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) 

290 Congress Street 

Boston, MA 02210 

(Address of principal executive offices) (Zip code) 

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

(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, 2023 

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

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

STRATEGIC

BETA

ETFs

SEMIANNUAL

REPORT

April

30,

2023

(Unaudited)

Columbia

International

ESG

Equity

Income

ETF

Columbia

U.S.

ESG

Equity

Income

ETF

Strategic

Beta

ETFs

|

Semiannual

Report

2023

TABLE

OF

CONTENTS

Columbia

International

ESG

Equity

Income

ETF

Fund

at

a

Glance

3

Columbia

U.S.

ESG

Equity

Income

ETF

Fund

at

a

Glance

5

Understanding

Your

Fund’s

Expenses

7

Portfolio

of

Investments

8

Statement

of

Assets

and

Liabilities

14

Statement

of

Operations

15

Statement

of

Changes

in

Net

Assets

16

Financial

Highlights

17

Notes

to

Financial

Statements

19

Liquidity

Risk

Management

Program

28

Additional

Information

29

FUND

AT

A

GLANCE

Columbia

International

ESG

Equity

Income

ETF

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

International

ESG

Equity

Income

ETF

(the

Fund)

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

International

ESG

Equity

Income

Index

(Net).

*

The

Life

of

the

Fund

Index

performance

for

the

Beta

Advantage®

Sustainable

International

Equity

Income

100

Index

(Net)

is

for

the

period

from

June

13,

2016

through

October

14,

2022

and

the

Life

of

the

Fund

Index

Performance

for

the

Beta

Advantage®

International

ESG

Equity

Income

Index

(Net)

is

for

the

period

from

October

14,

2022

through

April

30,

2023.

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.

Effective

October

14,

2022

(Index

Change

Date),

Columbia

International

ESG

Equity

Income

ETF

compares

its

performance

to

that

of

the

Beta

Advantage

®

International

ESG

Equity

Income

Index

(the

New

Index).

Prior

to

the

Index

Change

Date,

the

Fund

tracked

and

compared

its

performance

to

that

of

the

Beta

Advantage

®

Sustainable

International

Equity

Income

100

Index

(the

Former

Index).

The

Fund’s

investment

manager

believes

that

the

New

Index

provides

a

more

appropriate

basis

for

comparing

the

Fund’s

performance

in

light

of

the

changes

made

to

the

Fund’s

name,

tracked

index,

Investment

Objective

and

Principal

Investment

Strategies.

The

returns

of

the

Former

Index

will

be

shown

for

a

one-year

transition

period.

Also,

prior

to

the

Index

Change

Date,

the

Fund

compared

its

performance

to

the

MSCI

World

ex

USA

Value

Index,

which

changed

to

the

MSCI

EAFE

Value

Index,

effective

the

Index

Change

Date.

The

Fund’s

performance

prior

to

October

14,

2022

(Index

Change

Date)

reflects

returns

achieved

according

to

different

principal

investment

strategies.

If

the

Fund’s

strategies

effective

at

the

Index

Change

Date

had

been

in

place

for

the

prior

periods,

result

shown

may

have

been

different.

The

Beta

Advantage

®

International

ESG

Equity

Income

Index

(the

New

Index)

aims

to

provide

exposures

to

companies

that

can

offer

reliable

equity

and

income,

attractive

total

return

potential,

and

includes

companies

with

favorable

ESG

Materiality

ratings

based

on

Columbia

Threadneedle’s

proprietary

ESG

Materiality

(ESGM)

Ratings.

The

Index’s

premise

is

that

companies

that

lead

and

report

on

the

most

material

industry

ESG

factors,

such

as

environmental,

social

capital,

human

capital,

business

model

and

innovation,

and

leadership

and

governance,

relative

to

their

industry

peers,

should

be

well-positioned

to

build

competitive

advantage

and

sustain

their

long-term

future.

The

Index,

which

implements

a

rules-based

framework,

will

generally

consist

of

100

constituents

from

the

MSCI

EAFE

Index

(the

Investment

Universe)

in

order

to

meet

this

objective.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

Months

cumulative

1

Year

5

Years

Life

Market

Price

06/13/16

24.36

9.08

2.77

6.69

Net

Asset

Value

06/13/16

24.45

8.61

2.25

5.97

{

Beta

Advantage

}

®

International

ESG

Equity

Income

Index

(Net)

25.02

N/A

N/A

32.10*

MSCI

EAFE

Value

Index

(Net)

22.90

8.38

1.78

5.68

{

Beta

Advantage

}

®

Sustainable

International

Equity

Income

100

Index

(Net)

26.41

9.02

2.81

2.56*

MSCI

World

ex

USA

Value

Index

(Net)

21.10

6.70

2.24

5.91

FUND

AT

A

GLANCE

(continued)

Columbia

International

ESG

Equity

Income

ETF

(Unaudited)

4

Strategic

Beta

ETFs

|

Semiannual

Report

2023

The

Beta

Advantage®

Sustainable

International

Equity

Income

100

Index

(Net)

(the

Former

Index)

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,

Inc.

The

MSCI

EAFE

Value

Index

(Net)

is

a

subset

of

the

MSCI

EAFE

Index

(Net),

and

constituents

of

the

index

include

securities

from

Europe,

Australasia

and

the

Far

East.

The

index

generally

represents

approximately

50%

of

the

free

float-adjusted

market

capitalization

of

the

MSCI

EAFE

Index

(Net)

and

consists

of

those

securities

classified

by

MSCI

Inc.

as

most

representing

the

value

style,

such

as,

higher

book

value-to-price

ratios,

higher

forward

earnings-to-price

ratios,

higher

dividend

yields

and

lower

forecasted

growth

rates

than

securities

representing

the

growth

style.

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®

International

ESG

Equity

Income

100

Index

(Net),

the

MSCI

EAFE

Value

Index

(Net),

the

Beta

Advantage®

Sustainable

International

Equity

Income

100

Index

(Net)

and

the

MSCI

World

ex

USA

Value

Index

(Net)

all

of

which

reflect

reinvested

dividends

net

of

withholding

taxes)

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Country

breakdown

(%)

(at

April

30,

2023

)

Austria

0.4

Belgium

0.3

Denmark

2.4

Finland

1.7

Germany

23.1

Hong

Kong

2.2

Italy

3.9

Japan

41.9

Netherlands

6.4

Norway

1.9

Spain

5.4

Sweden

6.1

Switzerland

0.9

United

Kingdom

2.9

United

States

(a)

0.5

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,

2023)

Industrials

25

.9

Financials

19

.2

Information

Technology

12

.0

Communication

Services

11

.9

Utilities

10

.2

Energy

7

.5

Health

Care

4

.2

Consumer

Staples

2

.9

Consumer

Discretionary

2

.8

Materials

2

.5

Real

Estate

0

.9

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

U.S.

ESG

Equity

Income

ETF

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

U.S.

ESG

Equity

Income

ETF

(the

Fund)

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

U.S.

ESG

Equity

Income

Index.

*

The

Life

of

the

Fund

Index

performance

for

the

Beta

Advantage

®

Sustainable

U.S.

Equity

Income

100

Index

is

for

the

period

from

June

13,

2016

through

October

14,

2022

and

the

Life

of

the

Fund

Index

Performance

for

the

Beta

Advantage

®

U.S.

ESG

Equity

Income

Index

is

for

the

period

from

October

14,

2022

through

April

30,

2023.

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.

Effective

October

14,

2022

(Index

Change

Date),

Columbia

U.S.

ESG

Equity

Income

ETF

compares

its

performance

to

that

of

the

Beta

Advantage

®

U.S.

ESG

Equity

Income

Index

(the

New

Index).

Prior

to

the

Index

Change

Date,

the

Fund

tracked

and

compared

its

performance

to

that

of

the

Beta

Advantage

®

Sustainable

U.S.

Equity

Income

100

Index

(the

Former

Index).

The

Fund’s

investment

manager

believes

that

the

New

Index

provides

a

more

appropriate

basis

for

comparing

the

Fund’s

performance

in

light

of

the

changes

made

to

the

Fund’s

name,

tracked

index,

Investment

Objective

and

Principal

Investment

Strategies.

The

returns

of

the

Former

Index

will

be

shown

for

a

one-year

transition

period.

The

Fund’s

performance

prior

to

October

14,

2022

(Index

Change

Date)

reflects

returns

achieved

according

to

different

principal

investment

strategies.

If

the

Fund’s

strategies

effective

at

the

Index

Change

Date

had

been

in

place

for

the

prior

periods,

result

shown

may

have

been

different.

The

Beta

Advantage

®

U.S.

ESG

Equity

Income

Index

(the

New

Index)

aims

to

provide

exposures

to

companies

which

can

offer

reliable

equity

income,

attractive

total

return

potential,

and

includes

companies

with

favorable

ESG

Materiality

ratings

based

on

Columbia

Threadneedle’s

proprietary

ESG

Materiality

Ratings.

The

Index’s

premise

is

that

companies

that

lead

and

report

on

the

most

material

industry

ESG

factors,

such

as

environmental,

social

capital,

human

capital,

business

model

and

innovation,

and

leadership

and

governance,

relative

to

their

industry

peers,

should

be

well-positioned

to

build

competitive

advantage

and

sustain

their

long-term

future.

The

Index,

which

implements

a

rules-based

framework,

will

generally

consist

of

100

constituents

from

the

MSCI

USA

Index

(the

Investment

Universe)

in

order

to

meet

this

objective.

The

Beta

Advantage

®

Sustainable

U.S.

Equity

Income

100

Index

(the

Former

Index)

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,

Inc.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

Months

cumulative

1

Year

5

Years

Life

Market

Price

06/13/16

5.11

4.27

9.24

11.64

Net

Asset

Value

06/13/16

5.21

4.20

9.20

11.57

{

Beta

Advantage

}

®

U.S.

ESG

Equity

Income

Index

5.41

N/A

N/A

12.73*

MSCI

USA

Value

Index

2.38

0.32

7.80

8.93

{

Beta

Advantage

}

®

Sustainable

U.S.

Equity

Income

100

Index

2.00

0.20

8.67

10.97*

FUND

AT

A

GLANCE

(continued)

Columbia

U.S.

ESG

Equity

Income

ETF

(Unaudited)

6

Strategic

Beta

ETFs

|

Semiannual

Report

2023

The

MSCI

USA

Value

Index

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.

Portfolio

breakdown

(%)

(at

April

30,

2023

)

Common

Stocks

98.9

Exchange-Traded

Equity

Funds

0.7

Money

Market

Funds

0.4

Total

Investments

100.0

Percentages

indicated

are

based

upon

total

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

Equity

sector

breakdown

(%)

(at

April

30,

2023)

Consumer

Staples

23

.3

Financials

18

.4

Information

Technology

16

.1

Industrials

15

.4

Energy

9

.4

Communication

Services

7

.6

Utilities

5

.4

Consumer

Discretionary

2

.6

Materials

1

.0

Health

Care

0

.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

2023

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,

2023.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

Fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

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,

2022

—

April

30,

2023

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

International

ESG

Equity

Income

ETF

1,000.00

1,000.00

1,244.50

1,022.56

2.50

2.26

0.45

Columbia

U.S.

ESG

Equity

Income

ETF

1,000.00

1,000.00

1,052.10

1,023.06

1.78

1.76

0.35

PORTFOLIO

OF

INVESTMENTS

Columbia

International

ESG

Equity

Income

ETF

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

8

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Common

Stocks

98

.6

%

Issuer

Shares

Value

($)

Austria  0.4%

Verbund

AG

335

29,920

Belgium  0.3%

Ageas

SA/NV

456

20,333

Denmark  2.4%

AP

Moller

-

Maersk

A/S

Class

B

13

23,482

Coloplast

A/S

Class

B

398

57,360

Novozymes

A/S

Class

B

610

31,750

Orsted

AS

(a)

562

50,495

Total

163,087

Finland  1.7%

Nokia

OYJ

15,733

66,732

UPM-Kymmene

OYJ

1,551

49,486

Total

116,218

Germany  22.8%

Allianz

SE

1,202

301,827

Brenntag

SE

447

36,410

Deutsche

Post

AG

2,883

138,516

Deutsche

Telekom

AG

9,629

232,593

E.ON

SE

6,600

87,473

GEA

Group

AG

473

22,214

Knorr-Bremse

AG

197

13,797

Merck

KGaA

(b)

385

69,090

SAP

SE

2,479

336,244

Siemens

AG

1,879

308,880

Total

1,547,044

Hong

Kong  2.2%

Hong

Kong

Exchanges

&

Clearing

Ltd.

3,556

146,772

Italy  3.8%

Enel

SpA

22,907

156,768

Eni

SpA

6,728

102,101

Total

258,869

Japan  41.5%

Advantest

Corp.

545

42,186

Aisin

Corp.

402

11,735

Astellas

Pharma,

Inc.

5,224

78,572

Capcom

Co.

Ltd.

487

18,276

Chubu

Electric

Power

Co.,

Inc.

1,859

20,738

Concordia

Financial

Group

Ltd.

2,742

10,331

Dai-ichi

Life

Holdings,

Inc.

2,728

50,377

Daito

Trust

Construction

Co.

Ltd.

175

16,541

Denso

Corp.

1,153

69,020

ENEOS

Holdings,

Inc.

7,806

27,632

FUJIFILM

Holdings

Corp.

1,004

52,056

Hirose

Electric

Co.

Ltd.

88

11,814

Hitachi

Construction

Machinery

Co.

Ltd.

306

7,483

Hitachi

Ltd.

2,661

146,275

Ibiden

Co.

Ltd.

305

11,916

ITOCHU

Corp.

3,534

116,585

Itochu

Techno-Solutions

Corp.

253

6,531

Japan

Post

Holdings

Co.

Ltd.

6,374

52,335

Japan

Post

Insurance

Co.

Ltd.

563

9,092

KDDI

Corp.

4,334

135,210

Koito

Manufacturing

Co.

Ltd.

586

11,254

Komatsu

Ltd.

2,601

63,877

Konami

Group

Corp.

284

13,953

Lixil

Corp.

812

12,714

Marubeni

Corp.

4,500

63,452

Mitsubishi

Corp.

3,593

132,411

Mitsubishi

Estate

Co.

Ltd.

3,095

38,004

Mitsubishi

Heavy

Industries

Ltd.

866

32,607

Mitsui

&

Co.

Ltd.

4,046

125,660

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Mizuho

Financial

Group,

Inc.

6,965

100,512

MS&AD

Insurance

Group

Holdings,

Inc.

1,182

38,586

Murata

Manufacturing

Co.

Ltd.

1,555

89,989

NEC

Corp.

710

27,166

Nippon

Telegraph

&

Telephone

Corp.

6,328

192,817

Nitto

Denko

Corp.

425

27,342

Nomura

Real

Estate

Holdings,

Inc.

320

7,932

Ono

Pharmaceutical

Co.

Ltd.

1,042

20,998

ORIX

Corp.

3,467

58,562

Osaka

Gas

Co.

Ltd.

1,036

17,149

Panasonic

Holdings

Corp.

6,273

58,669

SCSK

Corp.

427

6,422

Seven

&

i

Holdings

Co.

Ltd.

2,082

93,959

SoftBank

Corp.

8,333

93,724

Sompo

Holdings,

Inc.

851

35,330

Sumitomo

Chemical

Co.

Ltd.

4,018

13,515

Sumitomo

Corp.

3,329

59,336

Sumitomo

Mitsui

Financial

Group,

Inc.

3,812

155,347

Sumitomo

Mitsui

Trust

Holdings,

Inc.

936

33,607

Terumo

Corp.

1,788

53,260

Tokio

Marine

Holdings,

Inc.

5,178

103,435

Tokyo

Gas

Co.

Ltd.

1,107

22,690

Toshiba

Corp.

1,195

38,615

Toyota

Tsusho

Corp.

571

23,525

Trend

Micro,

Inc.

394

19,155

USS

Co.

Ltd.

587

9,820

Z

Holdings

Corp.

