811-22736 

          Columbia ETF Trust I  
(Exact name of registrant as specified in charter)
 

225 Franklin Street
  Boston, MA 02110
(Address of principal executive offices) (Zip code)

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, MA 02110
 

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
   Boston, MA 02110
(Name and address of agent for service)
 

Registrant's telephone number, including area code: (800) 345-6611 

Date of fiscal year end: October 31 

Date of reporting period: April 30, 2021 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission,

100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 


Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
STRATEGIC
BETA
ETFs
Semiannual
Report
April
30,
2021
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
TABLE
OF
CONTENTS
Columbia
Sustainable
International
Equity
Income
ETF
Fund
at
a
Glance
3
Columbia
Sustainable
U.S.
Equity
Income
ETF
Fund
at
a
Glance
5
Understanding
Your
Fund’s
Expenses
7
Portfolio
of
Investments
8
Statement
of
Assets
and
Liabilities
15
Statement
of
Operations
16
Statement
of
Changes
in
Net
Assets
17
Financial
Highlights
18
Notes
to
Financial
Statements
20
Liquidity
Risk
Management
Program
28
Results
of
Meeting
of
Shareholders
29
Additional
Information
30
FUND
AT
A
GLANCE
Columbia
Sustainable
International
Equity
Income
ETF
Strategic
Beta
ETFs
|
Semiannual
Report
2021
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
Sustainable
International
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net).
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
®
Sustainable
International
Equity
Income
100
Index
(Net)
is
designed
to
reflect
the
performance
of
the
top
100
(developed
markets)
foreign
large-
and
mid-cap
companies
(excluding
real
estate
investment
trusts)
using
a
subset
of
the
MSCI
World
ex
USA
Index,
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
World
ex
USA
Value
Index
(Net)
is
a
free
float-adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
equity
market
performance
of
developed
markets
that
have
value
characteristics.
The
Index
consists
of
the
following
23
developed
market
country
indices:
Australia,
Austria,
Belgium,
Canada,
Denmark,
Finland,
France,
Germany,
Greece,
Hong
Kong,
Ireland,
Israel,
Italy,
Japan,
Netherlands,
New
Zealand,
Norway,
Portugal,
Singapore,
Spain,
Sweden,
Switzerland
and
the
United
Kingdom.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
Beta
Advantage
®
Sustainable
International
Equity
Income
100
Index
(Net)
and
the
MSCI
World
ex
USA
Value
Index
(Net)
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2021)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
06/13/16
31.49
38.98
8.39
Net
Asset
Value
06/13/16
31.72
37.17
7.28
{
Beta
Advantage
}
®
Sustainable
International
Equity
Income
100
Index
(Net)
32.33
38.48
7.90
MSCI
World
ex
USA
Value
Index
(Net)
37.31
42.55
7.29
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
4
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Country
breakdown
(%)
(at
April
30,
2021
)
Australia
8
.9
Belgium
1
.3
Canada
6
.3
China
1
.6
Denmark
3
.1
Finland
0
.8
France
0
.7
Germany
1
.4
Hong
Kong
7
.4
Ireland
0
.7
Italy
3
.1
Japan
42
.5
Netherlands
4
.1
Portugal
0
.9
Singapore
3
.2
South
Africa
0
.6
Spain
5
.8
Sweden
0
.7
Switzerland
1
.1
United
Kingdom
5
.5
United
States
(a)
0
.3
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
April
30,
2021)
Financials
18
.7
Industrials
18
.1
Consumer
Staples
9
.9
Communication
Services
9
.6
Materials
9
.1
Utilities
8
.3
Information
Technology
8
.3
Consumer
Discretionary
6
.8
Energy
4
.0
Health
Care
3
.7
Real
Estate
3
.5
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
FUND
AT
A
GLANCE
Columbia
Sustainable
U.S.
Equity
Income
ETF
Strategic
Beta
ETFs
|
Semiannual
Report
2021
5
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Michael
Barclay,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
Columbia
Sustainable
U.S.
Equity
Income
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross).
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
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
is
designed
to
reflect
the
performance
of
the
top
100
U.S.
large
and
mid-cap
companies
(excluding
real
estate
investment
trusts)
using
a
subset
of
the
MSCI
USA
Index,
ranked
and
weighted
according
to
a
composite
factor
score
determined
through
the
application
of
a
systematic,
rules-based
methodology
applied
by
MSCI.
The
MSCI
USA
Value
Index
(Gross)
captures
large
and
mid-cap
US
securities
exhibiting
overall
value
style
characteristics.
The
value
investment
style
characteristics
for
index
construction
are
defined
using
three
variables:
book
value
to
price,
12-month
forward
earnings
to
price
and
dividend
yield.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2021)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
06/13/16
44.42
58.75
14.39
Net
Asset
Value
06/13/16
43.32
57.74
14.27
{
Beta
Advantage
}
®
Sustainable
U.S.
Equity
Income
100
Index
(Gross)
43.96
58.82
14.69
MSCI
USA
Value
Index
(Gross)
33.57
40.65
11.80
FUND
AT
A
GLANCE
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
6
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Portfolio
breakdown
(%)
(at
April
30,
2021
)
Common
Stocks
99.7
Money
Market
Fund
0.3
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,
2021)
Financials
19
.4
Industrials
15
.6
Utilities
11
.5
Consumer
Staples
10
.3
Information
Technology
9
.8
Materials
8
.4
Energy
7
.8
Health
Care
7
.8
Consumer
Discretionary
6
.6
Communication
Services
2
.8
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
7
As
a
shareholder
of
a
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
a
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
November
1,
2020
April
30,
2021
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Sustainable
International
Equity
Income
ETF
1,000.00
1,000.00
1,317.20
1,022.56
2.59
2.26
0.45
Columbia
Sustainable
U.S.
Equity
Income
ETF
1,000.00
1,000.00
1,433.20
1,023.06
2.11
1.76
0.35
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
International
Equity
Income
ETF
April
30,
2021
(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.
8
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Common
Stocks
98.8%
Issuer
Shares
Value
($)
Australia  8.8%
AGL
Energy
Ltd.
9,468
65,310
Aurizon
Holdings
Ltd.
20,593
59,651
Computershare
Ltd.
6,956
75,869
Evolution
Mining
Ltd.
16,582
59,305
Fortescue
Metals
Group
Ltd.
4,060
70,846
Newcrest
Mining
Ltd.
1,383
28,331
Rio
Tinto
Ltd.
720
67,379
Telstra
Corp.
Ltd.
21,089
55,224
Total
481,915
Belgium  1.3%
Ageas
SA/NV
1,145
69,414
Canada  6.3%
Atco
Ltd.
Class
I
1,142
39,165
Canadian
Tire
Corp.
Ltd.
Class
A
236
37,585
George
Weston
Ltd.
417
36,788
Imperial
Oil
Ltd.
1,420
40,977
Loblaw
Cos.
Ltd.
885
49,099
Magna
International,
Inc.
550
51,897
Open
Text
Corp.
979
46,061
Quebecor,
Inc.
Class
B
1,624
43,630
Total
345,202
China  1.5%
BOC
Hong
Kong
Holdings
Ltd.
23,981
84,600
Denmark  3.1%
AP
Moller
-
Maersk
A/S
Class
A
14
32,974
Carlsberg
A/S
Class
B
316
55,526
Pandora
A/S
(a)
698
79,317
Total
167,817
Finland  0.8%
UPM-
Kymmene
OYJ
1,061
41,574
France  0.7%
Schneider
Electric
SE
230
36,830
Germany  1.4%
HOCHTIEF
AG
(a)
839
78,759
Hong
Kong  7.3%
AIA
Group
Ltd.
2,082
26,511
CLP
Holdings
Ltd.
4,766
47,035
HKT
Trust
&
HKT
Ltd.
35,165
51,071
Melco
Resorts
&
Entertainment
Ltd.
ADR
(a)
2,195
42,342
PCCW
Ltd.
121,990
70,679
Power
Assets
Holdings
Ltd.
10,848
66,693
Sun
Hung
Kai
Properties
Ltd.
4,670
70,529
Swire
Properties
Ltd.
9,616
28,724
Total
403,584
Ireland  0.7%
CRH
PLC
828
39,102
Italy  3.1%
Enel
SpA
5,036
50,117
Telecom
Italia
Spa-RSP
134,770
79,171
Terna
Rete
Elettrica
Nazionale
SpA
5,593
41,273
Total
170,561
Japan  42.2%
Alfresa
Holdings
Corp.
2,147
38,440
Asahi
Group
Holdings
Ltd.
1,430
59,722
Astellas
Pharma,
Inc.
3,514
52,740
Brother
Industries
Ltd.
2,818
59,580
Chiba
Bank
Ltd.
(The)
6,029
37,618
Daiwa
House
Industry
Co.
Ltd.
1,760
52,089
ENEOS
Holdings,
Inc.
15,350
66,172
FUJIFILM
Holdings
Corp.
878
56,927
Hitachi
Ltd.
1,318
64,884
Common
Stocks
(continued)
Issuer
Shares
Value
($)
ITOCHU
Corp.
2,454
76,513
KDDI
Corp.
1,612
48,756
Kyushu
Electric
Power
Co.,
Inc.
5,447
49,733
Lawson,
Inc.
1,532
68,678
Lixil
Corp.
1,930
52,282
Marubeni
Corp.
8,822
73,333
Medipal
Holdings
Corp.
2,968
54,524
Mitsubishi
Chemical
Holdings
Corp.
10,527
78,347
Mitsubishi
Corp.
2,615
72,250
Mitsubishi
HC
Capital,
Inc.
13,053
74,756
Mitsubishi
Heavy
Industries
Ltd.
1,600
47,529
Mitsui
Fudosan
Co.
Ltd.
1,659
35,971
NEC
Corp.
609
35,435
Nippon
Telegraph
&
Telephone
Corp.
1,442
36,345
Nomura
Holdings,
Inc.
8,877
47,664
Obayashi
Corp.
7,945
72,469
Oji
Holdings
Corp.
5,107
32,192
ORIX
Corp.
3,342
53,736
Resona
Holdings,
Inc.
17,716
72,773
SCSK
Corp.
820
47,562
Sekisui
House
Ltd.
3,905
78,918
Shimizu
Corp.
4,904
40,154
Shionogi
&
Co.
Ltd.
1,013
53,261
Sompo
Holdings,
Inc.
1,114
41,378
Sumitomo
Corp.
4,724
64,309
Sumitomo
Mitsui
Financial
Group,
Inc.
1,805
62,784
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,817
61,838
Suntory
Beverage
&
Food
Ltd.
1,395
47,093
T&D
Holdings,
Inc.
3,522
43,145
Taiheiyo
Cement
Corp.
1,743
43,677
TIS,
Inc.
2,533
62,917
Tokyo
Gas
Co.
Ltd.
1,526
30,896
Toyota
Tsusho
Corp.
1,560
65,937
Total
2,315,327
Netherlands  4.1%
Heineken
Holding
NV
316
31,421
Koninklijke
Ahold
Delhaize
NV
2,609
70,321
NN
Group
NV
1,482
74,162
Wolters
Kluwer
NV
536
48,560
Total
224,464
Portugal  0.9%
Galp
Energia
SGPS
SA
4,372
50,577
Singapore  3.1%
DBS
Group
Holdings
Ltd.
1,576
35,432
Oversea-Chinese
Banking
Corp.
Ltd.
6,727
61,688
United
Overseas
Bank
Ltd.
3,751
74,969
Total
172,089
South
Africa  0.6%
Anglo
American
PLC
799
33,962
Spain  5.7%
ACS
Actividades
de
Construccion
y
Servicios
SA
2,580
84,260
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)
5,547
31,187
Red
Electrica
Corp.
SA
3,324
61,122
Repsol
SA
4,864
58,190
Telefonica
SA
17,221
79,886
Total
314,645
Sweden  0.7%
Assa
Abloy
AB
Class
B
1,315
37,526
Switzerland  1.1%
Credit
Suisse
Group
AG
2,337
24,460
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
9
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Swiss
Life
Holding
AG
74
36,098
Total
60,558
United
Kingdom  5.4%
Berkeley
Group
Holdings
PLC
1,272
81,488
J
Sainsbury
PLC
15,277
50,278
RELX
PLC
1,538
40,023
Vodafone
Group
PLC
30,971
58,661
Wm
Morrison
Supermarkets
PLC
27,518
66,237
Total
296,687
Total
Common
Stocks
(Cost
$4,815,724)
5,425,193
Rights
0.0%
Issuer
Shares
Value
($)
Switzerland  0.0%
Credit
Suisse
Group
AG,
expiring
5/11/21
(a)
2,337
98
Total
Rights
(Cost
$0)
98
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(b)
18,030
18,030
Total
Money
Market
Funds
(Cost
$18,030)
18,030
Total
Investments
in
Securities
(Cost
$4,833,754)
5,443,321
Other
Assets
&
Liabilities,
Net
48,569
Net
Assets
5,491,890
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2021.
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.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
International
Equity
Income
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Semiannual
Report
2021
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
control
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.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Australia
481,915
481,915
Belgium
69,414
69,414
Canada
345,202
345,202
China
84,600
84,600
Denmark
167,817
167,817
Finland
41,574
41,574
France
36,830
36,830
Germany
78,759
78,759
Hong
Kong
403,584
403,584
Ireland
39,102
39,102
Italy
170,561
170,561
Japan
2,315,327
2,315,327
Netherlands
224,464
224,464
Portugal
50,577
50,577
Singapore
172,089
172,089
South
Africa
33,962
33,962
Spain
314,645
314,645
Sweden
37,526
37,526
Switzerland
60,558
60,558
United
Kingdom
296,687
296,687
Total
Common
Stocks
5,425,193
5,425,193
Rights
Switzerland
98
98
Total
Rights
98
98
Money
Market
Funds
18,030
18,030
Total
Investments
in
Securities
5,443,223
98
5,443,321
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
PORTFOLIO
OF
INVESTMENTS
Columbia
Sustainable
U.S.
Equity
Income
ETF
April
30,
2021
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
11
Common
Stocks
99.6%
Issuer
Shares
Value
($)
Communication
Services  2.8%
Diversified
Telecommunication
Services
1.4%
Verizon
Communications,
Inc.
1,312
75,821
Media
1.4%
Omnicom
Group,
Inc.
905
74,445
Total
Communication
Services
150,266
Consumer
Discretionary  6.6%
Auto
Components
0.8%
BorgWarner,
Inc.
896
43,528
Household
Durables
0.9%
PulteGroup,
Inc.
861
50,902
Leisure
Products
0.8%
Hasbro,
Inc.
433
43,062
Multiline
Retail
0.6%
Target
Corp.
158
32,747
Specialty
Retail
3.5%
Best
Buy
Co.,
Inc.
490
56,972
Home
Depot,
Inc.
(The)
194
62,792
Lowe's
Cos.,
Inc.
143
28,064
Tractor
Supply
Co.
207
39,040
Total
186,868
Total
Consumer
Discretionary
357,107
Consumer
Staples  10.3%
Food
&
Staples
Retailing
2.8%
Kroger
Co.
(The)
1,080
39,463
Sysco
Corp.
401
33,977
Walgreens
Boots
Alliance,
Inc.
1,436
76,252
Total
149,692
Food
Products
6.9%
Campbell
Soup
Co.
1,077
51,427
Conagra
Brands,
Inc.
1,900
70,471
General
Mills,
Inc.
1,203
73,214
JM
Smucker
Co.
(The)
532
69,687
Lamb
Weston
Holdings,
Inc.
369
29,704
Tyson
Foods,
Inc.
Class
A
995
77,063
Total
371,566
Household
Products
0.6%
Church
&
Dwight
Co.,
Inc.
399
34,210
Total
Consumer
Staples
555,468
Energy  7.8%
Energy
Equipment
&
Services
0.4%
Baker
Hughes
Co.
1,156
23,212
Oil,
Gas
&
Consumable
Fuels
7.4%
Chevron
Corp.
487
50,195
ConocoPhillips
1,250
63,925
Exxon
Mobil
Corp.
799
45,735
Marathon
Petroleum
Corp.
1,288
71,677
ONEOK,
Inc.
1,102
57,679
Phillips
66
392
31,717
Valero
Energy
Corp.
1,040
76,918
Total
397,846
Total
Energy
421,058
Financials  19.3%
Banks
3.7%
Citigroup,
Inc.
901
64,187
Citizens
Financial
Group,
Inc.
1,170
54,148
M&T
Bank
Corp.
283
44,626
PNC
Financial
Services
Group,
Inc.
(The)
200
37,390
Total
200,351
Capital
Markets
5.8%
Ameriprise
Financial,
Inc.
(a)
195
50,388
Bank
of
New
York
Mellon
Corp.
(The)
962
47,985
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Charles
Schwab
Corp.
(The)
433
30,483
Goldman
Sachs
Group,
Inc.
(The)
144
50,177
Morgan
Stanley
616
50,851
Northern
Trust
Corp.
358
40,740
State
Street
Corp.
501
42,059
Total
312,683
Consumer
Finance
0.8%
Ally
Financial,
Inc.
809
41,623
Diversified
Financial
Services
0.5%
Voya
Financial,
Inc.
434
29,434
Insurance
8.5%
Aflac,
Inc.
805
43,253
Allstate
Corp.
(The)
504
63,907
Lincoln
National
Corp.
1,198
76,828
MetLife,
Inc.
1,099
69,929
Progressive
Corp.
(The)
812
81,801
Prudential
Financial,
Inc.
640
64,230
Reinsurance
Group
of
America,
Inc.
436
56,911
Total
456,859
Total
Financials
1,040,950
Health
Care  7.7%
Biotechnology
2.9%
AbbVie,
Inc.
531
59,207
Amgen,
Inc.
164
39,301
Gilead
Sciences,
Inc.
935
59,344
Total
157,852
Health
Care
Providers
&
Services
4.8%
AmerisourceBergen
Corp.
412
49,770
Anthem,
Inc.
165
62,599
Cardinal
Health,
Inc.
1,088
65,650
CVS
Health
Corp.
657
50,195
Quest
Diagnostics,
Inc.
239
31,519
Total
259,733
Total
Health
Care
417,585
Industrials  15.5%
Aerospace
&
Defense
4.0%
Huntington
Ingalls
Industries,
Inc.
392
83,229
Northrop
Grumman
Corp.
215
76,205
Raytheon
Technologies
Corp.
704
58,601
Total
218,035
Air
Freight
&
Logistics
0.6%
Expeditors
International
of
Washington,
Inc.
277
30,431
Building
Products
4.7%
A
O
Smith
Corp.
559
37,872
Allegion
PLC
336
45,152
Fortune
Brands
Home
&
Security,
Inc.
406
42,622
Masco
Corp.
511
32,642
Owens
Corning
579
56,053
Trane
Technologies
PLC
237
41,198
Total
255,539
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
158
35,241
Machinery
3.6%
Cummins,
Inc.
254
64,018
Parker-Hannifin
Corp.
144
45,189
Snap-on,
Inc.
362
86,011
Total
195,218
Professional
Services
1.9%
Leidos
Holdings,
Inc.
273
27,649
Robert
Half
International,
Inc.
842
73,768
Total
101,417
Total
Industrials
835,881
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Notes
to
Portfolio
of
Investments
(a)
As
defined
in
the
Investment
Company
Act
of
1940,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
company’s
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
Holdings
and
transactions
in
these
affiliated
companies
during
the
period
ended
April
30,
2021
are
as
follows:
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2021.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Information
Technology  9.8%
Communications
Equipment
1.7%
Juniper
Networks,
Inc.
1,779
45,169
Motorola
Solutions,
Inc.
240
45,192
Total
90,361
IT
Services
3.0%
Accenture
PLC
Class
A
116
33,637
International
Business
Machines
Corp.
430
61,008
Western
Union
Co.
(The)
2,675
68,908
Total
163,553
Semiconductors
&
Semiconductor
Equipment
1.0%
Lam
Research
Corp.
41
25,438
Skyworks
Solutions,
Inc.
143
25,930
Total
51,368
Software
1.2%
Oracle
Corp.
876
66,392
Technology
Hardware,
Storage
&
Peripherals
2.9%
HP,
Inc.
2,581
88,038
NetApp,
Inc.
922
68,864
Total
156,902
Total
Information
Technology
528,576
Materials  8.4%
Chemicals
3.1%
Celanese
Corp.
433
67,830
LyondellBasell
Industries
NV
Class
A
599
62,140
PPG
Industries,
Inc.
230
39,385
Total
169,355
Containers
&
Packaging
2.4%
International
Paper
Co.
1,135
65,830
Packaging
Corp.
of
America
413
60,980
Total
126,810
Metals
&
Mining
2.9%
Nucor
Corp.
841
69,181
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Steel
Dynamics,
Inc.
1,621
87,890
Total
157,071
Total
Materials
453,236
Utilities  11.4%
Electric
Utilities
5.5%
Alliant
Energy
Corp.
850
47,744
Edison
International
947
56,299
Entergy
Corp.
611
66,776
Exelon
Corp.
1,568
70,466
OGE
Energy
Corp.
1,660
55,710
Total
296,995
Gas
Utilities
2.4%
Atmos
Energy
Corp.
519
53,763
UGI
Corp.
1,678
73,346
Total
127,109
Multi-Utilities
3.1%
DTE
Energy
Co.
483
67,629
Public
Service
Enterprise
Group,
Inc.
767
48,444
Sempra
Energy
368
50,626
Total
166,699
Water
Utilities
0.4%
American
Water
Works
Co.,
Inc.
157
24,491
Total
Utilities
615,294
Total
Common
Stocks
(Cost
$4,567,725)
5,375,421
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(b)
16,791
16,791
Total
Money
Market
Funds
(Cost
$16,791)
16,791
Total
Investments
in
Securities
(Cost
$4,584,516)
5,392,212
Other
Assets
&
Liabilities,
Net
6,804
Net
Assets
5,399,016
Affiliated
Issuer
Beginning
of
period($)
Purchases($)
Sales($)
Net
change
in
unrealized  
appreciation
(depreciation)
($)
End
of
period($)
Realized
gain/(loss)
($)
Dividends($)
End
of
period
shares
Ameriprise
Financial,
Inc.
40,207
30,309
(24,570)
4,442
50,388
19,523
594
195
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
13
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.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
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
control
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.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
150,266
150,266
Consumer
Discretionary
357,107
357,107
Consumer
Staples
555,468
555,468
Energy
421,058
421,058
Financials
1,040,950
1,040,950
Health
Care
417,585
417,585
Industrials
835,881
835,881
Information
Technology
528,576
528,576
Materials
453,236
453,236
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Sustainable
U.S.
Equity
Income
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Utilities
615,294
615,294
Total
Common
Stocks
5,375,421
5,375,421
Money
Market
Funds
16,791
16,791
Total
Investments
in
Securities
5,392,212
5,392,212
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
15
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$4,833,754
and
$4,547,301,
respectively)
$5,443,321
$5,341,824
Affiliated
issuers
(cost
$–
and
$37,215,
respectively)
50,388
Foreign
currency
(cost
$1,505
and
$–)
1,501
Receivable
for:
Dividends
34,556
8,327
Reclaims
receivable
14,547
Investment
sold
2,119
Total
assets
5,496,044
5,400,539
Liabilities
Payable
for:
Investments
purchased
2,112
Investment
management
fees
2,042
1,523
Total
liabilities
4,154
1,523
Net
assets
applicable
to
outstanding
capital
stock
$5,491,890
$5,399,016
Represented
by:
Paid-in
capital
$5,919,955
$3,692,538
Total
distributable
earnings
(loss)
(428,065)
1,706,478
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$5,491,890
$5,399,016
Shares
outstanding
200,000
150,000
Net
asset
value
per
share
$27.46
$35.99
STATEMENT
OF
OPERATIONS
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$82,988
$93,255
Dividends
-
affiliated
issuers
594
Foreign
taxes
withheld
(6,291)
Total
income
76,697
93,849
Expenses:
Investment
management
fees
11,589
11,145
Net
Investment
Income
65,108
82,704
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
160,017
136,906
Investments
-
affiliated
issuers
10
In-kind
transactions
1,104,645
In-kind
transactions
affiliated
19,513
Foreign
currency
translations
(1,188)
Net
realized
gain
158,829
1,261,074
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,109,078
906,305
Investments
-
affiliated
issuers
4,442
Foreign
currency
translations
273
Net
change
in
unrealized
appreciation
1,109,351
910,747
Net
realized
and
unrealized
gain
1,268,180
2,171,821
Net
Increase
in
net
assets
resulting
from
operations
$1,333,288
$2,254,525
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
17
Columbia
Sustainable
International
Equity
Income
ETF
Columbia
Sustainable
U.S.
Equity
Income
ETF
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31,
2020
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31,
2020
Operations
Net
investment
income
$65,108
$140,562
$82,704
$153,928
Net
realized
gain
(loss)
158,829
(492,241)
1,261,074
(335,721)
Net
change
in
unrealized
appreciation
(depreciation)
1,109,351
(449,222)
910,747
(353,169)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
1,333,288
(800,901)
2,254,525
(534,962)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(57,274)
(138,912)
(86,094)
(162,454)
Shareholder
transactions
Proceeds
from
shares
sold
3,117,247
1,490,583
Cost
of
shares
redeemed
(1,104)
(4,971,142)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(1,104)
(1,853,895)
1,490,583
Increase
(decrease)
in
net
assets
1,274,910
(939,813)
314,536
793,167
Net
Assets:
Net
assets
beginning
of
period
4,216,980
5,156,793
5,084,480
4,291,313
Net
assets
at
end
of
period
$5,491,890
$4,216,980
$5,399,016
$5,084,480
Capital
stock
activity
Shares
outstanding,
beginning
of
period
200,040
200,040
200,045
150,045
Subscriptions
100,000
50,000
Redemptions
(40)
(150,045)
Shares
outstanding,
end
of
period
200,000
200,040
150,000
200,045
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Semiannual
Report
2021
The
following
tables
are
intended
to
help
you
understand
each
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.
Columbia
Sustainable
International
Equity
Income
ETF
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31
,
2016
(a)
2020
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
period
$21.08‌
$25.78‌
$26.68‌
$30.59‌
$25.34‌
$24.51‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.33‌
0.70‌
0.87‌
0.92‌
0.76‌
0.24‌
Net
realized
and
unrealized
gain
(loss)
6.34‌
(4.71‌)
0.50‌
(3.32‌)
5.47‌
0.81‌
Total
from
investment
operations
6.67‌
(4.01‌)
1.37‌
(2.40‌)
6.23‌
1.05‌
Less
distributions
to
shareholders:
Net
investment
income
(0.29‌)
(0.69‌)
(1.01‌)
(0.94‌)
(0.65‌)
(0.22‌)
Net
realized
gains
–‌
–‌
(1.26‌)
(0.57‌)
(0.33‌)
–‌
Total
distribution
to
shareholders
(0.29‌)
(0.69‌)
(2.27‌)
(1.51‌)
(0.98‌)
(0.22‌)
Net
asset
value,
end
of
period
$27.46‌
$21.08‌
$25.78‌
$26.68‌
$30.59‌
$25.34‌
Total
Return
at
NAV
31.72‌%
(15.68‌)%
6.05‌%
(8.25‌)%
25.13‌%
4.27‌%
Total
Return
at
Market
31.49‌%
(15.02‌)%
8.74‌%
(9.30‌)%
25.58‌%
7.13‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.45‌%
(c)
0.45‌%
(d)
0.45‌%
(e)
0.45‌%
0.45‌%
0.45‌%
(c)
Total
net
expenses
(b)(f)
0.45‌%
(c)
0.45‌%
(d)
0.45‌%
(e)
0.45‌%
0.45‌%
0.45‌%
(c)
Net
investment
income
2.53‌%
(c)
3.08‌%
3.43‌%
3.11‌%
2.71‌%
2.50‌%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$5,492‌
$4,217‌
$5,157‌
$13,343‌
$12,239‌
$5,070‌
Portfolio
turnover
43‌%
98‌%
76‌%
82‌%
87‌%
22‌%
(a)
The
Fund
commenced
operations
on
June
13,
2016.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Annualized
(d)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2020
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(f)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
19
Columbia
Sustainable
U.S.
Equity
Income
ETF
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31
,
2016
(a)
2020
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
period
$25.42‌
$28.60‌
$28.25‌
$30.30‌
$25.86‌
$24.68‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.41‌
0.78‌
0.80‌
0.77‌
0.73‌
0.19‌
Net
realized
and
unrealized
gain
(loss)
10.55‌
(3.15‌)
1.44‌
0.64‌
4.72‌
1.16‌
Total
from
investment
operations
10.96‌
(2.37‌)
2.24‌
1.41‌
5.45‌
1.35‌
Less
distributions
to
shareholders:
Net
investment
income
(0.39‌)
(0.74‌)
(0.78‌)
(0.75‌)
(0.67‌)
(0.17‌)
Net
realized
gains
–‌
(0.07‌)
(1.11‌)
(2.71‌)
(0.34‌)
–‌
Total
distribution
to
shareholders
(0.39‌)
(0.81‌)
(1.89‌)
(3.46‌)
(1.01‌)
(0.17‌)
Net
asset
value,
end
of
period
$35.99‌
$25.42‌
$28.60‌
$28.25‌
$30.30‌
$25.86‌
Total
Return
at
NAV
43.32‌%
(8.18‌)%
9.19‌%
4.35‌%
21.36‌%
5.47‌%
Total
Return
at
Market
44.42‌%
(8.64‌)%
9.04‌%
4.51‌%
21.40‌%
5.69‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.35‌%
(c)
0.35‌%
0.35‌%
(d)
0.35‌%
0.35‌%
0.35‌%
(c)
Total
net
expenses
(b)(e)
0.35‌%
(c)
0.35‌%
0.35‌%
(d)
0.35‌%
0.35‌%
0.35‌%
(c)
Net
investment
income
2.60‌%
(c)
2.98‌%
2.94‌%
2.55‌%
2.53‌%
1.96‌%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$5,399‌
$5,084‌
$4,291‌
$4,239‌
$3,031‌
$5,172‌
Portfolio
turnover
43‌%
77‌%
56‌%
61‌%
55‌%
15‌%
(a)
The
Fund
commenced
operations
on
June
13,
2016.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Annualized
(d)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(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
April
30,
2021
(Unaudited)
20
Strategic
Beta
ETFs
|
Semiannual
Report
Note
1.
Organization
Columbia
ETF
Trust
I
(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
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Sustainable
International
Equity
Income
ETF
and
Columbia
Sustainable
U.S.
Equity
Income
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
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
a
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
Funds’
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
Each
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
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Shares
of
other
open-end
investment
companies
(other
than
ETFs)
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
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
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
21
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translation
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
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
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
22
Strategic
Beta
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Report
Determination
of
net
asset
value
The
NAV
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
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,
each
Fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
each
calendar
quarter.
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
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
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
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
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
for
the
six
months
ended
April
30,
2021
amounted
to
the
amount
shown
in
the
table
below
as
a
percentage
of
average
daily
net
assets
of
each
Fund:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Sustainable
International
Equity
Income
ETF
0.45
Columbia
Sustainable
U.S.
Equity
Income
ETF
0.35
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
23
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
Funds
as
disclosed
in
the
Statement
of
Operations.
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.
Each
Fund’s
liability
for
the
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
Funds.
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
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
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
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
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
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2021,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
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,
2020,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
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
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Sustainable
International
Equity
Income
ETF
4,833,754
763,143
(153,576)
609,567
Columbia
Sustainable
U.S.
Equity
Income
ETF
4,584,516
823,442
(15,746)
807,696
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Columbia
Sustainable
International
Equity
Income
ETF
383,321
828,348
1,211,669
Columbia
Research
Enhanced
Value
ETF
112,088
217,832
329,920
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
24
Strategic
Beta
ETFs
|
Semiannual
Report
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
six
months
ended
April
30,
2021,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
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
six
months
ended
April
30,
2021,
the
cost
basis
of
securities
contributed
was
as
follows:
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
six
months
ended
April
30,
2021,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
Wells
Fargo
Bank,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Funds
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
a
December
1,
2020
amendment,
the
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$950
million.
Interest
is
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
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
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
December
unless
extended
or
renewed.
Prior
to
the
December
1,
2020
amendment,
the
Funds
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$1
billion.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
six
months
ended
April
30,
2021.
Note
8.
Significant
risks
Foreign
securities
and
emerging
market
countries
risk
Investing
in
foreign
securities
may
involve
certain
risks
not
typically