7,799

21,227

Total

2,811,326

Netherlands  6.3%

Akzo

Nobel

NV

520

43,136

Koninklijke

Ahold

Delhaize

NV

2,803

96,611

Shell

PLC

9,381

289,114

Total

428,861

Norway  1.9%

DNB

Bank

ASA

2,663

46,629

Equinor

ASA

2,801

79,908

Total

126,537

Spain  5.4%

Enagas

SA

677

13,569

Endesa

SA

943

21,207

Iberdrola

SA

18,947

246,407

Naturgy

Energy

Group

SA

372

11,622

Telefonica

SA

15,296

69,658

Total

362,463

Sweden  6.1%

Assa

Abloy

AB

Class

B

2,895

68,838

Atlas

Copco

AB

Class

B

4,502

57,629

Epiroc

AB

Class

B

1,117

19,177

H

&

M

Hennes

&

Mauritz

AB

Class

B

1,934

28,260

Hexagon

AB

Class

B

6,058

69,012

Husqvarna

AB

Class

B

1,227

10,563

Tele2

AB

Class

B

1,587

16,857

Telefonaktiebolaget

LM

Ericsson

Class

B

8,652

47,548

Volvo

AB

Class

B

4,455

91,556

Total

409,440

Switzerland  0.9%

Kuehne

+

Nagel

International

AG

151

44,772

Temenos

AG

188

15,774

Total

60,546

United

Kingdom  2.9%

Ashtead

Group

PLC

1,282

73,751

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

International

ESG

Equity

Income

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

9

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Lloyds

Banking

Group

PLC

197,678

119,758

Total

193,509

Total

Common

Stocks

(Cost

$5,873,370)

6,674,925

Money

Market

Funds

0

.5

%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.462%

(c)

33,910

33,910

Total

Money

Market

Funds

(Cost

$33,910)

33,910

Total

Investments

in

Securities

(Cost

$5,907,280)

6,708,835

Other

Assets

&

Liabilities,

Net

63,966

Net

Assets

6,772,801

(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,

2023,

the

total

value

of

these

securities

amounted

to

$50,495,

which

represents

0.75%

of

total

net

assets.

(b)

Non-income

producing

investment.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2023.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

International

ESG

Equity

Income

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Fair

Value

Measurements

(continued)

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Austria

29,920

–

–

29,920

Belgium

20,333

–

–

20,333

Denmark

163,087

–

–

163,087

Finland

116,218

–

–

116,218

Germany

1,547,044

–

–

1,547,044

Hong

Kong

146,772

–

–

146,772

Italy

258,869

–

–

258,869

Japan

2,811,326

–

–

2,811,326

Netherlands

428,861

–

–

428,861

Norway

126,537

–

–

126,537

Spain

362,463

–

–

362,463

Sweden

409,440

–

–

409,440

Switzerland

60,546

–

–

60,546

United

Kingdom

193,509

–

–

193,509

Total

Common

Stocks

6,674,925

–

–

6,674,925

Money

Market

Funds

33,910

–

–

33,910

Total

Investments

in

Securities

6,708,835

–

–

6,708,835

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

U.S.

ESG

Equity

Income

ETF

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

11

Common

Stocks

98.8%

Issuer

Shares

Value

($)

Communication

Services  7.5%

Diversified

Telecommunication

Services

3.6%

Verizon

Communications,

Inc.

46,845

1,818,991

Media

3.9%

Comcast

Corp.

Class

A

46,559

1,926,146

Fox

Corp.

Class

B

1,507

46,024

Total

1,972,170

Total

Communication

Services

3,791,161

Consumer

Discretionary  2.5%

Automobile

Components

0.4%

BorgWarner,

Inc.

2,596

124,946

Lear

Corp.

659

84,128

Total

209,074

Broadline

Retail

0.5%

eBay,

Inc.

6,042

280,530

Distributors

0.3%

Pool

Corp.

423

148,608

Hotels,

Restaurants

&

Leisure

0.2%

Vail

Resorts,

Inc.

446

107,272

Specialty

Retail

1.1%

Advance

Auto

Parts,

Inc.

656

82,348

Best

Buy

Co.,

Inc.

2,197

163,720

Tractor

Supply

Co.

1,228

292,755

Total

538,823

Total

Consumer

Discretionary

1,284,307

Consumer

Staples  23.0%

Beverages

10.9%

Coca-Cola

Co.

(The)

39,359

2,524,880

Keurig

Dr

Pepper,

Inc.

9,804

320,591

Molson

Coors

Beverage

Co.

Class

B

2,212

131,569

PepsiCo,

Inc.

13,344

2,547,236

Total

5,524,276

Consumer

Staples

Distribution

2.3%

Kroger

Co.

(The)

7,926

385,441

Target

Corp.

5,120

807,680

Total

1,193,121

Food

Products

2.9%

Archer-Daniels-Midland

Co.

6,055

472,774

General

Mills,

Inc.

6,558

581,236

Hormel

Foods

Corp.

3,216

130,055

Kellogg

Co.

3,779

263,661

Total

1,447,726

Household

Products

5.7%

Church

&

Dwight

Co.,

Inc.

2,713

263,487

Procter

&

Gamble

Co.

(The)

16,840

2,633,439

Total

2,896,926

Personal

Care

Products

1.2%

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

2,568

633,577

Total

Consumer

Staples

11,695,626

Energy  9.3%

Energy

Equipment

&

Services

2.2%

Halliburton

Co.

10,051

329,170

Schlumberger

NV

15,782

778,842

Total

1,108,012

Oil,

Gas

&

Consumable

Fuels

7.1%

Chevron

Corp.

13,612

2,294,711

Kinder

Morgan,

Inc.

21,905

375,671

Phillips

66

5,260

520,740

Williams

Cos.,

Inc.

(The)

13,558

410,265

Total

3,601,387

Total

Energy

4,709,399

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Financials  18.2%

Banks

1.7%

Citizens

Financial

Group,

Inc.

5,369

166,117

Regions

Financial

Corp.

10,401

189,922

Truist

Financial

Corp.

14,755

480,718

Total

836,757

Capital

Markets

6.5%

Bank

of

New

York

Mellon

Corp.

(The)

8,999

383,267

Carlyle

Group,

Inc.

(The)

2,335

70,821

CME

Group,

Inc.

3,994

741,965

Intercontinental

Exchange,

Inc.

6,156

670,573

Moody's

Corp.

2,040

638,765

Raymond

James

Financial,

Inc.

2,168

196,269

SEI

Investments

Co.

1,235

72,754

State

Street

Corp.

3,823

276,250

T

Rowe

Price

Group,

Inc.

2,448

274,984

Total

3,325,648

Consumer

Finance

2.6%

American

Express

Co.

8,291

1,337,670

Financial

Services

1.0%

Equitable

Holdings,

Inc.

4,112

106,871

Fidelity

National

Information

Services,

Inc.

6,560

385,203

Total

492,074

Insurance

6.4%

Aflac,

Inc.

6,284

438,937

American

International

Group,

Inc.

8,271

438,694

Chubb

Ltd.

4,602

927,579

Lincoln

National

Corp.

1,872

40,679

MetLife,

Inc.

7,350

450,775

Principal

Financial

Group,

Inc.

2,717

202,933

Travelers

Cos.,

Inc.

(The)

2,605

471,870

Willis

Towers

Watson

PLC

1,198

277,457

Total

3,248,924

Total

Financials

9,241,073

Health

Care  0.8%

Health

Care

Equipment

&

Supplies

0.2%

DENTSPLY

SIRONA,

Inc.

2,375

99,584

Health

Care

Providers

&

Services

0.6%

AmerisourceBergen

Corp.

1,880

313,678

Total

Health

Care

413,262

Industrials  15.2%

Aerospace

&

Defense

0.8%

L3Harris

Technologies,

Inc.

2,115

412,742

Air

Freight

&

Logistics

4.7%

CH

Robinson

Worldwide,

Inc.

1,301

131,232

Expeditors

International

of

Washington,

Inc.

1,765

200,928

FedEx

Corp.

2,580

587,672

United

Parcel

Service,

Inc.

Class

B

8,138

1,463,294

Total

2,383,126

Building

Products

1.5%

A

O

Smith

Corp.

1,392

95,060

Fortune

Brands

Innovations,

Inc.

1,418

91,730

Johnson

Controls

International

PLC

7,616

455,741

Owens

Corning

1,005

107,344

Total

749,875

Commercial

Services

&

Supplies

0.9%

Cintas

Corp.

965

439,818

Electrical

Equipment

1.0%

Emerson

Electric

Co.

6,353

528,951

Industrial

Conglomerates

1.3%

3M

Co.

6,135

651,660

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

ESG

Equity

Income

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Machinery

2.6%

Cummins,

Inc.

1,547

363,607

Dover

Corp.

1,551

226,694

IDEX

Corp.

839

173,103

Parker-Hannifin

Corp.

1,423

462,304

Pentair

PLC

1,827

106,112

Total

1,331,820

Professional

Services

2.4%

Automatic

Data

Processing,

Inc.

4,599

1,011,780

Booz

Allen

Hamilton

Holding

Corp.

1,450

138,794

Robert

Half

International,

Inc.

1,171

85,483

Total

1,236,057

Total

Industrials

7,734,049

Information

Technology  15.9%

Electronic

Equipment,

Instruments

&

Components

0.5%

CDW

Corp.

1,506

255,403

IT

Services

2.5%

International

Business

Machines

Corp.

10,080

1,274,213

Semiconductors

&

Semiconductor

Equipment

12.5%

Analog

Devices,

Inc.

5,623

1,011,465

Intel

Corp.

46,126

1,432,673

KLA

Corp.

1,540

595,272

Lam

Research

Corp.

1,498

785,072

Microchip

Technology,

Inc.

5,986

436,918

NXP

Semiconductors

NV

2,885

472,390

QUALCOMM,

Inc.

12,411

1,449,605

Skyworks

Solutions,

Inc.

1,767

187,125

Total

6,370,520

Technology

Hardware,

Storage

&

Peripherals

0.4%

Hewlett

Packard

Enterprise

Co.

14,244

203,974

Total

Information

Technology

8,104,110

Materials  1.0%

Containers

&

Packaging

1.0%

Amcor

PLC

16,534

181,378

Avery

Dennison

Corp.

888

154,938

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Ball

Corp.

3,473

184,694

Total

521,010

Total

Materials

521,010

Utilities  5.4%

Electric

Utilities

2.8%

Alliant

Energy

Corp.

2,796

154,171

Edison

International

4,256

313,242

Eversource

Energy

3,869

300,273

FirstEnergy

Corp.

6,381

253,964

Xcel

Energy,

Inc.

6,100

426,451

Total

1,448,101

Gas

Utilities

0.2%

UGI

Corp.

2,322

78,669

Multi-Utilities

2.4%

Consolidated

Edison,

Inc.

3,953

389,252

NiSource,

Inc.

4,511

128,383

Public

Service

Enterprise

Group,

Inc.

5,556

351,139

WEC

Energy

Group,

Inc.

3,514

337,942

Total

1,206,716

Total

Utilities

2,733,486

Total

Common

Stocks

(Cost

$46,425,970)

50,227,483

Exchange-Traded

Equity

Funds

0.7%

Issuer

Shares

Value

($)

Financials  0.7%

Financial

Select

Sector

SPDR

Fund

10,689

354,554

Total

Exchange-Traded

Equity

Funds

(Cost

$336,838)

354,554

Money

Market

Funds

0.4%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.462%

(a)

216,414

216,414

Total

Money

Market

Funds

(Cost

$216,414)

216,414

Total

Investments

in

Securities

(Cost

$46,979,222)

50,798,451

Other

Assets

&

Liabilities,

Net

58,631

Net

Assets

50,857,082

(a)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2023.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

ESG

Equity

Income

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

13

Fair

Value

Measurements

(continued)

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

3,791,161

–

–

3,791,161

Consumer

Discretionary

1,284,307

–

–

1,284,307

Consumer

Staples

11,695,626

–

–

11,695,626

Energy

4,709,399

–

–

4,709,399

Financials

9,241,073

–

–

9,241,073

Health

Care

413,262

–

–

413,262

Industrials

7,734,049

–

–

7,734,049

Information

Technology

8,104,110

–

–

8,104,110

Materials

521,010

–

–

521,010

Utilities

2,733,486

–

–

2,733,486

Total

Common

Stocks

50,227,483

–

–

50,227,483

Exchange-Traded

Equity

Funds

354,554

–

–

354,554

Money

Market

Funds

216,414

–

–

216,414

Total

Investments

in

Securities

50,798,451

–

–

50,798,451

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Columbia

International

ESG

Equity

Income

ETF

Columbia

U.S.

ESG

Equity

Income

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$5,907,280

and

$46,979,222,

respectively)

$6,708,835

$50,798,451

Foreign

currency

(cost

$7

and

$–)

7

–

Receivable

for:

Dividends

48,784

73,211

Reclaims

receivable

17,649

–

Total

assets

6,775,275

50,871,662

Liabilities

Payable

for:

Investment

management

fees

2,474

14,580

Total

liabilities

2,474

14,580

Net

assets

applicable

to

outstanding

capital

stock

$6,772,801

$50,857,082

Represented

by:

Paid-in

capital

$7,132,200

$48,435,523

Total

distributable

earnings

(loss)

(359,399)

2,421,559

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$6,772,801

$50,857,082

Shares

outstanding

250,000

1,350,000

Net

asset

value

per

share

$27.09

$37.67

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

15

Columbia

International

ESG

Equity

Income

ETF

Columbia

U.S.

ESG

Equity

Income

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$127,473

$669,008

Foreign

taxes

withheld

(18,737)

(687)

Total

income

108,736

668,321

Expenses:

Investment

management

fees

14,171

77,179

Overdraft

expense

–

20

Total

expenses

14,171

77,199

Net

Investment

Income

94,565

591,122

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

602,558

759,916

Foreign

currency

translations

736

–

Net

realized

gain

603,294

759,916

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

639,360

776,657

Foreign

currency

translations

944

–

Net

change

in

unrealized

appreciation

640,304

776,657

Net

realized

and

unrealized

gain

1,243,598

1,536,573

Net

Increase

in

net

assets

resulting

from

operations

$1,338,163

$2,127,695

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Columbia

International

ESG

Equity

Income

ETF

Columbia

U.S.

ESG

Equity

Income

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

Net

investment

income

$94,565

$189,359

$591,122

$728,029

Net

realized

gain

(loss)

603,294

(999,466)

759,916

(1,906,661)

Net

change

in

unrealized

appreciation

(depreciation)

640,304

(88,561)

776,657

2,400,148

Net

increase

(decrease)

in

net

assets

resulting

from

operations

1,338,163

(898,668)

2,127,695

1,221,516

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(62,303)

(205,543)

(566,961)

(808,579)

Shareholder

transactions

Proceeds

from

shares

sold

–

1,212,245

9,385,687

35,848,578

Cost

of

shares

redeemed

–

–

–

(1,895,913)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

–

1,212,245

9,385,687

33,952,665

Increase

in

net

assets

1,275,860

108,034

10,946,421

34,365,602

Net

Assets:

Net

assets

beginning

of

period

5,496,941

5,388,907

39,910,661

5,545,059

Net

assets

at

end

of

period

$6,772,801

$5,496,941

$50,857,082

$39,910,661

Capital

stock

activity

Shares

outstanding,

beginning

of

period

250,000

200,000

1,100,000

150,000

Subscriptions

–

50,000

250,000

1,000,000

Redemptions

–

–

–

(50,000)

Shares

outstanding,

end

of

period

250,000

250,000

1,350,000

1,100,000

FINANCIAL

HIGHLIGHTS

Columbia

International

ESG

Equity

Income

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

17

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

ratio

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

2021

2020

2019

2018

Per

share

data

Net

asset

value,

beginning

of

period

$21.99‌

$26.94‌

$21.08‌

$25.78‌

$26.68‌

$30.59‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.38‌

0.90‌

0.82‌

0.70‌

0.87‌

0.92‌

Net

realized

and

unrealized

gain

(loss)

4.97‌

(4.85‌)

5.83‌

(4.71‌)

0.50‌

(3.32‌)

Total

from

investment

operations

5.35‌

(3.95‌)

6.65‌

(4.01‌)

1.37‌

(2.40‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.25‌)

(1.00‌)

(0.79‌)

(0.69‌)

(1.01‌)

(0.94‌)

Net

realized

gains

–‌

–‌

–‌

–‌

(1.26‌)

(0.57‌)

Total

distribution

to

shareholders

(0.25‌)

(1.00‌)

(0.79‌)

(0.69‌)

(2.27‌)

(1.51‌)

Net

asset

value,

end

of

period

$27.09‌

$21.99‌

$26.94‌

$21.08‌

$25.78‌

$26.68‌

Total

Return

at

NAV

24.45‌%

(14.97‌)%

31.60‌%

(15.68‌)%

6.05‌%

(8.25‌)%

Total

Return

at

Market

24.36‌%

(15.76‌)%

32.24‌%

(15.02‌)%

8.74‌%

(9.30‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0.45‌%

0.45‌%

0.45‌%

(b)

0.45‌%

(b)

0.45‌%

(b)

0.45‌%

Total

net

expenses

(a)(c)

0.45‌%

0.45‌%

0.45‌%

(b)

0.45‌%

(b)

0.45‌%

(b)

0.45‌%

Net

investment

income

3.00‌%

3.60‌%

3.07‌%

3.08‌%

3.43‌%

3.11‌%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$6,773‌

$5,497‌

$5,389‌

$4,217‌

$5,157‌

$13,343‌

Portfolio

turnover

63‌%

177‌%

90‌%

98‌%

76‌%

82‌%

(a)

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.