associated
with
investing
in
U.S.
securities,
such
as
increased
currency
volatility
and
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic
and
other
conditions
or
events
(including,
for
example,
military
confrontations,
war,
terrorism,
natural
disasters
and
disease
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Sustainable
International
Equity
Income
ETF
2,132,910
2,138,508
Columbia
Sustainable
U.S.
Equity
Income
ETF
2,579,785
2,553,548
Funds
Contributions
($)
Columbia
Sustainable
International
Equity
Income
ETF
-
Columbia
Sustainable
U.S.
Equity
Income
ETF
3,101,211
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Sustainable
International
Equity
Income
ETF
-
-
-
Columbia
Sustainable
U.S.
Equity
Income
ETF
3,846,234
4,970,392
1,124,158
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
25
pandemics),
occurring
in
the
country
or
region,
which
may
result
in
significant
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Investing
in
emerging
markets
may
increase
these
risks
and
expose
the
Funds
to
elevated
risks
associated
with
increased
inflation,
deflation
or
currency
devaluation.
To
the
extent
that
Columbia
Sustainable
International
Equity
Income
ETF
concentrates
its
investment
exposure
to
any
one
or
a
few
specific
countries,
the
Fund
will
be
particularly
susceptible
to
the
risks
associated
with
the
conditions,
events
or
other
factors
impacting
those
countries
or
regions
and
may,
therefore,
have
a
greater
risk
than
that
of
a
fund
that
is
more
geographically
diversified.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Geographic
focus
risk
Columbia
Sustainable
International
Equity
Income
ETF
may
be
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Fund
invests.
The
Fund’s
NAV
may
be
more
volatile
than
the
NAV
of
a
more
geographically
diversified
fund.
Asia
Pacific
Region.
Columbia
Sustainable
International
Equity
Income
ETF
is
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
in
the
Asia
Pacific
region.
Many
of
the
countries
in
the
region
are
considered
underdeveloped
or
developing,
including
from
a
political,
economic
and/or
social
perspective,
and
may
have
relatively
unstable
governments
and
economies
based
on
limited
business,
industries
and/or
natural
resources
or
commodities.
Events
in
any
one
country
within
the
region
may
impact
other
countries
in
the
region
or
the
region
as
a
whole.
As
a
result,
events
in
the
region
will
generally
have
a
greater
effect
on
the
Fund
than
if
the
Fund
was
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Fund’s
investments
and
losses
for
the
Fund.
Also,
securities
of
some
companies
in
the
region
can
be
less
liquid
than
U.S.
or
other
foreign
securities,
potentially
making
it
difficult
for
the
Fund
to
sell
such
securities
at
a
desirable
time
and
price.
Japan
.
Columbia
Sustainable
International
Equity
Income
ETF
is
particularly
susceptible
to
the
social,
political,
economic,
regulatory
and
other
conditions
or
events
that
may
affect
Japan’s
economy.
The
Japanese
economy
is
heavily
dependent
upon
international
trade,
including,
among
other
things,
the
export
of
finished
goods
and
the
import
of
oil
and
other
commodities
and
raw
materials.
Because
of
its
trade
dependence,
the
Japanese
economy
is
particularly
exposed
to
the
risks
of
currency
fluctuation,
foreign
trade
policy
and
regional
and
global
economic
disruption,
including
the
risk
of
increased
tariffs,
embargoes,
and
other
trade
limitations
or
factors.
Strained
relationships
between
Japan
and
its
neighboring
countries,
including
China,
South
Korea
and
North
Korea,
based
on
historical
grievances,
territorial
disputes,
and
defense
concerns,
may
also
cause
uncertainty
in
Japanese
markets.
As
a
result,
additional
tariffs,
other
trade
barriers,
or
boycotts
may
have
an
adverse
impact
on
the
Japanese
economy.
Japanese
government
policy
has
been
characterized
by
economic
regulation,
intervention,
protectionism
and
large
government
deficits.
The
Japanese
economy
is
also
challenged
by
an
unstable
financial
services
sector,
highly
leveraged
corporate
balance
sheets
and
extensive
cross-ownership
among
major
corporations.
Structural
social
and
labor
market
changes,
including
an
aging
workforce,
population
decline
and
traditional
aversion
to
labor
mobility
may
adversely
affect
Japan’s
economic
competitiveness
and
growth
potential.
The
potential
for
natural
disasters,
such
as
earthquakes,
volcanic
eruptions,
typhoons
and
tsunamis,
could
also
have
significant
negative
effects
on
Japan’s
economy.
As
a
result
of
the
Fund’s
investment
in
Japanese
securities,
the
Fund’s
NAV
may
be
more
volatile
than
the
NAV
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Japan
fall
out
of
favor,
it
may
cause
the
Fund
to
underperform
other
funds
that
do
not
focus
their
investments
in
Japan.
Market
and
environment
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
26
Strategic
Beta
ETFs
|
Semiannual
Report
could
adversely
affect
the
Funds,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
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
Funds’
net
asset
value.
The
Funds’
performance
may
also
be
significantly
negatively
impacted
by
the
economic
impact
of
the
coronavirus
disease
2019
(COVID-19)
pandemic.
The
COVID-19
public
health
crisis
has
become
a
pandemic
that
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
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
The
Investment
Manager
and
its
affiliates
have
systematically
implemented
strategies
to
address
the
operating
environment
spurred
by
the
COVID-19
pandemic.
To
promote
the
safety
and
security
of
our
employees
and
to
assure
the
continuity
of
our
business
operations,
we
have
implemented
a
work
from
home
protocol
for
virtually
all
of
our
employee
population,
restricted
business
travel,
and
provided
resources
for
complying
with
the
guidance
from
the
World
Health
Organization,
the
U.S.
Centers
for
Disease
Control
and
governments.
Our
operations
teams
seek
to
operate
without
significant
disruptions
in
service.
Our
pandemic
strategy
takes
into
consideration
that
a
pandemic
could
be
widespread
and
may
occur
in
multiple
waves,
affecting
different
communities
at
different
times
with
varying
levels
of
severity.
We
cannot,
however,
predict
the
impact
that
natural
or
man-made
disasters,
including
the
COVID-19
pandemic,
may
have
on
the
ability
of
our
employees
and
third-party
service
providers
to
continue
ordinary
business
operations
and
technology
functions
over
near-
or
longer-term
periods.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
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
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
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
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
27
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
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
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
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
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
Funds.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
28
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Pursuant
to
Rule
22e-4
under
the
1940
Act,
each
Fund
has
adopted
a
liquidity
risk
management
program
(the
Program).
The
Program’s
principal
objectives
include
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk.
Liquidity
risk
is
defined
as
the
risk
that
the
Fund
could
not
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
The
Board
has
appointed
the
Investment
Manager
as
the
program
administrator
for
each
Fund’s
Program.
The
Investment
Manager
has
delegated
oversight
of
the
Program
to
its
Liquidity
Risk
Management
Committee
(the
Committee).
At
a
board
meeting
during
the
fiscal
period,
the
Committee
provided
the
Board
with
a
report
addressing
the
operations
of
the
program
and
assessing
its
adequacy
and
effectiveness
of
implementation
for
the
period
January
1,
2020,
through
December
31,
2020,
including:
There
can
be
no
assurance
that
the
Program
will
achieve
its
objectives
in
the
future.
Please
refer
to
the
Fund’s
prospectus
for
more
information
regarding
the
Fund’s
exposure
to
liquidity
risk
and
other
principal
risks
to
which
an
investment
in
the
Fund
may
be
subject.
the
Fund
had
sufficient
liquidity
to
both
meet
redemptions
and
operate
effectively
on
behalf
of
shareholders;
there
were
no
material
changes
to
the
Program
during
the
period;
the
implementation
of
the
Program
was
effective
to
manage
the
Fund’s
liquidity
risk;
and
the
Program
operated
adequately
during
the
period.
RESULTS
OF
MEETING
OF
SHAREHOLDERS
April
30,
2021
Strategic
Beta
ETFs
|
Semiannual
Report
2021
29
At
a
Joint
Special
Meeting
of
Shareholders
held
on
December
22,
2020,
shareholders
of
Columbia
ETF
Trust
I
elected
each
of
the
seventeen
nominees
for
the
trustees
to
the
Board
of
Trustees
of
Columbia
ETF
Trust
I,
each
to
hold
office
until
he
or
she
dies,
retires,
resigns
or
is
removed
or,
if
sooner,
until
the
election
and
qualification
of
his
or
her
successor,
as
follows:
Trustee
Votes
for
Votes
withheld
Abstentions
George
S.
Batejan
598,073,026
3,780,328
0
Kathleen
Blatz
597,509,473
4,343,881
0
Pamela
G.
Carlton
597,354,783
4,498,571
0
Janet
Langford
Carrig
597,508,397
4,344,956
0
J.
Kevin
Connaughton
598,072,088
3,781,265
0
Olive
M.
Darragh
597,289,418
4,563,936
0
Patricia
M.
Flynn
597,574,031
4,279,322
0
Brian
J.
Gallagher
598,006,476
3,846,878
0
Douglas
A.
Hacker
598,028,149
3,825,205
0
Nancy
T.
Lukitsh
597,508,424
4,344,929
0
David
M.
Moffett
598,028,122
3,825,231
0
Catherine
James
Paglia
597,742,264
4,111,090
0
Anthony
M.
Santomero
597,926,806
3,926,548
0
Minor
M.
Shaw
597,815,282
4,038,071
0
Natalie
A.
Trunow
597,768,688
4,084,665
0
Sandra
Yeager
597,742,264
4,111,090
0
Christopher
O.
Petersen
598,028,149
3,825,205
0
ADDITIONAL
INFORMATION
30
Strategic
Beta
ETFs
|
Semiannual
Report
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
each
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
Each
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
Funds'
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
Each
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Funds
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)
225
Franklin
Street
Boston,
MA
02110
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.
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA
02110
SAR271_10_L01_(06/21)
CET001308
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
STRATEGIC
BETA
ETFs
Semiannual
Report
April
30,
2021
Columbia
Diversified
Fixed
Income
Allocation
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Fund’s
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Fund’s
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
TABLE
OF
CONTENTS
Fund
at
a
Glance
3
Understanding
Your
Fund’s
Expenses
5
Portfolio
of
Investments
6
Statement
of
Assets
and
Liabilities
20
Statement
of
Operations
21
Statement
of
Changes
in
Net
Assets
22
Financial
Highlights
23
Notes
to
Financial
Statements
24
Liquidity
Risk
Management
Program
32
Results
of
Meeting
of
Shareholders
33
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
the
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
The
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Fund
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
225
Franklin
Street
Boston,
MA
02110
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
FUND
AT
A
GLANCE
Columbia
Diversified
Fixed
Income
Allocation
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
3
Portfolio
management
Gene
Tannuzzo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2017
David
Janssen,
CFA
Portfolio
Manager
Managed
Fund
since
2017
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Multi-Sector
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
Bond
Index
is
a
rules-based
multi-sector
strategic
beta
approach
to
measuring
the
performance
of
the
debt
market
through
representation
of
six
sectors,
each
focused
on
yield,
quality,
and
liquidity
of
the
particular
eligible
universe.
The
index
will
have
exposure
to
the
following
six
sectors
of
the
debt
market:
U.S.
Treasury
securities;
global
ex-U.S.
treasury
securities;
U.S.
agency
mortgage-backed
securities;
U.S.
corporate
investment-grade
bonds;
U.S.
corporate
high-yield
bonds;
and
emerging
markets
sovereign
debt.
The
Fund
uses
a
representative
approach
which
will
result
in
the
Fund
holding
a
smaller
number
of
securities
than
are
in
the
underlying
index.
The
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index
is
a
broad-based
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market,
including
Treasuries,
government-related
and
corporate
securities,
mortgage-backed
securities
(agency
fixed-rate
and
hybrid
adjustable-rate
mortgage
passthroughs),
asset-backed
securities,
and
commercial
mortgage-backed
securities.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2021)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
10/12/17
0.99
6.85
5.03
Net
Asset
Value
10/12/17
1.13
7.08
5.00
{
Beta
Advantage®
}
Multi-Sector
Bond
Index
1.12
7.31
5.18
Bloomberg
Barclays
U.S
Aggregate
Bond
Index
-1.52
-0.27
3.83
FUND
AT
A
GLANCE
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Quality
breakdown
(%)
(at
April
30,
2021)
AAA
rating
32.5
AA
rating
2.1
A
rating
1.1
BBB
rating
28.2
BB
rating
24.3
B
rating
11.8
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments
(excluding
Money
Market
Funds).
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.
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.
For
information
on
the
rating
methodology
of
each
agency,
please
go
to:
www.moodys.com,
www.fitchratings.com
or
www.standardandpoors.
com/home/en/us.
Portfolio
breakdown
(%)
(at
April
30,
2021
)
Corporate
Bonds
46.0
Foreign
Government
Obligations
20.8
U.S.
Government
&
Agency
Obligations
13.4
U.S.
Treasury
Obligations
11.2
Money
Market
Fund
8.6
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
November
1,
2020
April
30,
2021
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Diversified
Fixed
Income
Allocation
ETF
1,000.00
1,000.00
1,011.30
1,023.41
1.40
1.40
0.28
PORTFOLIO
OF
INVESTMENTS
April
30,
2021
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
6
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Corporate
Bonds
  51.2%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.4%
Arconic
Corp.
6.125%,
02/15/28
(a)
1,000,000‌
1,063,347‌
Boeing
Co.
(The)
5.040%,
05/01/27
200,000‌
229,781‌
5.150%,
05/01/30
1,660,000‌
1,932,067‌
Howmet
Aerospace,
Inc.
6.875%,
05/01/25
1,214,000‌
1,408,151‌
Huntington
Ingalls
Industries,
Inc.
3.483%,
12/01/27
200,000‌
217,813‌
L3Harris
Technologies,
Inc.
3.850%,
12/15/26
158,000‌
176,384‌
4.400%,
06/15/28
400,000‌
458,711‌
Northrop
Grumman
Corp.
3.250%,
01/15/28
719,000‌
777,539‌
Rolls-Royce
PLC
5.750%,
10/15/27
(a)
700,000‌
752,840‌
Spirit
AeroSystems,
Inc.
7.500%,
04/15/25
(a)
1,139,000‌
1,220,549‌
Teledyne
Technologies,
Inc.
2.750%,
04/01/31
120,000‌
121,050‌
Textron,
Inc.
3.000%,
06/01/30
462,000‌
479,353‌
3.900%,
09/17/29
12,000‌
13,255‌
TransDigm,
Inc.
6.250%,
03/15/26
(a)
3,566,000‌
3,775,808‌
8.000%,
12/15/25
(a)
1,270,000‌
1,379,693‌
Total
14,006,341‌
Airlines
1.4%
American
Airlines,
Inc.
11.750%,
07/15/25
(a)
2,018,000‌
2,532,556‌
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
1,200,000‌
1,260,042‌
5.750%,
04/20/29
(a)
1,660,000‌
1,779,333‌
Delta
Air
Lines,
Inc.
2.900%,
10/28/24
100,000‌
100,898‌
3.625%,
03/15/22
688,000‌
698,287‌
3.750%,
10/28/29
1,140,000‌
1,134,553‌
7.375%,
01/15/26
440,000‌
515,818‌
Hawaiian
Brand
Intellectual
Property
Ltd.
/
HawaiianMiles
Loyalty
Ltd.
5.750%,
01/20/26
(a)
1,020,000‌
1,078,026‌
Southwest
Airlines
Co.
2.625%,
02/10/30
513,000‌
517,001‌
5.125%,
06/15/27
243,000‌
284,133‌
Spirit
Loyalty
Cayman
Ltd.
/
Spirit
IP
Cayman
Ltd.
8.000%,
09/20/25
(a)
1,015,000‌
1,149,133‌
United
Airlines,
Inc.
4.375%,
04/15/26
(a)
1,600,000‌
1,660,046‌
4.625%,
04/15/29
(a)
1,600,000‌
1,661,789‌
Total
14,371,615‌
Apartment
REIT
0.1%
American
Homes
4
Rent
LP
4.900%,
02/15/29
342,000‌
393,252‌
Essex
Portfolio
LP
3.000%,
01/15/30
218,000‌
225,599‌
Mid-America
Apartments
LP
3.950%,
03/15/29
140,000‌
155,679‌
UDR,
Inc.
3.000%,
08/15/31
240,000‌
247,143‌
Series
MTN,
3.200%,
01/15/30
220,000‌
233,825‌
Total
1,255,498‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Automotive
1.1%
Allison
Transmission,
Inc.
3.750%,
01/30/31
(a)
1,140,000‌
1,100,156‌
Aptiv
PLC
4.350%,
03/15/29
100,000‌
114,019‌
BorgWarner,
Inc.
2.650%,
07/01/27
200,000‌
209,596‌
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.250%,
05/15/26
(a)
645,000‌
684,574‌
Ford
Motor
Co.
4.346%,
12/08/26
1,609,000‌
1,700,816‌
8.500%,
04/21/23
1,523,000‌
1,705,796‌
9.000%,
04/22/25
2,311,000‌
2,823,104‌
General
Motors
Co.
6.800%,
10/01/27
360,000‌
452,200‌
General
Motors
Financial
Co.,
Inc.
3.600%,
06/21/30
504,000‌
535,003‌
4.350%,
04/09/25
200,000‌
221,779‌
Goodyear
Tire
&
Rubber
Co.
(The)
5.000%,
05/31/26
460,000‌
471,571‌
5.125%,
11/15/23
1,143,000‌
1,143,129‌
Lear
Corp.
4.250%,
05/15/29
100,000‌
111,418‌
Total
11,273,161‌
Banking
1.4%
Ally
Financial,
Inc.
5.750%,
11/20/25
919,000‌
1,052,229‌
Banco
Santander
SA
2.749%,
12/03/30
400,000‌
388,448‌
Bank
of
Montreal
3.803%,
(USD
5
Year
Swap
+
1.432%),
12/15/32
(b)
375,000‌
413,610‌
Barclays
PLC
4.836%,
05/09/28
700,000‌
785,550‌
4.972%,
(3-month
USD
LIBOR
+
1.902%),
05/16/29
(b)
250,000‌
289,300‌
Capital
One
Financial
Corp.
3.750%,
07/28/26
64,000‌
70,169‌
3.800%,
01/31/28
430,000‌
479,449‌
Citizens
Financial
Group,
Inc.
2.638%,
09/30/32
(a)
414,000‌
403,310‌
3.250%,
04/30/30
100,000‌
106,848‌
Deutsche
Bank
AG
4.500%,
04/01/25
500,000‌
539,554‌
Deutsche
Bank
AG/New
York
NY
3.547%,
(SOFRRATE
+
3.043%),
09/18/31
(b)
300,000‌
313,859‌
3.729%,
(SOFRRATE
+
2.757%),
01/14/32
(b)
1,000,000‌
993,757‌
4.875%,
(USD
5
Year
Swap
+
2.553%),
12/01/32
(b)
200,000‌
216,206‌
Discover
Bank
Series
BKNT,
4.650%,
09/13/28
400,000‌
462,306‌
Fifth
Third
Bancorp
2.550%,
05/05/27
672,000‌
706,497‌
Intesa
Sanpaolo
SpA
5.710%,
01/15/26
(a)
1,075,000‌
1,210,851‌
KeyCorp
Series
MTN,
2.250%,
04/06/27
738,000‌
766,479‌
Series
MTN,
2.550%,
10/01/29
242,000‌
248,525‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
7
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Natwest
Group
PLC
4.892%,
(3-month
USD
LIBOR
+
1.754%),
05/18/29
(b)
200,000‌
230,059‌
5.076%,
(3-month
USD
LIBOR
+
1.905%),
01/27/30
(b)
500,000‌
583,314‌
Santander
Holdings
USA,
Inc.
4.400%,
07/13/27
557,000‌
620,873‌
Sumitomo
Mitsui
Financial
Group,
Inc.
2.142%,
09/23/30
168,000‌
159,161‌
3.202%,
09/17/29
90,000‌
93,253‌
Synchrony
Financial
5.150%,
03/19/29
265,000‌
307,897‌
UniCredit
SpA
5.459%,
06/30/35
(a)
1,100,000‌
1,184,172‌
7.296%,
04/02/34
(a)
800,000‌
948,998‌
Westpac
Banking
Corp.
2.668%,
11/15/35
339,000‌
325,733‌
4.110%,
(US
5
Year
CMT
T-Note
+
2.000%),
07/24/34
(b)
100,000‌
107,662‌
Series
GMTN,
4.322%,
(USD
5
Year
Swap
+
2.236%),
11/23/31
(b)
150,000‌
166,489‌
Total
14,174,558‌
Brokerage/Asset
Managers/Exchanges
0.4%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
100,000‌
105,972‌
CI
Financial
Corp.
3.200%,
12/17/30
440,000‌
448,311‌
Intercontinental
Exchange,
Inc.
2.100%,
06/15/30
964,000‌
940,876‌
Jefferies
Group
LLC
/
Jefferies
Group
Capital
Finance,
Inc.
4.850%,
01/15/27
278,000‌
321,638‌
Lazard
Group
LLC
4.375%,
03/11/29
424,000‌
476,763‌
LPL
Holdings,
Inc.
4.000%,
03/15/29
(a)
1,120,000‌
1,122,740‌
Nasdaq,
Inc.
1.650%,
01/15/31
100,000‌
92,668‌
Nomura
Holdings,
Inc.
2.679%,
07/16/30
200,000‌
198,295‌
3.103%,
01/16/30
200,000‌
205,355‌
Raymond
James
Financial,
Inc.
4.650%,
04/01/30
100,000‌
118,414‌
Total
4,031,032‌
Building
Materials
0.2%
Martin
Marietta
Materials,
Inc.
3.500%,
12/15/27
230,000‌
254,404‌
Owens
Corning
3.875%,
06/01/30
200,000‌
220,852‌
Standard
Industries,
Inc.
3.375%,
01/15/31
(a)
900,000‌
843,488‌
4.375%,
07/15/30
(a)
885,000‌
887,392‌
Vulcan
Materials
Co.
3.500%,
06/01/30
216,000‌
234,971‌
Total
2,441,107‌
Cable
and
Satellite
2.5%
Altice
Financing
SA
5.000%,
01/15/28
(a)
2,400,000‌
2,367,000‌
7.500%,
05/15/26
(a)
1,250,000‌
1,298,974‌
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.750%,
03/01/30
(a)
3,010,000‌
3,140,734‌
5.125%,
05/01/27
(a)
2,538,000‌
2,658,287‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.800%,
04/01/31
814,000‌
805,913‌
4.200%,
03/15/28
418,000‌
463,350‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
6.750%,
10/01/26
(a)
1,800,000‌
1,877,303‌
CSC
Holdings
LLC
5.500%,
05/15/26
(a)
1,700,000‌
1,748,007‌
6.500%,
02/01/29
(a)
1,050,000‌
1,159,746‌
LCPR
Senior
Secured
Financing
DAC
6.750%,
10/15/27
(a)
950,000‌
1,021,066‌
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
4.500%,
09/15/26
(a)
830,000‌
844,499‌
Sirius
XM
Radio,
Inc.
4.625%,
07/15/24
(a)
420,000‌
432,096‌
5.000%,
08/01/27
(a)
2,395,000‌
2,506,897‌
Telenet
Finance
Luxembourg
Notes
Sarl
5.500%,
03/01/28
(a)
200,000‌
211,207‌
Virgin
Media
Finance
PLC
5.000%,
07/15/30
(a)
1,100,000‌
1,097,234‌
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(a)
1,100,000‌
1,174,903‌
Ziggo
BV
4.875%,
01/15/30
(a)
1,000,000‌
1,027,472‌
5.500%,
01/15/27
(a)
1,253,000‌
1,302,719‌
Total
25,137,407‌
Chemicals
0.5%
Avantor
Funding,
Inc.
4.625%,
07/15/28
(a)
1,000,000‌
1,047,222‌
Cabot
Corp.
4.000%,
07/01/29
180,000‌
191,183‌
Dow
Chemical
Co.
(The)
2.100%,
11/15/30
160,000‌
154,668‌
4.800%,
11/30/28
245,000‌
288,544‌
DuPont
de
Nemours,
Inc.
4.725%,
11/15/28
666,000‌
780,037‌
Eastman
Chemical
Co.
4.500%,
12/01/28
782,000‌
901,391‌
FMC
Corp.
3.450%,
10/01/29
310,000‌
332,990‌
LYB
International
Finance
III
LLC
2.250%,
10/01/30
100,000‌
97,687‌
NewMarket
Corp.
2.700%,
03/18/31
100,000‌
98,554‌
Nutrien
Ltd.
4.200%,
04/01/29
322,000‌
365,455‌
RPM
International,
Inc.
4.550%,
03/01/29
140,000‌
158,358‌
Sherwin-Williams
Co.
(The)
2.950%,
08/15/29
390,000‌
410,995‌
Westlake
Chemical
Corp.
3.375%,
06/15/30
114,000‌
119,665‌
Total
4,946,749‌
Construction
Machinery
0.5%
H&E
Equipment
Services,
Inc.
3.875%,
12/15/28
(a)
1,120,000‌
1,098,062‌
SRM
Escrow
Issuer
LLC
6.000%,
11/01/28
(a)
1,154,000‌
1,222,878‌
United
Rentals
North
America,
Inc.
3.875%,
02/15/31
1,060,000‌
1,067,402‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.875%,
01/15/28
1,299,000‌
1,374,869‌
Total
4,763,211‌
Consumer
Cyclical
Services
0.7%
Compass
Group
Diversified
Holdings
LLC
5.250%,
04/15/29
(a)
900,000‌
949,494‌
Expedia
Group,
Inc.
3.250%,
02/15/30
100,000‌
101,682‌
4.625%,
08/01/27
(a)
504,000‌
567,036‌
IHS
Markit
Ltd.
4.250%,
05/01/29
1,126,000‌
1,277,862‌
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(a)
720,000‌
694,953‌
5.750%,
04/15/26
(a)
1,234,000‌
1,349,618‌
Service
Corp
International
3.375%,
08/15/30
600,000‌
580,621‌
Staples,
Inc.
7.500%,
04/15/26
(a)
1,373,000‌
1,421,993‌
Total
6,943,259‌
Consumer
Products
0.3%
Clorox
Co.
(The)
3.900%,
05/15/28
100,000‌
112,832‌
Hasbro,
Inc.
3.550%,
11/19/26
100,000‌
109,457‌
3.900%,
11/19/29
376,000‌
410,386‌
Newell
Brands,
Inc.
4.700%,
04/01/26
2,059,000‌
2,293,573‌
Whirlpool
Corp.
4.750%,
02/26/29
63,000‌
74,044‌
Total
3,000,292‌
Diversified
Manufacturing
1.0%
Carlisle
Cos.,
Inc.
3.750%,
12/01/27
260,000‌
289,032‌
Carrier
Global
Corp.
2.722%,
02/15/30
1,130,000‌
1,151,170‌
Flowserve
Corp.
3.500%,
10/01/30
100,000‌
103,416‌
General
Electric
Co.
3.625%,
05/01/30
660,000‌
717,395‌
Griffon
Corp.
5.750%,
03/01/28
760,000‌
811,078‌
Johnson
Controls
International
PLC
3.900%,
02/14/26
73,000‌
81,115‌
Raytheon
Technologies
Corp.
3.950%,
08/16/25
100,000‌
111,631‌
4.125%,
11/16/28
948,000‌
1,075,773‌
Roper
Technologies,
Inc.
3.800%,
12/15/26
185,000‌
206,978‌
4.200%,
09/15/28
200,000‌
228,347‌
Trane
Technologies
Luxembourg
Finance
SA
3.800%,
03/21/29
218,000‌
242,566‌
Vertical
US
Newco,
Inc.
5.250%,
07/15/27
(a)
1,150,000‌
1,207,024‌
WESCO
Distribution,
Inc.
7.125%,
06/15/25
(a)
760,000‌
822,715‌
7.250%,
06/15/28
(a)
1,557,000‌
1,727,485‌
Westinghouse
Air
Brake
Technologies
Corp.
4.950%,
09/15/28
584,000‌
671,195‌
Xylem,
Inc.
2.250%,
01/30/31
160,000‌
157,040‌
Total
9,603,960‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Electric
2.0%
AES
Corp.
(The)
2.450%,
01/15/31
(a)
500,000‌
482,711‌
American
Electric
Power
Co.,
Inc.
Series
J,
4.300%,
12/01/28
495,000‌
564,112‌
Avangrid,
Inc.
3.800%,
06/01/29
190,000‌
211,396‌
Black
Hills
Corp.
4.350%,
05/01/33
80,000‌
91,269‌
Calpine
Corp.
4.500%,
02/15/28
(a)
1,065,000‌
1,075,871‌
5.125%,
03/15/28
(a)
1,020,000‌
1,036,600‌
Clearway
Energy
Operating
LLC
3.750%,
02/15/31
(a)
960,000‌
946,296‌
4.750%,
03/15/28
(a)
580,000‌
608,152‌
CMS
Energy
Corp.
4.750%,
(US
5
Year
CMT
T-Note
+
4.116%),
06/01/50
(b)
240,000‌
265,208‌
Dominion
Energy,
Inc.
4.250%,
06/01/28
268,000‌
305,169‌
DTE
Energy
Co.
Series
C,
3.400%,
06/15/29
483,000‌
519,114‌
Duke
Energy
Corp.
2.450%,
06/01/30
452,000‌
450,476‌
3.150%,
08/15/27
136,000‌
146,752‌
Eastern
Energy
Gas
Holdings
LLC
Series
B,
3.000%,
11/15/29
200,000‌
209,904‌
Edison
International
5.750%,
06/15/27
263,000‌
307,956‌
Enel
Chile
SA
4.875%,
06/12/28
340,000‌
393,383‌
Evergy,
Inc.
2.900%,
09/15/29
200,000‌
205,700‌
Eversource
Energy
Series
R,
1.650%,
08/15/30
490,000‌
460,456‌
Exelon
Corp.
4.050%,
04/15/30
240,000‌
269,446‌
FirstEnergy
Corp.
Series
B,
4.400%,
07/15/27
1,720,000‌
1,883,816‌
IPALCO
Enterprises,
Inc.
4.250%,
05/01/30
(a)
40,000‌
44,314‌
NextEra
Energy
Capital
Holdings,
Inc.
2.250%,
06/01/30
360,000‌
356,392‌
3.550%,
05/01/27
320,000‌
355,068‌
NRG
Energy,
Inc.
3.625%,
02/15/31
(a)
1,160,000‌
1,136,590‌
6.625%,
01/15/27
1,046,000‌
1,089,614‌
Pacific
Gas
and
Electric
Co.
2.500%,
02/01/31
810,000‌
762,278‌
4.550%,
07/01/30
670,000‌
720,274‌
PG&E
Corp.
5.000%,
07/01/28
360,000‌
378,336‌
5.250%,
07/01/30
1,160,000‌
1,238,337‌
PPL
Capital
Funding,
Inc.
4.125%,
04/15/30
240,000‌
271,876‌
Public
Service
Enterprise
Group,
Inc.
1.600%,
08/15/30
200,000‌
186,143‌
Southern
Co.
(The)
Series
A,
3.700%,
04/30/30
540,000‌
589,719‌
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
650,000‌
673,317‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
9
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.625%,
02/15/27
(a)
1,202,000‌
1,251,424‌
WEC
Energy
Group,
Inc.
1.800%,
10/15/30
200,000‌
188,491‌
Xcel
Energy,
Inc.
4.000%,
06/15/28
136,000‌
152,565‌
Total
19,828,525‌
Environmental
0.1%
Waste
Connections,
Inc.
4.250%,
12/01/28
367,000‌
419,753‌
Waste
Management,
Inc.
1.150%,
03/15/28
500,000‌
477,699‌
1.500%,
03/15/31
200,000‌
184,634‌
Total
1,082,086‌
Finance
Companies
1.0%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.650%,
07/21/27
150,000‌
159,025‌
Air
Lease
Corp.
Series
GMTN,
3.750%,
06/01/26
550,000‌
594,046‌
Aon
Corp.
2.800%,
05/15/30
400,000‌
412,728‌
Ares
Capital
Corp.
3.875%,
01/15/26
190,000‌
202,720‌
First
American
Financial
Corp.
4.000%,
05/15/30
80,000‌
87,081‌
Fortress
Transportation
and
Infrastructure
Investors
LLC
6.500%,
10/01/25
(a)
580,000‌
603,602‌
GATX
Corp.
4.700%,
04/01/29
86,000‌
99,689‌
GE
Capital
Funding
LLC
4.400%,
05/15/30
(a)
400,000‌
455,490‌
Global
Aircraft
Leasing
Co.
Ltd.
6.500%,
09/15/24
(a),(c)
1,034,837‌
1,027,760‌
Golub
Capital
BDC,
Inc.
2.500%,
08/24/26
120,000‌
119,237‌
Main
Street
Capital
Corp.
3.000%,
07/14/26
80,000‌
80,810‌
Navient
Corp.
6.500%,
06/15/22
598,000‌
627,807‌
OneMain
Finance
Corp.
6.125%,
03/15/24
50,000‌
54,011‌
7.125%,
03/15/26
2,186,000‌
2,553,456‌
Owl
Rock
Capital
Corp.
3.400%,
07/15/26
348,000‌
361,168‌
PartnerRe
Finance
B
LLC
4.500%,
(US
5
Year
CMT
T-Note
+
3.815%),
10/01/50
(b)
120,000‌
123,710‌
Quicken
Loans
LLC
5.250%,
01/15/28
(a)
1,020,000‌
1,074,038‌
Quicken
Loans
LLC
/
Quicken
Loans
Co.-Issuer,
Inc.
3.875%,
03/01/31
(a)
1,131,000‌
1,102,601‌
Sixth
Street
Specialty
Lending,
Inc.
2.500%,
08/01/26
120,000‌
120,091‌
Total
9,859,070‌
Food
and
Beverage
2.3%
Anheuser-Busch
InBev
Worldwide,
Inc.
4.750%,
01/23/29
2,355,000‌
2,763,873‌
Aramark
Services,
Inc.
5.000%,
02/01/28
(a)
1,975,000‌
2,066,563‌
B&G
Foods,
Inc.
5.250%,
04/01/25
1,100,000‌
1,132,273‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Campbell
Soup
Co.
2.375%,
04/24/30
184,000‌
182,928‌
Conagra
Brands,
Inc.
4.850%,
11/01/28
384,000‌
452,819‌
Constellation
Brands,
Inc.
2.875%,
05/01/30
400,000‌
412,602‌
3.150%,
08/01/29
200,000‌
210,912‌
Flowers
Foods,
Inc.
2.400%,
03/15/31
120,000‌
118,117‌
General
Mills,
Inc.
4.200%,
04/17/28
455,000‌
518,091‌
Ingredion,
Inc.
2.900%,
06/01/30
75,000‌
77,602‌
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
5.500%,
01/15/30
(a)
1,074,000‌
1,183,819‌
6.500%,
04/15/29
(a)
1,295,000‌
1,457,695‌
JM
Smucker
Co.
(The)
2.375%,
03/15/30
120,000‌
119,225‌
Keurig
Dr
Pepper,
Inc.
4.597%,
05/25/28
464,000‌
539,959‌
Kraft
Heinz
Foods
Co.
3.000%,
06/01/26
2,828,000‌
2,982,431‌
Lamb
Weston
Holdings,
Inc.
4.625%,
11/01/24
(a)
717,000‌
743,681‌
4.875%,
11/01/26
(a)
702,000‌
728,846‌
McCormick
&
Co.,
Inc.
1.850%,
02/15/31
45,000‌
42,752‌
2.500%,
04/15/30
152,000‌
153,417‌
Mondelez
International,
Inc.
2.750%,
04/13/30
380,000‌
392,362‌
Performance
Food
Group,
Inc.
5.500%,
10/15/27
(a)
1,117,000‌
1,176,457‌
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
(a)
350,000‌
353,666‌
5.875%,
09/30/27
(a)
1,020,000‌
1,085,529‌
Post
Holdings,
Inc.
4.500%,
09/15/31
(a)
2,364,000‌
2,347,340‌
5.750%,
03/01/27
(a)
1,123,000‌
1,176,787‌
Sysco
Corp.
5.950%,
04/01/30
530,000‌
667,978‌
Tyson
Foods,
Inc.
4.350%,
03/01/29
560,000‌
643,408‌
Total
23,731,132‌
Foreign
Agencies
6.6%
CNAC
HK
Finbridge
Co.
Ltd.
4.125%,
07/19/27
1,400,000‌
1,444,945‌
5.125%,
03/14/28
2,200,000‌
2,350,761‌
Comision
Federal
de
Electricidad
Series
REGS,
3.348%,
02/09/31
2,616,000‌
2,521,763‌
DP
World
Crescent
Ltd.
Series
EMTN,
3.875%,
07/18/29
300,000‌
319,992‌
Series
REGS,
4.848%,
09/26/28
3,350,000‌
3,792,868‌
Ecopetrol
SA
5.375%,
06/26/26
1,800,000‌
2,021,173‌
6.875%,
04/29/30
5,216,000‌
6,329,133‌
Gazprom
OAO
Via
Gaz
Capital
SA
Series
REGS,
8.625%,
04/28/34
3,384,000‌
5,039,862‌
Gazprom
PJSC
via
Gaz
Finance
PLC
Series
REGS,
2.950%,
01/27/29
200,000‌
194,073‌
Huarong
Finance
2017
Co.
Ltd.
Series
EMTN,
4.250%,
11/07/27
1,700,000‌
1,276,645‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Huarong
Finance
II
Co.
Ltd.
Series
EMTN,
4.625%,
06/03/26
700,000‌
531,590‌
Indonesia
Asahan
Aluminium
Persero
PT
Series
REGS,
5.450%,
05/15/30
2,300,000‌
2,646,513‌
Series
REGS,
6.530%,
11/15/28
800,000‌
969,985‌
KazMunayGas
National
Co.
JSC
Series
REGS,
4.750%,
04/19/27
1,000,000‌
1,140,536‌
Series
REGS,
5.375%,
04/24/30
2,630,000‌
3,127,225‌
Pertamina
Persero
PT
Series
REGS,
2.300%,
02/09/31
1,115,000‌
1,056,439‌
Series
REGS,
3.650%,
07/30/29
1,600,000‌
1,697,840‌
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
4.125%,
05/15/27
640,000‌
689,571‌
Series
REGS,
5.450%,
05/21/28
1,700,000‌
1,970,442‌
Petrobras
Global
Finance
BV
5.093%,
01/15/30
4,305,000‌
4,548,751‌
5.600%,
01/03/31
2,500,000‌
2,700,856‌
5.999%,
01/27/28
2,301,000‌
2,599,372‌
Petroleos
Mexicanos
6.500%,
03/13/27
4,642,000‌
4,905,371‌
6.840%,
01/23/30
5,459,000‌
5,600,397‌
Power
Finance
Corp.
Ltd.
Series
REGS,
3.950%,
04/23/30
1,230,000‌
1,241,481‌
4.500%,
06/18/29
1,200,000‌
1,256,285‌
Southern
Gas
Corridor
CJSC
Series
REGS,
6.875%,
03/24/26
4,325,000‌
5,196,277‌
Total
67,170,146‌
Gaming
1.4%
Caesars
Entertainment,
Inc.
6.250%,
07/01/25
(a)
2,130,000‌
2,265,141‌
Caesars
Resort
Collection
LLC
/
CRC
Finco,
Inc.
5.750%,
07/01/25
(a)
1,255,000‌
1,322,343‌
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
4.000%,
01/15/30
459,000‌
486,362‌
Las
Vegas
Sands
Corp.
3.900%,
08/08/29
447,000‌
466,489‌
Melco
Resorts
Finance
Ltd.
Series
REGS,
4.875%,
06/06/25
200,000‌
205,875‌
5.375%,
12/04/29
(a)
1,200,000‌
1,274,846‌
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co.-
Issuer,
Inc.
5.625%,
05/01/24
624,000‌
672,906‌
Sands
China
Ltd.
5.400%,
08/08/28
300,000‌
341,181‌
Scientific
Games
International,
Inc.
5.000%,
10/15/25
(a)
1,005,000‌
1,037,879‌
Stars
Group
Holdings
BV
/
Stars
Group
US
Co.-Borrower
LLC
7.000%,
07/15/26
(a)
1,170,000‌
1,221,919‌
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
4.250%,
12/01/26
(a)
744,000‌
769,275‌
4.625%,
12/01/29
(a)
980,000‌
1,018,861‌
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
5.250%,
05/15/27
(a)
1,040,000‌
1,102,760‌
Wynn
Macau
Ltd.
5.125%,
12/15/29
(a)
900,000‌
919,167‌
5.500%,
01/15/26
(a)
200,000‌
209,879‌
5.625%,
08/26/28
(a)
1,000,000‌
1,050,245‌
Total
14,365,128‌
Health
Care
2.4%
Agilent
Technologies,
Inc.
2.300%,
03/12/31
400,000‌
393,434‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Becton
Dickinson
and
Co.
1.957%,
02/11/31
300,000‌
285,966‌
3.700%,
06/06/27
19,000‌
21,111‌
Boston
Scientific
Corp.
2.650%,
06/01/30
710,000‌
719,766‌
Cardinal
Health,
Inc.
3.410%,
06/15/27
60,000‌
65,428‌
Cigna
Corp.
2.400%,
03/15/30
340,000‌
340,165‌
4.375%,
10/15/28
850,000‌
973,207‌
CommonSpirit
Health
2.782%,
10/01/30
90,000‌
91,832‌
3.347%,
10/01/29
120,000‌
128,213‌
CVS
Health
Corp.
3.250%,
08/15/29
500,000‌
533,362‌
4.300%,
03/25/28
1,864,000‌
2,121,209‌
DaVita,
Inc.
3.750%,
02/15/31
(a)
884,000‌
840,079‌
4.625%,
06/01/30
(a)
2,666,000‌
2,699,343‌
DH
Europe
Finance
II
Sarl
2.600%,
11/15/29
500,000‌
514,995‌
HCA,
Inc.
3.500%,
09/01/30
1,686,000‌
1,731,617‌
4.125%,
06/15/29
488,000‌
542,515‌
5.625%,
09/01/28
950,000‌
1,107,875‌
5.875%,
02/15/26
1,021,000‌
1,172,620‌
Hologic,
Inc.
3.250%,
02/15/29
(a)
1,280,000‌
1,256,819‌
IQVIA,
Inc.
5.000%,
05/15/27
(a)
900,000‌
941,258‌
5.000%,
10/15/26
(a)
600,000‌
620,793‌
Laboratory
Corp.
of
America
Holdings
2.950%,
12/01/29
76,000‌
79,049‌
3.600%,
09/01/27
190,000‌
209,215‌
MEDNAX,
Inc.
6.250%,
01/15/27
(a)
733,000‌
779,265‌
PerkinElmer,
Inc.
2.550%,
03/15/31
120,000‌
120,036‌
3.300%,
09/15/29
400,000‌
425,558‌
Sabra
Health
Care
LP
3.900%,
10/15/29
200,000‌
207,302‌
Smith
&
Nephew
PLC
2.032%,
10/14/30
180,000‌
171,799‌
Stryker
Corp.
1.950%,
06/15/30
230,000‌
222,991‌
Tenet
Healthcare
Corp.
4.625%,
07/15/24
2,711,000‌
2,752,576‌
4.875%,
01/01/26
(a)
680,000‌
706,364‌
Thermo
Fisher
Scientific,
Inc.
2.600%,
10/01/29
565,000‌
583,686‌
4.497%,
03/25/30
85,000‌
99,583‌
Universal
Health
Services,
Inc.
2.650%,
10/15/30
(a)
500,000‌
488,582‌
Zimmer
Biomet
Holdings,
Inc.
3.550%,
03/20/30
336,000‌
363,221‌
Total
24,310,834‌
Healthcare
Insurance
0.6%
Anthem,
Inc.
4.101%,
03/01/28
760,000‌
858,177‌
Centene
Corp.
4.250%,
12/15/27
1,429,000‌
1,498,534‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.625%,
12/15/29
3,437,000‌
3,730,034‌
Humana,
Inc.
4.875%,
04/01/30
247,000‌
292,606‌
Total
6,379,351‌
Healthcare
REIT
0.5%
Diversified
Healthcare
Trust
9.750%,
06/15/25
620,000‌
695,960‌
Healthcare
Realty
Trust,
Inc.
2.400%,
03/15/30
256,000‌
253,643‌
Healthcare
Trust
of
America
Holdings
LP
3.100%,
02/15/30
316,000‌
330,062‌
Healthpeak
Properties,
Inc.
3.000%,
01/15/30
150,000‌
156,727‌
3.250%,
07/15/26
216,000‌
235,236‌
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
3.500%,
03/15/31
1,260,000‌
1,256,536‌
4.625%,
08/01/29
685,000‌
725,238‌
5.000%,
10/15/27
764,000‌
805,637‌
Omega
Healthcare
Investors,
Inc.
3.625%,
10/01/29
261,000‌
272,490‌
Ventas
Realty
LP
3.000%,
01/15/30
260,000‌
269,155‌
4.400%,
01/15/29
297,000‌
336,365‌
Total
5,337,049‌
Home
Construction
0.1%
DR
Horton,
Inc.
1.400%,
10/15/27
100,000‌
98,318‌
Lennar
Corp.
4.750%,
11/29/27
825,000‌
954,184‌
NVR,
Inc.
3.000%,
05/15/30
90,000‌
93,608‌
Total
1,146,110‌
Independent
Energy
1.8%
Apache
Corp.
4.375%,
10/15/28
1,200,000‌
1,222,950‌
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
44,000‌
48,107‌
Cimarex
Energy
Co.
4.375%,
03/15/29
230,000‌
258,214‌
Comstock
Resources,
Inc.
6.750%,
03/01/29
(a)
484,000‌
494,442‌
9.750%,
08/15/26
560,000‌
608,913‌
ConocoPhillips
4.300%,
08/15/28
(a)
316,000‌
360,412‌
Continental
Resources,
Inc.
4.375%,
01/15/28
1,490,000‌
1,619,922‌
5.750%,
01/15/31
(a)
860,000‌
997,685‌
CrownRock
LP
/
CrownRock
Finance,
Inc.
5.625%,
10/15/25
(a)
1,007,000‌
1,042,298‌
Diamondback
Energy,
Inc.
3.500%,
12/01/29
520,000‌
544,895‌
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
5.750%,
01/30/28
(a)
910,000‌
971,101‌
EQT
Corp.
3.900%,
10/01/27
1,920,000‌
2,000,964‌
7.625%,
02/01/25
500,000‌
575,455‌
Neptune
Energy
Bondco
PLC
6.625%,
05/15/25
(a)
200,000‌
203,056‌
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(a)
720,000‌
734,061‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Occidental
Petroleum
Corp.
2.900%,
08/15/24
3,495,000‌
3,486,778‌
3.500%,
08/15/29
205,000‌
195,896‌
Pioneer
Natural
Resources
Co.
2.150%,
01/15/31
640,000‌
605,388‌
Range
Resources
Corp.
9.250%,
02/01/26
500,000‌
548,769‌
TechnipFMC
PLC
6.500%,
02/01/26
(a)
1,024,000‌
1,087,956‌
WPX
Energy,
Inc.
4.500%,
01/15/30
512,000‌
551,205‌
Total
18,158,467‌
Industrials
0.0%
Canadian
Pacific
Railway
Co.
2.050%,
03/05/30
100,000‌
97,140‌
Industy
0.0%
Otis
Worldwide
Corp.
2.565%,
02/15/30
456,000‌
464,244‌
Integrated
Energy
0.3%
Cenovus
Energy,
Inc.
4.250%,
04/15/27
1,608,000‌
1,766,025‌
Chevron
USA,
Inc.
3.250%,
10/15/29
154,000‌
166,805‌
New
Fortress
Energy,
Inc.
6.750%,
09/15/25
(a)
980,000‌
1,014,737‌
Total
2,947,567‌
Leisure
1.1%
Carnival
Corp.
5.750%,
03/01/27
(a)
644,000‌
679,713‌
7.625%,
03/01/26
(a)
1,400,000‌
1,533,218‌
9.875%,
08/01/27
(a)
396,000‌
465,990‌
11.500%,
04/01/23
(a)
2,791,000‌
3,205,524‌
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op
5.500%,
05/01/25
(a)
900,000‌
944,771‌
Live
Nation
Entertainment,
Inc.
6.500%,
05/15/27
(a)
970,000‌
1,076,846‌
Royal
Caribbean
Cruises
Ltd.
5.500%,
04/01/28
(a)
288,000‌
302,036‌
9.125%,
06/15/23
(a)
540,000‌
595,572‌
10.875%,
06/01/23
(a)
920,000‌
1,056,017‌
11.500%,
06/01/25
(a)
1,308,000‌
1,515,693‌
Total
11,375,380‌
Life
Insurance
0.4%
American
International
Group,
Inc.
3.400%,
06/30/30
468,000‌
500,368‌
4.200%,
04/01/28
335,000‌
378,737‌
Athene
Holding
Ltd.
3.500%,
01/15/31
200,000‌
209,561‌
6.150%,
04/03/30
192,000‌
237,944‌
Brighthouse
Financial,
Inc.
3.700%,
06/22/27
212,000‌
229,195‌
Equitable
Holdings,
Inc.
4.350%,
04/20/28
633,000‌
714,680‌
Globe
Life,
Inc.
2.150%,
08/15/30
200,000‌
194,675‌
Lincoln
National
Corp.
3.050%,
01/15/30
320,000‌
335,200‌
Prudential
Financial,
Inc.
5.700%,
(3-month
USD
LIBOR
+
2.665%),
09/15/48
(b)
350,000‌
403,372‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Reinsurance
Group
of
America,
Inc.
3.900%,
05/15/29
440,000‌
485,532‌
Total
3,689,264‌
Lodging
0.4%
Choice
Hotels
International,
Inc.
3.700%,
01/15/31
200,000‌
212,187‌
Hilton
Domestic
Operating
Co.,
Inc.
3.625%,
02/15/32
(a)
2,280,000‌
2,250,152‌
Hyatt
Hotels
Corp.
4.375%,
09/15/28
666,000‌
725,723‌
Marriott
International,
Inc.
Series
FF,
4.625%,
06/15/30
614,000‌
689,168‌
Total
3,877,230‌
Materials
0.1%
Acuity
Brands
Lighting,
Inc.
2.150%,
12/15/30
90,000‌
87,610‌
Cleveland-Cliffs,
Inc.
9.875%,
10/17/25
(a)
544,000‌
638,654‌
Total
726,264‌
Media
and
Entertainment
1.4%
Activision
Blizzard,
Inc.
3.400%,
06/15/27
20,000‌
22,025‌
AMC
Networks,
Inc.
4.250%,
02/15/29
240,000‌
236,555‌
5.000%,
04/01/24
606,000‌
614,576‌
Clear
Channel
Worldwide
Holdings,
Inc.
5.125%,
08/15/27
(a)
1,107,000‌
1,123,934‌
Discovery
Communications
LLC
3.950%,
03/20/28
445,000‌
488,920‌
4.125%,
05/15/29
512,000‌
564,747‌
Electronic
Arts,
Inc.
1.850%,
02/15/31
240,000‌
228,305‌
Fox
Corp.
3.500%,
04/08/30
436,000‌
468,275‌
4.709%,
01/25/29
80,000‌
92,860‌
Interpublic
Group
of
Cos.,
Inc.
(The)
4.650%,
10/01/28
380,000‌
438,269‌
4.750%,
03/30/30
40,000‌
46,605‌
Moody's
Corp.
4.250%,
02/01/29
268,000‌
306,449‌
Netflix,
Inc.
4.875%,
04/15/28
676,000‌
778,381‌
5.875%,
11/15/28
2,106,000‌
2,563,686‌
Nielsen
Finance
LLC
/
Nielsen
Finance
Co.
5.625%,
10/01/28
(a)
950,000‌
1,012,938‌
Omnicom
Group,
Inc.
4.200%,
06/01/30
350,000‌
394,533‌
RELX
Capital,
Inc.
3.000%,
05/22/30
200,000‌
209,556‌
4.000%,
03/18/29
278,000‌
310,879‌
TEGNA,
Inc.
4.625%,
03/15/28
800,000‌
816,155‌
5.000%,
09/15/29
1,165,000‌
1,210,534‌
Univision
Communications,
Inc.
6.625%,
06/01/27
(a)
1,040,000‌
1,127,315‌
ViacomCBS,
Inc.
4.950%,
01/15/31
626,000‌
736,715‌
Total
13,792,212‌
Metals
and
Mining
0.7%
Cleveland-Cliffs,
Inc.
6.750%,
03/15/26
(a)
934,000‌
1,015,316‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
FMG
Resources
August
2006
Pty
Ltd.
4.375%,
04/01/31
(a)
900,000‌
933,968‌
Freeport-McMoRan,
Inc.
4.625%,
08/01/30
1,490,000‌
1,641,114‌
Newmont
Corp.
2.250%,
10/01/30
237,000‌
232,426‌
2.800%,
10/01/29
228,000‌
235,999‌
Novelis
Corp.
4.750%,
01/30/30
(a)
1,080,000‌
1,125,259‌
5.875%,
09/30/26
(a)
1,229,000‌
1,282,183‌
Nucor
Corp.
2.700%,
06/01/30
100,000‌
102,933‌
Reliance
Steel
&
Aluminum
Co.
2.150%,
08/15/30
100,000‌
96,949‌
Steel
Dynamics,
Inc.
3.250%,
01/15/31
310,000‌
329,700‌
Vale
Overseas
Ltd.
3.750%,
07/08/30
414,000‌
435,083‌
Total
7,430,930‌
Midstream
2.0%
Cheniere
Corpus
Christi
Holdings
LLC
3.700%,
11/15/29
100,000‌
106,616‌
Cheniere
Energy
Partners
LP
4.000%,
03/01/31
(a)
1,000,000‌
1,017,574‌
4.500%,
10/01/29
1,679,000‌
1,751,932‌
Cheniere
Energy,
Inc.
4.625%,
10/15/28
(a)
1,300,000‌
1,355,426‌
DCP
Midstream
Operating
LP
5.375%,
07/15/25
655,000‌
718,699‌
Enable
Midstream
Partners
LP
4.950%,
05/15/28
392,000‌
437,938‌
Enbridge,
Inc.
3.125%,
11/15/29
724,000‌
759,996‌
Energy
Transfer
LP
5.250%,
04/15/29
894,000‌
1,024,872‌
Enterprise
Products
Operating
LLC
2.800%,
01/31/30
100,000‌
103,164‌
4.150%,
10/16/28
219,000‌
247,449‌
EQM
Midstream
Partners
LP
4.750%,
01/15/31
(a)
500,000‌
495,272‌
4.750%,
07/15/23
443,000‌
463,822‌
5.500%,
07/15/28
250,000‌
265,620‌
6.500%,
07/01/27
(a)
850,000‌
937,983‌
Kinder
Morgan,
Inc.
2.000%,
02/15/31
260,000‌
243,577‌
MPLX
LP
2.650%,
08/15/30
500,000‌
493,523‌
4.125%,
03/01/27
331,000‌
368,764‌
National
Fuel
Gas
Co.
2.950%,
03/01/31
300,000‌
293,325‌
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
7.500%,
02/01/26
(a)
1,920,000‌
2,018,275‌
ONEOK,
Inc.
4.350%,
03/15/29
168,000‌
185,325‌
Phillips
66
Partners
LP
3.150%,
12/15/29
120,000‌
123,033‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
3.550%,
12/15/29
225,000‌
228,339‌
3.800%,
09/15/30
500,000‌
514,842‌
Sabine
Pass
Liquefaction
LLC
4.500%,
05/15/30
340,000‌
383,216‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%,
03/15/27
116,000‌
133,328‌
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
4.000%,
01/15/32
(a)
906,000‌
889,993‌
4.875%,
02/01/31
(a)
1,470,000‌
1,538,425‌
TransCanada
PipeLines
Ltd.
4.250%,
05/15/28
496,000‌
560,803‌
Western
Midstream
Operating
LP
4.350%,
02/01/25
600,000‌
634,513‌
5.300%,
02/01/30
1,730,000‌
1,886,857‌
Williams
Cos.,
Inc.
(The)
3.750%,
06/15/27
320,000‌
352,449‌
Total
20,534,950‌
Natural
Gas
0.1%
NiSource,
Inc.
3.490%,
05/15/27
464,000‌
507,319‌
3.600%,
05/01/30
240,000‌
262,250‌
Sempra
Energy
3.400%,
02/01/28
627,000‌
680,686‌
Total
1,450,255‌
Office
REIT
0.1%
Boston
Properties
LP
3.250%,
01/30/31
152,000‌
159,093‌
4.500%,
12/01/28
449,000‌
516,005‌
Highwoods
Realty
LP
2.600%,
02/01/31
80,000‌
79,033‌
Kilroy
Realty
LP
2.500%,
11/15/32
200,000‌
191,966‌
3.050%,
02/15/30
228,000‌
233,647‌
Piedmont
Operating
Partnership
LP
3.150%,
08/15/30
250,000‌
247,245‌
Total
1,426,989‌
Oil
Field
Services
0.0%
NOV,
Inc.
3.600%,
12/01/29
300,000‌
304,639‌
Other
Financial
Institutions
0.2%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
6.250%,
05/15/26
1,589,000‌
1,676,876‌
Nationstar
Mortgage
Holdings,
Inc.
5.500%,
08/15/28
(a)
510,000‌
515,675‌
Total
2,192,551‌
Other
Industry
0.1%
AECOM
5.125%,
03/15/27
795,000‌
884,511‌
Rexford
Industrial
Realty
LP
2.125%,
12/01/30
120,000‌
114,155‌
Steelcase,
Inc.
5.125%,
01/18/29
300,000‌
352,403‌
Total
1,351,069‌
Other
REIT
0.5%
American
Campus
Communities
Operating
Partnership
LP
2.850%,
02/01/30
112,000‌
113,661‌
3.300%,
07/15/26
280,000‌
301,909‌
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
5.750%,
05/15/26
(a)
1,146,000‌
1,197,372‌
CubeSmart
LP
2.000%,
02/15/31
50,000‌
47,423‌
4.375%,
02/15/29
260,000‌
292,884‌
CyrusOne
LP
/
CyrusOne
Finance
Corp.
2.150%,
11/01/30
640,000‌
599,671‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Digital
Realty
Trust
LP
3.600%,
07/01/29
346,000‌
379,860‌
Duke
Realty
LP
1.750%,
02/01/31
150,000‌
141,503‌
EPR
Properties
4.950%,
04/15/28
304,000‌
317,083‌
Host
Hotels
&
Resorts
LP
Series
H,
3.375%,
12/15/29
408,000‌
414,260‌
Life
Storage
LP
2.200%,
10/15/30
240,000‌
231,553‌
Service
Properties
Trust
4.350%,
10/01/24
710,000‌
708,208‌
WP
Carey,
Inc.
2.400%,
02/01/31
500,000‌
486,369‌
Total
5,231,756‌
Other
Utility
0.0%
American
Water
Capital
Corp.
3.750%,
09/01/28
145,000‌
161,960‌
Essential
Utilities,
Inc.
2.704%,
04/15/30
300,000‌
306,210‌
Total
468,170‌
Packaging
0.6%
Amcor
Flexibles
North
America,
Inc.
2.630%,
06/19/30
260,000‌
262,653‌
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
4.125%,
08/15/26
(a)
800,000‌
822,919‌
Avery
Dennison
Corp.
2.650%,
04/30/30
444,000‌
450,966‌
Ball
Corp.
2.875%,
08/15/30
450,000‌
435,941‌
5.250%,
07/01/25
510,000‌
577,397‌
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
500,000‌
518,618‌
Mauser
Packaging
Solutions
Holding
Co.
5.500%,
04/15/24
(a)
989,000‌
992,324‌
Reynolds
Group
Issuer,
Inc.
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
Lu
4.000%,
10/15/27
(a)
1,400,000‌
1,384,223‌
Trivium
Packaging
Finance
BV
5.500%,
08/15/26
(a)
200,000‌
209,109‌
Total
5,654,150‌
Paper
0.3%
Mercer
International,
Inc.
5.125%,
02/01/29
(a)
792,000‌
822,070‌
Packaging
Corp.
of
America
3.000%,
12/15/29
608,000‌
639,723‌
Suzano
Austria
GmbH
3.750%,
01/15/31
514,000‌
526,243‌
5.000%,
01/15/30
400,000‌
441,763‌
Weyerhaeuser
Co.
4.000%,
04/15/30
88,000‌
98,601‌
4.000%,
11/15/29
50,000‌
56,283‌
WRKCo,
Inc.
4.900%,
03/15/29
462,000‌
548,331‌
Total
3,133,014‌
Pharmaceuticals
1.4%
AbbVie,
Inc.
2.950%,
11/21/26
240,000‌
257,167‌
3.200%,
11/21/29
2,208,000‌
2,358,946‌
4.250%,
11/14/28
35,000‌
40,064‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Amgen,
Inc.
2.200%,
02/21/27
910,000‌
940,657‌
3.200%,
11/02/27
100,000‌
108,757‌
AstraZeneca
PLC
1.375%,
08/06/30
680,000‌
625,891‌
Bausch
Health
Cos.,
Inc.
5.500%,
11/01/25
(a)
1,227,000‌
1,264,994‌
7.000%,
03/15/24
(a)
2,156,000‌
2,211,189‌
Biogen,
Inc.
2.250%,
05/01/30
520,000‌
505,935‌
Bristol-Myers
Squibb
Co.
3.900%,
02/20/28
64,000‌
72,445‌
Endo
Luxembourg
Finance
Co.
I
Sarl
/
Endo
US,
Inc.
6.125%,
04/01/29
(a)
1,300,000‌
1,286,998‌
Gilead
Sciences,
Inc.
1.200%,
10/01/27
460,000‌
445,718‌
1.650%,
10/01/30
300,000‌
280,038‌
Mylan,
Inc.
4.550%,
04/15/28
230,000‌
261,047‌
Par
Pharmaceutical,
Inc.
7.500%,
04/01/27
(a)
1,360,000‌
1,430,738‌
Regeneron
Pharmaceuticals,
Inc.
1.750%,
09/15/30
120,000‌
111,813‌
Royalty
Pharma
PLC
1.750%,
09/02/27
(a)
320,000‌
315,156‌
Takeda
Pharmaceutical
Co.
Ltd.
2.050%,
03/31/30
600,000‌
581,074‌
5.000%,
11/26/28
200,000‌
237,838‌
Viatris,
Inc.
2.700%,
06/22/30
(a)
700,000‌
691,727‌
Zoetis,
Inc.
2.000%,
05/15/30
280,000‌
271,707‌
3.900%,
08/20/28
50,000‌
56,192‌
Total
14,356,091‌
Property
&
Casualty
0.3%
American
Financial
Group,
Inc.
5.250%,
04/02/30
156,000‌
188,931‌
Aon
Corp.
3.750%,
05/02/29
210,000‌
233,324‌
Brown
&
Brown,
Inc.
2.375%,
03/15/31
100,000‌
97,174‌
4.500%,
03/15/29
160,000‌
180,915‌
CNA
Financial
Corp.
3.900%,
05/01/29
420,000‌
466,886‌
Fairfax
Financial
Holdings
Ltd.
3.375%,
03/03/31
(a)
220,000‌
222,040‌
Fidelity
National
Financial,
Inc.
2.450%,
03/15/31
80,000‌
78,633‌
3.400%,
06/15/30
180,000‌
190,558‌
Hanover
Insurance
Group,
Inc.
(The)
2.500%,
09/01/30
80,000‌
79,134‌
Markel
Corp.
3.350%,
09/17/29
330,000‌
354,838‌
Willis
North
America,
Inc.
4.500%,
09/15/28
381,000‌
436,509‌
Total
2,528,942‌
Railroads
0.2%
CSX
Corp.
3.250%,
06/01/27
197,000‌
214,870‌
4.250%,
03/15/29
368,000‌
421,900‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Norfolk
Southern
Corp.
2.550%,
11/01/29
340,000‌
349,658‌
Union
Pacific
Corp.
3.700%,
03/01/29
770,000‌
857,654‌
Total
1,844,082‌
Real
Estate
0.1%
Alexandria
Real
Estate
Equities,
Inc.
2.000%,
05/18/32
500,000‌
474,846‌
Refining
0.3%
HollyFrontier
Corp.
4.500%,
10/01/30
200,000‌
207,873‌
Marathon
Petroleum
Corp.
3.800%,
04/01/28
310,000‌
339,416‌
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
1,143,000‌
864,632‌
9.250%,
05/15/25
(a)
842,000‌
881,885‌
Valero
Energy
Corp.
4.350%,
06/01/28
227,000‌
253,818‌
Total
2,547,624‌
Restaurants
0.5%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.000%,
10/15/30
(a)
2,280,000‌
2,224,601‌
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
5.250%,
06/01/26
(a)
1,726,000‌
1,774,873‌
McDonald's
Corp.
Series
MTN,
2.625%,
09/01/29
516,000‌
534,620‌
Starbucks
Corp.
2.550%,
11/15/30
440,000‌
445,143‌
3.550%,
08/15/29
100,000‌
109,727‌
4.000%,
11/15/28
64,000‌
72,554‌
Total
5,161,518‌
Retail
0.0%
Genuine
Parts
Co.
1.875%,
11/01/30
160,000‌
150,205‌
Retail
REIT
0.3%
Agree
LP
2.900%,
10/01/30
54,000‌
55,432‌
Brixmor
Operating
Partnership
LP
4.050%,
07/01/30
210,000‌
230,714‌
4.125%,
05/15/29
290,000‌
319,250‌
Kimco
Realty
Corp.
1.900%,
03/01/28
100,000‌
98,856‌
2.700%,
10/01/30
50,000‌
50,568‌
National
Retail
Properties,
Inc.
4.300%,
10/15/28
150,000‌
169,172‌
Regency
Centers
LP
2.950%,
09/15/29
50,000‌
51,606‌
3.700%,
06/15/30
370,000‌
404,408‌
Spirit
Realty
LP
3.200%,
02/15/31
400,000‌
411,786‌
STORE
Capital
Corp.
2.750%,
11/18/30
240,000‌
239,004‌
VEREIT
Operating
Partnership
LP
2.850%,
12/15/32
240,000‌
247,364‌
3.100%,
12/15/29
50,000‌
52,664‌
3.400%,
01/15/28
50,000‌
54,044‌
3.950%,
08/15/27
198,000‌
220,680‌
Total
2,605,548‌
Retailers
1.0%
Advance
Auto
Parts,
Inc.
3.900%,
04/15/30
222,000‌
243,106‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
AutoZone,
Inc.
4.000%,
04/15/30
360,000‌
402,302‌
Best
Buy
Co.,
Inc.
1.950%,
10/01/30
280,000‌
266,942‌
Dollar
General
Corp.
3.500%,
04/03/30
540,000‌
583,461‌
3.875%,
04/15/27
37,000‌
41,463‌
Dollar
Tree,
Inc.
4.000%,
05/15/25
514,000‌
568,675‌
Gap,
Inc.
(The)
8.875%,
05/15/27
(a)
650,000‌
760,502‌
Hanesbrands,
Inc.
4.625%,
05/15/24
(a)
300,000‌
316,325‌
4.875%,
05/15/26
(a)
1,056,000‌
1,132,150‌
L
Brands,
Inc.
6.625%,
10/01/30
(a)
1,336,000‌
1,539,222‌
Lowe's
Cos.,
Inc.
2.625%,
04/01/31
240,000‌
243,252‌
3.650%,
04/05/29
419,000‌
462,702‌
4.500%,
04/15/30
210,000‌
244,194‌
Macy's,
Inc.
8.375%,
06/15/25
(a)
1,080,000‌
1,191,210‌
Nordstrom,
Inc.
4.250%,
08/01/31
(a)
195,000‌
197,469‌
O'Reilly
Automotive,
Inc.
4.350%,
06/01/28
320,000‌
365,613‌
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.750%,
02/15/28
(a)
1,000,000‌
1,030,653‌
Ross
Stores,
Inc.
1.875%,
04/15/31
150,000‌
141,905‌
Total
9,731,146‌
Supermarkets
0.2%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.500%,
03/15/29
(a)
1,360,000‌
1,309,961‌
4.625%,
01/15/27
(a)
895,000‌
930,514‌
Kroger
Co.
(The)
3.700%,
08/01/27
199,000‌
222,035‌
Total
2,462,510‌
Technology
3.9%
Amphenol
Corp.
2.800%,
02/15/30
416,000‌
430,638‌
Arrow
Electronics,
Inc.
3.250%,
09/08/24
44,000‌
47,110‌
Avaya,
Inc.
6.125%,
09/15/28
(a)
932,000‌
991,510‌
Black
Knight
InfoServ
LLC
3.625%,
09/01/28
(a)
700,000‌
687,918‌
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
1,055,000‌
1,155,892‌
Broadcom,
Inc.
2.450%,
02/15/31
(a)
80,000‌
76,446‌
4.750%,
04/15/29
368,000‌
419,052‌
Broadridge
Financial
Solutions,
Inc.
2.900%,
12/01/29
180,000‌
185,635‌
Citrix
Systems,
Inc.
3.300%,
03/01/30
120,000‌
125,372‌
CommScope,
Inc.
5.500%,
03/01/24
(a)
1,010,000‌
1,041,259‌
6.000%,
03/01/26
(a)
1,223,000‌
1,288,939‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
(a)
581,000‌
667,848‌
5.300%,
10/01/29
(a)
500,000‌
591,840‌
Equinix,
Inc.
2.150%,
07/15/30
496,000‌
477,304‌
3.200%,
11/18/29
150,000‌
158,306‌
Fidelity
National
Information
Services,
Inc.
2.250%,
03/01/31
740,000‌
729,059‌
Fiserv,
Inc.
3.200%,
07/01/26
414,000‌
448,697‌
3.500%,
07/01/29
992,000‌
1,074,936‌
Flex
Ltd.
4.875%,
06/15/29
200,000‌
228,168‌
Fortinet,
Inc.
2.200%,
03/15/31
240,000‌
233,606‌
Global
Payments,
Inc.
3.200%,
08/15/29
926,000‌
975,971‌
HP,
Inc.
3.400%,
06/17/30
714,000‌
761,334‌
Iron
Mountain,
Inc.
4.500%,
02/15/31
(a)
290,000‌
288,994‌
5.250%,
07/15/30
(a)
1,408,000‌
1,461,852‌
Jabil,
Inc.
3.000%,
01/15/31
250,000‌
254,565‌
Juniper
Networks,
Inc.
3.750%,
08/15/29
120,000‌
130,888‌
Keysight
Technologies,
Inc.
3.000%,
10/30/29
330,000‌
344,368‌
KLA
Corp.
4.100%,
03/15/29
100,000‌
113,508‌
Leidos,
Inc.
2.300%,
02/15/31
(a)
500,000‌
476,157‌
LogMeIn,
Inc.
5.500%,
09/01/27
(a)
1,269,000‌
1,321,166‌
Microchip
Technology,
Inc.
4.250%,
09/01/25
(a)
780,000‌
817,630‌
Micron
Technology,
Inc.
4.663%,
02/15/30
610,000‌
701,976‌
Motorola
Solutions,
Inc.
4.600%,
05/23/29
380,000‌
436,797‌
MSCI,
Inc.
3.875%,
02/15/31
(a)
900,000‌
923,775‌
4.000%,
11/15/29
(a)
808,000‌
846,018‌
NCR
Corp.
5.125%,
04/15/29
(a)
570,000‌
587,747‌
NetApp,
Inc.
2.700%,
06/22/30
380,000‌
385,114‌
NortonLifeLock,
Inc.
5.000%,
04/15/25
(a)
1,322,000‌
1,338,979‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
3.400%,
05/01/30
(a)
350,000‌
373,899‌
4.300%,
06/18/29
(a)
80,000‌
90,517‌
Open
Text
Corp.
3.875%,
02/15/28
(a)
940,000‌
952,031‌
Open
Text
Holdings,
Inc.
4.125%,
02/15/30
(a)
1,160,000‌
1,172,447‌
Oracle
Corp.
2.875%,
03/25/31
2,000,000‌
2,037,117‌
PayPal
Holdings,
Inc.
2.850%,
10/01/29
668,000‌
705,018‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Qorvo,
Inc.
4.375%,
10/15/29
934,000‌
1,014,115‌
Sabre
GLBL,
Inc.
7.375%,
09/01/25
(a)
1,250,000‌
1,360,359‌
ServiceNow,
Inc.
1.400%,
09/01/30
656,000‌
599,164‌
SS&C
Technologies,
Inc.
5.500%,
09/30/27
(a)
1,737,000‌
1,843,454‌
Verisk
Analytics,
Inc.
4.125%,
03/15/29
160,000‌
179,832‌
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
7.500%,
09/01/25
(a)
1,405,000‌
1,458,532‌
VMware,
Inc.
3.900%,
08/21/27
265,000‌
293,830‌
Vontier
Corp.
2.950%,
04/01/31
(a)
420,000‌
413,418‌
Western
Digital
Corp.
4.750%,
02/15/26
2,339,000‌
2,593,457‌
Western
Union
Co.
(The)
2.750%,
03/15/31
160,000‌
155,262‌
Xerox
Corp.
4.375%,
03/15/23
920,000‌
962,504‌
Total
39,431,330‌
Tobacco
0.4%
Altria
Group,
Inc.
4.800%,
02/14/29
1,150,000‌
1,308,647‌
BAT
Capital
Corp.
2.259%,
03/25/28
860,000‌
842,938‌
3.557%,
08/15/27
660,000‌
703,012‌
Vector
Group
Ltd.
5.750%,
02/01/29
(a)
1,130,000‌
1,139,363‌
Total
3,993,960‌
Transportation
Services
0.3%
FedEx
Corp.
3.400%,
02/15/28
290,000‌
316,998‌
4.250%,
05/15/30
400,000‌
457,859‌
XPO
Logistics,
Inc.
6.250%,
05/01/25
(a)
984,000‌
1,053,928‌
6.750%,
08/15/24
(a)
936,000‌
981,832‌
Total
2,810,617‌
Wireless
2.0%
Altice
France
SA
8.125%,
02/01/27
(a)
4,200,000‌
4,607,311‌
American
Tower
Corp.
1.875%,
10/15/30
170,000‌
160,814‌
2.750%,
01/15/27
342,000‌
359,196‌
3.800%,
08/15/29
125,000‌
137,457‌
Crown
Castle
International
Corp.
1.050%,
07/15/26
500,000‌
487,342‌
3.650%,
09/01/27
245,000‌
269,052‌
SBA
Communications
Corp.
3.125%,
02/01/29
(a)
1,640,000‌
1,571,455‌
3.875%,
02/15/27
860,000‌
880,203‌
Sprint
Corp.
7.625%,
03/01/26
1,118,000‌
1,371,087‌
7.625%,
02/15/25
719,000‌
855,709‌
T-Mobile
USA,
Inc.
3.500%,
04/15/31
100,000‌
101,387‌
3.750%,
04/15/27
(a)
625,000‌
688,449‌
3.875%,
04/15/30
(a)
2,034,000‌
2,219,565‌
4.750%,
02/01/28
1,800,000‌
1,923,346‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.000%,
04/15/24
940,000‌
946,831‌
Vmed
O2
UK
Financing
I
PLC
4.250%,
01/31/31
(a)
1,200,000‌
1,173,608‌
VMware,
Inc.
4.700%,
05/15/30
100,000‌
116,537‌
Vodafone
Group
PLC
7.000%,
04/04/79
1,910,000‌
2,329,994‌
Total
20,199,343‌
Wirelines
1.7%
Altice
France
SA
7.375%,
05/01/26
(a)
1,470,000‌
1,526,930‌
AT&T,
Inc.
2.550%,
12/01/33
(a)
700,000‌
666,982‌
4.300%,
02/15/30
1,191,000‌
1,342,696‌
Frontier
Communications
Corp.
5.000%,
05/01/28
(a)
660,000‌
674,883‌
5.875%,
10/15/27
(a)
1,920,000‌
2,040,577‌
Level
3
Financing,
Inc.
4.250%,
07/01/28
(a)
900,000‌
906,381‌
4.625%,
09/15/27
(a)
800,000‌
824,633‌
Lumen
Technologies,
Inc.
4.000%,
02/15/27
(a)
700,000‌
712,181‌
5.125%,
12/15/26
(a)
1,483,000‌
1,554,922‌
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC
7.875%,
02/15/25
(a)
1,650,000‌
1,777,448‌
Verizon
Communications,
Inc.
2.550%,
03/21/31
200,000‌
200,706‌
4.016%,
12/03/29
1,212,000‌
1,370,173‌
4.329%,
09/21/28
723,000‌
833,462‌
Vodafone
Group
PLC
4.375%,
05/30/28
1,022,000‌
1,176,561‌
Zayo
Group
Holdings,
Inc.
4.000%,
03/01/27
(a)
1,564,000‌
1,552,701‌
Total
17,161,236‌
Total
Corporate
Bonds
(Cost
$510,833,293)
518,922,860‌
Foreign
Government
Obligations
(d),(e)
  23.2%
Principal
Amount
($)
Value
($)
Australia
Government
Bond
Series
138,
3.250%,
04/21/29
AUD
7,649,000‌
6,750,188‌
Series
155,
2.500%,
05/21/30
AUD
5,362,000‌
4,475,023‌
Brazilian
Government
International
Bond
3.875%,
06/12/30
8,554,000‌
8,491,471‌
4.625%,
01/13/28
1,800,000‌
1,932,036‌
Canadian
Government
Bond
1.250%,
06/01/30
CAD
14,495,000‌
11,547,634‌
CITIC
Ltd.
Series
EMTN,
3.875%,
02/28/27
200,000‌
217,205‌
Series
EMTN,
3.700%,
06/14/26
200,000‌
215,409‌
Colombia
Government
International
Bond
3.875%,
04/25/27
4,310,000‌
4,596,920‌
3.125%,
04/15/31
4,710,000‌
4,610,714‌
Dominican
Republic
International
Bond
Series
REGS,
4.500%,
01/30/30
4,100,000‌
4,262,327‌
Series
REGS,
4.875%,
09/23/32
2,000,000‌
2,093,196‌
Series
REGS,
6.875%,
01/29/26
1,700,000‌
1,991,100‌
Series
REGS,
5.950%,
01/25/27
1,245,000‌
1,419,420‌
Export-Import
Bank
of
India
Series
REGS,
3.875%,
02/01/28
3,350,000‌
3,581,680‌
Series
REGS,
3.375%,
08/05/26
200,000‌
211,885‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
17
Foreign
Government
Obligations
(d),(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
French
Republic
Government
Bond
OAT
1.500%,
05/25/31
EUR
5,360,000‌
7,367,177‌
5.750%,
10/25/32
EUR
1,300,000‌
2,563,228‌
Guatemala
Government
Bond
Series
REGS,
4.875%,
02/13/28
3,180,000‌
3,571,004‌
Series
REGS,
4.500%,
05/03/26
400,000‌
439,123‌
Indonesia
Government
International
Bond
3.850%,
10/15/30
3,207,000‌
3,561,202‌
Series
REGS,
4.750%,
01/08/26
1,160,000‌
1,322,089‌
Series
REGS,
8.500%,
10/12/35
400,000‌
631,422‌
Italy
Buoni
Poliennali
Del
Tesoro
6.000%,
05/01/31
EUR
6,292,000‌
11,306,477‌
Japan
Government
Ten
Year
Bond
Series
360,
0.100%,
09/20/30
JPY
334,500,000‌
3,070,211‌
Series
358,
0.100%,
03/20/30
JPY
573,900,000‌
5,276,421‌
Series
359,
0.100%,
06/20/30
JPY
206,000,000‌
1,892,117‌
Japan
Government
Twenty
Year
Bond
Series
123,
2.100%,
12/20/30
JPY
38,000,000‌
414,729‌
Series
128,
1.900%,
06/20/31
JPY
30,000,000‌
324,295‌
Series
140,
1.700%,
09/20/32
JPY
28,000,000‌
300,961‌
Kazakhstan
Government
International
Bond
Series
REGS,
5.125%,
07/21/25
1,045,000‌
1,218,052‌
Mexico
Government
International
Bond
2.659%,
05/24/31
3,632,000‌
3,493,492‌
3.250%,
04/16/30
3,100,000‌
3,168,782‌
4.500%,
04/22/29
1,100,000‌
1,234,980‌
New
Zealand
Government
Bond
Series
0429,
3.000%,
04/20/29
NZD
13,996,000‌
11,260,757‌
Norway
Government
Bond
Series
482,
1.375%,
08/19/30
(a)
NOK
97,610,000‌
11,679,810‌
Oman
Government
International
Bond
Series
REGS,
5.625%,
01/17/28
8,083,000‌
8,498,315‌
Series
REGS,
4.750%,
06/15/26
1,400,000‌
1,454,758‌
Panama
Government
International
Bond
2.252%,
09/29/32
4,384,000‌
4,202,533‌
6.700%,
01/26/36
4,246,000‌
5,702,363‌
Paraguay
Government
International
Bond
Series
REGS,
4.950%,
04/28/31
1,600,000‌
1,798,965‌
4.950%,
04/28/31
(a)
800,000‌
899,482‌
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.150%,
03/29/27
6,440,000‌
7,175,023‌
Peruvian
Government
International
Bond
8.750%,
11/21/33
2,147,000‌
3,322,267‌
2.783%,
01/23/31
9,425,000‌
9,439,568‌
Philippine
Government
International
Bond
3.000%,
02/01/28
2,800,000‌
3,000,247‌
9.500%,
02/02/30
3,774,000‌
5,928,341‌
Republic
of
South
Africa
Government
International
Bond
4.300%,
10/12/28
3,040,000‌
3,056,336‌
4.850%,
09/30/29
4,650,000‌
4,806,990‌
Russian
Foreign
Bond
-
Eurobond
Series
REGS,
5.100%,
03/28/35
5,800,000‌
6,830,644‌
Series
REGS,
4.750%,
05/27/26
4,800,000‌
5,420,800‌
Sharjah
Sukuk
Program
Ltd.
Series
EMTN,
4.226%,
03/14/28
3,200,000‌
3,513,703‌
3.234%,
10/23/29
500,000‌
512,931‌
Sweden
Government
Bond
Series
1056,
2.250%,
06/01/32
SEK
17,020,000‌
2,394,807‌
Series
1062,
0.125%,
05/12/31
(a)
SEK
75,770,000‌
8,715,133‌
Foreign
Government
Obligations
(d),(e)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
United
Kingdom
Gilt
4.750%,
12/07/30
GBP
3,691,000‌
6,948,506‌
0.875%,
10/22/29
GBP
3,071,000‌
4,286,291‌
Uruguay
Government
International
Bond
4.375%,
01/23/31
3,002,000‌
3,487,018‌
4.375%,
10/27/27
2,398,000‌
2,741,207‌
Total
Foreign
Government
Obligations
(Cost
$232,263,607)
234,628,765‌
U.S.
Government
&
Agency
Obligations
  15.0%
Principal
Amount
($)
Value
($)
Federal
National
Mortgage
Association
6.5%
1.500%,
05/15/51
(f)
4,600,000‌
4,505,305‌
2.000%,
05/15/51
(f)
54,290,000‌
54,792,606‌
3.000%,
12/01/49
459,474‌
481,127‌
3.000%,
01/01/50
548,174‌
574,683‌
3.000%,
01/01/50
479,563‌
501,964‌
3.000%,
02/01/50
476,573‌
499,282‌
3.000%,