(b)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c)

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

Columbia

U.S.

ESG

Equity

Income

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

2021

2020

2019

2018

Per

share

data

Net

asset

value,

beginning

of

period

$

36

.28‌

$

36

.97‌

$

25

.42‌

$

28

.60‌

$

28

.25‌

$

30

.30‌

Income

(loss)

from

investment

operations:

Net

investment

income

0

.50‌

1

.00‌

0

.86‌

0

.78‌

0

.80‌

0

.77‌

Net

realized

and

unrealized

gain

(loss)

1

.37‌

(

0

.57‌

)

(a)

11

.53‌

(

3

.15‌

)

1

.44‌

0

.64‌

Total

from

investment

operations

1

.87‌

0

.43‌

12

.39‌

(

2

.37‌

)

2

.24‌

1

.41‌

Less

distributions

to

shareholders:

Net

investment

income

(

0

.48‌

)

(

0

.88‌

)

(

0

.84‌

)

(

0

.74‌

)

(

0

.78‌

)

(

0

.75‌

)

Net

realized

gains

–‌

(

0

.24‌

)

–‌

(

0

.07‌

)

(

1

.11‌

)

(

2

.71‌

)

Total

distribution

to

shareholders

(

0

.48‌

)

(

1

.12‌

)

(

0

.84‌

)

(

0

.81‌

)

(

1

.89‌

)

(

3

.46‌

)

Net

asset

value,

end

of

period

$

37

.67‌

$

36

.28‌

$

36

.97‌

$

25

.42‌

$

28

.60‌

$

28

.25‌

Total

Return

at

NAV

5

.21‌

%

1

.22‌

%

49

.08‌

%

(

8

.18‌

)

%

9

.19‌

%

4

.35‌

%

Total

Return

at

Market

5

.11‌

%

1

.27‌

%

50

.13‌

%

(

8

.64‌

)

%

9

.04‌

%

4

.51‌

%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0

.35‌

%

(c)

0

.35‌

%

(c)

0

.35‌

%

0

.35‌

%

0

.35‌

%

(c)

0

.35‌

%

Total

net

expenses

(b)(d)

0

.35‌

%

(c)

0

.35‌

%

(c)

0

.35‌

%

0

.35‌

%

0

.35‌

%

(c)

0

.35‌

%

Net

investment

income

2

.68‌

%

2

.73‌

%

2

.55‌

%

2

.98‌

%

2

.94‌

%

2

.55‌

%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

50,857‌

$

39,911‌

$

5,545‌

$

5,084‌

$

4,291‌

$

4,239‌

Portfolio

turnover

31‌

%

167‌

%

77‌

%

77‌

%

56‌

%

61‌

%

(a)

Calculation

of

the

net

gain

(loss)

per

share

(both

realized

and

unrealized)

does

not

correlate

to

the

aggregate

realized

and

unrealized

gain

(loss)

presented

in

the

Statement

of

Operations

due

to

the

timing

of

subscriptions

and

redemptions

of

Fund

shares

in

relation

to

fluctuations

in

the

market

value

of

the

portfolio.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

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,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

19

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

International

ESG

Equity

Income

ETF

and

Columbia

U.S.

ESG

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

price

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

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

price

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

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

20

Strategic

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|

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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,

2023

(Unaudited)

Strategic

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|

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2023

21

Determination

of

net

asset

value

The

net

asset

value

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.

The

Funds

intend

to

qualify

each

year

as

separate

regulated

investment

companies

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

their

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

their

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Funds

intend

to

distribute

in

each

calendar

year

substantially

all

of

their

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Funds

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

in

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.

Recent

accounting

pronouncements

Tailored

Shareholder

Reports

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds;

Fee

Information

in

Investment

Company

Advertisements.

The

rule

and

form

amendments

will,

among

other

things,

require

the

Funds

to

transmit

concise

and

visually

engaging

shareholder

reports

that

highlight

key

information.

The

amendments

will

require

that

funds

tag

information

in

a

structured

data

format

and

that

certain

more

in-depth

information

be

made

available

online

and

available

for

delivery

free

of

charge

to

investors

on

request.

The

amendments

became

effective

January

24,

2023.

There

is

an

18-month

transition

period

after

the

effective

date

of

the

amendment.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

22

Strategic

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ETFs

|

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on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

a

percentage

of

each

Fund’s

average

daily

net

assets

as

follows:

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.

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

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,

2023,

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.

Fund

Effective

investment

management

fee

rate

(%)

Columbia

International

ESG

Equity

Income

ETF

0.45

Columbia

U.S.

ESG

Equity

Income

ETF

0.35

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

International

ESG

Equity

Income

ETF

5,907,280

923,643

(122,088)

801,555

Columbia

U.S.

ESG

Equity

Income

ETF

46,979,222

4,520,792

(701,563)

3,819,229

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

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ETFs

|

Semiannual

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2023

23

The

following

capital

loss

carryforwards,

determined

at

October

31,

2022,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

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.

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,

2023,

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,

2023,

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

Funds.

For

the

six

months

ended

April

30,

2023,

the

Funds

did

not

have

in-kind

redemptions.

Note

7.

Line

of

credit

Each

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

27,

2022

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$950

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

27,

2022

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$950

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.11448%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Fund

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Columbia

International

ESG

Equity

Income

ETF

717,900

1,094,913

1,812,813

Columbia

U.S.

ESG

Equity

Income

ETF

1,582,778

-

1,582,778

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

International

ESG

Equity

Income

ETF

3,923,522

3,940,878

Columbia

U.S.

ESG

Equity

Income

ETF

13,914,678

14,003,324

Funds

Contributions

($)

Columbia

International

ESG

Equity

Income

ETF

-

Columbia

U.S.

ESG

Equity

Income

ETF

9,371,016

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

24

Strategic

Beta

ETFs

|

Semiannual

Report

2023

No

Fund

had

borrowings

during

the

six

months

ended

April

30,

2023.

Note

8.

Significant

risks

Consumer

concentration

risk

Because

Columbia

U.S.

ESG

Equity

Income

ETF

concentrates

its

investments

in

the

discretionary/staples

sectors,

this

Fund

may

be

adversely

affected

by

increased

price

volatility

of

securities

in

those

sectors,

and

may

be

more

susceptible

to

adverse

economic,

market,

political

or

regulatory

occurrences

affecting

those

sectors.

The

performance

of

companies

in

the

consumer

discretionary/staples

sectors

is

tied

closely

to

the

performance

of

the

domestic

and

international

economy,

consumer

spending

levels,

changing

demographics

and

consumer

tastes.

Environmental,

social

and

governance

investment

research

tools

risk

The

Investment

Manager’s

proprietary

ESGM

Ratings

system

and

screens

are

subjective

(based

on

the

Investment

Manager’s

opinion)

research

tools

incorporated

into

the

Index

constituent

selection

process.

These

research

tools

may

not

operate

as

intended

and

may

cause

the

Fund

to

underperform

other

investment

strategies.

Fund

performance

will

depend

on

the

quality

and

accuracy

of

the

assumptions

and

framework

(which

may

be

amended

over

time)

on

which

these

research

tools

are

based.

Fund

performance

will

also

depend

on

the

accuracy

and

availability

of

data

that

the

research

tools

employ,

and

such

data

may

be

based

on

proprietary

research

based

on

third-party

research,

or

by

the

issuers

themselves

(which

also

may

be

based

upon

data

obtained

from

third

parties).

Any

errors

in

the

data

could

adversely

affect

these

research

tools

and

Fund

performance.

These

research

tools

depend,

in

part,

upon

subjective

selection

and

application

of

factors

and

data

inputs.

The

Investment

Manager

has

discretion

to

determine

the

data

collected

and

incorporated

into

these

research

tools,

as

well

as

in

interpreting

and

applying

the

data

used

in

these

research

tools.

It

is

not

practicable

for

these

research

tools

to

factor

in

all

available

data,

and

no

assurance

can

be

given

that

such

data

will

be

helpful

or

be

free

from

errors.

Information

the

Investment

Manager

deems

sufficient

to

calculate

a

company’s

ESGM

Rating

may

not

be

available

for

certain

companies

in

the

Index’s

starting

universe,

and

such

companies

are

then

ineligible

for

inclusion

in

the

Index.

The

inability

to

assign

an

ESGM

Rating

to

such

companies

may

also

affect

the

relative

ESGM

Ratings,

and

therefore

the

eligibility

for

inclusion

in

the

Index,

of

companies

that

are

assigned

ESGM

Ratings.

Foreign

securities

and

emerging

market

countries

risk

Investing

in

foreign

securities

may

involve

heightened

risks

relative

to

investments

in

U.S.

securities.

Investing

in

foreign

securities

subjects

the

Funds

to

the

risks

associated

with

the

issuer’s

country

of

organization

and

places

of

business

operations,

including

risks

associated

with

political,

regulatory,

economic,

social,

diplomatic

and

other

conditions

or

events

occurring

in

the

country

or

region,

which

may

result

in

significant

market

volatility.

In

addition,

certain

foreign

securities

may

be

more

volatile

and

less

liquid

than

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

International

ESG

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

International

ESG

Equity

Income

ETF

may

be

particularly

susceptible

to

risks

related

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

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

25

Asia

Pacific

Region.

Columbia

International

ESG

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

were

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.

Europe.

Columbia

International

ESG

Equity

Income

ETF

is

particularly

susceptible

to

risks

related

to

economic,

political,

regulatory

or

other

events

or

conditions,

including

acts

of

war

or

other

conflicts

in

the

region,

affecting

issuers

and

countries

in

Europe.

Countries

in

Europe

are

often

closely

connected

and

interdependent,

and

events

in

one

European

country

can

have

an

adverse

impact

on,

and

potentially

spread

to,

other

European

countries.

In

addition,

significant

private

or

public

debt

problems

in

a

single

European

Union

(EU)

country

can

pose

economic

risks

to

the

EU

as

a

whole.

As

a

result,

the

Fund’s

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

If

securities

of

issuers

in

Europe

fall

out

of

favor,

it

may

cause

the

Fund

to

underperform

other

funds

that

do

not

focus

their

investments

in

this

region

of

the

world.

Uncertainty

caused

by

the

departure

of

the

United

Kingdom

(UK)

from

the

EU,

which

occurred

in

January

2020,

could

have

negative

impacts

on

the

UK

and

EU,

as

well

as

other

European

economies

and

the

broader

global

economy.

These

could

include

negative

impacts

on

currencies

and

financial

markets

as

well

as

increased

volatility

and

illiquidity,

and

potentially

lower

economic

growth

in

markets

in

Europe,

which

could

adversely

affect

the

value

of

your

investment

in

the

Fund.

Japan

.

Columbia

International

ESG

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

net

asset

value

may

be

more

volatile

than

the

net

asset

value

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.

Industrials

sector

risk

Columbia

International

ESG

Equity

Income

ETF

is

more

susceptible

to

the

particular

risks

that

may

affect

companies

in

the

industrials

sector

than

if

it

were

invested

in

a

wider

variety

of

companies

in

unrelated

sectors.

Companies

in

the

industrials

sector

are

subject

to

certain

risks,

including

changes

in

supply

and

demand

for

their

specific

product

or

service

and

for

industrial

sector

products

in

general,

including

decline

in

demand

for

such

products

due

to

rapid

technological

developments

and

frequent

new

product

introduction.

Performance

of

such

companies

may

be

affected

by

factors

including

government

regulation,

world

events

and

economic

conditions

and

risks

for

environmental

damage

and

product

liability

claims.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

26

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Market

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’

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds’

net

asset

value.

The

large-scale

invasion

of

Ukraine

by

Russia

in

February

2022

has

resulted

in

sanctions

and

market

disruptions,

including

declines

in

regional

and

global

stock

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

counter-measures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country’s

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/or

assets

in

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Passive

investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

Index’s

investment

exposure.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

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

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Funds

are

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

27

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

(Unaudited)

28

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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,

2022,

through

December

31,

2022,

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.

ADDITIONAL

INFORMATION

Strategic

Beta

ETFs

|

Semiannual

Report

2023

29

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,

is

available

on

columbiathreadneedleus.com/etfs

or

can

also

be

obtained

without

charge,

upon

request,

by

calling

800.426.3750.

Additional

Fund

information

For

more

information

about

the

Funds,

please

visit

columbiathreadneedleus.com/etfs

or

call

800.426.3750.

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)

290

Congress

Street

Boston,

MA

02210

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

SAR271_10_N01_(06/23)

CET001792

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.

©

2023

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

STRATEGIC

BETA

ETFs

Semiannual

Report

April

30,

2023

(Unaudited)

Columbia

Diversified

Fixed

Income

Allocation

ETF

Strategic

Beta

ETFs

|

Semiannual

Report

2023

TABLE

OF

CONTENTS

Fund

at

a

Glance

3

Understanding

Your

Fund’s

Expenses

5

Portfolio

of

Investments

6

Statement

of

Assets

and

Liabilities

19

Statement

of

Operations

20

Statement

of

Changes

in

Net

Assets

21

Financial

Highlights

22

Notes

to

Financial

Statements

23

Liquidity

Risk

Management

Program

30

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

the

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

The

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund’s

Form

N-PORTs

are

available

on

the

SEC's

website

at

sec.gov.

The

Fund's

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

is

available

on

columbiathreadneedleus.com/etfs

or

can

also

be

obtained

without

charge,

upon

request,

by

calling

800.426.3750.

Additional

Fund

information

For

more

information

about

the

Fund,

please

visit

columbiathreadneedleus.com/etfs

or

call

800.426.3750.

Premium/discount

information

for

the

Fund

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager)

290

Congress

Street

Boston,

MA

02210

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

FUND

AT

A

GLANCE

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

3

Portfolio

management

Gene

Tannuzzo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2017

David

Janssen,

CFA

Portfolio

Manager

Managed

Fund

since

2017

Investment

objective

Columbia

Diversified

Fixed

Income

Allocation

ETF

(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

segments,

each

focused

on

yield,

quality,

and

liquidity

of

the

particular

eligible

segment.

The

index

will

have

exposure

to

the

following

six

segments

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

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.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

Months

cumulative

1

Year

5

Years

Life

Market

Price

10/12/17

8.47

1.11

1.56

1.02

Net

Asset

Value

10/12/17

8.35

0.02

1.55

1.00

{

Beta

Advantage®

}

Multi-Sector

Bond

Index

8.54

0.25

1.58

1.07

Bloomberg

U.S

Aggregate

Bond

Index

6.91

-0.43

1.18

0.73

FUND

AT

A

GLANCE

(continued)

(Unaudited)

4

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Quality

breakdown

(%)

(at

April

30,

2023)

AAA

rating

32.8

A

rating

0.1

BBB

rating

20.1

BB

rating

19.4

B

rating

12.0

Not

rated

15.6

Total

100.0

Percentages

indicated

are

based

upon

total

fixed

income

investments.

Bond

ratings

apply

to

the

underlying

holdings

of

the

Fund

and

not

the

Fund

itself

and

are

divided

into

categories

ranging

from

highest

to

lowest

credit

quality,

determined

by

using

the

middle

rating

of

Moody's,

S&P

and

Fitch,

after

dropping

the

highest

and

lowest

available

ratings.