03/01/50
501,200‌
524,920‌
3.500%,
04/01/49
113,676‌
120,922‌
3.500%,
08/01/49
318,770‌
338,191‌
3.500%,
09/01/49
501,901‌
533,831‌
3.500%,
09/01/49
357,038‌
379,737‌
3.500%,
10/01/49
388,768‌
412,430‌
3.500%,
12/01/49
453,636‌
482,478‌
3.500%,
02/01/50
470,923‌
499,475‌
4.000%,
09/01/47
429,368‌
463,849‌
4.000%,
03/01/48
787,333‌
851,021‌
4.000%,
05/01/49
102,774‌
110,357‌
Total
66,072,178‌
Uniform
Mortgage-Backed
Security
TBA
6.5%
2.500%,
05/15/51
(f)
34,270,000‌
35,539,061‌
3.000%,
05/15/51
(f)
12,200,000‌
12,775,884‌
3.500%,
05/15/51
(f)
5,529,000‌
5,884,497‌
4.000%,
05/15/51
(f)
5,195,000‌
5,580,871‌
4.500%,
05/15/51
(f)
5,055,000‌
5,507,717‌
Total
65,288,030‌
Federal
Home
Loan
Mortgage
Corporation
2.0%
2.500%,
08/01/50
8,169,789‌
8,480,847‌
3.000%,
01/01/50
475,846‌
498,198‌
3.000%,
02/01/50
490,579‌
513,657‌
3.000%,
08/01/50
6,933,330‌
7,260,181‌
3.500%,
08/01/47
880,394‌
941,806‌
3.500%,
08/01/49
303,426‌
322,617‌
3.500%,
09/01/49
364,096‌
387,114‌
3.500%,
10/01/49
399,795‌
425,100‌
3.500%,
11/01/49
383,337‌
407,606‌
3.500%,
02/01/50
472,625‌
501,557‌
4.000%,
08/01/49
351,656‌
377,295‌
4.000%,
09/01/49
408,528‌
438,363‌
Total
20,554,341‌
Total
U.S.
Government
&
Agency
Obligations
(Cost
$150,832,973)
151,914,549‌
U.S.
Treasury
Obligations
  12.5%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bond
6.1%
1.625%,
11/15/50
3,951,000‌
3,381,809‌
1.875%,
02/15/41
17,120,000‌
16,293,425‌
1.875%,
02/15/51
25,518,000‌
23,221,380‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Notes
to
Portfolio
of
Investments
U.S.
Treasury
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
2.250%,
08/15/46
1,611,000‌
1,600,428‌
2.375%,
11/15/49
2,562,000‌
2,611,239‌
2.875%,
05/15/49
4,408,000‌
4,954,179‌
3.000%,
05/15/42
1,629,000‌
1,857,060‌
3.375%,
05/15/44
2,180,000‌
2,633,031‌
3.375%,
11/15/48
2,110,000‌
2,590,684‌
3.750%,
11/15/43
1,807,300‌
2,304,590‌
Total
61,447,825‌
U.S.
Treasury
Note
3.9%
0.625%,
05/15/30
2,630,000‌
2,420,011‌
0.625%,
08/15/30
4,971,000‌
4,555,455‌
0.875%,
11/15/30
7,970,000‌
7,453,195‌
1.125%,
02/15/31
20,450,000‌
19,526,555‌
1.500%,
02/15/30
820,000‌
817,566‌
2.625%,
02/15/29
4,013,000‌
4,372,289‌
U.S.
Treasury
Obligations
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.250%,
05/15/30
300,000‌
420,609‌
Total
39,565,680‌
U.S.
Treasury
Bill
2.5%
0.039%,
10/07/21
5,000,000‌
4,999,629‌
0.061%,
07/15/21
20,000,000‌
19,999,594‌
Total
24,999,223‌
Total
U.S.
Treasury
Obligations
(Cost
$127,458,873)
126,012,728‌
Money
Market
Funds
9.6%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
0.030%
(g)
97,620,543‌
97,620,543‌
Total
Money
Market
Funds
(Cost
$97,620,543)
97,620,543‌
Total
Investments
in
Securities
(Cost
$1,119,009,289)
1,129,099,445‌
Other
Assets
&
Liabilities,
Net
(116,052,244‌)
Net
Assets
1,013,047,201‌
(a)
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
April
30,
2021,
the
total
value
of
these
securities
amounted
to
$239,779,437,
which
represents
23.67%
of
total
net
assets.
(b)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
April
30,
2021.
(c)
Payment-in-kind
security.
Interest
can
be
paid
by
issuing
additional
par
of
the
security
or
in
cash.
(d)
Principal
amounts
are
shown
in
United
States
Dollars
unless
otherwise
noted.
(e)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(f)
Represents
a
security
purchased
on
a
when-issued
basis.
(g)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2021.
Abbreviation
Legend
LIBOR
London
Interbank
Offered
Rates
PJSC
Private
Joint
Stock
Company
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
Currency
Legend
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
Pound
Sterling
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
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:
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
19
Fair
Value
Measurements
(continued)
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.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
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
control
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.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Corporate
Bonds
518,922,860
518,922,860
Foreign
Government
Obligations
234,628,765
234,628,765
U.S.
Government
&
Agency
Obligations
151,914,549
151,914,549
U.S.
Treasury
Obligations
126,012,728
126,012,728
Money
Market
Funds
97,620,543
97,620,543
Total
Investments
in
Securities
223,633,271
905,466,174
1,129,099,445
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
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$1,119,009,289)
$1,129,099,445
Cash
5,950,318
Receivable
for:
Interest
8,229,056
Capital
shares
sold
1,104,511
Reclaims
receivable
11,121
Dividends
695
Total
assets
1,144,395,146
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
123,785,854
Investments
purchased
7,336,573
Investment
management
fees
225,095
Due
to
custodian
423
Total
liabilities
131,347,945
Net
assets
applicable
to
outstanding
capital
stock
$1,013,047,201
Represented
by:
Paid-in
capital
$1,010,630,038
Total
distributable
earnings
(loss)
2,417,163
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$1,013,047,201
Shares
outstanding
47,500,000
Net
asset
value
per
share
$21.33
STATEMENT
OF
OPERATIONS
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
21
Investment
Income:
Interest
$10,874,786
Dividends
-
unaffiliated
issuers
2,532
Foreign
taxes
withheld
(52,243)
Total
income
10,825,075
Expenses:
Investment
management
fees
1,133,548
Net
Investment
Income
9,691,527
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(6,826,964)
Foreign
currency
translations
(11,558)
Net
realized
loss
(6,838,522)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(2,650,009)
Foreign
currency
translations
11,591
Net
change
in
unrealized
depreciation
(2,638,418)
Net
realized
and
unrealized
loss
(9,476,940)
Net
Increase
in
net
assets
resulting
from
operations
$214,587
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31,
2020
Operations
Net
investment
income
$9,691,527
$9,507,934
Net
realized
loss
(6,838,522)
(2,915,456)
Net
change
in
unrealized
appreciation
(depreciation)
(2,638,418)
6,738,128
Net
increase
in
net
assets
resulting
from
operations
214,587
13,330,606
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(9,803,375)
(8,838,484)
Shareholder
transactions
Proceeds
from
shares
sold
486,577,508
377,579,960
Cost
of
shares
redeemed
(1,057)
(39,239,227)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
486,576,451
338,340,733
Increase
in
net
assets
476,987,663
342,832,855
Net
Assets:
Net
assets
beginning
of
period
536,059,538
193,226,683
Net
assets
at
end
of
period
$1,013,047,201
$536,059,538
Capital
stock
activity
Shares
outstanding,
beginning
of
period
25,100,050
9,300,050
Subscriptions
22,400,000
17,900,000
Redemptions
(50)
(2,100,000)
Shares
outstanding,
end
of
period
47,500,000
25,100,050
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
23
The
following
table
is
intended
to
help
you
understand
the
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
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.
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31
,
2017
(a)
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
period
$21.36‌
$20.78‌
$18.86‌
$19.94‌
$20.00‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.25‌
0.60‌
0.72‌
0.67‌
0.03‌
Net
realized
and
unrealized
gain
(loss)
(0.01‌)
0.57‌
1.91‌
(1.13‌)
(0.09‌)
Total
from
investment
operations
0.24‌
1.17‌
2.63‌
(0.46‌)
(0.06‌)
Less
distributions
to
shareholders:
Net
investment
income
(0.27‌)
(0.59‌)
(0.71‌)
(0.62‌)
–‌
Total
distribution
to
shareholders
(0.27‌)
(0.59‌)
(0.71‌)
(0.62‌)
–‌
Net
asset
value,
end
of
period
$21.33‌
$21.36‌
$20.78‌
$18.86‌
$19.94‌
Total
Return
at
NAV
1.13‌%
5.71‌%
14.21‌%
(2.32‌)%
(0.30‌)%
Total
Return
at
Market
0.99‌%
5.69‌%
14.78‌%
(2.68‌)%
(0.15‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.28‌%
(c)
0.28‌%
0.28‌%
0.28‌%
(d)
0.28‌%
(c)
Total
net
expenses
(b)(e)
0.28‌%
(c)
0.28‌%
0.28‌%
0.24‌%
(d)
–‌%
(c)
Net
investment
income
2.39‌%
(c)
2.87‌%
3.62‌%
3.49‌%
3.10‌%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$1,013,047‌
$536,060‌
$193,227‌
$84,884‌
$29,917‌
Portfolio
turnover
73‌%
156‌%
171‌%
140‌%
–‌%
(a)
The
Fund
commenced
operations
on
October
12,
2017.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Annualized
(d)
The
ratio
includes
less
than
0.01%
for
the
year
ended
October
31,
2018
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(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
April
30,
2021
(Unaudited)
24
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Note
1.
Organization
Columbia
Diversified
Fixed
Income
Allocation
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
Funds’
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
Funds’
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
by
pricing
services
approved
by
the
Board
of
Trustees
based
upon
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
and
under
the
general
supervision
of
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)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
25
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.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
regular
trading
on
the
New
York
Stock
Exchange.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Fund
does
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
To
be
announced
securities
The
Fund
may
trade
securities
on
a
To
Be
Announced
(TBA)
basis.
As
with
other
delayed-delivery
transactions,
a
seller
agrees
to
issue
a
TBA
security
at
a
future
date.
However,
the
seller
does
not
specify
the
particular
securities
to
be
delivered.
Instead,
the
Fund
agrees
to
accept
any
security
that
meets
specified
terms.
In
some
cases,
Master
Securities
Forward
Transaction
Agreements
(MSFTAs)
may
be
used
to
govern
transactions
of
certain
forward-settling
agency
mortgage-backed
securities,
such
as
delayed-delivery
and
TBAs,
between
the
Fund
and
counterparty.
The
MSFTA
maintains
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral
relating
to
such
transactions.
Mortgage
dollar
roll
transactions
The
Fund
may
enter
into
mortgage
“dollar
rolls”
in
which
the
Fund
sells
securities
for
delivery
in
the
current
month
and
simultaneously
contracts
with
the
same
counterparty
to
repurchase
similar
but
not
identical
securities
(same
type,
coupon
and
maturity)
on
a
specified
future
date.
During
the
roll
period,
the
Fund
loses
the
right
to
receive
principal
and
interest
paid
on
the
securities
sold.
However,
the
Fund
may
benefit
because
it
receives
negotiated
amounts
in
the
form
of
reductions
of
the
purchase
price
for
the
future
purchase
plus
the
interest
earned
on
the
cash
proceeds
of
the
securities
sold
until
the
settlement
date
of
the
forward
purchase.
The
Fund
records
the
incremental
difference
between
the
forward
purchase
and
sale
of
each
forward
roll
as
a
realized
gain
or
loss.
Unless
any
realized
gains
exceed
the
income,
capital
appreciation,
and
gain
or
loss
due
to
mortgage
prepayments
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
mortgage
dollar
roll,
the
use
of
this
technique
may
diminish
the
investment
performance
of
the
Fund
compared
to
what
the
performance
would
have
been
without
the
use
of
mortgage
dollar
rolls.
All
cash
proceeds
will
be
invested
in
instruments
that
are
permissible
investments
for
the
Fund.
The
Fund
identifies
cash
or
liquid
securities
in
an
amount
equal
to
the
forward
purchase
price.
For
financial
reporting
and
tax
purposes,
the
Fund
treats
“to
be
announced”
mortgage
dollar
rolls
as
two
separate
transactions,
one
involving
the
purchase
of
a
security
and
a
separate
transaction
involving
a
sale.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
the
Fund
is
obligated
to
repurchase
may
decline
below
the
repurchase
price,
or
that
the
counterparty
may
default
on
its
obligations.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
26
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-
issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
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.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
NAV
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
the
Fund
is
treated
as
a
separate
entity.
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Fund
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
27
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
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
and
any
other
portfolio
transaction
expenses;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures;
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
0.28%
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
as
disclosed
in
the
Statement
of
Operations.
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
liability
for
the
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
28
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2021,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
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,
2020,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
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
$762,732,223
and
$595,044,907,
respectively,
for
the
six
months
ended
April
30,
2021,
of
which
$64,702,953
and
$46,309,533,
respectively,
were
U.S.
government
securities.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
April
30,
2021,
the
cost
basis
of
securities
contributed
was
$319,814,208.
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.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
Wells
Fargo
Bank,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
a
December
1,
2020
amendment,
the
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$950
million.
Interest
is
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
1,119,009,289
19,559,028
(9,468,872)
10,090,156
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
758,639
477,003
1,235,642
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
29
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
December
unless
extended
or
renewed.
Prior
to
the
December
1,
2020
amendment,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$1
billion.
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
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended
April
30,
2021.
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.
High-yield
investments
risk
Securities
and
other
debt
instruments
held
by
the
Fund
that
are
rated
below
investment
grade
(commonly
called
"high-
yield"
or
"junk"
bonds)
and
unrated
debt
instruments
of
comparable
quality
expose
the
Fund
to
a
greater
risk
of
loss
of
principal
and
income
than
a
fund
that
invests
solely
or
primarily
in
investment
grade
debt
instruments.
In
addition,
these
investments
have
greater
price
fluctuations,
are
less
liquid
and
are
more
likely
to
experience
a
default
than
higher-
rated
debt
instruments.
High-yield
debt
instruments
are
considered
to
be
predominantly
speculative
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
prevailing
interest
rates
rise,
the
values
of
debt
securities
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
securities
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Increasing
interest
rates
may
negatively
affect
the
value
of
debt
securities
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
net
asset
value
per
share.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
security,
the
greater
its
sensitivity
to
changes
in
interest
rates.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
a
lack
of
marketability
of
investments
which
may
make
it
difficult
to
sell
the
investment
at
a
desirable
time
or
price.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
adversely
affect
the
liquidity
of
the
Fund’s
investments.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
investments,
or
forego
another,
more
appealing
investment
opportunity.
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
A
less
liquid
market
can
lead
to
an
increase
in
Fund
redemptions,
which
may
negatively
impact
Fund
performance
and
net
asset
value
per
share,
including,
for
example,
if
the
Fund
is
forced
to
sell
securities
in
a
down
market.
Market
and
environment
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,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
30
Strategic
Beta
ETFs
|
Semiannual
Report
2021
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
Fund’s
performance
may
also
be
significantly
negatively
impacted
by
the
economic
impact
of
the
coronavirus
disease
2019
(COVID-19)
pandemic.
The
COVID-19
public
health
crisis
has
become
a
pandemic
that
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
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
The
Investment
Manager
and
its
affiliates
have
systematically
implemented
strategies
to
address
the
operating
environment
spurred
by
the
COVID-19
pandemic.
To
promote
the
safety
and
security
of
our
employees
and
to
assure
the
continuity
of
our
business
operations,
we
have
implemented
a
work
from
home
protocol
for
virtually
all
of
our
employee
population,
restricted
business
travel,
and
provided
resources
for
complying
with
the
guidance
from
the
World
Health
Organization,
the
U.S.
Centers
for
Disease
Control
and
governments.
Our
operations
teams
seek
to
operate
without
significant
disruptions
in
service.
Our
pandemic
strategy
takes
into
consideration
that
a
pandemic
could
be
widespread
and
may
occur
in
multiple
waves,
affecting
different
communities
at
different
times
with
varying
levels
of
severity.
We
cannot,
however,
predict
the
impact
that
natural
or
man-made
disasters,
including
the
COVID-19
pandemic,
may
have
on
the
ability
of
our
employees
and
third-party
service
providers
to
continue
ordinary
business
operations
and
technology
functions
over
near-
or
longer-term
periods.
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
a
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
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
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),
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
31
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.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
32
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Fund
has
adopted
a
liquidity
risk
management
program
(the
Program).
The
Program’s
principal
objectives
include
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk.
Liquidity
risk
is
defined
as
the
risk
that
the
Fund
could
not
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
The
Board
has
appointed
the
Investment
Manager
as
the
program
administrator
for
the
Fund’s
Program.
The
Investment
Manager
has
delegated
oversight
of
the
Program
to
its
Liquidity
Risk
Management
Committee
(the
Committee).
At
a
board
meeting
during
the
fiscal
period,
the
Committee
provided
the
Board
with
a
report
addressing
the
operations
of
the
program
and
assessing
its
adequacy
and
effectiveness
of
implementation
for
the
period
January
1,
2020,
through
December
31,
2020,
including:
There
can
be
no
assurance
that
the
Program
will
achieve
its
objectives
in
the
future.
Please
refer
to
the
Fund’s
prospectus
for
more
information
regarding
the
Fund’s
exposure
to
liquidity
risk
and
other
principal
risks
to
which
an
investment
in
the
Fund
may
be
subject.
the
Fund
had
sufficient
liquidity
to
both
meet
redemptions
and
operate
effectively
on
behalf
of
shareholders;
there
were
no
material
changes
to
the
Program
during
the
period;
the
implementation
of
the
Program
was
effective
to
manage
the
Fund’s
liquidity
risk;
and
the
Program
operated
adequately
during
the
period.
RESULTS
OF
MEETING
OF
SHAREHOLDERS
April
30,
2021
Strategic
Beta
ETFs
|
Semiannual
Report
2021
33
At
a
Joint
Special
Meeting
of
Shareholders
held
on
December
22,
2020,
shareholders
of
Columbia
ETF
Trust
I
elected
each
of
the
seventeen
nominees
for
the
trustees
to
the
Board
of
Trustees
of
Columbia
ETF
Trust
I,
each
to
hold
office
until
he
or
she
dies,
retires,
resigns
or
is
removed
or,
if
sooner,
until
the
election
and
qualification
of
his
or
her
successor,
as
follows:
Trustee
Votes
for
Votes
withheld
Abstentions
George
S.
Batejan
598,073,026
3,780,328
0
Kathleen
Blatz
597,509,473
4,343,881
0
Pamela
G.
Carlton
597,354,783
4,498,571
0
Janet
Langford
Carrig
597,508,397
4,344,956
0
J.
Kevin
Connaughton
598,072,088
3,781,265
0
Olive
M.
Darragh
597,289,418
4,563,936
0
Patricia
M.
Flynn
597,574,031
4,279,322
0
Brian
J.
Gallagher
598,006,476
3,846,878
0
Douglas
A.
Hacker
598,028,149
3,825,205
0
Nancy
T.
Lukitsh
597,508,424
4,344,929
0
David
M.
Moffett
598,028,122
3,825,231
0
Catherine
James
Paglia
597,742,264
4,111,090
0
Anthony
M.
Santomero
597,926,806
3,926,548
0
Minor
M.
Shaw
597,815,282
4,038,071
0
Natalie
A.
Trunow
597,768,688
4,084,665
0
Sandra
Yeager
597,742,264
4,111,090
0
Christopher
O.
Petersen
598,028,149
3,825,205
0
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA
02110
SAR290_10_L01_(06/21)
CET001309
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
STRATEGIC
BETA
ETFs
Semiannual
Report
April
30,
2021
Columbia
Multi-Sector
Municipal
Income
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Fund’s
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Fund’s
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
TABLE
OF
CONTENTS
Fund
at
a
Glance
3
Understanding
Your
Fund’s
Expenses
5
Portfolio
of
Investments
6
Statement
of
Assets
and
Liabilities
16
Statement
of
Operations
17
Statement
of
Changes
in
Net
Assets
18
Financial
Highlights
19
Notes
to
Financial
Statements
20
Liquidity
Risk
Management
Program
26
Results
of
Meeting
of
Shareholders
27
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
the
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
The
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Fund
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
225
Franklin
Street
Boston,
MA
02110
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
FUND
AT
A
GLANCE
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
3
Portfolio
management
Catherine
Stienstra
Lead
Portfolio
Manager
Managed
Fund
since
2018
Anders
Myhran,
CFA
Portfolio
Manager
Managed
Fund
since
2018
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Multi-Sector
Municipal
Bond
Index
is
a
rules-based
multi-sector
strategic
beta
approach
to
measuring
the
performance
of
the
U.S.
tax-exempt
bond
market
which
is
composed
of
bonds
issued
by
or
on
behalf
of
state
or
local
governments
whose
interest
is
exempt
from
regular
federal
income
tax
(but
may
be
subject
to
the
alternative
minimum
tax),
through
representation
of
five
sectors
of
the
municipal
debt
market
in
the
Index,
with
a
focus
on
yield,
quality,
maturity,
liquidity,
and
interest
rate
sensitivity
of
the
particular
eligible
universe.
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
sectors
with
their
respective
weightings
are
as
follows:
Municipal
Core
Revenue
Sector
(45%);
Municipal
Health
Care
Sector
(20%);
Municipal
High-Quality
Revenue
Sector
(15%);
The
Municipal
Core
General
Obligation
Sector
(10%);
and
the
Municipal
High
Yield
Sector
(10%).
Each
sector
of
the
Index
is
constructed
with
rules
specific
to
the
sector
to
provide
a
better
balance
of
quality,
yield
and
liquidity.
The
rules
for
each
sector
can
be
found
in
the
Fund’s
prospectus.
It
is
not
possible
to
invest
directly
in
an
index.
The
Bloomberg
Barclays
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2021)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
10/10/18
3.79
10.82
7.30
Net
Asset
Value
10/10/18
3.90
10.71
7.12
{
Beta
Advantage®
}
Multi-Sector
Municipal
Bond
Index
3.89
10.78
6.84
Bloomberg
Barclays
Municipal
Bond
Index
2.62
7.75
6.12
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Quality
breakdown
(%)
(at
April
30,
2021)
AAA
rating
8.2
AA
rating
30.1
A
rating
39.8
BBB
rating
13.0
BB
rating
7.8
B
rating
0.7
Not
rated
0.4
Total
100.0
Percentages
indicated
are
based
upon
total
fixed
income
investments
(excluding
Money
Market
Funds).
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.
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.
For
information
on
the
rating
methodology
of
each
agency,
please
go
to:
www.moodys.com,
www.fitchratings.com
or
www.standardandpoors.
com/home/en/us.
Top
ten
states/territories
(%)
(at
April
30,
2021)
New
York
17
.7
New
Jersey
11
.9
Illinois
8
.4
Texas
7
.9
Pennsylvania
6
.9
Florida
5
.5
Colorado
3
.5
Michigan
3
.3
Ohio
3
.2
Massachusetts
2
.8
Percentages
indicated
are
based
upon
total
investments
(excluding
Money
Market
Funds
and
derivatives,
if
any).
For
further
detail
about
these
holdings,
please
refer
to
the
section
entitled
"Portfolio
of
Investments".
Fund
holdings
are
as
of
the
date
given,
are
subject
to
change
at
any
time,
and
are
not
recommendations
to
buy
or
sell
any
security.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Simiannual
Report
2021
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
November
1,
2020—
April
30,
2021
Beginning
account
value
($)
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
1,039.00
1,023.65
1.16
1.15
0.23
PORTFOLIO
OF
INVESTMENTS
April
30,
2021
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
6
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Municipal
Bonds
98
.7
%
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
118,157‌
Health
Care
Authority
of
The
City
of
Huntsville
(The)
Series
B1
Revenue
Bonds
5.000%,
06/01/38
150,000‌
192,086‌
UAB
Medicine
Finance
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/35
235,000‌
284,945‌
4.000%,
09/01/36
275,000‌
312,515‌
Total
Alabama
907,703‌
Alaska
0.1%
Borough
of
Matanuska-Susitna
Revenue
Bonds
5.000%,
09/01/32
100,000‌
117,534‌
Arizona
1.0%
Arizona
Health
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
12/01/39
225,000‌
258,426‌
5.000%,
01/01/44
235,000‌
261,870‌
City
of
Phoenix
Civic
Improvement
Corp.
Series
B
Revenue
Bonds
4.000%,
07/01/28
150,000‌
166,793‌
Maricopa
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
01/01/35
205,000‌
250,038‌
Total
Arizona
937,127‌
California
0.2%
Department
of
Veterans
Affairs
Veteran's
Farm
&
Home
Purchase
Program
Series
A
Revenue
Bonds
2.100%,
12/01/35
150,000‌
150,258‌
Colorado
3.4%
City
&
County
of
Denver
Revenue
Bonds
5.000%,
10/01/32
100,000‌
106,016‌
City
&
County
of
Denver
CO
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
11/15/27
250,000‌
267,680‌
5.000%,
12/01/27
160,000‌
199,781‌
5.000%,
11/15/29
325,000‌
401,365‌
5.000%,
12/01/29
285,000‌
361,930‌
5.000%,
12/01/30
150,000‌
197,823‌
Colorado
Health
Facilities
Authority
Revenue
Bonds
4.000%,
08/01/38,
Series
A-1
225,000‌
260,532‌
5.000%,
11/01/39,
Series
A
180,000‌
227,579‌
5.000%,
08/01/44,
Series
A-2
200,000‌
246,236‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(a)
140,000‌
105,937‌
Regional
Transportation
District
Revenue
Bonds
5.000%,
06/01/26
260,000‌
305,911‌
5.000%,
06/01/27
165,000‌
191,500‌
State
of
Colorado
Series
A
Revenue
Bonds
5.000%,
12/15/33
150,000‌
200,013‌
Total
Colorado
3,072,303‌
Connecticut
2.6%
Connecticut
Housing
Finance
Authority
Series
A-1
Revenue
Bonds
2.875%,
11/15/30
100,000‌
105,294‌
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%,
07/01/32,
Series
A
190,000‌
245,389‌
5.000%,
07/01/33,
Series
A
135,000‌
173,657‌
4.000%,
07/01/38,
Series
A
200,000‌
226,176‌
5.000%,
12/01/45
275,000‌
328,287‌
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%,
09/01/26,
Series
A
225,000‌
276,764‌
5.000%,
08/01/28,
Series
A
150,000‌
178,175‌
5.000%,
01/01/29,
Series
A
340,000‌
431,130‌
5.000%,
10/01/31,
Series
B
125,000‌
158,913‌
5.000%,
09/01/34,
Series
A
175,000‌
200,667‌
Total
Connecticut
2,324,452‌
Delaware
0.7%
Delaware
State
Health
Facilities
Authority,
Series
A
Revenue
Bonds
4.000%,
07/01/40
200,000‌
226,800‌
5.000%,
10/01/40
215,000‌
272,988‌
5.000%,
10/01/45
125,000‌
157,297‌
Total
Delaware
657,085‌
District
of
Columbia
1.6%
District
of
Columbia
Revenue
Bonds
4.000%,
07/15/40
130,000‌
144,628‌
District
of
Columbia
5.000%,
10/15/25,
Series
A
125,000‌
150,377‌
District
of
Columbia
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/29
250,000‌
304,197‌
Metropolitan
Washington
Airports
Authority
Revenue
Bonds
5.000%,
10/01/29,
Series
A
125,000‌
143,414‌
5.000%,
10/01/30
200,000‌
247,332‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
7
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%,
10/01/30,
Series
B
(a)
130,000‌
111,206‌
0.000%,
10/01/37,
Series
A
(a)
500,000‌
289,160‌
Total
District
of
Columbia
1,390,314‌
Florida
5.4%
Alachua
County
Health
Facilities
Authority
Series
B-1
Revenue
Bonds
5.000%,
12/01/34
150,000‌
188,955‌
Brevard
County
Health
Facilities
Authority
Revenue
Bonds
4.000%,
04/01/36
140,000‌
151,600‌
Capital
Trust
Agency,
Inc.
Series
A
Revenue
Bonds
5.250%,
12/01/43
(b)
150,000‌
175,157‌
City
of
Gainesville
FL
Utilities
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
10/01/28
125,000‌
157,274‌
5.000%,
10/01/32
125,000‌
154,766‌
County
of
Miami-Dade
FL
Aviation
Revenue
Revenue
Bonds
5.000%,
10/01/32
205,000‌
234,510‌
5.000%,
10/01/32,
Series
A
250,000‌
285,987‌
County
of
Miami-Dade
FL
Water
&
Sewer
System
Revenue
Revenue
Bonds
5.250%,
10/01/22,
Series
B
210,000‌
225,116‌
5.000%,
10/01/25
165,000‌
197,214‌
Florida
Municipal
Power
Agency
Series
A
Revenue
Bonds
5.000%,
10/01/28
350,000‌
428,229‌
Greater
Orlando
Aviation
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/26
260,000‌
317,658‌
5.000%,
10/01/27
255,000‌
319,079‌
Hillsborough
County
School
Board
Revenue
Bonds
5.000%,
07/01/29
150,000‌
194,409‌
JEA
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/29
150,000‌
188,429‌
North
Broward
Hospital
District
Series
B
Revenue
Bonds
5.000%,
01/01/35
200,000‌
241,012‌
Orange
County
Health
Facilities
Authority,
Series
A
Revenue
Bonds
5.000%,
10/01/37
100,000‌
119,873‌
5.000%,
10/01/39
100,000‌
119,414‌
Palm
Beach
County
School
District
Revenue
Bonds
5.000%,
08/01/28,
Series
B
170,000‌
217,904‌
5.000%,
08/01/30,
Series
D
150,000‌
176,979‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
School
Board
of
Miami-Dade
County
(The)
Series
A
Revenue
Bonds
5.000%,
05/01/32
135,000‌
157,708‌
School
District
of
Broward
County
Series
A
Revenue
Bonds
5.000%,
07/01/34
150,000‌
196,245‌
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000‌
180,585‌
Volusia
County
School
Board
Series
B
Revenue
Bonds
5.000%,
08/01/30
200,000‌
228,462‌
Total
Florida
4,856,565‌
Georgia
2.4%
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Series
C
Revenue
Bonds
5.000%,
07/01/36
200,000‌
256,544‌
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.000%,
11/01/27
190,000‌
224,333‌
5.750%,
11/01/29
200,000‌
278,048‌
Gwinnett
County
School
District
5.000%,
02/01/27
200,000‌
234,982‌
Municipal
Electric
Authority
of
Georgia
Series
A
Revenue
Bonds
5.000%,
01/01/28
200,000‌
241,068‌
State
of
Georgia
4.000%,
02/01/26,
Series
A-2
215,000‌
237,401‌
5.000%,
02/01/28,
Series
A-2
350,000‌
437,339‌
5.000%,
07/01/28,
Series
F
200,000‌
249,196‌
Total
Georgia
2,158,911‌
Hawaii
1.1%
State
of
Hawaii
5.000%,
08/01/26,
Series
EO
200,000‌
230,036‌
5.000%,
10/01/27,
Series
FH
150,000‌
184,949‌
State
of
Hawaii
Airports
System
Revenue
Revenue
Bonds
5.250%,
08/01/26
150,000‌
164,863‌
5.000%,
07/01/33,
Series
A
350,000‌
447,048‌
Total
Hawaii
1,026,896‌
Illinois
8.3%
Chicago
Board
of
Education
0.000%,
12/01/29,
Series
A
(a)
185,000‌
152,399‌
5.000%,
12/01/30,
Series
A
150,000‌
185,928‌
0.000%,
12/01/31,
Series
A
(a)
250,000‌
191,573‌
0.000%,
12/01/31,
Series
B-1
(a)
220,000‌
168,802‌
5.250%,
12/01/35,
Series
C
130,000‌
144,546‌
5.000%,
12/01/38,
Series
A
200,000‌
245,203‌
5.250%,
12/01/39,
Series
C
235,000‌
259,522‌
5.000%,
12/01/42,
Series
A
200,000‌
208,570‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
8
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Chicago
Housing
Authority
Series
A
Revenue
Bonds
5.000%,
01/01/32
180,000‌
215,872‌
Chicago
Midway
International
Airport
Series
A
Revenue
Bonds
5.000%,
01/01/30
250,000‌
277,995‌
Chicago
O'Hare
International
Airport
Revenue
Bonds
5.000%,
01/01/28,
Series
B
160,000‌
185,738‌
5.000%,
01/01/29,
Series
C
200,000‌
239,408‌
5.000%,
01/01/34,
Series
B
355,000‌
431,367‌
City
of
Chicago
IL
Wastewater
Transmission
Revenue
Series
C
Revenue
Bonds
5.000%,
01/01/24
230,000‌
255,221‌
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No
512
4.000%,
12/15/29
180,000‌
220,349‌
Illinois
Finance
Authority
Revenue
Bonds
4.000%,
01/01/25
200,000‌
226,640‌
5.000%,
07/01/28
115,000‌
143,357‌
4.125%,
11/15/37,
Series
A
235,000‌
261,691‌
4.000%,
01/01/40,
Series
A
275,000‌
309,917‌
4.000%,
08/15/41,
Series
A
350,000‌
412,346‌
5.000%,
08/15/43
150,000‌
158,625‌
5.000%,
01/01/44,
Series
A
300,000‌
363,645‌
4.125%,
05/01/45
200,000‌
221,274‌
Illinois
State
Toll
Highway
Authority
Revenue
Bonds
5.000%,
01/01/30,
Series
B
115,000‌
151,309‌
5.000%,
01/01/31,
Series
C
150,000‌
196,722‌
4.000%,
12/01/31,
Series
A
210,000‌
239,172‌
5.000%,
12/01/31,
Series
A
255,000‌
304,661‌
Metropolitan
Pier
&
Exposition
Authority
Revenue
Bonds
0.000%,
12/15/29,
Series
A
(a)
160,000‌
133,669‌
0.000%,
06/15/30,
Series
A
(a)
415,000‌
340,528‌
0.000%,
12/15/41,
Series
B
(a)
280,000‌
151,883‌
State
of
Illinois
Series
A
4.000%,
03/01/39
200,000‌
228,240‌
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(a)
300,000‌
231,921‌
Total
Illinois
7,458,093‌
Indiana
1.1%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000‌
153,197‌
Indiana
Finance
Authority
Revenue
Bonds
3.000%,
11/01/30,
Series
A
150,000‌
161,568‌
4.000%,
11/01/33,
Series
C
100,000‌
115,449‌
5.000%,
12/01/35,
Series
A
150,000‌
176,089‌
5.000%,
06/01/39,
Series
A
225,000‌
231,450‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Indiana
Municipal
Power
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/34
100,000‌
123,403‌
Total
Indiana
961,156‌
Iowa
0.2%
Iowa
Finance
Authority
Series
A
Revenue
Bonds
5.000%,
05/15/43
160,000‌
182,936‌
Kansas
0.5%
Kansas
Development
Finance
Authority,
Series
A
Revenue
Bonds
5.000%,
05/01/28
190,000‌
207,532‌
5.000%,
11/15/32
225,000‌
235,955‌
Total
Kansas
443,487‌
Kentucky
1.4%
Kentucky
Turnpike
Authority
Series
B
Revenue
Bonds
5.000%,
07/01/26
160,000‌
194,344‌
Louisville
and
Jefferson
County
Metropolitan
Sewer
District
Series
A
Revenue
Bonds
5.000%,
05/15/28
410,000‌
420,426‌
Louisville/Jefferson
County
Metropolitan
Government,
Series
A
Revenue
Bonds
5.000%,
10/01/30
290,000‌
353,658‌
4.000%,
10/01/35
235,000‌
266,260‌
Total
Kentucky
1,234,688‌
Louisiana
0.5%
Louisiana
Public
Facilities
Authority
Revenue
Bonds
5.000%,
06/01/27
140,000‌
158,935‌
State
of
Louisiana
5.000%,
08/01/25,
Series
C
120,000‌
138,137‌
5.000%,
08/01/27,
Series
B
100,000‌
122,648‌
Total
Louisiana
419,720‌
Maine
0.1%
Maine
State
Housing
Authority
Series
B
Revenue
Bonds
3.450%,
11/15/34
100,000‌
106,089‌
Maryland
2.2%
County
of
Frederick
Series
A
Revenue
Bonds
5.000%,
09/01/32
(b)
75,000‌
84,171‌
County
of
Howard
Series
B
5.000%,
02/15/28
225,000‌
281,428‌
County
of
Montgomery,
Series
A
5.000%,
11/01/26
150,000‌
186,522‌
5.000%,
11/01/28
150,000‌
174,051‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
9
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%,
07/01/35
100,000‌
111,652‌
5.000%,
08/15/41,
Series
A
100,000‌
109,694‌
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
100,000‌
125,647‌
Maryland
Water
Quality
Financing
Administration
Revolving
Loan
Fund
Revenue
Bonds
2.800%,
03/01/26
150,000‌
160,713‌
3.000%,
03/01/30
310,000‌
332,983‌
State
of
Maryland,
Series
A
5.000%,
03/15/26
150,000‌
182,718‌
5.000%,
08/01/29
175,000‌
220,211‌
Total
Maryland
1,969,790‌
Massachusetts
2.8%
Commonwealth
of
Massachusetts,
Series
A
5.000%,
07/01/28
200,000‌
245,354‌
5.000%,
07/01/30
160,000‌
189,693‌
Massachusetts
Department
of
Transportation
Series
A
Revenue
Bonds
0.000%,
01/01/28
(a)
435,000‌
401,888‌
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.000%,
07/01/31,
Series
S-1
200,000‌
250,836‌
5.000%,
07/01/36,
Series
I
150,000‌
179,610‌
5.000%,
07/01/36,
Series
K
150,000‌
188,781‌
5.000%,
07/01/41,
Series
I
250,000‌
290,170‌
5.000%,
07/01/44,
Series
A
200,000‌
241,528‌
Massachusetts
Port
Authority
Series
A
Revenue
Bonds
5.000%,
07/01/36
250,000‌
313,318‌
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Revenue
Series
A
Revenue
Bonds
5.000%,
01/01/32
150,000‌
190,174‌
Total
Massachusetts
2,491,352‌
Michigan
3.2%
Detroit
City
School
District
Series
A
5.000%,
05/01/27
180,000‌
188,589‌
Flint
Hospital
Building
Authority
Revenue
Bonds
4.000%,
07/01/41
185,000‌
202,536‌
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
Revenue
Bonds
5.000%,
07/01/26,
Series
C
305,000‌
372,323‌
5.000%,
07/01/28,
Series
A
200,000‌
253,558‌
Michigan
Finance
Authority
Revenue
Bonds
3.125%,
12/01/35,
Series
A
100,000‌
108,299‌
5.000%,
11/15/41
300,000‌
357,177‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
3.250%,
11/15/42
150,000‌
159,101‌
5.000%,
12/01/42,
Series
A-MI
250,000‌
303,798‌
Michigan
State
Building
Authority,
Series
I
Revenue
Bonds
5.000%,
10/15/27
200,000‌
254,092‌
5.000%,
04/15/32
155,000‌
184,746‌
Michigan
State
Housing
Development
Authority
Series
C
Revenue
Bonds
3.900%,
12/01/33
200,000‌
222,882‌
State
of
Michigan
Revenue
Bonds
5.000%,
03/15/26
225,000‌
273,044‌
Total
Michigan
2,880,145‌
Minnesota
1.1%
City
of
Apple
Valley
Series
A
Revenue
Bonds
4.250%,
01/01/37
275,000‌
224,361‌
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
100,000‌
109,694‌
City
of
Minneapolis
Series
A
Revenue
Bonds
6.000%,
07/01/43
100,000‌
106,438‌
City
of
St
Cloud
Series
A
Revenue
Bonds
4.000%,
05/01/37
145,000‌
160,449‌
Duluth
Housing
&
Redevelopment
Authority,
Series
A
Revenue
Bonds
5.000%,
11/01/33
100,000‌
114,017‌
5.000%,
11/01/48
100,000‌
109,457‌
Minneapolis-St
Paul
Metropolitan
Airports
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/27
155,000‌
191,724‌
Total
Minnesota
1,016,140‌
Mississippi
0.6%
Mississippi
Development
Bank
Series
A
Revenue
Bonds
5.000%,
08/01/25
270,000‌
318,284‌
Mississippi
Home
Corp.
Series
A
Revenue
Bonds
1.950%,
06/01/32
200,000‌
203,518‌
Total
Mississippi
521,802‌
Missouri
1.1%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
Bonds
4.000%,
11/15/42
300,000‌
323,286‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000‌
169,312‌
Missouri
Joint
Municipal
Electric
Utility
Commission,
Series
A
Revenue
Bonds
4.000%,
12/01/32
200,000‌
231,284‌
4.000%,
12/01/33
120,000‌
138,132‌
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000‌
115,798‌
Total
Missouri
977,812‌
Nebraska
0.4%
Public
Power
Generation
Agency
Series
A
Revenue
Bonds
5.000%,
01/01/28
300,000‌
348,093‌
New
Jersey
11.7%
New
Jersey
Economic
Development
Authority
Revenue
Bonds
4.000%,
11/01/25,
Series
B
200,000‌
225,024‌
5.000%,
03/01/26,
Series
NN
260,000‌
281,900‌
4.375%,
06/15/27,
Series
XX
120,000‌
135,596‌
5.500%,
09/01/27,
Series
N-1
120,000‌
153,634‌
5.500%,
06/15/29,
Series
BBB
195,000‌
242,434‌
5.000%,
03/01/30,
Series
NN
225,000‌
243,628‌
5.000%,
06/15/30,
Series
B
210,000‌
262,964‌
5.000%,
06/15/32,
Series
EEE
175,000‌
215,661‌
6.000%,
07/01/32,
Series
A
200,000‌
206,658‌
4.000%,
06/15/34,
Series
QQQ
350,000‌
412,678‌
5.000%,
06/15/34,
Series
WW
300,000‌
348,996‌
4.000%,
07/01/34,
Series
A
315,000‌
352,818‌
5.000%,
06/15/35,
Series
WW
270,000‌
313,751‌
New
Jersey
Health
Care
Facilities
Financing
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/32
225,000‌
258,710‌
New
Jersey
Housing
&
Mortgage
Finance
Agency
Series
D
Revenue
Bonds
4.000%,
04/01/25
225,000‌
251,575‌
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%,
12/15/25,
Series
C
(a)
180,000‌
171,797‌
5.000%,
06/15/27,
Series
A-1
110,000‌
131,250‌
0.000%,
12/15/27,
Series
A
(a)
300,000‌
269,565‌
0.000%,
12/15/27,
Series
C
(a)
250,000‌
229,335‌
5.000%,
06/15/28,
Series
A-1
240,000‌
285,905‌
0.000%,
12/15/28,
Series
A
(a)
335,000‌
291,617‌
5.000%,
06/15/29,
Series
BB-1
245,000‌
309,058‌
0.000%,
12/15/29,
Series
A
(a)
450,000‌
379,264‌
5.000%,
06/15/30,
Series
A
270,000‌
320,345‌
0.000%,
12/15/30,
Series
C
(a)
225,000‌
183,879‌
5.000%,
06/15/31,
Series
BB
115,000‌
142,544‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%,
06/15/32,
Series
D
225,000‌
258,595‌
5.250%,
06/15/32,
Series
C
270,000‌
312,714‌
0.000%,
12/15/32,
Series
A
(a)
595,000‌
456,633‌
5.000%,
12/15/32,
Series
A
430,000‌
528,672‌
0.000%,
12/15/34,
Series
A
(a)
135,000‌
97,186‌
4.750%,
06/15/35,
Series
AA
200,000‌
230,396‌
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.250%,
01/01/30,
Series
A
170,000‌
228,958‌
5.000%,
01/01/31,
Series
E
460,000‌
546,803‌
4.000%,
01/01/33,
Series
G
225,000‌
263,277‌
5.000%,
01/01/33,
Series
A
100,000‌
113,831‌
5.000%,
01/01/33,
Series
B
170,000‌
210,700‌
5.000%,
01/01/34,
Series
A
145,000‌
176,814‌
5.000%,
01/01/34,
Series
E
395,000‌
456,723‌
Total
New
Jersey
10,501,888‌
New
York
17.5%
Brooklyn
Arena
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
07/15/36
150,000‌
157,196‌
Broome
County
Local
Development
Corp.
Revenue
Bonds
3.000%,
04/01/45
200,000‌
207,226‌
City
of
New
York
5.000%,
08/01/22,
Series
C
200,000‌
212,012‌
5.000%,
08/01/25,
Series
J
115,000‌
127,162‌
5.000%,
08/01/28,
Series
A
200,000‌
236,834‌
5.000%,
08/01/28,
Series
C
150,000‌
180,425‌
5.000%,
08/01/28,
Series
E
250,000‌
270,550‌
5.000%,
08/01/29,
Series
A-1
200,000‌
261,904‌
Long
Island
Power
Authority
Revenue
Bonds
0.000%,
06/01/28
(a)
220,000‌
202,538‌
5.000%,
09/01/28
125,000‌
162,509‌
5.250%,
09/01/29,
Series
C
140,000‌
185,888‌
5.000%,
09/01/34
115,000‌
146,096‌
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%,
11/15/26,
Series
A2
275,000‌
335,250‌
5.000%,
11/15/28,
Series
C-1
275,000‌
344,448‌
5.000%,
11/15/31,
Series
C-1
365,000‌
449,581‌
4.000%,
11/15/32,
Series
D
400,000‌
421,324‌
5.000%,
11/15/32,
Series
D
280,000‌
343,734‌
5.000%,
11/15/33,
Series
D-1
450,000‌
526,797‌
4.000%,
11/15/35,
Series
C-1
215,000‌
245,872‌
5.000%,
11/15/35,
Series
B
150,000‌
177,915‌
New
York
City
Housing
Development
Corp.
Series
G-2-A
(Mandatory
Put
12/31/21)
Revenue
Bonds
2.000%,
11/01/57
85,000‌
85,051‌
New
York
City
Water
&
Sewer
System
Revenue
Bonds
5.000%,
06/15/27,
Series
GG
175,000‌
207,716‌
5.000%,
06/15/28,
Series
BB-2
175,000‌
220,276‌
5.000%,
06/15/28,
Series
EE
145,000‌
166,135‌
5.000%,
06/15/28,
Series
HH
125,000‌
148,182‌
5.000%,
06/15/29,
Series
AA-2
125,000‌
164,976‌
5.000%,
06/15/29,
Series
EE
490,000‌
589,558‌
5.000%,
06/15/29,
Series
FF
140,000‌
165,759‌
5.000%,
06/15/29,
Series
GG
150,000‌
177,598‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
11
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%,
06/15/30,
Series
AA-2
145,000‌
194,953‌
5.000%,
06/15/30,
Series
EE
125,000‌
168,063‌
5.000%,
06/15/30,
Series
GG-1
150,000‌
201,675‌
New
York
State
Dormitory
Authority,
Series
A
Revenue
Bonds
5.000%,
07/01/26
160,000‌
193,018‌
5.000%,
10/01/26
150,000‌
182,764‌
5.000%,
07/01/28
250,000‌
309,490‌
5.000%,
10/01/29
110,000‌
136,317‌
5.000%,
05/01/33
400,000‌
463,652‌
5.000%,
07/01/33
250,000‌
304,652‌
5.000%,
07/01/34
325,000‌
392,356‌
5.000%,
07/01/35
150,000‌
176,865‌
New
York
State
Environmental
Facilities
Corp.
Revenue
Bonds
5.000%,
06/15/27,
Series
A
500,000‌
624,407‌
5.000%,
06/15/29
150,000‌
171,749‌
New
York
State
Housing
Finance
Agency
Series
E
Revenue
Bonds
1.100%,
05/01/26
150,000‌
151,281‌
New
York
State
Thruway
Authority
Revenue
Bonds
5.000%,
01/01/29,
Series
B
200,000‌
260,348‌
5.000%,
01/01/30,
Series
K
200,000‌
231,766‌
4.000%,
01/01/38,
Series
B
150,000‌
178,689‌
New
York
Transportation
Development
Corp.
Revenue
Bonds
5.000%,
01/01/31
200,000‌
243,454‌
5.000%,
12/01/32,
Series
A
180,000‌
229,655‌
5.000%,
01/01/34
150,000‌
180,468‌
5.000%,
10/01/35
200,000‌
254,816‌
5.000%,
10/01/40
125,000‌
156,583‌
4.000%,
12/01/42,
Series
C
160,000‌
187,374‌
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
5.000%,
09/15/25,
Series
207
115,000‌
136,716‌
5.000%,
09/15/27,
Series
207
215,000‌
269,900‌
5.000%,
09/15/29,
Series
207
375,000‌
472,736‌
5.000%,
07/15/31,
Series
209
300,000‌
382,653‌
3.250%,
05/01/33,
Series
189
125,000‌
135,931‌
5.000%,
10/15/33,
Series
194
265,000‌
316,731‌
5.000%,
07/15/35,
Series
222
200,000‌
261,750‌
State
of
New
York
Mortgage
Agency
Series
214
Revenue
Bonds
3.550%,
04/01/27
150,000‌
171,047‌
Triborough
Bridge
&
Tunnel
Authority
Revenue
Bonds
5.000%,
11/15/26,
Series
A
175,000‌
191,508‌
0.000%,
11/15/29,
Series
A
(a)
100,000‌
87,890‌
5.000%,
11/15/31,
Series
A
250,000‌
303,785‌
5.000%,
11/15/31,
Series
B
200,000‌
248,826‌
Total
New
York
15,694,380‌
North
Carolina
0.6%
County
of
New
Hanover
Revenue
Bonds
5.000%,
10/01/29
230,000‌
292,877‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
North
Carolina
Medical
Care
Commission
Series
A
Revenue
Bonds
5.000%,
10/01/31
230,000‌
242,483‌
Total
North
Carolina
535,360‌
North
Dakota
0.5%
North
Dakota
Housing
Finance
Agency
Revenue
Bonds
2.750%,
07/01/27,
Series
A
185,000‌
202,863‌
3.550%,
07/01/33,
Series
D
220,000‌
240,183‌
Total
North
Dakota
443,046‌
Ohio
3.2%
City
of
Columbus
Series
1
5.000%,
07/01/25
100,000‌
119,239‌
City
of
Columbus
OH
Sewerage
Revenue
Revenue
Bonds
5.000%,
06/01/29
150,000‌
182,415‌
Ohio
Housing
Finance
Agency
Series
K
Revenue
Bonds
3.200%,
09/01/36
100,000‌
104,912‌
Ohio
Turnpike
&
Infrastructure
Commission
Series
A-4
Revenue
Bonds
0.000%,
02/15/34
(a)
285,000‌
358,327‌
Ohio
Water
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/25
335,000‌
397,675‌
5.000%,
06/01/29
245,000‌
321,602‌
5.000%,
12/01/30
325,000‌
397,111‌
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Revenue
Bonds
5.000%,
06/01/23
200,000‌
220,344‌
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000‌
147,134‌
State
of
Ohio
Revenue
Bonds
3.250%,
01/01/35,
Series
A
130,000‌
145,094‌
4.000%,
01/01/46,
Series
B
405,000‌
468,249‌
Total
Ohio
2,862,102‌
Oklahoma
0.8%
Grand
River
Dam
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/30
200,000‌
246,910‌
5.000%,
06/01/31
200,000‌
246,634‌
Oklahoma
Development
Finance
Authority
Series
B
Revenue
Bonds
5.000%,
08/15/38
100,000‌
121,668‌
Oklahoma
Turnpike
Authority
Series
A
Revenue
Bonds
3.750%,
01/01/33
100,000‌
114,398‌
Total
Oklahoma
729,610‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Oregon
0.3%
Salem
Hospital
Facility
Authority
Series
A
Revenue
Bonds
5.000%,
05/15/34
200,000‌
254,128‌
Pennsylvania
6.8%
Allegheny
County
Hospital
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
04/01/35
150,000‌
183,775‌
4.000%,
07/15/39
250,000‌
287,225‌
4.000%,
04/01/44
200,000‌
224,262‌
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
Bonds
5.000%,
05/01/42
(b)
100,000‌
115,112‌
Berks
County
Industrial
Development
Authority
Revenue
Bonds
3.750%,
11/01/42
120,000‌
113,040‌
Berks
County
Municipal
Authority
(The)
Series
A
Revenue
Bonds
5.000%,
11/01/40
100,000‌
100,489‌
Chambersburg
Area
Municipal
Authority
Revenue
Bonds
5.500%,
10/01/33
150,000‌
166,323‌
Chester
County
Health
and
Education
Facilities
Authority
Revenue
Bonds
4.250%,
11/01/32
100,000‌
89,924‌
4.000%,
09/01/41,
Series
A
200,000‌
238,402‌
Commonwealth
of
Pennsylvania
5.000%,
01/01/28,
Series
1
175,000‌
217,217‌
5.000%,
09/15/28,
Series
2
200,000‌
246,040‌
5.000%,
03/15/29,
Series
1
100,000‌
117,301‌
Cumberland
County
Municipal
Authority
Revenue
Bonds
4.000%,
01/01/33
110,000‌
119,231‌
Dauphin
County
General
Authority
Revenue
Bonds
5.000%,
10/15/34
(b)
100,000‌
101,759‌
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.700%,
07/01/27,
Series
B
110,000‌
140,980‌
5.500%,
08/01/28,
Series
A
430,000‌
560,552‌
5.750%,
07/01/32
100,000‌
142,230‌
Geisinger
Authority
Series
A-2
Revenue
Bonds
5.000%,
02/15/39
150,000‌
181,212‌
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
Revenue
Bonds
5.000%,
07/01/33
100,000‌
116,497‌
5.625%,
07/01/42,
Series
A
200,000‌
210,594‌
Montgomery
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
4.500%,
01/15/32
200,000‌
218,374‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Pennsylvania
Economic
Development
Financing
Authority
Series
A
Revenue
Bonds
6.400%,
12/01/38
100,000‌
93,361‌
Pennsylvania
Housing
Finance
Agency
Series
127B
Revenue
Bonds
3.550%,
10/01/33
365,000‌
401,558‌
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%,
06/01/28,
Series
B-2
200,000‌
247,804‌
6.000%,
12/01/30,
Series
E
100,000‌
128,749‌
Philadelphia
Authority
For
Industrial
Development
Revenue
Bonds
5.000%,
10/01/27
300,000‌
375,264‌
5.000%,
04/01/33,
Series
2015
225,000‌
260,762‌
5.000%,
09/01/42,
Series
A
200,000‌
238,554‌
Pittsburgh
Water
&
Sewer
Authority
Series
A
Revenue
Bonds
5.000%,
09/01/26
130,000‌
158,423‌
Redevelopment
Authority
of
the
City
of
Philadelphia
Series
A
Revenue
Bonds
5.000%,
04/15/31
250,000‌
291,050‌
Total
Pennsylvania
6,086,064‌
Rhode
Island
0.1%
Rhode
Island
Commerce
Corp.
Series
B
Revenue
Bonds
5.000%,
06/15/31
100,000‌
121,031‌
South
Carolina
1.0%
Charleston
Educational
Excellence
Finance
Corp.
Revenue
Bonds
5.000%,
12/01/26
250,000‌
280,142‌
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(a)
120,000‌
106,153‌
South
Carolina
Jobs-Economic
Development
Authority,
Series
A
Revenue
Bonds
5.000%,
05/01/32
190,000‌
233,022‌
5.000%,
05/01/43
200,000‌
239,470‌
Total
South
Carolina
858,787‌
South
Dakota
0.4%
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%,
07/01/35
180,000‌
219,501‌
4.000%,
07/01/37
150,000‌
171,632‌
Total
South
Dakota
391,133‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
13
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Tennessee
0.8%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000‌
121,105‌
City
of
Memphis,
Series
A
5.000%,
04/01/25
250,000‌
294,205‌
5.000%,
04/01/26
130,000‌
152,820‌
Memphis-Shelby
County
Industrial
Development
Board
Series
B
Revenue
Bonds
5.000%,
11/01/30
150,000‌
182,399‌
Total
Tennessee
750,529‌
Texas
7.8%
Austin
Convention
Enterprises,
Inc.
Series
B
Revenue
Bonds
5.000%,
01/01/32
250,000‌
250,307‌
Central
Texas
Turnpike
System,
Series
A
Revenue
Bonds
0.000%,
08/15/28
(a)
150,000‌
136,462‌
0.000%,
08/15/29
(a)
150,000‌
132,824‌
City
of
Austin
TX
Airport
System
Revenue
Revenue
Bonds
5.000%,
11/15/27
200,000‌
229,842‌
City
of
Dallas
5.000%,
02/15/26
230,000‌
259,891‌
City
of
Houston
Series
A
5.000%,
03/01/26
200,000‌
242,128‌
City
of
Houston
TX
Airport
System
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/32
300,000‌
316,143‌
City
of
Houston
TX
Combined
Utility
System
Revenue
Series
B
Revenue
Bonds
5.000%,
11/15/27
130,000‌
160,766‌
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
Revenue
Bonds
5.000%,
02/01/27
220,000‌
273,141‌
Dallas
Fort
Worth
International
Airport
Series
A
Revenue
Bonds
5.250%,
11/01/30
225,000‌
250,753‌
Fort
Bend
Independent
School
District
5.000%,
08/15/29
190,000‌
238,999‌
Harris
County-Houston
Sports
Authority
Series
A-3
Revenue
Bonds
0.000%,
11/15/32
(a)
200,000‌
114,134‌
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/35
350,000‌
443,142‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Series
A
Revenue
Bonds
4.000%,
08/15/40
225,000‌
255,308‌
North
Texas
Municipal
Water
District
Water
System
Revenue
Revenue
Bonds
5.000%,
09/01/28
250,000‌
298,048‌
North
Texas
Tollway
Authority
Revenue
Bonds
5.000%,
01/01/27,
Series
A
530,000‌
618,819‌
5.000%,
01/01/29,
Series
B
325,000‌
377,322‌
0.000%,
01/01/30,
Series
D
(a)
300,000‌
263,373‌
0.000%,
01/01/34,
Series
D
(a)
115,000‌
90,375‌
Round
Rock
Independent
School
District
Series
A
5.000%,
08/01/30
100,000‌
132,059‌
San
Antonio
Water
System
Series
A
(Mandatory
Put
05/01/24)
Revenue
Bonds
2.625%,
05/01/49
300,000‌
321,339‌
State
of
Texas,
Series
A
5.000%,
10/01/27
165,000‌
190,989‌
5.000%,
10/01/29
125,000‌
149,361‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%,
07/01/32,
Series
B
120,000‌
151,492‌
5.000%,
05/15/37
100,000‌
105,745‌
Tarrant
Regional
Water
District
Water
Supply
System
Revenue
Revenue
Bonds
5.000%,
03/01/29
225,000‌
264,184‌
Texas
Water
Development
Board
Revenue
Bonds
5.000%,
10/15/23,
Series
B
250,000‌
279,665‌
5.000%,
04/15/27,
Series
A
200,000‌
251,836‌
5.000%,
10/15/30,
Series
A
150,000‌
179,772‌
Total
Texas
6,978,219‌
Utah
0.1%
Salt
Lake
City
Corp.
Airport
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000‌
125,115‌
Virginia
0.7%
Commonwealth
of
Virginia
Series
B
5.000%,
06/01/22
125,000‌
131,621‌
Fairfax
County
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
05/15/44
225,000‌
253,667‌
Virginia
Resources
Authority
Clean
Water
Revolving
Fund
Series
B
Revenue
Bonds
4.000%,
10/01/27
185,000‌
208,003‌
Total
Virginia
593,291‌
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Notes
to
Portfolio
of
Investments
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Washington
2.2%
Port
of
Seattle
Revenue
Bonds
5.000%,
04/01/36
200,000‌
249,241‌
State
of
Washington
5.000%,
07/01/23,
Series
R-2012C
225,000‌
237,699‌
5.000%,
07/01/28,
Series
R-2015-C
150,000‌
174,884‌
5.000%,
07/01/29,
Series
B
100,000‌
120,290‌
5.000%,
07/01/30,
Series
R-2015E
200,000‌
232,836‌
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%,
08/15/31
170,000‌
204,190‌
5.000%,
08/01/38,
Series
A-2
150,000‌
189,809‌
5.000%,
10/01/38,
Series
D
250,000‌
286,255‌
5.000%,
09/01/45
150,000‌
188,946‌
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(b)
100,000‌
110,932‌
Total
Washington
1,995,082‌
West
Virginia
0.2%
West
Virginia
Economic
Development
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/29
150,000‌
157,602‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wisconsin
1.0%
Public
Finance
Authority,
Series
A
Revenue
Bonds
5.000%,
06/01/40
200,000‌
236,420‌
4.000%,
01/01/45
200,000‌
229,826‌
State
of
Wisconsin
Series
3
5.000%,
11/01/23
170,000‌
182,441‌
Wisconsin
Health
&
Educational
Facilities
Authority
Series
B
Revenue
Bonds
4.250%,
07/01/33
200,000‌
200,818‌
Total
Wisconsin
849,505‌
Total
Municipal
Bonds
(Cost
$85,004,883)
88,537,323‌
Money
Market
Funds
2
.2
%
Shares
Value
($)
Dreyfus
AMT-Free
Tax
Exempt
Cash
Management-
Institutional
Shares
0.010%
(c)
1,932,692‌
1,932,499‌
Total
Money
Market
Funds
(Cost
$1,932,499)
1,932,499‌
Total
Investments
in
Securities
(Cost
$86,937,382)
90,469,822‌
Other
Assets
&
Liabilities,
Net
(
801,311‌
)
Net
Assets
89,668,511‌
(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
April
30,
2021,
the
total
value
of
these
securities
amounted
to
$587,131,
which
represents
0.65%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2021.
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).
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
15
Fair
Value
Measurements
(continued)
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.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
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
control
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.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Municipal
Bonds
88,537,323
88,537,323
Money
Market
Funds
1,932,499
1,932,499
Total
Investments
in
Securities
1,932,499
88,537,323
90,469,822
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
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$86,937,382
)
$90,469,822
Cash
309
Receivable
for:
Interest
1,030,790
Total
assets
91,500,921
Liabilities
Payable
for:
Investments
purchased
1,816,591
Investment
management
fees
15,819
Total
liabilities
1,832,410
Net
assets
applicable
to
outstanding
capital
stock
$89,668,511
Represented
by:
Paid-in
capital
$85,989,872
Total
distributable
earnings
(loss)
3,678,639
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$89,668,511
Shares
outstanding
4,000,000
Net
asset
value
per
share
$22.42
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
17
Investment
Income:
Interest
$764,763
Total
income
764,763
Expenses:
Investment
management
fees
80,996
Net
Investment
Income
683,767
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
39,356
Net
realized
gain
39,356
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,669,383
Net
change
in
unrealized
appreciation
1,669,383
Net
realized
and
unrealized
gain
1,708,739
Net
Increase
in
net
assets
resulting
from
operations
$2,392,506
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31,
2020
Operations
Net
investment
income
$683,767
$902,716
Net
realized
gain
39,356
108,583
Net
change
in
unrealized
appreciation
1,669,383
488,802
Net
increase
in
net
assets
resulting
from
operations
2,392,506
1,500,101
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(788,203)
(899,979)
Shareholder
transactions
Proceeds
from
shares
sold
31,296,722
29,222,387
Cost
of
shares
redeemed
(1,112)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
31,295,610
29,222,387
Increase
in
net
assets
32,899,913
29,822,509
Net
Assets:
Net
assets
beginning
of
period
56,768,598
26,946,089
Net
assets
at
end
of
period
$89,668,511
$56,768,598
Capital
stock
activity
Shares
outstanding,
beginning
of
period
2,600,050
1,250,050
Subscriptions
1,400,000
1,350,000
Redemptions
(50)
Shares
outstanding,
end
of
period
4,000,000
2,600,050
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
19
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.
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31
,
2018
(a)
2020
2019
Per
share
data
Net
asset
value,
beginning
of
period
$21.83‌
$21.56‌
$20.02‌
$20.00‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.21‌
0.51‌
0.56‌
0.03‌
Net
realized
and
unrealized
gain
(loss)
0.64‌
0.30‌
1.51‌
(0.01‌)
Total
from
investment
operations
0.85‌
0.81‌
2.07‌
0.02‌
Less
distributions
to
shareholders:
Net
investment
income
(0.22‌)
(0.51‌)
(0.53‌)
–‌
Net
realized
gains
(0.04‌)
(0.03‌)
–‌
–‌
Total
distribution
to
shareholders
(0.26‌)
(0.54‌)
(0.53‌)
–‌
Net
asset
value,
end
of
period
$22.42‌
$21.83‌
$21.56‌
$20.02‌
Total
Return
at
NAV
3.90‌%
3.82‌%
10.42‌%
0.10‌%
Total
Return
at
Market
3.79‌%
4.18‌%
10.24‌%
0.45‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.23‌%
(c)
0.23‌%
0.26‌%
0.28‌%
(c)
Total
net
expenses
(b)(d)
0.23‌%
(c)
0.23‌%
0.26‌%
0.28‌%
(c)
Net
investment
income
1.94‌%
(c)
2.37‌%
2.67‌%
2.34‌%
(c)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$89,669‌
$56,769‌
$26,946‌
$16,014‌
Portfolio
turnover
3‌%
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)
Annualized.
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2021
(Unaudited)
20
Strategic
Beta
ETFs
|
Semiannual
Report
2021
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
by
pricing
services
approved
by
the
Board
of
Trustees
based
upon
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
and
under
the
general
supervision
of
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)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
21
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.
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
NAV
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
the
Fund
is
treated
as
a
separate
entity.
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
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.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
22
Strategic
Beta
ETFs
|
Semiannual
Report
2021
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
and
any
other
portfolio
transaction
expenses;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures;
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
as
disclosed
in
the
Statement
of
Operations.
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
liability
for
the
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.
At
April
30,
2021,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
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.
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.
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
86,937,382
3,653,314
(120,874)
3,532,440
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
23
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
$33,236,694
and
$1,946,169,
respectively,
for
the
six
months
ended
April
30,
2021.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
Wells
Fargo
Bank,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
a
December
1,
2020
amendment,
the
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$950
million.
Interest
is
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
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
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
December
unless
extended
or
renewed.
Prior
to
the
December
1,
2020
amendment,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$1
billion.
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
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
six
months
ended