When

ratings

are

available

from

only

two

rating

agencies,

the

lower

rating

is

used.

When

a

rating

is

available

from

only

one

agency,

that

rating

is

used.

If

a

security

is

not

rated

but

has

a

rating

by

Kroll

and/or

DBRS,

the

same

methodology

is

applied

to

those

bonds

that

would

otherwise

be

not

rated.

When

a

bond

is

not

rated

by

any

rating

agency,

it

is

designated

as

"Not

rated."

Credit

quality

ratings

assigned

by

a

rating

agency

are

subjective

opinions,

not

statements

of

fact,

and

are

subject

to

change,

including

daily.

The

ratings

assigned

by

credit

rating

agencies

are

but

one

of

the

considerations

that

the

Investment

Manager

and/

or

Fund's

subadviser

incorporates

into

its

credit

analysis

process,

along

with

such

other

issuer-specific

factors

as

cash

flows,

capital

structure

and

leverage

ratios,

ability

to

de-leverage

(repay)

through

free

cash

flow,

quality

of

management,

market

positioning

and

access

to

capital,

as

well

as

such

security-specific

factors

as

the

terms

of

the

security

(e.g.,

interest

rate

and

time

to

maturity)

and

the

amount

and

type

of

any

collateral.

Portfolio

breakdown

(%)

(at

April

30,

2023

)

Corporate

Bonds

43.6

Foreign

Government

Obligations

23.2

U.S.

Government

&

Agency

Obligations

13.5

U.S.

Treasury

Obligations

17.5

Money

Market

Funds

2.2

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

2023

5

As

a

shareholder

of

the

Fund,

you

incur

ongoing

costs,

including

investment

management

fees.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars

and

cents)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

examples

are

based

on

an

initial

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

period

ended

April

30,

2023.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

Fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

your

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

Fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

is

useful

in

comparing

ongoing

Fund

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expenses

are

calculated

using

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

then

multiplied

by

the

number

of

days

in

the

Fund’s

most

recent

fiscal

half-year

and

divided

by

365.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

November

1,

2022

—

April

30,

2023

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

Diversified

Fixed

Income

Allocation

ETF

1,000.00

1,000.00

1,083.50

1,023.41

1.45

1.40

0.28

PORTFOLIO

OF

INVESTMENTS

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

6

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

48

.4

%

Issue

Description

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.0%

Arconic

Corp.

6.125%,

02/15/28

(a)

390,000‌

384,828‌

Boeing

Co.

(The)

5.150%,

05/01/30

321,000‌

323,153‌

Rolls-Royce

PLC

5.750%,

10/15/27

(a)

700,000‌

698,251‌

Spirit

AeroSystems,

Inc.

9.375%,

11/30/29

(a)

500,000‌

537,627‌

Teledyne

Technologies,

Inc.

2.750%,

04/01/31

500,000‌

424,872‌

Textron,

Inc.

3.000%,

06/01/30

86,000‌

76,767‌

3.900%,

09/17/29

23,000‌

21,780‌

TransDigm,

Inc.

6.250%,

03/15/26

(a)

2,191,000‌

2,201,504‌

Total

4,668,782‌

Airlines

1.3%

Air

Canada

3.875%,

08/15/26

(a)

587,000‌

543,290‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(a)

690,000‌

677,843‌

5.750%,

04/20/29

(a)

1,993,000‌

1,895,582‌

Delta

Air

Lines,

Inc.

7.375%,

01/15/26

737,000‌

776,801‌

Hawaiian

Brand

Intellectual

Property

Ltd.

/

HawaiianMiles

Loyalty

Ltd.

5.750%,

01/20/26

(a)

550,000‌

512,233‌

Southwest

Airlines

Co.

2.625%,

02/10/30

50,000‌

42,928‌

United

Airlines,

Inc.

4.375%,

04/15/26

(a)

102,000‌

97,403‌

4.625%,

04/15/29

(a)

1,756,000‌

1,589,180‌

Total

6,135,260‌

Apartment

REIT

0.1%

Essex

Portfolio

LP

3.000%,

01/15/30

218,000‌

190,918‌

Invitation

Homes

Operating

Partnership

LP

2.000%,

08/15/31

500,000‌

385,438‌

Total

576,356‌

Automotive

1.2%

Allison

Transmission,

Inc.

3.750%,

01/30/31

(a)

240,000‌

205,085‌

Aptiv

PLC

4.350%,

03/15/29

100,000‌

97,051‌

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.250%,

05/15/26

(a)

466,000‌

463,343‌

Ford

Motor

Co.

3.250%,

02/12/32

982,000‌

759,278‌

Ford

Motor

Credit

Co.

LLC

3.375%,

11/13/25

820,000‌

761,617‌

General

Motors

Financial

Co.,

Inc.

3.600%,

06/21/30

258,000‌

225,870‌

Goodyear

Tire

&

Rubber

Co.

(The)

5.000%,

07/15/29

751,000‌

664,975‌

Lear

Corp.

4.250%,

05/15/29

100,000‌

95,540‌

Nissan

Motor

Co.

Ltd.

4.345%,

09/17/27

(a)

1,000,000‌

914,416‌

4.810%,

09/17/30

(a)

1,500,000‌

1,317,353‌

Total

5,504,528‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Banking

1.7%

Banco

Santander

SA

3.225%,

(US

1

Year

CMT

T-Note

+

1.600%),

11/22/32

(b)

600,000‌

480,817‌

Bank

of

America

Corp.

2.482%,

09/21/36

788,000‌

602,272‌

3.846%,

(US

5

Year

CMT

T-Note

+

2.000%),

03/08/37

(b)

500,000‌

431,861‌

Barclays

PLC

2.894%,

(US

1

Year

CMT

T-Note

+

1.300%),

11/24/32

(b)

700,000‌

560,162‌

Capital

One

Financial

Corp.

5.817%,

(SOFRRATE

+

2.600%),

02/01/34

(b)

500,000‌

487,573‌

Citizens

Financial

Group,

Inc.

2.638%,

09/30/32

288,000‌

213,247‌

3.250%,

04/30/30

100,000‌

84,988‌

Deutsche

Bank

AG/New

York

NY

3.729%,

01/14/32

550,000‌

414,255‌

Fifth

Third

Bancorp

4.772%,

07/28/30

302,000‌

287,747‌

HSBC

Holdings

PLC

4.762%,

(SOFRRATE

+

2.530%),

03/29/33

(b)

740,000‌

682,403‌

Huntington

Bancshares,

Inc.

2.487%,

(US

5

Year

CMT

T-Note

+

1.170%),

08/15/36

(b)

198,000‌

141,201‌

KeyCorp

Series

MTN,

2.550%,

10/01/29

138,000‌

112,399‌

Morgan

Stanley

2.484%,

(SOFRRATE

+

1.360%),

09/16/36

(b)

486,000‌

373,064‌

5.297%,

04/20/37

551,000‌

529,530‌

NatWest

Group

PLC

3.032%,

(US

5

Year

CMT

T-Note

+

2.350%),

11/28/35

(b)

500,000‌

391,190‌

Sumitomo

Mitsui

Financial

Group,

Inc.

2.142%,

09/23/30

216,000‌

175,090‌

Synchrony

Financial

5.150%,

03/19/29

85,000‌

79,340‌

UniCredit

SpA

5.459%,

06/30/35

(a)

1,252,000‌

1,064,527‌

7.296%,

04/02/34

(a)

200,000‌

191,662‌

Westpac

Banking

Corp.

2.668%,

11/15/35

499,000‌

391,589‌

Series

GMTN,

4.322%,

(USD

5

Year

Swap

+

2.236%),

11/23/31

(b)

190,000‌

180,146‌

Total

7,875,063‌

Brokerage/Asset

Managers/Exchanges

0.5%

Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

100,000‌

86,752‌

CI

Financial

Corp.

3.200%,

12/17/30

260,000‌

193,169‌

Coinbase

Global,

Inc.

3.375%,

10/01/28

(a)

255,000‌

154,062‌

3.625%,

10/01/31

(a)

450,000‌

250,714‌

Jefferies

Finance

LLC

/

JFIN

Co.-Issuer

Corp.

5.000%,

08/15/28

(a)

350,000‌

295,398‌

Jefferies

Financial

Group,

Inc.

2.750%,

10/15/32

150,000‌

119,198‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

7

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

LPL

Holdings,

Inc.

4.000%,

03/15/29

(a)

346,000‌

310,677‌

Nasdaq,

Inc.

1.650%,

01/15/31

180,000‌

143,564‌

Nomura

Holdings,

Inc.

2.679%,

07/16/30

302,000‌

248,187‌

3.103%,

01/16/30

200,000‌

171,142‌

Stifel

Financial

Corp.

4.000%,

05/15/30

180,000‌

158,746‌

Total

2,131,609‌

Building

Materials

0.6%

Builders

FirstSource,

Inc.

4.250%,

02/01/32

(a)

565,000‌

494,979‌

Martin

Marietta

Materials,

Inc.

2.400%,

07/15/31

200,000‌

166,259‌

Masco

Corp.

2.000%,

02/15/31

345,000‌

277,794‌

Owens

Corning

3.875%,

06/01/30

200,000‌

187,507‌

Standard

Industries,

Inc.

3.375%,

01/15/31

(a)

344,000‌

272,591‌

4.375%,

07/15/30

(a)

1,050,000‌

904,784‌

Vulcan

Materials

Co.

3.500%,

06/01/30

316,000‌

289,838‌

Total

2,593,752‌

Cable

and

Satellite

2.5%

Altice

Financing

SA

5.000%,

01/15/28

(a)

380,000‌

307,755‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%,

02/01/31

(a)

1,000,000‌

822,886‌

4.750%,

03/01/30

(a)

1,538,000‌

1,323,929‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.800%,

04/01/31

484,000‌

390,238‌

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.750%,

10/01/26

(a)

1,080,000‌

1,028,640‌

CSC

Holdings

LLC

4.500%,

11/15/31

(a)

1,142,000‌

799,705‌

6.500%,

02/01/29

(a)

270,000‌

225,497‌

DISH

DBS

Corp.

5.250%,

12/01/26

(a)

1,752,000‌

1,337,230‌

5.750%,

12/01/28

(a)

1,325,000‌

944,419‌

Intelsat

Jackson

Holdings

SA

6.500%,

03/15/30

(a)

1,380,000‌

1,281,831‌

LCPR

Senior

Secured

Financing

DAC

6.750%,

10/15/27

(a)

596,000‌

567,895‌

Sirius

XM

Radio,

Inc.

5.000%,

08/01/27

(a)

29,000‌

26,680‌

Telenet

Finance

Luxembourg

Notes

Sarl

5.500%,

03/01/28

(a)

200,000‌

186,427‌

UPC

Broadband

Finco

BV

4.875%,

07/15/31

(a)

800,000‌

690,995‌

Virgin

Media

Secured

Finance

PLC

5.500%,

05/15/29

(a)

940,000‌

864,398‌

VZ

Secured

Financing

BV

5.000%,

01/15/32

(a)

775,000‌

646,906‌

Ziggo

BV

4.875%,

01/15/30

(a)

350,000‌

301,144‌

Total

11,746,575‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Chemicals

0.4%

Avantor

Funding,

Inc.

4.625%,

07/15/28

(a)

776,000‌

726,544‌

Dow

Chemical

Co.

(The)

4.800%,

11/30/28

145,000‌

146,857‌

FMC

Corp.

3.450%,

10/01/29

46,000‌

42,248‌

Huntsman

International

LLC

2.950%,

06/15/31

50,000‌

41,163‌

LYB

International

Finance

III

LLC

2.250%,

10/01/30

100,000‌

82,717‌

NewMarket

Corp.

2.700%,

03/18/31

26,000‌

21,726‌

Nutrien

Ltd.

2.950%,

05/13/30

70,000‌

62,351‌

Sherwin-Williams

Co.

(The)

2.950%,

08/15/29

185,000‌

167,353‌

Tronox,

Inc.

4.625%,

03/15/29

(a)

500,000‌

415,288‌

Westlake

Corp.

3.375%,

06/15/30

114,000‌

101,052‌

Total

1,807,299‌

Construction

Machinery

0.3%

H&E

Equipment

Services,

Inc.

3.875%,

12/15/28

(a)

480,000‌

414,690‌

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/01/28

(a)

714,000‌

668,540‌

United

Rentals

North

America,

Inc.

3.875%,

02/15/31

560,000‌

492,419‌

Total

1,575,649‌

Consumer

Cyclical

Services

1.3%

ADT

Security

Corp.

(The)

4.125%,

08/01/29

(a)

772,000‌

674,506‌

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

6.625%,

07/15/26

(a)

447,000‌

430,800‌

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp./Atlas

Luxco

4

Sarl

4.625%,

06/01/28

(a)

1,008,000‌

875,769‌

Arches

Buyer,

Inc.

4.250%,

06/01/28

(a)

500,000‌

430,170‌

Block

Financial

LLC

2.500%,

07/15/28

90,000‌

77,743‌

Compass

Group

Diversified

Holdings

LLC

5.250%,

04/15/29

(a)

314,000‌

283,288‌

eBay,

Inc.

2.600%,

05/10/31

216,000‌

183,768‌

Expedia

Group,

Inc.

2.950%,

03/15/31

46,000‌

38,868‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%,

08/31/27

(a)

1,132,000‌

1,014,666‌

5.750%,

04/15/26

(a)

325,000‌

322,623‌

Realogy

Group

LLC

/

Realogy

Co.-Issuer

Corp.

5.250%,

04/15/30

(a)

408,000‌

290,940‌

Service

Corp

International

3.375%,

08/15/30

435,000‌

370,656‌

Uber

Technologies,

Inc.

4.500%,

08/15/29

(a)

500,000‌

460,874‌

8.000%,

11/01/26

(a)

500,000‌

512,772‌

Total

5,967,443‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

8

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Consumer

Products

0.4%

Coty,

Inc.

5.000%,

04/15/26

(a)

300,000‌

292,943‌

Haleon

US

Capital

LLC

3.625%,

03/24/32

1,000,000‌

917,242‌

Hasbro,

Inc.

3.900%,

11/19/29

420,000‌

385,621‌

Whirlpool

Corp.

2.400%,

05/15/31

60,000‌

49,452‌

4.750%,

02/26/29

63,000‌

62,922‌

Total

1,708,180‌

Diversified

Manufacturing

1.0%

Carlisle

Cos.,

Inc.

2.750%,

03/01/30

250,000‌

215,444‌

Carrier

Global

Corp.

2.722%,

02/15/30

605,000‌

529,662‌

Chart

Industries,

Inc.

7.500%,

01/01/30

(a)

600,000‌

618,866‌

Dover

Corp.

2.950%,

11/04/29

80,000‌

72,157‌

Flowserve

Corp.

3.500%,

10/01/30

128,000‌

113,027‌

Raytheon

Technologies

Corp.

4.125%,

11/16/28

206,000‌

203,181‌

TK

Elevator

US

Newco,

Inc.

5.250%,

07/15/27

(a)

1,094,000‌

1,022,532‌

Vertiv

Group

Corp.

4.125%,

11/15/28

(a)

600,000‌

542,097‌

WESCO

Distribution,

Inc.

7.125%,

06/15/25

(a)

360,000‌

366,022‌

7.250%,

06/15/28

(a)

857,000‌

880,785‌

Xylem,

Inc.

2.250%,

01/30/31

160,000‌

135,354‌

Total

4,699,127‌

Electric

1.8%

AES

Corp.

(The)

2.450%,

01/15/31

100,000‌

82,071‌

Ameren

Corp.

3.500%,

01/15/31

112,000‌

101,981‌

American

Electric

Power

Co.,

Inc.

Series

J,

4.300%,

12/01/28

85,000‌

83,705‌

Avangrid,

Inc.

3.800%,

06/01/29

29,000‌

27,347‌

Calpine

Corp.

4.500%,

02/15/28

(a)

751,000‌

699,542‌

5.125%,

03/15/28

(a)

395,000‌

365,960‌

Clearway

Energy

Operating

LLC

3.750%,

02/15/31

(a)

915,000‌

782,552‌

4.750%,

03/15/28

(a)

126,000‌

119,791‌

CMS

Energy

Corp.