April
30,
2021.
Note
7.
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
securities
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
securities
tend
to
rise.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Increasing
interest
rates
may
negatively
affect
the
value
of
debt
securities
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
net
asset
value
per
share.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
security,
the
greater
its
sensitivity
to
changes
in
interest
rates.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
a
lack
of
marketability
of
investments
which
may
make
it
difficult
to
sell
the
investment
at
a
desirable
time
or
price.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
adversely
affect
the
liquidity
of
the
Fund’s
investments.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
investments,
or
forego
another,
more
appealing
investment
opportunity.
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
A
less
liquid
market
can
lead
to
an
increase
in
Fund
redemptions,
which
may
negatively
impact
Fund
performance
and
net
asset
value
per
share,
including,
for
example,
if
the
Fund
is
forced
to
sell
securities
in
a
down
market.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
24
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Market
and
environment
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,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
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
Fund’s
performance
may
also
be
significantly
negatively
impacted
by
the
economic
impact
of
the
coronavirus
disease
2019
(COVID-19)
pandemic.
The
COVID-19
public
health
crisis
has
become
a
pandemic
that
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
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Fund.
The
Investment
Manager
and
its
affiliates
have
systematically
implemented
strategies
to
address
the
operating
environment
spurred
by
the
COVID-19
pandemic.
To
promote
the
safety
and
security
of
our
employees
and
to
assure
the
continuity
of
our
business
operations,
we
have
implemented
a
work
from
home
protocol
for
virtually
all
of
our
employee
population,
restricted
business
travel,
and
provided
resources
for
complying
with
the
guidance
from
the
World
Health
Organization,
the
U.S.
Centers
for
Disease
Control
and
governments.
Our
operations
teams
seek
to
operate
without
significant
disruptions
in
service.
Our
pandemic
strategy
takes
into
consideration
that
a
pandemic
could
be
widespread
and
may
occur
in
multiple
waves,
affecting
different
communities
at
different
times
with
varying
levels
of
severity.
We
cannot,
however,
predict
the
impact
that
natural
or
man-made
disasters,
including
the
COVID-19
pandemic,
may
have
on
the
ability
of
our
employees
and
third-party
service
providers
to
continue
ordinary
business
operations
and
technology
functions
over
near-
or
longer-term
periods.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
25
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
other
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
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
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
8.
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
9.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
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.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
26
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Fund
has
adopted
a
liquidity
risk
management
program
(the
Program).
The
Program’s
principal
objectives
include
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk.
Liquidity
risk
is
defined
as
the
risk
that
the
Fund
could
not
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
The
Board
has
appointed
the
Investment
Manager
as
the
program
administrator
for
the
Fund’s
Program.
The
Investment
Manager
has
delegated
oversight
of
the
Program
to
its
Liquidity
Risk
Management
Committee
(the
Committee).
At
a
board
meeting
during
the
fiscal
period,
the
Committee
provided
the
Board
with
a
report
addressing
the
operations
of
the
program
and
assessing
its
adequacy
and
effectiveness
of
implementation
for
the
period
January
1,
2020,
through
December
31,
2020,
including:
There
can
be
no
assurance
that
the
Program
will
achieve
its
objectives
in
the
future.
Please
refer
to
the
Fund’s
prospectus
for
more
information
regarding
the
Fund’s
exposure
to
liquidity
risk
and
other
principal
risks
to
which
an
investment
in
the
Fund
may
be
subject.
the
Fund
had
sufficient
liquidity
to
both
meet
redemptions
and
operate
effectively
on
behalf
of
shareholders;
there
were
no
material
changes
to
the
Program
during
the
period;
the
implementation
of
the
Program
was
effective
to
manage
the
Fund’s
liquidity
risk;
and
the
Program
operated
adequately
during
the
period.
RESULTS
OF
MEETING
OF
SHAREHOLDERS
April
30,
2021
Strategic
Beta
ETFs
|
Semiannual
Report
2021
27
At
a
Joint
Special
Meeting
of
Shareholders
held
on
December
22,
2020,
shareholders
of
Columbia
ETF
Trust
I
elected
each
of
the
seventeen
nominees
for
the
trustees
to
the
Board
of
Trustees
of
Columbia
ETF
Trust
I,
each
to
hold
office
until
he
or
she
dies,
retires,
resigns
or
is
removed
or,
if
sooner,
until
the
election
and
qualification
of
his
or
her
successor,
as
follows:
Trustee
Votes
for
Votes
withheld
Abstentions
George
S.
Batejan
598,073,026
3,780,328
0
Kathleen
Blatz
597,509,473
4,343,881
0
Pamela
G.
Carlton
597,354,783
4,498,571
0
Janet
Langford
Carrig
597,508,397
4,344,956
0
J.
Kevin
Connaughton
598,072,088
3,781,265
0
Olive
M.
Darragh
597,289,418
4,563,936
0
Patricia
M.
Flynn
597,574,031
4,279,322
0
Brian
J.
Gallagher
598,006,476
3,846,878
0
Douglas
A.
Hacker
598,028,149
3,825,205
0
Nancy
T.
Lukitsh
597,508,424
4,344,929
0
David
M.
Moffett
598,028,122
3,825,231
0
Catherine
James
Paglia
597,742,264
4,111,090
0
Anthony
M.
Santomero
597,926,806
3,926,548
0
Minor
M.
Shaw
597,815,282
4,038,071
0
Natalie
A.
Trunow
597,768,688
4,084,665
0
Sandra
Yeager
597,742,264
4,111,090
0
Christopher
O.
Petersen
598,028,149
3,825,205
0
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA
02110
SAR303_10_L01_(06/21)
CET001310
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
STRATEGIC
BETA
ETFs
Semiannual
Report
April
30,
2021
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
are
no
longer
sent
by
mail,
unless
you
specifically
requested
paper
copies
of
the
reports.
Instead,
the
reports
are
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
shareholder
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
TABLE
OF
CONTENTS
Columbia
Research
Enhanced
Core
ETF
Fund
at
a
Glance
3
Columbia
Research
Enhanced
Value
ETF
Fund
at
a
Glance
5
Understanding
Your
Fund’s
Expenses
7
Portfolio
of
Investments
8
Statement
of
Assets
and
Liabilities
19
Statement
of
Operations
20
Statement
of
Changes
in
Net
Assets
21
Financial
Highlights
22
Notes
to
Financial
Statements
24
Liquidity
Risk
Management
Program
31
Results
of
Meeting
of
Shareholders
32
Additional
Information
33
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Equity
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000®
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000®
Index.
The
Russell
1000®
Index
tracks
the
performance
of
1,000
of
the
largest
U.S.
companies,
based
on
market
capitalization.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2021)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
09/25/19
30.53
46.28
25.57
Net
Asset
Value
09/25/19
30.19
46.08
25.55
{
Beta
Advantage®
}
Research
Enhanced
U.S.
Equity
Index
30.49
46.71
25.87
Russell
1000®
Index
30.03
49.48
27.60
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Core
ETF
(Unaudited)
4
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Equity
sector
breakdown
(%)
(at
April
30,
2021)
Information
Technology
26
.4
Consumer
Discretionary
12
.8
Health
Care
12
.4
Financials
11
.5
Communication
Services
11
.1
Industrials
9
.4
Consumer
Staples
5
.4
Real
Estate
3
.0
Materials
2
.8
Energy
2
.6
Utilities
2
.6
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
FUND
AT
A
GLANCE
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
5
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2019
Jason
Wang,
CFA
Portfolio
Manager
Managed
Fund
since
2019
Investment
objective
The
Fund
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Research
Enhanced
U.S.
Value
Index
aims
to
achieve
stronger
total
return
than
the
Russell
1000®
Value
Index
through
a
rules-based
strategic
beta
approach.
The
Index
methodology
leverages
the
results
of
Columbia
Threadneedle
Investment’s
proprietary
quantitative
investment
models
to
rate
each
company
within
the
Russell
1000®
Value
Index
based
on
quality,
value
and
catalyst
factors,
and
selects
securities
that
are
favorably
rated.
It
is
market
cap-weighted
and
sector-neutral
to
the
Russell
1000®
Value
Index.
The
Russell
1000®
Value
Index
is
an
unmanaged
index
that
measures
the
performance
of
those
Russell
1000®
Index
companies
with
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
It
is
not
possible
to
invest
directly
in
an
index.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
April
30,
2021)
Inception
6
Months
cumulative
1
Year
Life
Market
Price
09/25/19
37.54
44.37
16.90
Net
Asset
Value
09/25/19
36.94
44.21
16.86
{
Beta
Advantage
}
®
Research
Enhanced
U.S.
Value
Index
36.73
44.41
16.90
Russell
1000®
Value
Index
36.30
45.92
16.77
FUND
AT
A
GLANCE
(continued)
Columbia
Research
Enhanced
Value
ETF
(Unaudited)
6
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Equity
sector
breakdown
(%)
(at
April
30,
2021)
Financials
21
.2
Industrials
14
.2
Health
Care
12
.3
Communication
Services
9
.1
Information
Technology
9
.1
Consumer
Discretionary
8
.0
Consumer
Staples
6
.6
Utilities
5
.1
Energy
5
.1
Materials
4
.8
Real
Estate
4
.5
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
7
As
a
shareholder
of
a
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
a
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,
2021.
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
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-
affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
November
1,
2020
April
30,
2021
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Research
Enhanced
Core
ETF
1,000.00
1,000.00
1,301.90
1,024.05
0.86
0.75
0.15
Columbia
Research
Enhanced
Value
ETF
1,000.00
1,000.00
1,369.40
1,023.85
1.12
0.95
0.19
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
April
30,
2021
(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.
8
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Common
Stocks
99
.6
%
Issuer
Shares
Value
($)
Communication
Services  11.1%
Diversified
Telecommunication
Services
1.1%
Lumen
Technologies,
Inc.
4,500
57,735
Verizon
Communications,
Inc.
17,389
1,004,910
Total
1,062,645
Entertainment
0.5%
Activision
Blizzard,
Inc.
3,173
289,346
Electronic
Arts,
Inc.
1,184
168,223
Take-Two
Interactive
Software,
Inc.
(a)
464
81,376
World
Wrestling
Entertainment,
Inc.
Class
A
194
10,691
Total
549,636
Interactive
Media
&
Services
9.1%
Alphabet,
Inc.
Class
A
(a)
1,251
2,944,229
Alphabet,
Inc.
Class
C
(a)
1,235
2,976,498
Facebook,
Inc.
Class
A
(a)
10,181
3,309,639
Total
9,230,366
Media
0.4%
DISH
Network
Corp.
Class
A
(a)
1,033
46,268
Fox
Corp.
Class
A
1,406
52,612
Fox
Corp.
Class
B
666
24,229
Interpublic
Group
of
Cos.,
Inc.
(The)
1,604
50,927
New
York
Times
Co.
(The)
Class
A
682
30,970
News
Corp.
Class
A
1,653
43,300
News
Corp.
Class
B
516
12,544
Nexstar
Media
Group,
Inc.
Class
A
190
28,008
Omnicom
Group,
Inc.
880
72,389
Total
361,247
Wireless
Telecommunication
Services
0.0%
Telephone
and
Data
Systems,
Inc.
427
9,813
United
States
Cellular
Corp.
(a)
62
2,116
Total
11,929
Total
Communication
Services
11,215,823
Consumer
Discretionary  12.7%
Distributors
0.4%
Genuine
Parts
Co.
1,512
188,955
Pool
Corp.
408
172,388
Total
361,343
Diversified
Consumer
Services
0.3%
Graham
Holdings
Co.
Class
B
44
27,967
Grand
Canyon
Education,
Inc.
(a)
505
54,687
H&R
Block,
Inc.
1,981
44,097
Service
Corp.
International
1,846
98,650
Terminix
Global
Holdings,
Inc.
(a)
1,425
72,518
Total
297,919
Hotels,
Restaurants
&
Leisure
1.1%
Darden
Restaurants,
Inc.
1,431
209,956
Extended
Stay
America,
Inc.
1,934
38,467
Hilton
Worldwide
Holdings,
Inc.
(a)
3,008
387,130
Travel
+
Leisure
Co.
919
59,303
Wendy's
Co.
(The)
1,938
43,741
Yum!
Brands,
Inc.
3,254
388,918
Total
1,127,515
Household
Durables
1.4%
DR
Horton,
Inc.
3,555
349,421
Leggett
&
Platt,
Inc.
1,467
72,866
Lennar
Corp.
Class
A
2,890
299,404
Lennar
Corp.
Class
B
168
13,536
Newell
Brands,
Inc.
4,186
112,854
NVR,
Inc.
(a)
36
180,652
PulteGroup,
Inc.
2,861
169,142
Tempur
Sealy
International,
Inc.
1,971
75,174
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Whirlpool
Corp.
657
155,348
Total
1,428,397
Internet
&
Direct
Marketing
Retail
0.5%
Etsy,
Inc.
(a)
1,232
244,909
Qurate
Retail,
Inc.
Series
A
4,098
48,766
Wayfair,
Inc.
Class
A
(a)
717
211,924
Total
505,599
Leisure
Products
0.1%
Brunswick
Corp.
856
91,703
Multiline
Retail
1.2%
Kohl's
Corp.
1,739
102,010
Target
Corp.
5,400
1,119,204
Total
1,221,214
Specialty
Retail
7.6%
AutoNation,
Inc.
(a)
613
62,820
Best
Buy
Co.,
Inc.
2,514
292,303
Dick's
Sporting
Goods,
Inc.
682
56,320
Foot
Locker,
Inc.
1,117
65,881
Home
Depot,
Inc.
(The)
11,579
3,747,775
L
Brands,
Inc.
(a)
2,556
168,440
Lowe's
Cos.,
Inc.
8,017
1,573,336
O'Reilly
Automotive,
Inc.
(a)
770
425,718
TJX
Cos.,
Inc.
(The)
12,990
922,290
Tractor
Supply
Co.
1,219
229,903
Williams-Sonoma,
Inc.
824
140,698
Total
7,685,484
Textiles,
Apparel
&
Luxury
Goods
0.1%
Carter's,
Inc.
(a)
467
50,805
Hanesbrands,
Inc.
3,739
78,743
Total
129,548
Total
Consumer
Discretionary
12,848,722
Consumer
Staples  5.4%
Beverages
0.1%
Molson
Coors
Beverage
Co.
Class
B
(a)
898
49,345
Food
&
Staples
Retailing
1.1%
Kroger
Co.
(The)
3,808
139,145
Sprouts
Farmers
Market,
Inc.
(a)
607
15,545
Walmart,
Inc.
7,043
985,386
Total
1,140,076
Food
Products
0.7%
Conagra
Brands,
Inc.
2,461
91,279
Flowers
Foods,
Inc.
980
23,481
General
Mills,
Inc.
3,041
185,075
Ingredion,
Inc.
340
31,759
JM
Smucker
Co.
(The)
560
73,354
Kraft
Heinz
Co.
(The)
3,269
134,977
Tyson
Foods,
Inc.
Class
A
1,453
112,535
Total
652,460
Household
Products
2.3%
Clorox
Co.
(The)
634
115,705
Colgate-Palmolive
Co.
4,251
343,056
Kimberly-Clark
Corp.
1,690
225,311
Procter
&
Gamble
Co.
(The)
12,223
1,630,793
Spectrum
Brands
Holdings,
Inc.
211
18,597
Total
2,333,462
Personal
Products
0.0%
Herbalife
Nutrition
Ltd.
(a)
461
21,100
Nu
Skin
Enterprises,
Inc.
Class
A
263
13,902
Total
35,002
Tobacco
1.2%
Altria
Group,
Inc.
9,385
448,134
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
9
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Philip
Morris
International,
Inc.
7,858
746,510
Total
1,194,644
Total
Consumer
Staples
5,404,989
Energy  2.6%
Energy
Equipment
&
Services
0.1%
NOV,
Inc.
(a)
6,381
95,396
Oil,
Gas
&
Consumable
Fuels
2.5%
Antero
Midstream
Corp.
4,611
39,839
Cimarex
Energy
Co.
1,606
106,317
ConocoPhillips
22,118
1,131,115
Devon
Energy
Corp.
9,709
226,997
EOG
Resources,
Inc.
9,555
703,630
EQT
Corp.
(a)
4,640
88,624
Equitrans
Midstream
Corp.
6,644
54,215
HollyFrontier
Corp.
2,483
86,905
Targa
Resources
Corp.
3,673
127,416
Total
2,565,058
Total
Energy
2,660,454
Financials  11.4%
Banks
1.9%
Associated  Banc-Corp
1,380
30,208
Bank
OZK
1,120
45,909
BOK
Financial
Corp.
284
24,975
Citigroup,
Inc.
19,387
1,381,130
Citizens
Financial
Group,
Inc.
3,928
181,788
First
Citizens
BancShares,
Inc.
Class
A
58
50,313
Popular,
Inc.
762
56,357
Synovus
Financial
Corp.
1,329
62,277
Western
Alliance
Bancorp
888
93,302
Total
1,926,259
Capital
Markets
5.6%
BlackRock,
Inc.
1,342
1,099,501
FactSet
Research
Systems,
Inc.
334
112,297
Franklin
Resources,
Inc.
2,496
74,880
Goldman
Sachs
Group,
Inc.
(The)
3,060
1,066,257
Lazard
Ltd.
Class
A
910
40,941
Moody's
Corp.
1,469
479,937
Morgan
Stanley
12,895
1,064,482
Nasdaq,
Inc.
1,031
166,548
S&P
Global,
Inc.
2,191
855,345
SEI
Investments
Co.
1,054
64,758
State
Street
Corp.
3,140
263,603
T
Rowe
Price
Group,
Inc.
2,020
361,984
Virtu
Financial,
Inc.
Class
A
580
17,185
Total
5,667,718
Consumer
Finance
0.9%
Ally
Financial,
Inc.
3,438
176,885
Capital
One
Financial
Corp.
4,214
628,223
Credit
Acceptance
Corp.
(a)
84
33,162
OneMain
Holdings,
Inc.
666
37,876
Santander
Consumer
USA
Holdings,
Inc.
697
23,656
SLM
Corp.
3,306
64,996
Total
964,798
Diversified
Financial
Services
0.2%
Equitable
Holdings,
Inc.
3,743
128,123
Jefferies
Financial
Group,
Inc.
2,139
69,539
Total
197,662
Insurance
2.4%
Allstate
Corp.
(The)
2,867
363,536
American
Financial
Group,
Inc.
686
84,282
American
National
Group,
Inc.
68
7,708
Arthur
J
Gallagher
&
Co.
1,698
246,125
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Brighthouse
Financial,
Inc.
(a)
850
39,772
Brown
&
Brown,
Inc.
2,127
113,114
CNA
Financial
Corp.
251
11,779
Everest
Re
Group
Ltd.
362
100,256
First
American
Financial
Corp.
969
62,501
Hanover
Insurance
Group,
Inc.
(The)
336
46,472
Hartford
Financial
Services
Group,
Inc.
(The)
3,318
218,855
Mercury
General
Corp.
245
15,256
MetLife,
Inc.
6,910
439,683
Principal
Financial
Group,
Inc.
2,513
160,505
Prudential
Financial,
Inc.
3,648
366,113
Reinsurance
Group
of
America,
Inc.
631
82,364
Unum
Group
1,883
53,214
Total
2,411,535
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
AGNC
Investment
Corp.
5,035
90,278
Annaly
Capital
Management,
Inc.
12,677
115,107
Starwood
Property
Trust,
Inc.
2,498
64,498
Total
269,883
Thrifts
&
Mortgage
Finance
0.1%
MGIC
Investment
Corp.
3,152
48,036
New
York
Community
Bancorp,
Inc.
4,051
48,450
Rocket
Cos.,
Inc.
Class
A
860
19,307
Total
115,793
Total
Financials
11,553,648
Health
Care  12.4%
Biotechnology
2.0%
AbbVie,
Inc.
4,456
496,844
ACADIA
Pharmaceuticals,
Inc.
(a)
283
5,819
Acceleron
Pharma,
Inc.
(a)
128
15,996
Agios
Pharmaceuticals,
Inc.
(a)
154
8,593
Alexion
Pharmaceuticals,
Inc.
(a)
521
87,882
Alkermes
PLC
(a)
382
8,406
Alnylam
Pharmaceuticals,
Inc.
(a)
280
39,379
Amgen,
Inc.
1,479
354,428
Biogen,
Inc.
(a)
392
104,793
BioMarin
Pharmaceutical,
Inc.
(a)
441
34,363
Bluebird
Bio,
Inc.
(a)
166
4,980
Exact
Sciences
Corp.
(a)
380
50,092
Exelixis,
Inc.
(a)
739
18,194
Gilead
Sciences,
Inc.
3,125
198,344
Global
Blood
Therapeutics,
Inc.
(a)
147
5,995
Incyte
Corp.
(a)
465
39,702
Ionis
Pharmaceuticals,
Inc.
(a)
331
14,173
Iovance
Biotherapeutics,
Inc.
(a)
342
10,752
Moderna,
Inc.
(a)
707
126,426
Neurocrine
Biosciences,
Inc.
(a)
234
22,111
Regeneron
Pharmaceuticals,
Inc.
(a)
241
115,993
Sage
Therapeutics,
Inc.
(a)
129
10,160
Sarepta
Therapeutics,
Inc.
(a)
179
12,680
Seagen,
Inc.
(a)
297
42,697
United
Therapeutics
Corp.
(a)
106
21,365
Vertex
Pharmaceuticals,
Inc.
(a)
647
141,175
Total
1,991,342
Health
Care
Equipment
&
Supplies
2.4%
Abbott
Laboratories
8,436
1,012,995
DENTSPLY
SIRONA,
Inc.
1,092
73,721
Envista
Holdings
Corp.
(a)
816
35,317
Globus
Medical,
Inc.
Class
A
(a)
358
25,694
Hill-Rom
Holdings,
Inc.
333
36,703
Hologic,
Inc.
(a)
1,288
84,429
Integra
LifeSciences
Holdings
Corp.
(a)
355
26,298
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
10
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Medtronic
PLC
6,595
863,417
STERIS
PLC
419
88,417
Zimmer
Biomet
Holdings,
Inc.
1,046
185,309
Total
2,432,300
Health
Care
Providers
&
Services
1.5%
Acadia
Healthcare
Co.,
Inc.
(a)
434
26,439
AmerisourceBergen
Corp.
723
87,338
Cardinal
Health,
Inc.
1,463
88,278
CVS
Health
Corp.
6,466
494,002
DaVita,
Inc.
(a)
409
47,661
HCA
Healthcare,
Inc.
1,342
269,823
Humana,
Inc.
643
286,289
McKesson
Corp.
791
148,360
Universal
Health
Services,
Inc.
Class
B
367
54,467
Total
1,502,657
Life
Sciences
Tools
&
Services
1.6%
Avantor,
Inc.
(a)
2,415
77,377
IQVIA
Holdings,
Inc.
(a)
937
219,904
Mettler-Toledo
International,
Inc.
(a)
113
148,405
PerkinElmer,
Inc.
544
70,519
PRA
Health
Sciences,
Inc.
(a)
312
52,070
Syneos
Health,
Inc.
(a)
399
33,855
Thermo
Fisher
Scientific,
Inc.
1,927
906,133
Waters
Corp.
(a)
301
90,261
Total
1,598,524
Pharmaceuticals
4.9%
Eli
Lilly
and
Co.
4,155
759,409
Jazz
Pharmaceuticals
PLC
(a)
271
44,552
Johnson
&
Johnson
12,874
2,094,986
Merck
&
Co.,
Inc.
12,394
923,353
Perrigo
Co.
PLC
681
28,350
Pfizer,
Inc.
27,676
1,069,678
Viatris,
Inc.
(a)
6,026
80,146
Total
5,000,474
Total
Health
Care
12,525,297
Industrials  9.3%
Aerospace
&
Defense
0.3%
L3Harris
Technologies,
Inc.
1,508
315,519
Air
Freight
&
Logistics
1.2%
CH
Robinson
Worldwide,
Inc.
931
90,381
Expeditors
International
of
Washington,
Inc.
1,160
127,438
United
Parcel
Service,
Inc.
Class
B
4,858
990,352
Total
1,208,171
Building
Products
1.0%
A
O
Smith
Corp.
937
63,482
Fortune
Brands
Home
&
Security,
Inc.
979
102,775
Johnson
Controls
International
PLC
5,269
328,469
Lennox
International,
Inc.
241
80,817
Masco
Corp.
1,809
115,559
Owens
Corning
765
74,060
Trane
Technologies
PLC
1,675
291,165
Total
1,056,327
Commercial
Services
&
Supplies
0.9%
Cintas
Corp.
620
213,987
Republic
Services,
Inc.
1,458
154,985
Rollins,
Inc.
3,473
129,473
Waste
Management,
Inc.
2,968
409,495
Total
907,940
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
976
94,321
Electrical
Equipment
0.8%
Acuity
Brands,
Inc.
264
48,977
Common
Stocks
(continued)
Issuer
Shares
Value
($)
AMETEK,
Inc.
1,617
218,182
Eaton
Corp.
PLC
2,812
401,919
GrafTech
International
Ltd.
1,218
15,493
Hubbell,
Inc.
379
72,772
nVent
Electric
PLC
1,106
33,678
Regal
Beloit
Corp.
286
41,307
Total
832,328
Industrial
Conglomerates
0.8%
3M
Co.
3,960
780,674
Machinery
2.0%
AGCO
Corp.
433
63,183
Crane
Co.
344
32,357
Cummins,
Inc.
1,045
263,382
Deere
&
Co.
1,972
731,316
Donaldson
Co.,
Inc.
883
55,523
Fortive
Corp.
2,109
149,359
ITT,
Inc.
607
57,246
Otis
Worldwide
Corp.
2,891
225,122
Parker-Hannifin
Corp.
903
283,370
Pentair
PLC
1,156
74,574
Snap-on,
Inc.
378
89,813
Timken
Co.
(The)
448
37,574
Total
2,062,819
Professional
Services
0.6%
Booz
Allen
Hamilton
Holding
Corp.
493
40,894
CoreLogic,
Inc.
517
41,205
Equifax,
Inc.
831
190,490
Jacobs
Engineering
Group,
Inc.
914
122,120
Leidos
Holdings,
Inc.
489
49,526
ManpowerGroup,
Inc.
404
48,840
Robert
Half
International,
Inc.
777
68,073
Science
Applications
International
Corp.
215
19,225
Total
580,373
Road
&
Rail
1.3%
Kansas
City
Southern
645
188,475
Landstar
System,
Inc.
270
46,516
Ryder
System,
Inc.
366
29,221
Schneider
National,
Inc.
Class
B
417
10,104
Union
Pacific
Corp.
4,721
1,048,487
Total
1,322,803
Trading
Companies
&
Distributors
0.3%
MSC
Industrial
Direct
Co.,
Inc.
Class
A
324
29,212
United
Rentals,
Inc.
(a)
509
162,855
Watsco,
Inc.
227
66,479
Total
258,546
Total
Industrials
9,419,821
Information
Technology  26.3%
Communications
Equipment
0.9%
Arista
Networks,
Inc.
(a)
215
67,761
Cisco
Systems,
Inc.
15,498
789,003
Ubiquiti,
Inc.
32
9,131
Total
865,895
Electronic
Equipment,
Instruments
&
Components
0.2%
Arrow
Electronics,
Inc.
(a)
276
31,483
Avnet,
Inc.
358
15,724
SYNNEX
Corp.
151
18,301
Vontier
Corp.
(a)
569
17,833
Zebra
Technologies
Corp.
Class
A
(a)
191
93,158
Total
176,499
IT
Services
4.6%
Accenture
PLC
Class
A
2,330
675,630
Automatic
Data
Processing,
Inc.
1,554
290,583
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
11
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Cognizant
Technology
Solutions
Corp.
Class
A
1,966
158,066
EPAM
Systems,
Inc.
(a)
196
89,719
Fidelity
National
Information
Services,
Inc.
2,247
343,566
Fiserv,
Inc.
(a)
2,037
244,684
FleetCor
Technologies,
Inc.
(a)
300
86,316
Gartner,
Inc.
(a)
318
62,290
Jack
Henry
&
Associates,
Inc.
274
44,615
Mastercard,
Inc.
Class
A
3,259
1,245,134
Paychex,
Inc.
1,164
113,478
PayPal
Holdings,
Inc.
(a)
4,312
1,130,995
VeriSign,
Inc.
(a)
367
80,289
Western
Union
Co.
(The)
1,478
38,073
WEX,
Inc.
(a)
163
33,449
Total
4,636,887
Semiconductors
&
Semiconductor
Equipment
2.5%
Applied
Materials,
Inc.
3,328
441,659
Broadcom,
Inc.
1,440
656,928
Cirrus
Logic,
Inc.
(a)
221
16,445
First
Solar,
Inc.
(a)
336
25,714
Intel
Corp.
15,635
899,482
KLA
Corp.
562
177,227
Microchip
Technology,
Inc.
879
132,105
MKS
Instruments,
Inc.
202
36,180
Qorvo,
Inc.
(a)
431
81,101
Xilinx,
Inc.
891
114,012
Total
2,580,853
Software
10.2%
Adobe,
Inc.
(a)
1,760
894,678
Aspen
Technology,
Inc.
(a)
244
31,925
Atlassian
Corp.
PLC
Class
A
(a)
455
108,090
Autodesk,
Inc.
(a)
803
234,404
Cadence
Design
Systems,
Inc.
(a)
995
131,111
Citrix
Systems,
Inc.
456
56,476
Crowdstrike
Holdings,
Inc.
Class
A
(a)
577
120,310
Dropbox,
Inc.
Class
A
(a)
844
21,691
Fair
Isaac
Corp.
(a)
100
52,141
Fortinet,
Inc.
(a)
482
98,439
Intuit,
Inc.
916
377,539
Microsoft
Corp.
26,982
6,804,321
Oracle
Corp.
6,725
509,688
Proofpoint,
Inc.
(a)
203
34,938
ServiceNow,
Inc.
(a)
694
351,421
SolarWinds
Corp.
(a)
170
2,866
SS&C
Technologies
Holdings,
Inc.
825
61,231
Synopsys,
Inc.
(a)
540
133,412
VMware,
Inc.
Class
A
(a)
288
46,319
Zoom
Video
Communications,
Inc.
Class
A
(a)
641
204,844
Total
10,275,844
Technology
Hardware,
Storage
&
Peripherals
7.9%
Apple,
Inc.
58,214
7,652,813
Dell
Technologies,
Inc.
Class
C
(a)
936
92,037
HP,
Inc.
4,911
167,514
NCR
Corp.
(a)
472
21,594
NetApp,
Inc.
796
59,453
Total
7,993,411
Total
Information
Technology
26,529,389
Materials  2.8%
Chemicals
0.9%
Chemours
Co.
(The)
1,548
46,750
Dow,
Inc.
7,103
443,938
Eastman
Chemical
Co.
1,292
149,084
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Mosaic
Co.
(The)
3,278
115,320
Scotts
Miracle-Gro
Co.
(The)
376
86,916
Westlake
Chemical
Corp.
325
30,514
Total
872,522
Construction
Materials
0.0%
Eagle
Materials,
Inc.
(a)
385
53,184
Containers
&
Packaging
1.0%
Amcor
PLC
15,066
177,026
Avery
Dennison
Corp.
791
169,408
Berry
Global
Group,
Inc.
(a)
1,274
81,052
Graphic
Packaging
Holding
Co.
2,610
48,416
International
Paper
Co.
3,731
216,398
Sealed
Air
Corp.
1,496
73,902
Silgan
Holdings,
Inc.
742
31,290
Sonoco
Products
Co.
955
62,514
Westrock
Co.
2,496
139,152
Total
999,158
Metals
&
Mining
0.9%
Newmont
Corp.
7,666
478,435
Nucor
Corp.
2,882
237,073
Reliance
Steel
&
Aluminum
Co.
607
97,308
Steel
Dynamics,
Inc.
1,925
104,374
Total
917,190
Total
Materials
2,842,054
Real
Estate  3.0%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.0%
American
Homes
4
Rent
Class
A
1,393
51,597
American
Tower
Corp.
2,404
612,467
Brandywine
Realty
Trust
933
12,623
CoreSite
Realty
Corp.
217
26,363
Cousins
Properties,
Inc.
809
29,666
CubeSmart
1,042
44,118
CyrusOne,
Inc.
644
46,903
Digital
Realty
Trust,
Inc.
1,452
224,058
Duke
Realty
Corp.
2,003
93,180
Equinix,
Inc.
480
345,965
Equity
LifeStyle
Properties,
Inc.
936
64,958
Extra
Space
Storage,
Inc.
697
103,637
First
Industrial
Realty
Trust,
Inc.
692
34,441
Gaming
and
Leisure
Properties,
Inc.
1,124
52,255
Highwoods
Properties,
Inc.
563
25,217
Invitation
Homes,
Inc.
3,055
107,108
Iron
Mountain,
Inc.
1,554
62,346
Kimco
Realty
Corp.
2,261
47,481
Lamar
Advertising
Co.
Class
A
473
46,846
Public
Storage
808
227,177
SBA
Communications
Corp.
604
181,031
Simon
Property
Group,
Inc.
1,835
223,393
SL
Green
Realty
Corp.
399
29,530
Ventas,
Inc.
2,027
112,417
Weingarten
Realty
Investors
676
21,862
Weyerhaeuser
Co.
4,042
156,708
WP
Carey,
Inc.
931
69,723
Total
3,053,070
Total
Real
Estate
3,053,070
Utilities  2.6%
Electric
Utilities
1.3%
Entergy
Corp.
1,898
207,433
Evergy,
Inc.
2,126
136,000
Exelon
Corp.
9,161
411,695
NRG
Energy,
Inc.
2,337
83,711
Pinnacle
West
Capital
Corp.
1,072
90,745
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
12
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Xcel
Energy,
Inc.
4,957
353,434
Total
1,283,018
Gas
Utilities
0.0%
National
Fuel
Gas
Co.
817
40,572
Independent
Power
and
Renewable
Electricity
Producers
0.3%
AES
Corp.
(The)
6,125
170,398
Vistra
Corp.
4,720
79,626
Total
250,024
Multi-Utilities
1.0%
DTE
Energy
Co.
1,795
251,336
MDU
Resources
Group,
Inc.
1,870
62,570
Public
Service
Enterprise
Group,
Inc.
4,761
300,705
Sempra
Energy
2,742
377,217
Total
991,828
Total
Utilities
2,565,442
Total
Common
Stocks
(Cost
$76,703,708)
100,618,709
Money
Market
Funds
0
.3
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(b)
339,463
339,463
Total
Money
Market
Funds
(Cost
$339,463)
339,463
Total
Investments
in
Securities
(Cost
$77,043,171)
100,958,172
Other
Assets
&
Liabilities,
Net
65,365
Net
Assets
101,023,537
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2021.
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).
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
13
Fair
Value
Measurements
(continued)
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.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
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
control
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.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
11,215,823
11,215,823
Consumer
Discretionary
12,848,722
12,848,722
Consumer
Staples
5,404,989
5,404,989
Energy
2,660,454
2,660,454
Financials
11,553,648
11,553,648
Health
Care
12,525,297
12,525,297
Industrials
9,419,821
9,419,821
Information
Technology
26,529,389
26,529,389
Materials
2,842,054
2,842,054
Real
Estate
3,053,070
3,053,070
Utilities
2,565,442
2,565,442
Total
Common
Stocks
100,618,709
100,618,709
Money
Market
Funds
339,463
339,463
Total
Investments
in
Securities
100,958,172
100,958,172
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
April
30,2021
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
14
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Common
Stocks
99
.6
%
Issuer
Shares
Value
($)
Communication
Services  9.1%
Diversified
Telecommunication
Services
3.1%
Verizon
Communications,
Inc.
2,408
139,158
Entertainment
1.0%
Activision
Blizzard,
Inc.
267
24,348
Electronic
Arts,
Inc.
142
20,175
Take-Two
Interactive
Software,
Inc.
(a)
6
1,052
Total
45,575
Interactive
Media
&
Services
4.1%
Alphabet,
Inc.
Class
A
(a)
38
89,433
Alphabet,
Inc.
Class
C
(a)
38
91,585
Total
181,018
Media
0.9%
DISH
Network
Corp.
Class
A
(a)
143
6,405
Fox
Corp.
Class
A
195
7,297
Fox
Corp.
Class
B
92
3,347
Interpublic
Group
of
Cos.,
Inc.
(The)
223
7,080
New
York
Times
Co.
(The)
Class
A
96
4,359
News
Corp.
Class
A
230
6,025
News
Corp.
Class
B
72
1,750
Nexstar
Media
Group,
Inc.
Class
A
9
1,327
Total
37,590
Wireless
Telecommunication
Services
0.0%
Telephone
and
Data
Systems,
Inc.
60
1,379
Total
Communication
Services
404,720
Consumer
Discretionary  8.0%
Distributors
0.2%
Genuine
Parts
Co.
78
9,748
Diversified
Consumer
Services
0.2%
Graham
Holdings
Co.
Class
B
2
1,271