4.750%,

(US

5

Year

CMT

T-Note

+

4.116%),

06/01/50

(b)

240,000‌

210,486‌

Dominion

Energy,

Inc.

Series

C,

2.250%,

08/15/31

500,000‌

415,175‌

4.250%,

06/01/28

38,000‌

37,192‌

Duke

Energy

Corp.

2.450%,

06/01/30

331,000‌

284,167‌

Entergy

Corp.

2.400%,

06/15/31

380,000‌

317,046‌

Eversource

Energy

Series

R,

1.650%,

08/15/30

190,000‌

154,718‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

IPALCO

Enterprises,

Inc.

4.250%,

05/01/30

140,000‌

129,935‌

NextEra

Energy

Capital

Holdings,

Inc.

1.900%,

06/15/28

500,000‌

440,501‌

2.250%,

06/01/30

95,000‌

80,731‌

NRG

Energy,

Inc.

3.625%,

02/15/31

(a)

439,000‌

355,224‌

3.875%,

02/15/32

(a)

607,000‌

489,997‌

Pacific

Gas

and

Electric

Co.

2.500%,

02/01/31

178,000‌

144,214‌

4.550%,

07/01/30

70,000‌

65,069‌

PG&E

Corp.

5.000%,

07/01/28

130,000‌

122,546‌

5.250%,

07/01/30

840,000‌

774,440‌

Public

Service

Enterprise

Group,

Inc.

1.600%,

08/15/30

200,000‌

161,888‌

Puget

Energy,

Inc.

4.100%,

06/15/30

240,000‌

224,516‌

Southern

Co.

(The)

Series

A,

3.700%,

04/30/30

342,000‌

320,530‌

Vistra

Operations

Co.

LLC

5.000%,

07/31/27

(a)

818,000‌

777,508‌

5.625%,

02/15/27

(a)

427,000‌

416,387‌

WEC

Energy

Group,

Inc.

1.800%,

10/15/30

200,000‌

163,326‌

Xcel

Energy,

Inc.

2.600%,

12/01/29

326,000‌

288,837‌

Total

8,637,382‌

Environmental

0.2%

Republic

Services,

Inc.

1.750%,

02/15/32

48,000‌

38,787‌

2.375%,

03/15/33

305,000‌

254,256‌

Waste

Connections,

Inc.

4.250%,

12/01/28

237,000‌

233,649‌

Waste

Management,

Inc.

1.150%,

03/15/28

305,000‌

263,204‌

1.500%,

03/15/31

131,000‌

106,153‌

Total

896,049‌

Finance

Companies

1.2%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%,

01/30/32

1,158,000‌

947,420‌

Air

Lease

Corp.

Series

MTN,

2.875%,

01/15/32

448,000‌

367,256‌

Aon

Corp.

2.800%,

05/15/30

400,000‌

353,226‌

Blackstone

Secured

Lending

Fund

2.850%,

09/30/28

150,000‌

123,425‌

First

American

Financial

Corp.

4.000%,

05/15/30

100,000‌

90,975‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.500%,

05/01/28

(a)

420,000‌

385,370‌

GATX

Corp.

4.700%,

04/01/29

86,000‌

84,521‌

Global

Aircraft

Leasing

Co.

Ltd.

6.500%,

09/15/24

(a),(c)

596,049‌

532,105‌

Midcap

Financial

Issuer

Trust

6.500%,

05/01/28

(a)

400,000‌

360,833‌

OneMain

Finance

Corp.

7.125%,

03/15/26

1,391,000‌

1,354,823‌

Rocket

Mortgage

LLC

5.250%,

01/15/28

(a)

435,000‌

409,796‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

9

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

3.875%,

03/01/31

(a)

500,000‌

404,327‌

Total

5,414,077‌

Food

and

Beverage

1.4%

Anheuser-Busch

InBev

Worldwide,

Inc.

3.500%,

06/01/30

24,000‌

22,845‌

Aramark

Services,

Inc.

5.000%,

02/01/28

(a)

483,000‌

459,431‌

Campbell

Soup

Co.

2.375%,

04/24/30

49,000‌

42,144‌

Constellation

Brands,

Inc.

3.150%,

08/01/29

369,000‌

339,421‌

Darling

Ingredients,

Inc.

6.000%,

06/15/30

(a)

300,000‌

296,878‌

Flowers

Foods,

Inc.

2.400%,

03/15/31

120,000‌

100,260‌

General

Mills,

Inc.

4.200%,

04/17/28

30,000‌

29,839‌

Ingredion,

Inc.

2.900%,

06/01/30

55,000‌

48,360‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

5.500%,

01/15/30

(a)

472,000‌

451,035‌

5.750%,

04/01/33

(a)

240,000‌

230,263‌

JM

Smucker

Co.

(The)

2.375%,

03/15/30

245,000‌

212,290‌

Keurig

Dr

Pepper,

Inc.

4.050%,

04/15/32

350,000‌

332,818‌

Kraft

Heinz

Foods

Co.

3.750%,

04/01/30

275,000‌

261,036‌

Lamb

Weston

Holdings,

Inc.

4.125%,

01/31/30

(a)

630,000‌

576,906‌

McCormick

&

Co.,

Inc.

1.850%,

02/15/31

45,000‌

36,657‌

2.500%,

04/15/30

129,000‌

111,742‌

Mondelez

International,

Inc.

2.750%,

04/13/30

187,000‌

166,048‌

Performance

Food

Group,

Inc.

4.250%,

08/01/29

(a)

100,000‌

90,919‌

5.500%,

10/15/27

(a)

767,000‌

751,751‌

Pilgrim's

Pride

Corp.

3.500%,

03/01/32

240,000‌

193,471‌

Post

Holdings,

Inc.

4.625%,

04/15/30

(a)

1,044,000‌

942,537‌

Sysco

Corp.

5.950%,

04/01/30

95,000‌

101,489‌

US

Foods,

Inc.

6.250%,

04/15/25

(a)

612,000‌

614,563‌

Total

6,412,703‌

Foreign

Agencies

3.5%

Comision

Federal

de

Electricidad

Series

REGS,

3.348%,

02/09/31

1,846,000‌

1,475,689‌

DP

World

Crescent

Ltd.

Series

REGS,

4.848%,

09/26/28

3,850,000‌

3,855,855‌

Ecopetrol

SA

4.625%,

11/02/31

1,376,000‌

1,030,849‌

6.875%,

04/29/30

203,000‌

181,830‌

KazMunayGas

National

Co.

JSC

Series

REGS,

4.750%,

04/19/27

200,000‌

190,327‌

Series

REGS,

5.375%,

04/24/30

1,830,000‌

1,679,175‌

Pertamina

Persero

PT

Series

REGS,

2.300%,

02/09/31

1,115,000‌

930,548‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Series

REGS,

3.650%,

07/30/29

732,000‌

687,903‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

Series

REGS,

5.450%,

05/21/28

1,100,000‌

1,123,885‌

Petroleos

Mexicanos

6.625%,

06/15/35

4,800,000‌

3,352,985‌

6.700%,

02/16/32

279,000‌

214,998‌

Power

Finance

Corp.

Ltd.

Series

REGS,

3.950%,

04/23/30

614,000‌

554,236‌

4.500%,

06/18/29

1,000,000‌

954,277‌

Total

16,232,557‌

Foreign

Government

Obligations

0.5%

Ecopetrol

SA

8.875%,

01/13/33

2,500,000‌

2,423,280‌

Gaming

2.1%

Boyd

Gaming

Corp.

4.750%,

06/15/31

(a)

500,000‌

456,291‌

Caesars

Entertainment,

Inc.

6.250%,

07/01/25

(a)

1,710,000‌

1,712,356‌

7.000%,

02/15/30

(a)

575,000‌

580,556‌

Caesars

Resort

Collection

LLC

/

CRC

Finco,

Inc.

5.750%,

07/01/25

(a)

75,000‌

75,553‌

CDI

Escrow

Issuer,

Inc.

5.750%,

04/01/30

(a)

650,000‌

626,847‌

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

4.000%,

01/15/30

201,000‌

179,551‌

Las

Vegas

Sands

Corp.

3.200%,

08/08/24

175,000‌

169,316‌

3.500%,

08/18/26

1,325,000‌

1,244,204‌

Melco

Resorts

Finance

Ltd.

5.375%,

12/04/29

(a)

1,160,000‌

961,882‌

Sands

China

Ltd.

5.900%,

08/08/28

1,780,000‌

1,729,643‌

Studio

City

Finance

Ltd.

5.000%,

01/15/29

(a)

700,000‌

547,763‌

VICI

Properties

LP

5.125%,

05/15/32

500,000‌

477,160‌

Wynn

Macau

Ltd.

5.125%,

12/15/29

(a)

846,000‌

698,447‌

5.625%,

08/26/28

(a)

200,000‌

174,461‌

Total

9,634,030‌

Health

Care

2.4%

Agilent

Technologies,

Inc.

2.300%,

03/12/31

290,000‌

244,056‌

AmerisourceBergen

Corp.

2.700%,

03/15/31

200,000‌

172,655‌

Baxter

International,

Inc.

2.539%,

02/01/32

518,000‌

426,419‌

Becton

Dickinson

and

Co.

1.957%,

02/11/31

300,000‌

247,899‌

Boston

Scientific

Corp.

2.650%,

06/01/30

59,000‌

52,174‌

CHS/Community

Health

Systems,

Inc.

5.625%,

03/15/27

(a)

83,000‌

76,641‌

8.000%,

03/15/26

(a)

130,000‌

129,103‌

Cigna

Corp.

2.400%,

03/15/30

240,000‌

207,824‌

4.375%,

10/15/28

10,000‌

9,934‌

CommonSpirit

Health

2.782%,

10/01/30

48,000‌

41,159‌

3.347%,

10/01/29

30,000‌

27,100‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

CVS

Health

Corp.

3.250%,

08/15/29

565,000‌

520,120‌

DaVita,

Inc.

3.750%,

02/15/31

(a)

1,666,000‌

1,335,330‌

4.625%,

06/01/30

(a)

508,000‌

442,717‌

DH

Europe

Finance

II

Sarl

2.600%,

11/15/29

24,000‌

21,658‌

GE

HealthCare

Technologies,

Inc.

5.905%,

11/22/32

(a)

525,000‌

561,868‌

HCA,

Inc.

3.500%,

09/01/30

425,000‌

382,457‌

Hologic,

Inc.

3.250%,

02/15/29

(a)

548,000‌

492,916‌

IQVIA,

Inc.

5.000%,

05/15/27

(a)

525,000‌

511,948‌

Laboratory

Corp.

of

America

Holdings

2.950%,

12/01/29

76,000‌

68,683‌

Medline

Borrower

LP

3.875%,

04/01/29

(a)

2,036,000‌

1,781,075‌

Ochsner

LSU

Health

System

of

North

Louisiana

Series

2021,

2.510%,

05/15/31

190,000‌

142,950‌

PerkinElmer,

Inc.

3.300%,

09/15/29

400,000‌

362,653‌

Quest

Diagnostics,

Inc.

2.800%,

06/30/31

78,000‌

68,222‌

Smith

&

Nephew

PLC

2.032%,

10/14/30

376,000‌

306,256‌

Stryker

Corp.

1.950%,

06/15/30

310,000‌

262,970‌

Tenet

Healthcare

Corp.

4.875%,

01/01/26

1,317,000‌

1,296,652‌

6.125%,

06/15/30

(a)

515,000‌

511,538‌

6.250%,

02/01/27

61,000‌

60,751‌

Universal

Health

Services,

Inc.

2.650%,

10/15/30

290,000‌

241,321‌

Total

11,007,049‌

Healthcare

Insurance

0.3%

Centene

Corp.

3.000%,

10/15/30

880,000‌

751,246‌

Elevance

Health,

Inc.

2.550%,

03/15/31

500,000‌

431,245‌

Humana,

Inc.

2.150%,

02/03/32

226,000‌

182,850‌

Total

1,365,341‌

Healthcare

REIT

0.4%

Healthcare

Realty

Holdings

LP

3.100%,

02/15/30

256,000‌

222,233‌

Healthpeak

OP

LLC

3.000%,

01/15/30

150,000‌

132,719‌

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

3.500%,

03/15/31

675,000‌

463,133‌

4.625%,

08/01/29

290,000‌

219,581‌

Omega

Healthcare

Investors,

Inc.

3.250%,

04/15/33

110,000‌

82,573‌

3.625%,

10/01/29

276,000‌

231,815‌

Physicians

Realty

LP

2.625%,

11/01/31

150,000‌

119,276‌

Ventas

Realty

LP

4.400%,

01/15/29

97,000‌

92,598‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Welltower

OP

LLC

2.800%,

06/01/31

230,000‌

193,109‌

Total

1,757,037‌

Home

Construction

0.1%

NVR,

Inc.

3.000%,

05/15/30

90,000‌

80,824‌

Realogy

Group

LLC

/

Realogy

Co.-Issuer

Corp.

5.750%,

01/15/29

(a)

400,000‌

297,083‌

Total

377,907‌

Independent

Energy

1.4%

Chesapeake

Energy

Corp.

6.750%,

04/15/29

(a)

520,000‌

514,688‌

Comstock

Resources,

Inc.

5.875%,

01/15/30

(a)

1,020,000‌

877,288‌

6.750%,

03/01/29

(a)

84,000‌

76,034‌

ConocoPhillips

4.300%,

08/15/28

76,000‌

75,566‌

Coterra

Energy,

Inc.

4.375%,

03/15/29

230,000‌

220,710‌

Devon

Energy

Corp.

4.500%,

01/15/30

224,000‌

214,635‌

Diamondback

Energy,

Inc.

3.500%,

12/01/29

206,000‌

190,723‌

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

5.750%,

01/30/28

(a)

17,000‌

16,921‌

EQT

Corp.

7.000%,

02/01/30

240,000‌

253,468‌

MEG

Energy

Corp.

7.125%,

02/01/27

(a)

26,000‌

26,642‌

Neptune

Energy

Bondco

PLC

6.625%,

05/15/25

(a)

600,000‌

592,911‌

New

Fortress

Energy,

Inc.

6.500%,

09/30/26

(a)

1,109,000‌

1,021,926‌

Occidental

Petroleum

Corp.

6.625%,

09/01/30

1,487,000‌

1,585,921‌

Pioneer

Natural

Resources

Co.

2.150%,

01/15/31

376,000‌

314,799‌

Southwestern

Energy

Co.

4.750%,

02/01/32

853,000‌

753,683‌

Total

6,735,915‌

Industy

0.0%

Otis

Worldwide

Corp.

2.565%,

02/15/30

226,000‌

198,705‌

Integrated

Energy

0.1%

New

Fortress

Energy,

Inc.

6.750%,

09/15/25

(a)

320,000‌

305,384‌

Leisure

1.1%

Carnival

Corp.

4.000%,

08/01/28

(a)

1,000,000‌

867,054‌

5.750%,

03/01/27

(a)

539,000‌

443,540‌

Carnival

Holdings

Bermuda

Ltd.

10.375%,

05/01/28

(a)

500,000‌

537,531‌

Cedar

Fair

LP

/

Canada's

Wonderland

Co.

/

Magnum

Management

Corp.

/

Millennium

Op

5.500%,

05/01/25

(a)

620,000‌

618,404‌

Life

Time,

Inc.

5.750%,

01/15/26

(a)

276,000‌

270,038‌

Live

Nation

Entertainment,

Inc.

6.500%,

05/15/27

(a)

695,000‌

699,281‌

NCL

Corp.

Ltd.

5.875%,

02/15/27

(a)

500,000‌

471,856‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

11

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Royal

Caribbean

Cruises

Ltd.

11.500%,

06/01/25

(a)

1,230,000‌

1,304,907‌

Total

5,212,611‌

Life

Insurance

0.2%

Athene

Holding

Ltd.

3.500%,

01/15/31

162,000‌

134,360‌

6.150%,

04/03/30

12,000‌

12,025‌

Corebridge

Financial,

Inc.

3.900%,

04/05/32

(a)

480,000‌

421,891‌

Globe

Life,

Inc.

2.150%,

08/15/30

200,000‌

162,942‌

Prudential

Financial,

Inc.

5.125%,

(US

5

Year

CMT

T-Note

+

3.162%),

03/01/52

(b)

420,000‌

381,754‌

Total

1,112,972‌

Lodging

0.3%

Choice

Hotels

International,

Inc.