H&R
Block,
Inc.
29
646
Service
Corp.
International
93
4,970
Terminix
Global
Holdings,
Inc.
(a)
72
3,664
Total
10,551
Hotels,
Restaurants
&
Leisure
1.2%
Darden
Restaurants,
Inc.
72
10,564
Extended
Stay
America,
Inc.
98
1,949
Hilton
Worldwide
Holdings,
Inc.
(a)
153
19,691
Travel
+
Leisure
Co.
46
2,968
Yum!
Brands,
Inc.
153
18,287
Total
53,459
Household
Durables
1.5%
DR
Horton,
Inc.
180
17,692
Leggett
&
Platt,
Inc.
74
3,676
Lennar
Corp.
Class
A
146
15,126
Lennar
Corp.
Class
B
9
725
Newell
Brands,
Inc.
213
5,742
NVR,
Inc.
(a)
1
5,018
PulteGroup,
Inc.
145
8,572
Tempur
Sealy
International,
Inc.
26
992
Whirlpool
Corp.
34
8,039
Total
65,582
Internet
&
Direct
Marketing
Retail
0.1%
Qurate
Retail,
Inc.
Series
A
208
2,475
Wayfair,
Inc.
Class
A
(a)
3
887
Total
3,362
Leisure
Products
0.1%
Brunswick
Corp.
44
4,714
Multiline
Retail
1.4%
Kohl's
Corp.
89
5,221
Target
Corp.
275
56,996
Total
62,217
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Specialty
Retail
3.1%
AutoNation,
Inc.
(a)
30
3,075
Best
Buy
Co.,
Inc.
105
12,208
Dick's
Sporting
Goods,
Inc.
35
2,890
Home
Depot,
Inc.
(The)
294
95,159
L
Brands,
Inc.
(a)
130
8,567
TJX
Cos.,
Inc.
(The)
125
8,875
Williams-Sonoma,
Inc.
35
5,976
Total
136,750
Textiles,
Apparel
&
Luxury
Goods
0.2%
Carter's,
Inc.
(a)
24
2,611
Hanesbrands,
Inc.
189
3,980
Total
6,591
Total
Consumer
Discretionary
352,974
Consumer
Staples  6.6%
Beverages
0.1%
Molson
Coors
Beverage
Co.
Class
B
(a)
62
3,407
Food
&
Staples
Retailing
1.7%
Kroger
Co.
(The)
263
9,610
Sprouts
Farmers
Market,
Inc.
(a)
7
179
Walmart,
Inc.
488
68,276
Total
78,065
Food
Products
0.8%
General
Mills,
Inc.
212
12,902
JM
Smucker
Co.
(The)
38
4,978
Kraft
Heinz
Co.
(The)
226
9,332
Tyson
Foods,
Inc.
Class
A
100
7,745
Total
34,957
Household
Products
2.4%
Clorox
Co.
(The)
12
2,190
Colgate-Palmolive
Co.
295
23,807
Kimberly-Clark
Corp.
117
15,598
Procter
&
Gamble
Co.
(The)
469
62,574
Spectrum
Brands
Holdings,
Inc.
15
1,322
Total
105,491
Personal
Products
0.0%
Herbalife
Nutrition
Ltd.
(a)
28
1,282
Nu
Skin
Enterprises,
Inc.
Class
A
18
951
Total
2,233
Tobacco
1.6%
Altria
Group,
Inc.
368
17,572
Philip
Morris
International,
Inc.
546
51,870
Total
69,442
Total
Consumer
Staples
293,595
Energy  5.1%
Energy
Equipment
&
Services
0.7%
Halliburton
Co.
1,099
21,496
NOV,
Inc.
(a)
490
7,326
Total
28,822
Oil,
Gas
&
Consumable
Fuels
4.4%
Antero
Midstream
Corp.
353
3,050
Cimarex
Energy
Co.
124
8,209
ConocoPhillips
1,692
86,529
Devon
Energy
Corp.
744
17,395
EOG
Resources,
Inc.
730
53,757
EQT
Corp.
(a)
356
6,799
Equitrans
Midstream
Corp.
463
3,778
HollyFrontier
Corp.
190
6,650
Targa
Resources
Corp.
281
9,748
Total
195,915
Total
Energy
224,737
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
15
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Financials  21.1%
Banks
4.0%
Associated  Banc-Corp
125
2,736
Bank
OZK
101
4,140
BOK
Financial
Corp.
26
2,286
Citigroup,
Inc.
1,759
125,311
Citizens
Financial
Group,
Inc.
357
16,522
First
Citizens
BancShares,
Inc.
Class
A
6
5,205
Popular,
Inc.
70
5,177
Synovus
Financial
Corp.
121
5,670
Western
Alliance
Bancorp
81
8,511
Total
175,558
Capital
Markets
9.1%
BlackRock,
Inc.
123
100,774
Franklin
Resources,
Inc.
226
6,780
Goldman
Sachs
Group,
Inc.
(The)
278
96,869
Lazard
Ltd.
Class
A
82
3,689
Morgan
Stanley
1,169
96,501
Nasdaq,
Inc.
93
15,023
S&P
Global,
Inc.
81
31,622
SEI
Investments
Co.
96
5,898
State
Street
Corp.
286
24,010
T
Rowe
Price
Group,
Inc.
136
24,371
Total
405,537
Consumer
Finance
1.9%
Ally
Financial,
Inc.
313
16,104
Capital
One
Financial
Corp.
383
57,098
Credit
Acceptance
Corp.
(a)
8
3,158
OneMain
Holdings,
Inc.
61
3,469
Santander
Consumer
USA
Holdings,
Inc.
63
2,138
SLM
Corp.
231
4,542
Total
86,509
Diversified
Financial
Services
0.4%
Equitable
Holdings,
Inc.
340
11,638
Jefferies
Financial
Group,
Inc.
195
6,340
Total
17,978
Insurance
4.9%
Allstate
Corp.
(The)
260
32,968
American
Financial
Group,
Inc.
62
7,617
American
National
Group,
Inc.
7
793
Arthur
J
Gallagher
&
Co.
154
22,322
Brighthouse
Financial,
Inc.
(a)
78
3,650
Brown
&
Brown,
Inc.
182
9,679
CNA
Financial
Corp.
24
1,126
Everest
Re
Group
Ltd.
34
9,416
First
American
Financial
Corp.
88
5,676
Hanover
Insurance
Group,
Inc.
(The)
30
4,149
Hartford
Financial
Services
Group,
Inc.
(The)
302
19,920
Mercury
General
Corp.
21
1,308
MetLife,
Inc.
627
39,896
Principal
Financial
Group,
Inc.
227
14,499
Prudential
Financial,
Inc.
331
33,219
Reinsurance
Group
of
America,
Inc.
56
7,310
Unum
Group
171
4,833
Total
218,381
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.6%
AGNC
Investment
Corp.
457
8,194
Annaly
Capital
Management,
Inc.
1,150
10,442
Starwood
Property
Trust,
Inc.
226
5,835
Total
24,471
Thrifts
&
Mortgage
Finance
0.2%
MGIC
Investment
Corp.
286
4,359
Common
Stocks
(continued)
Issuer
Shares
Value
($)
New
York
Community
Bancorp,
Inc.
368
4,401
Rocket
Cos.,
Inc.
Class
A
46
1,033
Total
9,793
Total
Financials
938,227
Health
Care  12.2%
Biotechnology
0.9%
AbbVie,
Inc.
24
2,676
Acceleron
Pharma,
Inc.
(a)
1
125
Agios
Pharmaceuticals,
Inc.
(a)
12
670
Alexion
Pharmaceuticals,
Inc.
(a)
38
6,410
Alkermes
PLC
(a)
34
748
Biogen,
Inc.
(a)
25
6,683
BioMarin
Pharmaceutical,
Inc.
(a)
3
234
Bluebird
Bio,
Inc.
(a)
8
240
Exact
Sciences
Corp.
(a)
3
395
Exelixis,
Inc.
(a)
42
1,034
Gilead
Sciences,
Inc.
277
17,581
Ionis
Pharmaceuticals,
Inc.
(a)
16
685
Sage
Therapeutics,
Inc.
(a)
10
788
United
Therapeutics
Corp.
(a)
9
1,814
Total
40,083
Health
Care
Equipment
&
Supplies
3.4%
Abbott
Laboratories
422
50,674
DENTSPLY
SIRONA,
Inc.
89
6,008
Envista
Holdings
Corp.
(a)
66
2,857
Hill-Rom
Holdings,
Inc.
25
2,756
Hologic,
Inc.
(a)
33
2,163
Integra
LifeSciences
Holdings
Corp.
(a)
28
2,074
Medtronic
PLC
537
70,304
Zimmer
Biomet
Holdings,
Inc.
84
14,881
Total
151,717
Health
Care
Providers
&
Services
1.8%
AmerisourceBergen
Corp.
30
3,624
CVS
Health
Corp.
527
40,263
DaVita,
Inc.
(a)
28
3,263
HCA
Healthcare,
Inc.
53
10,656
Humana,
Inc.
33
14,693
McKesson
Corp.
17
3,188
Universal
Health
Services,
Inc.
Class
B
29
4,304
Total
79,991
Life
Sciences
Tools
&
Services
0.3%
IQVIA
Holdings,
Inc.
(a)
47
11,030
PRA
Health
Sciences,
Inc.
(a)
3
501
Syneos
Health,
Inc.
(a)
29
2,461
Total
13,992
Pharmaceuticals
5.8%
Jazz
Pharmaceuticals
PLC
(a)
21
3,452
Johnson
&
Johnson
906
147,433
Merck
&
Co.,
Inc.
127
9,462
Perrigo
Co.
PLC
55
2,290
Pfizer,
Inc.
2,249
86,924
Viatris,
Inc.
(a)
491
6,530
Total
256,091
Total
Health
Care
541,874
Industrials  14.1%
Aerospace
&
Defense
0.7%
L3Harris
Technologies,
Inc.
147
30,757
Air
Freight
&
Logistics
1.0%
CH
Robinson
Worldwide,
Inc.
78
7,572
Expeditors
International
of
Washington,
Inc.
44
4,834
United
Parcel
Service,
Inc.
Class
B
162
33,025
Total
45,431
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Building
Products
2.3%
A
O
Smith
Corp.
91
6,165
Fortune
Brands
Home
&
Security,
Inc.
96
10,078
Johnson
Controls
International
PLC
514
32,043
Lennox
International,
Inc.
24
8,048
Masco
Corp.
178
11,371
Owens
Corning
74
7,164
Trane
Technologies
PLC
163
28,334
Total
103,203
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
7
2,416
Republic
Services,
Inc.
143
15,201
Rollins,
Inc.
43
1,603
Total
19,220
Construction
&
Engineering
0.2%
Quanta
Services,
Inc.
75
7,248
Electrical
Equipment
1.8%
Acuity
Brands,
Inc.
26
4,823
AMETEK,
Inc.
159
21,454
Eaton
Corp.
PLC
276
39,449
GrafTech
International
Ltd.
118
1,501
Hubbell,
Inc.
37
7,104
nVent
Electric
PLC
108
3,289
Regal
Beloit
Corp.
28
4,044
Total
81,664
Industrial
Conglomerates
0.6%
3M
Co.
132
26,022
Machinery
3.9%
AGCO
Corp.
43
6,275
Crane
Co.
34
3,198
Cummins,
Inc.
101
25,456
Deere
&
Co.
194
71,945
Fortive
Corp.
206
14,589
ITT,
Inc.
60
5,659
Parker-Hannifin
Corp.
89
27,929
Pentair
PLC
114
7,354
Snap-on,
Inc.
37
8,791
Timken
Co.
(The)
44
3,690
Total
174,886
Professional
Services
0.9%
CoreLogic,
Inc.
47
3,746
Equifax,
Inc.
20
4,585
Jacobs
Engineering
Group,
Inc.
89
11,891
Leidos
Holdings,
Inc.
64
6,482
ManpowerGroup,
Inc.
39
4,715
Robert
Half
International,
Inc.
75
6,571
Science
Applications
International
Corp.
27
2,414
Total
40,404
Road
&
Rail
1.7%
Kansas
City
Southern
63
18,409
Landstar
System,
Inc.
6
1,034
Ryder
System,
Inc.
36
2,874
Schneider
National,
Inc.
Class
B
42
1,018
Union
Pacific
Corp.
226
50,192
Total
73,527
Trading
Companies
&
Distributors
0.6%
MSC
Industrial
Direct
Co.,
Inc.
Class
A
33
2,975
United
Rentals,
Inc.
(a)
51
16,318
Watsco,
Inc.
21
6,150
Total
25,443
Total
Industrials
627,805
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Information
Technology  9.1%
Communications
Equipment
2.6%
Arista
Networks,
Inc.
(a)
6
1,891
Cisco
Systems,
Inc.
2,247
114,395
Ubiquiti,
Inc.
1
285
Total
116,571
Electronic
Equipment,
Instruments
&
Components
0.3%
Arrow
Electronics,
Inc.
(a)
39
4,449
Avnet,
Inc.
53
2,328
SYNNEX
Corp.
21
2,545
Vontier
Corp.
(a)
82
2,570
Zebra
Technologies
Corp.
Class
A
(a)
2
975
Total
12,867
IT
Services
1.0%
Automatic
Data
Processing,
Inc.
33
6,171
Cognizant
Technology
Solutions
Corp.
Class
A
266
21,386
Paychex,
Inc.
36
3,510
VeriSign,
Inc.
(a)
21
4,594
Western
Union
Co.
(The)
172
4,431
WEX,
Inc.
(a)
21
4,309
Total
44,401
Semiconductors
&
Semiconductor
Equipment
3.5%
Broadcom,
Inc.
10
4,562
Intel
Corp.
2,267
130,420
Microchip
Technology,
Inc.
33
4,960
MKS
Instruments,
Inc.
8
1,433
Qorvo,
Inc.
(a)
63
11,855
Total
153,230
Software
0.7%
Aspen
Technology,
Inc.
(a)
2
262
Autodesk,
Inc.
(a)
38
11,093
Citrix
Systems,
Inc.
47
5,821
Crowdstrike
Holdings,
Inc.
Class
A
(a)
24
5,004
SolarWinds
Corp.
(a)
25
421
SS&C
Technologies
Holdings,
Inc.
96
7,125
Synopsys,
Inc.
(a)
6
1,482
Total
31,208
Technology
Hardware,
Storage
&
Peripherals
1.0%
Dell
Technologies,
Inc.
Class
C
(a)
127
12,488
HP,
Inc.
712
24,286
NCR
Corp.
(a)
69
3,157
NetApp,
Inc.
53
3,959
Total
43,890
Total
Information
Technology
402,167
Materials  4.8%
Chemicals
1.5%
Chemours
Co.
(The)
128
3,866
Dow,
Inc.
587
36,687
Eastman
Chemical
Co.
107
12,347
Mosaic
Co.
(The)
271
9,534
Scotts
Miracle-Gro
Co.
(The)
2
462
Westlake
Chemical
Corp.
27
2,535
Total
65,431
Construction
Materials
0.1%
Eagle
Materials,
Inc.
(a)
33
4,559
Containers
&
Packaging
1.5%
Amcor
PLC
1,061
12,467
Avery
Dennison
Corp.
38
8,138
Berry
Global
Group,
Inc.
(a)
70
4,453
Graphic
Packaging
Holding
Co.
169
3,135
International
Paper
Co.
308
17,864
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
17
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Sealed
Air
Corp.
124
6,126
Silgan
Holdings,
Inc.
62
2,615
Westrock
Co.
207
11,540
Total
66,338
Metals
&
Mining
1.7%
Newmont
Corp.
636
39,693
Nucor
Corp.
240
19,742
Reliance
Steel
&
Aluminum
Co.
51
8,176
Steel
Dynamics,
Inc.
160
8,675
Total
76,286
Total
Materials
212,614
Real
Estate  4.4%
Equity
Real
Estate
Investment
Trusts
(REITs)
4.1%
American
Homes
4
Rent
Class
A
123
4,556
Brandywine
Realty
Trust
81
1,096
Brixmor
Property
Group,
Inc.
144
3,217
CoreSite
Realty
Corp.
7
850
Cousins
Properties,
Inc.
71
2,604
CubeSmart
91
3,853
CyrusOne,
Inc.
56
4,079
Digital
Realty
Trust,
Inc.
127
19,597
Duke
Realty
Corp.
175
8,141
Equity
LifeStyle
Properties,
Inc.
47
3,262
Extra
Space
Storage,
Inc.
18
2,676
First
Industrial
Realty
Trust,
Inc.
61
3,036
Gaming
and
Leisure
Properties,
Inc.
98
4,556
Highwoods
Properties,
Inc.
48
2,150
Invitation
Homes,
Inc.
268
9,396
Iron
Mountain,
Inc.
56
2,247
Kimco
Realty
Corp.
198
4,158
Lamar
Advertising
Co.
Class
A
42
4,160
Prologis,
Inc.
351
40,902
Public
Storage
25
7,029
SBA
Communications
Corp.
45
13,487
Simon
Property
Group,
Inc.
35
4,261
SL
Green
Realty
Corp.
35
2,590
Ventas,
Inc.
178
9,872
Weingarten
Realty
Investors
60
1,940
Weyerhaeuser
Co.
353
13,686
Common
Stocks
(continued)
Issuer
Shares
Value
($)
WP
Carey,
Inc.
81
6,066
Total
183,467
Real
Estate
Management
&
Development
0.3%
CBRE
Group,
Inc.
Class
A
(a)
160
13,632
Total
Real
Estate
197,099
Utilities  5.1%
Electric
Utilities
2.5%
Entergy
Corp.
169
18,470
Evergy,
Inc.
189
12,090
Exelon
Corp.
816
36,671
NRG
Energy,
Inc.
136
4,872
Pinnacle
West
Capital
Corp.
96
8,127
Xcel
Energy,
Inc.
441
31,443
Total
111,673
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
73
3,625
Independent
Power
and
Renewable
Electricity
Producers
0.5%
AES
Corp.
(The)
546
15,190
Vistra
Corp.
421
7,102
Total
22,292
Multi-Utilities
2.0%
DTE
Energy
Co.
160
22,403
MDU
Resources
Group,
Inc.
168
5,621
Public
Service
Enterprise
Group,
Inc.
424
26,780
Sempra
Energy
244
33,567
Total
88,371
Total
Utilities
225,961
Total
Common
Stocks
(Cost
$4,117,844)
4,421,773
Money
Market
Funds
0
.3
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
-
Treasury
Instruments
Fund,
Institutional
Shares,
0.006%
(b)
14,351
14,351
Total
Money
Market
Funds
(Cost
$14,351)
14,351
Total
Investments
in
Securities
(Cost
$4,132,195)
4,436,124
Other
Assets
&
Liabilities,
Net
4,195
Net
Assets
4,440,319
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2021.
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.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Fair
Value
Measurements
(continued)
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.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
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
control
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.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
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,
2021:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
404,720
404,720
Consumer
Discretionary
352,974
352,974
Consumer
Staples
293,595
293,595
Energy
224,737
224,737
Financials
938,227
938,227
Health
Care
541,874
541,874
Industrials
627,805
627,805
Information
Technology
402,167
402,167
Materials
212,614
212,614
Real
Estate
197,099
197,099
Utilities
225,961
225,961
Total
Common
Stocks
4,421,773
4,421,773
Money
Market
Funds
14,351
14,351
Total
Investments
in
Securities
4,436,124
4,436,124
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2020
19
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$77,043,171
and
$4,132,195,
respectively)
$100,958,172
$4,436,124
Receivable
for:
Dividends
77,731
4,792
Total
assets
101,035,903
4,440,916
Liabilities
Payable
for:
Investment
management
fees
12,366
597
Total
liabilities
12,366
597
Net
assets
applicable
to
outstanding
capital
stock
$101,023,537
$4,440,319
Represented
by:
Paid-in
capital
$72,619,581
$4,357,227
Total
distributable
earnings
(loss)
28,403,956
83,092
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$101,023,537
$4,440,319
Shares
outstanding
3,600,000
225,000
Net
asset
value
per
share
$28.06
$19.73
STATEMENT
OF
OPERATIONS
April
30,
2021
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Strategic
Beta
ETFs
|
Semiannual
Report
2020
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$789,552
$16,630
Foreign
taxes
withheld
(53)
(2)
Total
income
789,499
16,628
Expenses:
Investment
management
fees
65,911
1,337
Net
Investment
Income
723,588
15,291
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
3,414,418
24,807
In-kind
transactions
870,292
Net
realized
gain
4,284,710
24,807
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
17,824,295
342,065
Net
change
in
unrealized
appreciation
17,824,295
342,065
Net
realized
and
unrealized
gain
22,109,005
366,872
Net
Increase
in
net
assets
resulting
from
operations
$22,832,593
$382,163
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
21
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31,
2020
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
October
31,
2020
Operations
Net
investment
income
$723,588
$586,625
$15,291
$127,626
Net
realized
gain
(loss)
4,284,710
846,192
24,807
(454,670)
Net
change
in
unrealized
appreciation
(depreciation)
17,824,295
5,973,945
342,065
(123,571)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
22,832,593
7,406,762
382,163
(450,615)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(903,805)
(26,550)
(116,961)
(37,232)
Shareholder
transactions
Proceeds
from
shares
sold
9,415,503
94,006,567
3,713,599
Cost
of
shares
redeemed
(2,769,190)
(34,017,434)
(943)
(4,109,602)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
6,646,313
59,989,133
3,712,656
(4,109,602)
Increase
(decrease)
in
net
assets
28,575,101
67,369,345
3,977,858
(4,597,449)
Net
Assets:
Net
assets
beginning
of
period
72,448,436
5,079,091
462,461
5,059,910
Net
assets
at
end
of
period
$101,023,537
$72,448,436
$4,440,319
$462,461
Capital
stock
activity
Shares
outstanding,
beginning
of
period
3,325,050
250,050
25,050
250,050
Subscriptions
375,000
4,875,000
200,000
Redemptions
(100,050)
(1,800,000)
(50)
(225,000)
Shares
outstanding,
end
of
period
3,600,000
3,325,050
225,000
25,050
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Strategic
Beta
ETFs
|
Semiannual
Report
2021
The
following
tables
are
intended
to
help
you
understand
each
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.
Columbia
Research
Enhanced
Core
ETF
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
2020
October,
31
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$21.79‌
$20.31‌
$19.81‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.21‌
0.37‌
0.04‌
Net
realized
and
unrealized
gain
6.33‌
1.22‌
0.46‌
Total
from
investment
operations
6.54‌
1.59‌
0.50‌
Less
distributions
to
shareholders:
Net
investment
income
(0.25‌)
(0.11‌)
–‌
Net
realized
gains
(0.02‌)
(0.00‌)
(b)
–‌
Total
distribution
to
shareholders
(0.27‌)
(0.11‌)
–‌
Net
asset
value,
end
of
period
$28.06‌
$21.79‌
$20.31‌
Total
Return
at
NAV
30.19‌%
7.82‌%
2.52‌%
Total
Return
at
Market
30.53‌%
7.46‌%
2.63‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.15‌%
(d)
0.15‌%
0.15‌%
(d)
Total
net
expenses
(c)(e)
0.15‌%
(d)
0.15‌%
0.15‌%
(d)
Net
investment
income
1.65‌%
(d)
1.73‌%
1.77‌%
(d)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$101,024‌
$72,448‌
$5,079‌
Portfolio
turnover
25‌%
41‌%
0‌%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
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.
(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.
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Strategic
Beta
ETFs
|
Semiannual
Report
2021
23
Columbia
Research
Enhanced
Value
ETF
Six
Months
Ended
April
30,
2021
(Unaudited)
Year
Ended
2020
October
31,
2019
(a)
Per
share
data
Net
asset
value,
beginning
of
period
$18.46‌
$20.24‌
$19.84‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.20‌
0.56‌
0.05‌
Net
realized
and
unrealized
gain
(loss)
5.74‌
(2.19‌)
0.35‌
Total
from
investment
operations
5.94‌
(1.63‌)
0.40‌
Less
distributions
to
shareholders:
Net
investment
income
(4.16‌)
(0.15‌)
–‌
Net
realized
gains
(0.51‌)
(0.00‌)
(b)
–‌
Total
distribution
to
shareholders
(4.67‌)
(0.15‌)
–‌
Net
asset
value,
end
of
period
$19.73‌
$18.46‌
$20.24‌
Total
Return
at
NAV
36.94‌%
(8.16‌)%
2.02‌%
Total
Return
at
Market
37.54‌%
(8.50‌)%
2.02‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.19‌%
(d)
0.19‌%
0.19‌%
(d)
Total
net
expenses
(c)(e)
0.19‌%
(d)
0.19‌%
0.19‌%
(d)
Net
investment
income
2.17‌%
(d)
2.93‌%
2.41‌%
(d)
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$4,440‌
$462‌
$5,060‌
Portfolio
turnover
53‌%
95‌%
1‌%
(a)
The
Fund
commenced
operations
on
September
25,
2019.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
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.
(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
April
30,
2021
(Unaudited)
24
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Note
1.
Organization
Columbia
ETF
Trust
I
(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
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
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
25,000
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
a
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
Each
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
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
asked
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Shares
of
other
open-end
investment
companies
(other
than
ETFs)
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
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
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
25
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
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
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
26
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Determination
of
net
asset
value
The
NAV
per
share
of
each
fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
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,
each
fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
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
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
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
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
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
for
the
six
months
ended
April
30,
2021
amounted
to
the
amount
shown
in
the
table
below
as
a
percentage
of
average
daily
net
assets
of
each
Fund:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Research
Enhanced
Core
ETF
0.15
Columbia
Research
Enhanced
Value
ETF
0.19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
27
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
Funds
as
disclosed
in
the
Statement
of
Operations.
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.
Each
Fund’s
liability
for
the
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
Funds.
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
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
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
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
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
each
fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2021,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
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,
2020,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
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
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
77,043,171
24,253,883
(338,882)
23,915,001
Columbia
Research
Enhanced
Value
ETF
4,132,195
319,980
(16,051)
303,929
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
-
-
-
Columbia
Research
Enhanced
Value
ETF
(257,242)
-
(257,242)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
28
Strategic
Beta
ETFs
|
Semiannual
Report
2021
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
six
months
ended
April
30,
2021,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
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
six
months
ended
April
30,
2021,
the
cost
basis
of
securities
contributed
was
as
follows:
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
six
months
ended
April
30,
2021,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
Wells
Fargo
Bank,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Funds
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
a
December
1,
2020
amendment,
the
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$950
million.
Interest
is
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
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
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
December
unless
extended
or
renewed.
Prior
to
the
December
1,
2020
amendment,
the
Funds
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$1
billion.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
No
Fund
had
borrowings
during
the
six
months
ended
April
30,
2021.
Note
8.
Significant
risks
Financial
sector
risk
Columbia
Research
Enhanced
Value
ETF
may
be
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
financial
services
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
financial
services
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
Funds
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
21,428,875
21,566,612
Columbia
Research
Enhanced
Value
ETF
850,589
955,454
Funds
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
9,371,219
Columbia
Research
Enhanced
Value
ETF
3,699,683
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
1,885,522
2,755,814
870,292
Columbia
Research
Enhanced
Value
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
Strategic
Beta
ETFs
|
Semiannual
Report
2021
29
to
real
estate
developers,
which
makes
them
vulnerable
to
economic
conditions
that
affect
that
industry.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financial
services
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Information
technology
sector
risk
Columbia
Research
Enhanced
Core
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sectors
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
and
environment
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
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
Funds,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
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
Funds’
net
asset
value.
The
Funds’
performance
may
also
be
significantly
negatively
impacted
by
the
economic
impact
of
the
coronavirus
disease
2019
(COVID-19)
pandemic.
The
COVID-19
public
health
crisis
has
become
a
pandemic
that
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
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2021
(Unaudited)
30
Strategic
Beta
ETFs
|
Semiannual
Report
2021
The
Investment
Manager
and
its
affiliates
have
systematically
implemented
strategies
to
address
the
operating
environment
spurred
by
the
COVID-19
pandemic.
To
promote
the
safety
and
security
of
our
employees
and
to
assure
the
continuity
of
our
business
operations,
we
have
implemented
a
work
from
home
protocol
for
virtually
all
of
our
employee
population,
restricted
business
travel,
and
provided
resources
for
complying
with
the
guidance
from
the
World
Health
Organization,
the
U.S.
Centers
for
Disease
Control
and
governments.
Our
operations
teams
seek
to
operate
without
significant
disruptions
in
service.
Our
pandemic
strategy
takes
into
consideration
that
a
pandemic
could
be
widespread
and
may
occur
in
multiple
waves,
affecting
different
communities
at
different
times
with
varying
levels
of
severity.
We
cannot,
however,
predict
the
impact
that
natural
or
man-made
disasters,
including
the
COVID-19
pandemic,
may
have
on
the
ability
of
our
employees
and
third-party
service
providers
to
continue
ordinary
business
operations
and
technology
functions
over
near-
or
longer-term
periods.
Passive
Investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
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
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
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
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
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
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
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
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
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
Funds.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
Strategic
Beta
ETFs
|
Semiannual
Report
2021
31
Pursuant
to
Rule
22e-4
under
the
1940
Act,
each
Fund
has
adopted
a
liquidity
risk
management
program
(the
Program).
The
Program’s
principal
objectives
include
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk.
Liquidity
risk
is
defined
as
the
risk
that
the
Fund
could
not
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
The
Board
has
appointed
the
Investment
Manager
as
the
program
administrator
for
each
Fund’s
Program.
The
Investment
Manager
has
delegated
oversight
of
the
Program
to
its
Liquidity
Risk
Management
Committee
(the
Committee).
At
a
board
meeting
during
the
fiscal
period,
the
Committee
provided
the
Board
with
a
report
addressing
the
operations
of
the
program
and
assessing
its
adequacy
and
effectiveness
of
implementation
for
the
period
January
1,
2020,
through
December
31,
2020,
including:
There
can
be
no
assurance
that
the
Program
will
achieve
its
objectives
in
the
future.
Please
refer
to
the
Fund’s
prospectus
for
more
information
regarding
the
Fund’s
exposure
to
liquidity
risk
and
other
principal
risks
to
which
an
investment
in
the
Fund
may
be
subject.
the
Fund
had
sufficient
liquidity
to
both
meet
redemptions
and
operate
effectively
on
behalf
of
shareholders;
there
were
no
material
changes
to
the
Program
during
the
period;
the
implementation
of
the
Program
was
effective
to
manage
the
Fund’s
liquidity
risk;
and
the
Program
operated
adequately
during
the
period.
RESULTS
OF
MEETING
OF
SHAREHOLDERS
April
30,
2021
32
Strategic
Beta
ETFs
|
Semiannual
Report
2021
At
a
Joint
Special
Meeting
of
Shareholders
held
on
December
22,
2020,
shareholders
of
Columbia
ETF
Trust
I
elected
each
of
the
seventeen
nominees
for
the
trustees
to
the
Board
of
Trustees
of
Columbia
ETF
Trust
I,
each
to
hold
office
until
he
or
she
dies,
retires,
resigns
or
is
removed
or,
if
sooner,
until
the
election
and
qualification
of
his
or
her
successor,
as
follows:
Trustee
Votes
for
Votes
withheld
Abstentions
George
S.
Batejan
598,073,026
3,780,328
0
Kathleen
Blatz
597,509,473
4,343,881
0
Pamela
G.
Carlton
597,354,783
4,498,571
0
Janet
Langford
Carrig
597,508,397
4,344,956
0
J.
Kevin
Connaughton
598,072,088
3,781,265
0
Olive
M.
Darragh
597,289,418
4,563,936
0
Patricia
M.
Flynn
597,574,031
4,279,322
0
Brian
J.
Gallagher
598,006,476
3,846,878
0
Douglas
A.
Hacker
598,028,149
3,825,205
0
Nancy
T.
Lukitsh
597,508,424
4,344,929
0
David
M.
Moffett
598,028,122
3,825,231
0
Catherine
James
Paglia
597,742,264
4,111,090
0
Anthony
M.
Santomero
597,926,806
3,926,548
0
Minor
M.
Shaw
597,815,282
4,038,071
0
Natalie
A.
Trunow
597,768,688
4,084,665
0
Sandra
Yeager
597,742,264
4,111,090
0
Christopher
O.
Petersen
598,028,149
3,825,205
0
ADDITIONAL
INFORMATION
Strategic
Beta
ETFs
|
Semiannual
Report
2021
33
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
each
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
Each
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
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Funds
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)
225
Franklin
Street
Boston,
MA
02110
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.
Columbia
ETF
Trust
I
225
Franklin
Street
Boston,
MA
02110
SAR305_10_L01_(06/21)
CET001311
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.
©
2021
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a