3.700%,

01/15/31

200,000‌

177,248‌

Hilton

Domestic

Operating

Co.,

Inc.

3.625%,

02/15/32

(a)

1,311,000‌

1,118,700‌

Hyatt

Hotels

Corp.

4.375%,

09/15/28

66,000‌

63,904‌

Marriott

International,

Inc.

Series

FF,

4.625%,

06/15/30

284,000‌

275,482‌

Total

1,635,334‌

Materials

0.0%

Acuity

Brands

Lighting,

Inc.

2.150%,

12/15/30

90,000‌

73,126‌

Media

and

Entertainment

1.6%

Activision

Blizzard,

Inc.

1.350%,

09/15/30

271,000‌

220,072‌

AMC

Networks,

Inc.

4.250%,

02/15/29

335,000‌

232,182‌

Clear

Channel

Outdoor

Holdings,

Inc.

5.125%,

08/15/27

(a)

657,000‌

593,460‌

Electronic

Arts,

Inc.

1.850%,

02/15/31

240,000‌

198,652‌

Gray

Escrow

II,

Inc.

5.375%,

11/15/31

(a)

796,000‌

510,803‌

Interpublic

Group

of

Cos.,

Inc.

(The)

2.400%,

03/01/31

160,000‌

133,350‌

4.750%,

03/30/30

52,000‌

51,129‌

News

Corp.

3.875%,

05/15/29

(a)

664,000‌

589,588‌

Nexstar

Media,

Inc.

4.750%,

11/01/28

(a)

1,405,000‌

1,236,072‌

Paramount

Global

4.950%,

01/15/31

31,000‌

28,796‌

RELX

Capital,

Inc.

3.000%,

05/22/30

290,000‌

260,715‌

ROBLOX

Corp.

3.875%,

05/01/30

(a)

404,000‌

341,326‌

TEGNA,

Inc.

4.625%,

03/15/28

155,000‌

138,006‌

5.000%,

09/15/29

901,000‌

791,797‌

Univision

Communications,

Inc.

4.500%,

05/01/29

(a)

876,000‌

755,270‌

6.625%,

06/01/27

(a)

290,000‌

279,216‌

Warnermedia

Holdings,

Inc.

4.279%,

03/15/32

(a)

1,280,000‌

1,137,698‌

Total

7,498,132‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Media

Cable

0.6%

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

5.875%,

08/15/27

(a)

1,675,000‌

1,469,970‌

LCPR

Senior

Secured

Financing

DAC

5.125%,

07/15/29

(a)

300,000‌

256,905‌

Sirius

XM

Radio,

Inc.

4.000%,

07/15/28

(a)

1,416,000‌

1,196,744‌

Total

2,923,619‌

Metals

and

Mining

0.6%

Cleveland-Cliffs,

Inc.

6.750%,

03/15/26

(a)

434,000‌

441,354‌

FMG

Resources

August

2006

Pty

Ltd.

4.375%,

04/01/31

(a)

740,000‌

643,842‌

Freeport-McMoRan,

Inc.

4.625%,

08/01/30

346,000‌

329,499‌

Newmont

Corp.

2.250%,

10/01/30

174,000‌

146,712‌

Novelis

Corp.

4.750%,

01/30/30

(a)

580,000‌

524,985‌

Nucor

Corp.

2.700%,

06/01/30

99,000‌

87,505‌

Reliance

Steel

&

Aluminum

Co.

2.150%,

08/15/30

100,000‌

84,117‌

Steel

Dynamics,

Inc.

3.250%,

01/15/31

94,000‌

83,671‌

Vale

Overseas

Ltd.

3.750%,

07/08/30

334,000‌

298,483‌

Total

2,640,168‌

Midstream

2.0%

Boardwalk

Pipelines

LP

3.400%,

02/15/31

300,000‌

263,432‌

Cheniere

Energy

Partners

LP

4.000%,

03/01/31

548,000‌

489,774‌

Cheniere

Energy,

Inc.

4.625%,

10/15/28

480,000‌

458,147‌

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%,

06/15/31

(a)

750,000‌

699,240‌

DT

Midstream,

Inc.

4.125%,

06/15/29

(a)

464,000‌

411,667‌

4.375%,

06/15/31

(a)

800,000‌

696,111‌

Enbridge,

Inc.

3.125%,

11/15/29

217,000‌

197,187‌

5.700%,

03/08/33

300,000‌

311,790‌

EQM

Midstream

Partners

LP

4.750%,

01/15/31

(a)

681,000‌

560,881‌

6.500%,

07/01/27

(a)

209,000‌

203,770‌

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

8.000%,

01/15/27

368,000‌

367,313‌

ITT

Holdings

LLC

6.500%,

08/01/29

(a)

413,000‌

342,826‌

Kinder

Morgan,

Inc.

2.000%,

02/15/31

235,000‌

191,065‌

Kinetik

Holdings

LP

5.875%,

06/15/30

(a)

494,000‌

473,102‌

MPLX

LP

2.650%,

08/15/30

422,000‌

360,531‌

National

Fuel

Gas

Co.

2.950%,

03/01/31

36,000‌

29,195‌

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

7.500%,

02/01/26

(a)

738,000‌

710,430‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

ONEOK,

Inc.

4.350%,

03/15/29

8,000‌

7,651‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

3.800%,

09/15/30

236,000‌

213,432‌

Sabine

Pass

Liquefaction

LLC

4.500%,

05/15/30

88,000‌

85,304‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

4.000%,

01/15/32

468,000‌

411,207‌

TransCanada

PipeLines

Ltd.

4.250%,

05/15/28

296,000‌

289,479‌

Venture

Global

Calcasieu

Pass

LLC

3.875%,

08/15/29

(a)

125,000‌

112,536‌

4.125%,

08/15/31

(a)

1,130,000‌

1,001,317‌

Western

Midstream

Operating

LP

3.350%,

02/01/25

2,000‌

1,916‌

Williams

Cos.,

Inc.

(The)

2.600%,

03/15/31

480,000‌

407,782‌

3.500%,

11/15/30

102,000‌

93,294‌

Total

9,390,379‌

Office

REIT

0.2%

Boston

Properties

LP

3.250%,

01/30/31

346,000‌

283,061‌

Corporate

Office

Properties

LP

2.000%,

01/15/29

123,000‌

94,965‌

Highwoods

Realty

LP

2.600%,

02/01/31

136,000‌

98,938‌

Kilroy

Realty

LP

3.050%,

02/15/30

228,000‌

174,469‌

Office

Properties

Income

Trust

2.400%,

02/01/27

27,000‌

17,284‌

Piedmont

Operating

Partnership

LP

3.150%,

08/15/30

128,000‌

96,949‌

Total

765,666‌

Oil

Field

Services

0.0%

NOV,

Inc.

3.600%,

12/01/29

113,000‌

103,379‌

Other

Financial

Institutions

0.3%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

5.250%,

05/15/27

557,000‌

525,718‌

6.250%,

05/15/26

589,000‌

580,326‌

Nationstar

Mortgage

Holdings,

Inc.

5.500%,

08/15/28

(a)

370,000‌

330,176‌

Total

1,436,220‌

Other

Industry

0.2%

Coherent

Corp.

5.000%,

12/15/29

(a)

980,000‌

881,678‌

Rexford

Industrial

Realty

LP

2.125%,

12/01/30

120,000‌

97,141‌

Total

978,819‌

Other

REIT

0.6%

Broadstone

Net

Lease

LLC

2.600%,

09/15/31

68,000‌

49,965‌

Brookfield

Property

REIT,

Inc.

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL

5.750%,

05/15/26

(a)

378,000‌

342,504‌

CubeSmart

LP

2.000%,

02/15/31

98,000‌

78,032‌

Digital

Realty

Trust

LP

3.600%,

07/01/29

146,000‌

131,228‌

EPR

Properties

3.750%,

08/15/29

222,000‌

177,161‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Extra

Space

Storage

LP

2.550%,

06/01/31

240,000‌

197,986‌

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.375%,

06/15/26

(a)

262,000‌

232,344‌

Host

Hotels

&

Resorts

LP

Series

H,

3.375%,

12/15/29

258,000‌

221,155‌

Life

Storage

LP

2.200%,

10/15/30

240,000‌

197,198‌

LXP

Industrial

Trust

2.700%,

09/15/30

236,000‌

191,406‌

Safehold

GL

Holdings

LLC

2.800%,

06/15/31

110,000‌

87,194‌

Service

Properties

Trust

4.350%,

10/01/24

496,000‌

473,194‌

WP

Carey,

Inc.

2.400%,

02/01/31

300,000‌

245,454‌

Total

2,624,821‌

Other

Utility

0.1%

American

Water

Capital

Corp.

3.750%,

09/01/28

145,000‌

140,621‌

Essential

Utilities,

Inc.

2.704%,

04/15/30

300,000‌

260,588‌

Total

401,209‌

Packaging

1.0%

Amcor

Flexibles

North

America,

Inc.

2.630%,

06/19/30

260,000‌

219,197‌

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

4.000%,

09/01/29

(a)

300,000‌

244,345‌

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

4.125%,

08/15/26

(a)

800,000‌

754,367‌

Avery

Dennison

Corp.

2.650%,

04/30/30

282,000‌

241,547‌

Ball

Corp.

2.875%,

08/15/30

88,000‌

73,810‌

3.125%,

09/15/31

1,000,000‌

831,384‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI

4.750%,

02/01/26

395,000‌

386,804‌

Mauser

Packaging

Solutions

Holding

Co.

7.875%,

08/15/26

(a)

1,340,000‌

1,359,746‌

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC

4.000%,

10/15/27

(a)

665,000‌

598,446‌

Trivium

Packaging

Finance

BV

5.500%,

08/15/26

(a)

200,000‌

194,166‌

Total

4,903,812‌

Paper

0.2%

Mercer

International,

Inc.

5.125%,

02/01/29

382,000‌

319,163‌

Rayonier

LP

2.750%,

05/17/31

150,000‌

124,671‌

Suzano

Austria

GmbH

3.750%,

01/15/31

405,000‌

343,442‌

Weyerhaeuser

Co.

4.000%,

04/15/30

88,000‌

83,127‌

WRKCo,

Inc.

3.000%,

06/15/33

280,000‌

228,764‌

Total

1,099,167‌

Pharmaceuticals

1.1%

AbbVie,

Inc.

3.200%,

11/21/29

309,000‌

285,515‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

13

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Amgen,

Inc.

2.000%,

01/15/32

600,000‌

486,371‌

5.250%,

03/02/33

800,000‌

822,763‌

Biogen,

Inc.

2.250%,

05/01/30

175,000‌

148,425‌

Gilead

Sciences,

Inc.

1.650%,

10/01/30

435,000‌

359,860‌

Jazz

Securities

DAC

4.375%,

01/15/29

(a)

714,000‌

656,995‌

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(a)

600,000‌

552,097‌

5.125%,

04/30/31

(a)

1,290,000‌

1,148,239‌

Royalty

Pharma

PLC

2.200%,

09/02/30

200,000‌

164,092‌

Takeda

Pharmaceutical

Co.

Ltd.

2.050%,

03/31/30

384,000‌

326,276‌

Viatris,

Inc.

2.700%,

06/22/30

228,000‌

185,662‌

Zoetis,

Inc.

2.000%,

05/15/30

268,000‌

227,295‌

Total

5,363,590‌

Property

&

Casualty

0.3%

American

Financial

Group,

Inc.

5.250%,

04/02/30

156,000‌

158,464‌

Assurant,

Inc.

2.650%,

01/15/32

40,000‌

30,952‌

Brown

&

Brown,

Inc.

2.375%,

03/15/31

256,000‌

209,971‌

Enstar

Group

Ltd.

3.100%,

09/01/31

101,000‌

79,263‌

Fairfax

Financial

Holdings

Ltd.

3.375%,

03/03/31

300,000‌

255,223‌

Fidelity

National

Financial,

Inc.

2.450%,

03/15/31

160,000‌

130,426‌

3.400%,

06/15/30

426,000‌

376,586‌

Hanover

Insurance

Group,

Inc.

(The)

2.500%,

09/01/30

80,000‌

64,320‌

Markel

Corp.

3.350%,

09/17/29

44,000‌

40,390‌

Willis

North

America,

Inc.

4.500%,

09/15/28

121,000‌

117,827‌

Total

1,463,422‌

Railroads

0.1%

Canadian

Pacific

Railway

Co.

2.450%,

12/02/31

500,000‌

446,422‌

Real

Estate

0.1%

Alexandria

Real

Estate

Equities,

Inc.

2.000%,

05/18/32

380,000‌

292,725‌

Refining

0.1%

Marathon

Petroleum

Corp.

3.800%,

04/01/28

87,000‌

83,480‌

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

539,000‌

496,286‌

Phillips

66

Co.

3.150%,

12/15/29

(a)

120,000‌

108,219‌

Valero

Energy

Corp.

4.350%,

06/01/28

21,000‌

20,686‌

Total

708,671‌

Restaurants

0.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

3.875%,

01/15/28

(a)

120,000‌

112,470‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%,

10/15/30

(a)

2,157,000‌

1,885,638‌

Starbucks

Corp.

2.550%,

11/15/30

395,000‌

345,863‌

Yum!

Brands,

Inc.

3.625%,

03/15/31

768,000‌

679,453‌

4.625%,

01/31/32

493,000‌

460,156‌

Total

3,483,580‌

Retail

0.0%

Genuine

Parts

Co.

1.875%,

11/01/30

100,000‌

80,234‌

Retail

REIT

0.2%

Agree

LP

2.900%,

10/01/30

90,000‌

76,661‌

Brixmor

Operating

Partnership

LP

4.050%,

07/01/30

105,000‌

94,734‌

4.125%,

05/15/29

110,000‌

100,735‌

Federal

Realty

Investment

Trust

3.500%,

06/01/30

24,000‌

21,302‌

Kimco

Realty

OP

LLC

2.700%,

10/01/30

29,000‌

24,325‌

Kite

Realty

Group

Trust

4.750%,

09/15/30

195,000‌

178,105‌

Regency

Centers

LP

3.700%,

06/15/30

117,000‌

106,777‌

Spirit

Realty

LP

3.200%,

02/15/31

60,000‌

50,230‌

STORE

Capital

Corp.

2.750%,

11/18/30

240,000‌

176,133‌

Total

829,002‌

Retailers

0.7%

Advance

Auto

Parts,

Inc.

3.900%,

04/15/30

134,000‌

122,459‌

AutoNation,

Inc.

4.750%,

06/01/30

120,000‌

113,174‌

AutoZone,

Inc.

4.000%,

04/15/30

148,000‌

140,839‌

Bath

&

Body

Works,

Inc.

6.625%,

10/01/30

(a)

494,000‌

474,328‌

Best

Buy

Co.,

Inc.

1.950%,

10/01/30

125,000‌

102,696‌

Dollar

General

Corp.

3.500%,

04/03/30

108,000‌

99,908‌

LCM

Investments

Holdings

II

LLC

4.875%,

05/01/29

(a)

600,000‌

511,210‌

Lowe's

Cos.,

Inc.

2.625%,

04/01/31

250,000‌

214,898‌

3.650%,

04/05/29

371,000‌

353,509‌

O'Reilly

Automotive,

Inc.

4.200%,

04/01/30

320,000‌

309,075‌

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

4.750%,

02/15/28

(a)

1,000,000‌

945,073‌

Ross

Stores,

Inc.

1.875%,

04/15/31

150,000‌

121,575‌

Total

3,508,744‌

Supermarkets

0.3%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

3.500%,

03/15/29

(a)

1,116,000‌

989,346‌

4.625%,

01/15/27

(a)

247,000‌

239,035‌

Total

1,228,381‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Technology

4.6%

Amdocs

Ltd.

2.538%,

06/15/30

160,000‌

136,095‌

Amphenol

Corp.

2.800%,

02/15/30

212,000‌

189,830‌

Autodesk,

Inc.

2.850%,

01/15/30

120,000‌

107,030‌

Avnet,

Inc.

3.000%,

05/15/31

295,000‌

241,197‌

Black

Knight

InfoServ

LLC

3.625%,

09/01/28

(a)

560,000‌

505,759‌

Block,

Inc.

3.500%,

06/01/31

1,128,000‌

918,865‌

Broadcom,

Inc.

3.137%,

11/15/35

(a)

800,000‌

619,478‌

3.469%,

04/15/34

(a)

820,000‌

677,568‌

Broadridge

Financial

Solutions,

Inc.

2.600%,

05/01/31

170,000‌

142,424‌

2.900%,

12/01/29

45,000‌

39,542‌

CDW

LLC

/

CDW

Finance

Corp.

3.250%,

02/15/29

290,000‌

250,666‌

CGI,

Inc.

2.300%,

09/14/31

45,000‌

36,006‌

Clarivate

Science

Holdings

Corp.

3.875%,

07/01/28

(a)

436,000‌

392,665‌

Cloud

Software

Group,

Inc.

6.500%,

03/31/29

(a)

1,500,000‌

1,350,376‌

CommScope,

Inc.

4.750%,

09/01/29

(a)

1,720,000‌

1,387,800‌

6.000%,

03/01/26

(a)

143,000‌

136,448‌

Dell

International

LLC

/

EMC

Corp.

5.300%,

10/01/29

500,000‌

505,430‌

Entegris

Escrow

Corp.

5.950%,

06/15/30

(a)

600,000‌

570,010‌

Equinix,

Inc.

2.150%,

07/15/30

836,000‌

687,084‌

Fidelity

National

Information

Services,

Inc.

2.250%,

03/01/31

190,000‌

153,966‌

Fortinet,

Inc.

2.200%,

03/15/31

70,000‌

57,924‌

Global

Payments,

Inc.

3.200%,

08/15/29

326,000‌

288,579‌

GoTo

Group,

Inc.

5.500%,

09/01/27

(a)

844,000‌

474,160‌

HP,

Inc.

2.650%,

06/17/31

506,000‌

412,107‌

Imola

Merger

Corp.

4.750%,

05/15/29

(a)

896,000‌

775,969‌

Iron

Mountain,

Inc.

4.500%,

02/15/31

(a)

270,000‌

235,078‌

5.250%,

07/15/30

(a)

812,000‌

748,530‌

Jabil,

Inc.

3.000%,

01/15/31

250,000‌

213,297‌

Juniper

Networks,

Inc.

3.750%,

08/15/29

120,000‌

112,801‌

Keysight

Technologies,

Inc.

3.000%,

10/30/29

75,000‌

67,020‌

Kyndryl

Holdings,

Inc.

3.150%,

10/15/31

292,000‌

224,575‌

Leidos,

Inc.

2.300%,

02/15/31

350,000‌

283,826‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Marvell

Technology,

Inc.

2.950%,

04/15/31

200,000‌

167,214‌

Micron

Technology,

Inc.

4.663%,

02/15/30

250,000‌

239,372‌

Motorola

Solutions,

Inc.

4.600%,

05/23/29

296,000‌

290,427‌

MSCI,

Inc.

3.875%,

02/15/31

(a)

374,000‌

327,788‌

4.000%,

11/15/29

(a)

485,000‌

437,172‌

NCR

Corp.

5.125%,

04/15/29

(a)

575,000‌

497,438‌

Neptune

Bidco

US,

Inc.

9.290%,

04/15/29

(a)

964,000‌

907,365‌

NetApp,

Inc.

2.700%,

06/22/30

250,000‌

216,285‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

3.400%,

05/01/30

44,000‌

39,537‌

Open

Text

Corp.

3.875%,

02/15/28

(a)

456,000‌

404,157‌

Open

Text

Holdings,

Inc.

4.125%,

02/15/30

(a)

971,000‌

830,064‌

Oracle

Corp.

2.875%,

03/25/31

1,217,000‌

1,049,440‌

Qorvo,

Inc.

4.375%,

10/15/29

134,000‌

121,836‌

Rakuten

Group,

Inc.

6.250%,

10/22/71

(a)

600,000‌

341,655‌

S&P

Global,

Inc.

4.250%,

05/01/29

151,000‌

149,354‌

Sabre

GLBL,

Inc.

7.375%,

09/01/25

(a)

490,000‌

435,363‌

Sensata

Technologies

BV

4.000%,

04/15/29

(a)

600,000‌

541,782‌

ServiceNow,

Inc.

1.400%,

09/01/30

338,000‌

272,481‌

SS&C

Technologies,

Inc.

5.500%,

09/30/27

(a)

677,000‌

655,363‌

VMware,

Inc.

2.200%,

08/15/31

228,000‌

180,722‌

Vontier

Corp.

2.950%,

04/01/31

275,000‌

218,156‌

Western

Union

Co.

(The)

2.750%,

03/15/31

44,000‌

35,232‌

Workday,

Inc.

3.800%,

04/01/32

300,000‌

273,856‌

Total

21,574,164‌

Tobacco

0.3%

Altria

Group,

Inc.

4.800%,

02/14/29

390,000‌

387,411‌

BAT

Capital

Corp.

2.259%,

03/25/28

435,000‌

377,731‌

Vector

Group

Ltd.

5.750%,

02/01/29

(a)

530,000‌

474,463‌

Total

1,239,605‌

Transportation

Services

0.2%

FedEx

Corp.

2.400%,

05/15/31

500,000‌

424,656‌

GXO

Logistics,

Inc.

2.650%,

07/15/31

590,000‌

463,955‌

Total

888,611‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

15

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Wireless

1.6%

Altice

Financing

SA

5.750%,

08/15/29

(a)

1,000,000‌

798,095‌

Altice

France

SA

5.500%,

10/15/29

(a)

2,096,000‌

1,571,411‌

American

Tower

Corp.

1.875%,

10/15/30

250,000‌

200,915‌

3.800%,

08/15/29

19,000‌

17,809‌

Crown

Castle,

Inc.

2.100%,

04/01/31

400,000‌

326,370‌

SBA

Communications

Corp.

3.125%,

02/01/29

848,000‌

727,189‌

3.875%,

02/15/27

472,000‌

439,750‌

T-Mobile

USA,

Inc.

3.875%,

04/15/30

1,757,000‌

1,655,365‌

Vmed

O2

UK

Financing

I

PLC

4.750%,

07/15/31

(a)

334,000‌

284,423‌

VMware,

Inc.

4.700%,

05/15/30

208,000‌

201,233‌

Vodafone

Group

PLC

7.000%,

04/04/79

1,213,000‌

1,239,756‌

Total

7,462,316‌

Wirelines

1.4%

AT&T,

Inc.

2.550%,

12/01/33

1,122,000‌

902,683‌

4.300%,

02/15/30

37,000‌

35,921‌

Frontier

Communications

Holdings

LLC

5.000%,

05/01/28

(a)

886,000‌

777,304‌

Iliad

Holding

SASU

7.000%,

10/15/28

(a)

1,170,000‌

1,111,869‌

Level

3

Financing,

Inc.

4.250%,

07/01/28

(a)

744,000‌

433,126‌

4.625%,

09/15/27

(a)

380,000‌

234,275‌

Lumen

Technologies,

Inc.

4.000%,

02/15/27

(a)

830,000‌

554,014‌

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

10.500%,

02/15/28

(a)

1,400,000‌

1,337,818‌

Verizon

Communications,

Inc.

2.355%,

03/15/32

1,520,000‌

1,247,500‌

Zayo

Group

Holdings,

Inc.

4.000%,

03/01/27

(a)

54,000‌

40,842‌

Total

6,675,352‌

Total

Corporate

Bonds

(Cost

$250,172,203)

226,431,292‌

Foreign

Government

Obligations

(d)

,(e)

25

.7

%

Principal

Amount

($)

Value

($)

Australia

Government

Bond

Series

163,

1.000%,

11/21/31

AUD

8,037,000‌

4,421,932‌

Brazilian

Government

International

Bond

3.875%,

06/12/30

7,007,000‌

6,261,056‌

Bundesrepublik

Deutschland

Bundesanleihe

0.172%,

08/15/30

EUR

4,718,000‌

4,434,212‌

Canadian

Government

Bond

1.250%,

06/01/30

CAD

7,106,000‌

4,719,008‌

Colombia

Government

International

Bond

3.125%,

04/15/31

4,232,000‌

3,135,074‌

7.500%,

02/02/34

1,500,000‌

1,435,570‌

Dominican

Republic

International

Bond

Series

REGS,

4.500%,

01/30/30

276,000‌

244,319‌

Series

REGS,

4.875%,

09/23/32

5,612,000‌

4,838,201‌

Foreign

Government

Obligations

(d),(e)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Export-Import

Bank

of

India

Series

REGS,

3.250%,

01/15/30

307,000‌

274,631‌

Series

REGS,

2.250%,

01/13/31

2,000,000‌

1,637,091‌

French

Republic

Government

Bond

OAT

2.500%,

05/25/30

EUR

3,820,000‌

4,173,304‌

1.500%,

05/25/31

EUR

25,000‌

25,257‌

Gautemala

Government

Bond

5.375%,

04/24/32

1,000,000‌

975,254‌

Hungary

Government

International

Bond

Series

REGS,

2.125%,

09/22/31

3,071,000‌

2,397,088‌

Series

REGS,

6.250%,

09/22/32

1,500,000‌

1,558,263‌

Indonesia

Government

International

Bond

3.850%,

10/15/30

447,000‌

430,155‌

Series

REGS,

8.500%,

10/12/35

1,256,000‌

1,656,863‌

Series

REGS,

7.750%,

01/17/38

2,260,000‌

2,872,831‌

Italy

Buoni

Poliennali

Del

Tesoro

Series

31Y,

6.000%,

05/01/31

EUR

3,706,000‌

4,684,998‌

Japan

Government

Ten

Year

Bond

Series

360,

0.100%,

09/20/30

JPY

31,000,000‌

225,585‌

Series

368,

0.200%,

09/20/32

JPY

326,000,000‌

2,364,379‌

Series

366,

0.200%,

03/20/32

JPY

200,000,000‌

1,454,478‌

Mexico

Government

International

Bond

2.659%,

05/24/31

5,085,000‌

4,302,521‌

Morocco

Government

International

Bond

6.500%,

09/08/33

1,600,000‌

1,660,313‌

New

Zealand

Government

Bond

Series

0429,

3.000%,

04/20/29

NZD

4,334,000‌

2,527,691‌

Series

0531,

1.500%,

05/15/31

NZD

3,598,000‌

1,834,090‌

Norway

Government

Bond

Series

482,

1.375%,

08/19/30

(a)

NOK

48,020,000‌

3,985,688‌

Oman

Government

International

Bond

Series

REGS,

6.000%,

08/01/29

4,000,000‌

4,092,385‌

Panama

Government

International

Bond

6.700%,

01/26/36

4,200,000‌

4,527,118‌

2.252%,

09/29/32

690,000‌

534,105‌

Paraguay

Government

International

Bond

Series

REGS,

4.950%,

04/28/31

940,000‌

909,313‌

Series

REGS,

2.739%,

01/29/33

1,000,000‌

805,452‌

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.150%,

03/29/27

965,000‌

963,801‌

Series

REGS,

4.700%,

06/06/32

1,500,000‌

1,529,285‌

Peruvian

Government

International

Bond

8.750%,

11/21/33

312,000‌

398,740‌

2.783%,

01/23/31

5,501,000‌

4,768,253‌

3.000%,

01/15/34

1,260,000‌

1,055,084‌

Philippine

Government

International

Bond

9.500%,

02/02/30

3,766,000‌

4,815,610‌

3.000%,

02/01/28

614,000‌

581,289‌

Republic

of

South

Africa

Government

International

Bond

4.300%,

10/12/28

248,000‌

222,951‌

4.850%,

09/30/29

4,150,000‌

3,729,635‌

Romanian

Government

International

Bond

Series

REGS,

3.000%,

02/14/31

2,832,000‌

2,364,143‌

7.125%,

01/17/33

744,000‌

797,221‌

Serbia

International

Bond

Series

REGS,

6.500%,

09/26/33

2,000,000‌

2,030,802‌

Sharjah

Sukuk

Program

Ltd.

3.234%,

10/23/29

1,400,000‌

1,252,244‌

Series

EMTN,

4.226%,

03/14/28

800,000‌

766,105‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Foreign

Government

Obligations

(d),(e)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Sweden

Government

Bond

Series

1056,

2.250%,

06/01/32

SEK

10,370,000‌

1,005,656‌

Series

1062,

0.125%,

05/12/31

SEK

37,300,000‌

3,057,974‌

Series

1061,

0.750%,

11/12/29

SEK

30,000‌

2,641‌

Swiss

Confederation

Government

Bond

3.500%,

04/08/33

CHF

2,391,000‌

3,310,594‌

0.138%,

06/22/29

CHF

56,000‌

59,193‌

United

Kingdom

Gilt

4.750%,

12/07/30

GBP

3,200,000‌

4,331,808‌

Uruguay

Government

International

Bond

5.750%,

10/28/34

1,400,000‌

1,554,221‌

4.375%,

01/23/31

2,463,000‌

2,483,869‌

Total

Foreign

Government

Obligations

(Cost

$131,083,110)

120,479,344‌

U.S.

Government

&

Agency

Obligations

15

.0

%

Principal

Amount

($)

Value

($)

Uniform

Mortgage-Backed

Security

TBA

12.2%

1.500%,

05/15/53

(f)

3,950,000‌

3,113,171‌

2.000%,

05/15/53

(f)

29,290,000‌

24,366,191‌

2.500%,

05/15/53

(f)

17,270,000‌

14,953,054‌

3.000%,

05/15/53

(f)

1,290,000‌

1,158,682‌

3.500%,

05/15/53

(f)

1,229,000‌

1,141,914‌

4.000%,

05/15/53

(f)

2,745,000‌

2,623,834‌

4.500%,

05/15/53

(f)

3,710,000‌

3,626,670‌

5.000%,

05/15/53

(f)

4,300,000‌

4,275,308‌

5.500%,

05/15/53

(f)

1,900,000‌

1,915,586‌

Total

57,174,410‌

Federal

Home

Loan

Mortgage

Corporation

2.2%

2.500%,

08/01/50

5,401,009‌

4,687,401‌

3.000%,

01/01/50

248,069‌

224,636‌

3.000%,

02/01/50

253,198‌

229,677‌

3.000%,

08/01/50

3,686,848‌

3,332,376‌

3.500%,

08/01/47

473,902‌

447,841‌

3.500%,

08/01/49

133,593‌

125,412‌

3.500%,

09/01/49

162,896‌

152,888‌

3.500%,

10/01/49

179,223‌

168,174‌

3.500%,

11/01/49

176,228‌

165,633‌

3.500%,

02/01/50

201,380‌

189,597‌

4.000%,

08/01/49

142,084‌

137,568‌

4.000%,

09/01/49

177,122‌

171,309‌

Total

10,032,512‌

Federal

National

Mortgage

Association

0.6%

3.000%,

12/01/49

233,202‌

211,547‌

3.000%,

01/01/50

309,102‌

280,399‌

3.000%,

01/01/50

243,675‌

220,669‌

3.000%,

02/01/50

239,028‌

216,618‌

3.000%,

03/01/50

250,424‌

226,794‌

3.500%,

04/01/49

49,929‌

46,906‌

3.500%,

08/01/49

138,559‌

130,576‌

3.500%,

09/01/49

263,686‌

247,515‌

3.500%,

09/01/49

156,324‌

146,705‌

3.500%,

10/01/49

165,461‌

155,880‌

3.500%,

12/01/49

187,480‌

175,865‌

3.500%,

02/01/50

188,616‌

177,620‌

4.000%,

09/01/47

202,950‌

197,358‌

4.000%,

03/01/48

369,878‌

359,834‌

U.S.

Government

&

Agency

Obligations

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%,

05/01/49

40,572‌

39,292‌

Total

2,833,578‌

Total

U.S.

Government

&

Agency

Obligations

(Cost

$72,583,653)

70,040,500‌

U.S.

Treasury

Obligations

19

.5

%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bill

9.5%

3.074%,

06/15/23

5,000,000‌

4,970,484‌

3.208%,

07/13/23

15,000,000‌

14,850,395‌

3.494%,

08/10/23

25,000,000‌

24,650,225‌

Total

44,471,104‌

U.S.