 

date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b)Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940(17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly

authorized.

 

 

(registrant)

 

Columbia ETF Trust I

By (Signature and Title)

/s/ Daniel J. Beckman

 

 

 

 

Daniel J. Beckman, President and Principal Executive Officer

Date

 

June 22, 2021

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Daniel J. Beckman

 

 

 

Daniel J. Beckman, President and Principal Executive Officer

Date

 

June 22, 2021

 

By (Signature and Title)

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer, Principal Financial Officer

 

 

and Senior Vice President

Date

 

June 22, 2021

 

By (Signature and Title)

/s/ Marybeth Pilat

 

 

Marybeth Pilat, Treasurer, Chief Accounting Officer and Principal

 

 

Financial Officer

Date

 

June 22, 2021

 


EX-99.CERT 2 f9283d2.htm SECTION 302 CERTIFICATION

I, Daniel J. Beckman, certify that:

1.I have reviewed this report on Form N-CSR of Columbia ETF Trust I;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 22, 2021

/s/ Daniel J. Beckman

 

 

Daniel J. Beckman, President and Principal

 

Executive Officer

I, Michael G. Clarke, certify that:

1.I have reviewed this report on Form N-CSR of Columbia ETF Trust I;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 22, 2021

 

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer,

 

Principal Financial Officer and Senior Vice

 

President

I, Marybeth Pilat, certify that:

1.I have reviewed this report on Form N-CSR of Columbia ETF Trust I;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control

 

over financial reporting to be designed under our supervision, to provide reasonable

 

assurance regarding the reliability of financial reporting and the preparation of financial

 

statements for external purposes in accordance with generally accepted accounting

 

principles;

(c )

evaluated the effectiveness of the registrant's disclosure controls and procedures and

 

presented in this report our conclusions about the effectiveness of the disclosure controls

 

and procedures, as of a date within 90 days prior to the filing date of this report based on

 

such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 22, 2021

 

/s/ Marybeth Pilat

 

 

 

Marybeth Pilat, Treasurer, Chief Accounting

 

Officer and Principal Financial Officer


EX-99.906 CERT 3 f9283d3.htm SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia ETF Trust I (the "Trust") on Form N- CSR for the period ending April 30, 2021 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date:

June 22, 2021

/s/ Daniel J. Beckman

 

 

Daniel J. Beckman, President and Principal

 

 

Executive Officer

Date:

June 22, 2021

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer,

 

 

Principal Financial Officer and Senior Vice

 

 

President

Date:

June 22, 2021

/s/ Marybeth Pilat

 

 

Marybeth Pilat, Treasurer, Chief Accounting

 

 

Officer and Principal Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.