Treasury

Bond

7.0%

2.250%,

02/15/52

1,510,000‌

1,126,602‌

2.375%,

02/15/42

14,186,000‌

11,446,329‌

2.875%,

05/15/52

3,058,000‌

2,616,501‌

3.000%,

08/15/52

1,985,000‌

1,743,388‌

3.250%,

05/15/42

13,702,000‌

12,689,337‌

3.625%,

02/15/53

3,158,000‌

3,131,354‌

4.000%,

11/15/52

37,000‌

39,278‌

Total

32,792,789‌

U.S.

Treasury

Note

3.0%

1.875%,

02/15/32

2,627,000‌

2,322,022‌

2.750%,

08/15/32

3,233,000‌

3,059,731‌

2.875%,

05/15/32

2,161,000‌

2,068,482‌

3.500%,

02/15/33

4,084,000‌

4,108,249‌

4.125%,

11/15/32

2,143,000‌

2,262,204‌

Total

13,820,688‌

Total

U.S.

Treasury

Obligations

(Cost

$93,039,229)

91,084,581‌

Money

Market

Funds

2

.5

%

Shares

Value

($)

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

4.335%

(g)

11,557,613‌

11,557,613‌

Total

Money

Market

Funds

(Cost

$11,557,613)

11,557,613‌

Total

Investments

in

Securities

(Cost

$558,435,808)

519,593,330‌

Other

Assets

&

Liabilities,

Net

(

51,852,621‌

)

Net

Assets

467,740,709‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

17

Notes

to

Portfolio

of

Investments

(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,

2023,

the

total

value

of

these

securities

amounted

to

$123,856,281,

which

represents

26.48%

of

total

net

assets.

(b)

Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

April

30,

2023.

(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,

2023.

Abbreviation

Legend

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

Currency

Legend

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

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:

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.

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Fair

Value

Measurements

(continued)

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Corporate

Bonds

–

226,431,292

–

226,431,292

Foreign

Government

Obligations

–

120,479,344

–

120,479,344

U.S.

Government

&

Agency

Obligations

–

70,040,500

–

70,040,500

U.S.

Treasury

Obligations

–

91,084,581

–

91,084,581

Money

Market

Funds

11,557,613

–

–

11,557,613

Total

Investments

in

Securities

11,557,613

508,035,717

–

519,593,330

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,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

19

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$558,435,808)

$519,593,330

Cash

786,109

Foreign

currency

(cost

$85)

87

Receivable

for:

Interest

4,674,027

Investments

sold

on

a

delayed

delivery

basis

2,099,609

Investments

sold

654,527

Reclaims

receivable

52,703

Dividends

38,768

Total

assets

527,899,160

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

59,862,010

Investments

purchased

189,216

Investment

management

fees

107,225

Total

liabilities

60,158,451

Net

assets

applicable

to

outstanding

capital

stock

$467,740,709

Represented

by:

Paid-in

capital

$616,613,797

Total

distributable

earnings

(loss)

(148,873,088)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$467,740,709

Shares

outstanding

26,200,000

Net

asset

value

per

share

$17.85

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Investment

Income:

Interest

$10,535,647

Dividends

-

unaffiliated

issuers

165,877

Total

income

10,701,524

Expenses:

Investment

management

fees

718,251

Overdraft

expense

1,347

Total

expenses

719,598

Net

Investment

Income

9,981,926

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(6,672,852)

In-kind

transactions

-

unaffiliated

issuers

(27,972,906)

Foreign

currency

translations

18,226

Net

realized

loss

(34,627,532)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

68,878,501

Foreign

currency

translations

24,102

Net

change

in

unrealized

appreciation

68,902,603

Net

realized

and

unrealized

gain

34,275,071

Net

Increase

in

net

assets

resulting

from

operations

$44,256,997

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

2023

21

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

Net

investment

income

$9,981,926

$25,418,310

Net

realized

loss

(34,627,532)

(106,543,345)

Net

change

in

unrealized

appreciation

(depreciation)

68,902,603

(112,910,989)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

44,256,997

(194,036,024)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(10,280,598)

(26,247,144)

Shareholder

transactions

Proceeds

from

shares

sold

63,420,790

114,913,729

Cost

of

shares

redeemed

(201,687,337)

(538,110,640)

Net

decrease

in

net

assets

resulting

from

shareholder

transactions

(138,266,547)

(423,196,911)

Decrease

in

net

assets

(104,290,148)

(643,480,079)

Net

Assets:

Net

assets

beginning

of

period

572,030,857

1,215,510,936

Net

assets

at

end

of

period

$467,740,709

$572,030,857

Capital

stock

activity

Shares

outstanding,

beginning

of

period

34,050,000

57,100,000

Subscriptions

3,600,000

5,850,000

Redemptions

(11,450,000)

(28,900,000)

Shares

outstanding,

end

of

period

26,200,000

34,050,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

ratio

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

2021

2020

2019

2018

Per

share

data

Net

asset

value,

beginning

of

period

$

16

.80‌

$

21

.29‌

$

21

.36‌

$

20

.78‌

$

18

.86‌

$

19

.94‌

Income

(loss)

from

investment

operations:

Net

investment

income

0

.34‌

0

.54‌

0

.50‌

0

.60‌

0

.72‌

0

.67‌

Net

realized

and

unrealized

gain

(loss)

1

.05‌

(

4

.48‌

)

(

0

.04‌

)

0

.57‌

1

.91‌

(

1

.13‌

)

Total

from

investment

operations

1

.39‌

(

3

.94‌

)

0

.46‌

1

.17‌

2

.63‌

(

0

.46‌

)

Less

distributions

to

shareholders:

Net

investment

income

(

0

.34‌

)

(

0

.55‌

)

(

0

.53‌

)

(

0

.59‌

)

(

0

.71‌

)

(

0

.62‌

)

Total

distribution

to

shareholders

(

0

.34‌

)

(

0

.55‌

)

(

0

.53‌

)

(

0

.59‌

)

(

0

.71‌

)

(

0

.62‌

)

Net

asset

value,

end

of

period

$

17

.85‌

$

16

.80‌

$

21

.29‌

$

21

.36‌

$

20

.78‌

$

18

.86‌

Total

Return

at

NAV

8

.35‌

%

(

18

.80‌

)

%

2

.16‌

%

5

.71‌

%

14

.21‌

%

(

2

.32‌

)

%

Total

Return

at

Market

8

.47‌

%

(

18

.87‌

)

%

1

.97‌

%

5

.69‌

%

14

.78‌

%

(

2

.68‌

)

%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0

.28‌

%

(b)

0

.28‌

%

(b)

0

.28‌

%

0

.28‌

%

0

.28‌

%

0

.28‌

%

(b)

Total

net

expenses

(a)(c)

0

.28‌

%

(b)

0

.28‌

%

(b)

0

.28‌

%

0

.28‌

%

0

.28‌

%

0

.24‌

%

(b)

Net

investment

income

3

.89‌

%

2

.78‌

%

2

.34‌

%

2

.87‌

%

3

.62‌

%

3

.49‌

%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

467,741‌

$

572,031‌

$

1,215,511‌

$

536,060‌

$

193,227‌

$

84,884‌

Portfolio

turnover

91‌

%

198‌

%

171‌

%

156‌

%

171‌

%

140‌

%

(a)

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.

(b)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c)

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,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

23

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

Fund’s principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund’s shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

Note

2.

Summary

of

significant

accounting

policies

Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

24

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

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

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.

These

transactions

may

increase

the

Fund’s

portfolio

turnover

rate.

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.

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.

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.

The

Fund

does

not

currently

enter

into

mortgage

dollar

rolls

that

are

accounted

for

as

financing

transactions.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

25

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

that

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

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

provision

is

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.

Recent

accounting

pronouncement

Tailored

Shareholder

Reports

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds;

Fee

Information

in

Investment

Company

Advertisements.

The

rule

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

26

Strategic

Beta

ETFs

|

Semiannual

Report

2023

and

form

amendments

will,

among

other

things,

require

the

Fund

to

transmit

concise

and

visually

engaging

shareholder

reports

that

highlight

key

information.

The

amendments

will

require

that

funds

tag

information

in

a

structured

data

format

and

that

certain

more

in-depth

information

be

made

available

online

and

available

for

delivery

free

of

charge

to

investors

on

request.

The

amendments

became

effective

January

24,

2023.

There

is

an

18-month

transition

period

after

the

effective

date

of

the

amendment.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.28%

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.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Fund.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

Note

4.

Federal

tax

information

The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

April

30,

2023,

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:

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

558,435,808

2,013,618

(40,856,096)

(38,842,478)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

27

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2022,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

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

$463,647,957

and

$483,350,526,

respectively,

for

the

six

months

ended

April

30,

2023,

of

which

$13,178,063

and

$14,476,320,

respectively,

were

U.S.

government

securities.

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,

2023,

the

cost

basis

of

securities

contributed

was

$47,780,960.

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,

2023,

the

in-kind

redemption

cost

basis

was

$195,021,472,

the

proceeds

from

sales

were

$167,048,566

and

the

net

realized

loss

was

$27,972,906.

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

27,

2022

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$950

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

27,

2022

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$950

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.11448%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

The

Fund

had

no

borrowings

during

the

six

months

ended April

30,

2023.

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

48,764,474

19,015,843

67,780,317

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

28

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

29

The

large-scale

invasion

of

Ukraine

by

Russia

in

February

2022

has

resulted

in

sanctions

and

market

disruptions,

including

declines

in

regional

and

global

stock

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

counter-measures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country’s

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/or

assets

in

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Passive

investment

risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

Index’s

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provides

services

to

the

Fund.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

30

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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,

2022,

through

December

31,

2022,

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.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

SAR290_10_N01_(06/23)

CET001793

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.

©

2023

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

STRATEGIC

BETA

ETFs

Semiannual

Report

April

30,

2023

(Unaudited)

Columbia

Multi-Sector

Municipal

Income

ETF

Strategic

Beta

ETFs

|

Semiannual

Report

2023

TABLE

OF

CONTENTS

Fund

at

a

Glance

3

Understanding

Your

Fund’s

Expenses

5

Portfolio

of

Investments

6

Statement

of

Assets

and

Liabilities

20

Statement

of

Operations

21

Statement

of

Changes

in

Net

Assets

22

Financial

Highlights

23

Notes

to

Financial

Statements

24

Liquidity

Risk

Management

Program

31

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

the

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

The

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund’s

Form

N-PORTs

are

available

on

the

SEC’s

website

at

sec.gov.

The

Fund’s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

is

available

on

columbiathreadneedleus.com/etfs

or

can

also

be

obtained

without

charge,

upon

request,

by

calling

800.426.3750.

Additional

Fund

information

For

more

information

about

the

Fund,

please

visit

columbiathreadneedleus.com/etfs

or

call

800.426.3750.

Premium/discount

information

for

the

Fund

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager)

290

Congress

Street

Boston,

MA

02210

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

FUND

AT

A

GLANCE

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

3

Portfolio

management

Catherine

Stienstra

Lead

Portfolio

Manager

Managed

Fund

since

2018

Douglas

Rangel,

CFA

Portfolio

Manager

Managed

Fund

since

June

2022

William

(Bill)

Callagy

Portfolio

Manager

Managed

Fund

since

June

2022

Investment

objective

Columbia

Multi-Sector

Municipal

Income

ETF

(the

Fund)

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Multi-Sector

Municipal

Bond

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Multi-Sector

Municipal

Bond

Index

is

a

rules-based

multi-sector

strategic

beta

approach

to

measuring

the

performance

of

the

U.S.

tax-exempt

bond

market,

which

is

composed

of

bonds

issued

by

or

on

behalf

of

state

or

local

governments

whose

interest

is

exempt

from

regular

federal

income

tax

(but

may

be

subject

to

the

alternative

minimum

tax),

through

representation

of

five

segments

of

the

municipal

debt

market

in

the

Index,

with

a

focus

on

yield,

quality,

maturity,

liquidity,

and

interest

rate

sensitivity

of

the

particular

eligible

segment.

The

Index

includes

publicly

issued

U.S.

dollar

denominated,

fixed

rate

municipal

bonds.

California

bonds,

Guam

bonds,

Puerto

Rico

bonds,

U.S.

Virgin

Island

bonds,

other

U.S.

territories,

commonwealths

and

possessions,

pre-refunded

bonds,

insured

bonds,

floaters,

callable

bonds

with

less

than

1

year

to

call,

tobacco

bonds,

and

derivatives

are

all

excluded

from

the

Index.

The

five

fixed

segments

with

their

respective

weightings

are

as

follows:

Municipal

Core

Revenue

Segment

(45%);

Municipal

Health

Care

Segment

(20%);

Municipal

High-Quality

Revenue

Segment

(15%);

The

Municipal

Core

General

Obligation

Segment

(10%);

and

the

Municipal

High

Yield

Segment

(10%).

Each

segment

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

segment

can

be

found

in

the

Fund’s

prospectus.

It

is

not

possible

to

invest

directly

in

an

index.

The

Bloomberg

Municipal

Bond

Index

is

an

unmanaged

index

considered

representative

of

the

broad

market

for

investment-grade,

tax-exempt

bonds

with

a

maturity

of

at

least

one

year.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

Months

cumulative

1

Year

Life

Market

Price

10/10/18

7.81

3.21

2.75

Net

Asset

Value

10/10/18

7.71

3.21

2.72

{

Beta

Advantage®

}

Multi-Sector

Municipal

Bond

Index

8.00

3.23

2.63

Bloomberg

Municipal

Bond

Index

7.65

2.87

2.18

FUND

AT

A

GLANCE

(continued)

(Unaudited)

4

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Quality

breakdown

(%)

(at

April

30,

2023)

AAA

rating

8.6

AA

rating

36.4

A

rating

41.3

BBB

rating

4.9

BB

rating

7.9

B

rating

0.6

Not

rated

0.3

Total

100.0

Percentages

indicated

are

based

upon

total

fixed

income

investments.

Bond

ratings

apply

to

the

underlying

holdings

of

the

Fund

and

not

the

Fund

itself

and

are

divided

into

categories

ranging

from

highest

to

lowest

credit

quality,

determined

by

using

the

middle

rating

of

Moody's,

S&P

and

Fitch,

after

dropping

the

highest

and

lowest

available

ratings.

When

ratings

are

available

from

only

two

rating

agencies,

the

lower

rating

is

used.

When

a

rating

is

available

from

only

one

agency,

that

rating

is

used.

If

a

security

is

not

rated

but

has

a

rating

by

Kroll

and/or

DBRS,

the

same

methodology

is

applied

to

those

bonds

that

would

otherwise

be

not

rated.

When

a

bond

is

not

rated

by

any

rating

agency,

it

is

designated

as

"Not

rated."

Credit

quality

ratings

assigned

by

a

rating

agency

are

subjective

opinions,

not

statements

of

fact,

and

are

subject

to

change,

including

daily.

The

ratings

assigned

by

credit

rating

agencies

are

but

one

of

the

considerations

that

the

Investment

Manager

and/

or

Fund's

subadviser

incorporates

into

its

credit

analysis

process,

along

with

such

other

issuer-specific

factors

as

cash

flows,

capital

structure

and

leverage

ratios,

ability

to

de-leverage

(repay)

through

free

cash

flow,

quality

of

management,

market

positioning

and

access

to

capital,

as

well

as

such

security-specific

factors

as

the

terms

of

the

security

(e.g.,

interest

rate

and

time

to

maturity)

and

the

amount

and

type

of

any

collateral.

Top

ten

states/territories

(%)

(at

April

30,

2023)

New

York

16

.3

Texas

10

.0

New

Jersey

9

.9

Illinois

8

.0

Florida

6

.6

Pennsylvania

5

.7

Colorado

4

.3

Connecticut

3

.8

Ohio

3

.1

Michigan

2

.7

Percentages

indicated

are

based

upon

total

investments

(excluding

Money

Market

Funds

and

derivatives,

if

any).

For

further

detail

about

these

holdings,

please

refer

to

the

section

entitled

"Portfolio

of

Investments".

Fund

holdings

are

as

of

the

date

given,

are

subject

to

change

at

any

time,

and

are

not

recommendations

to

buy

or

sell

any

security.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

5

As

a

shareholder

of

the

Fund,

you

incur

ongoing

costs,

including

investment

management

fees.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars

and

cents)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

examples

are

based

on

an

initial

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

period

ended

April

30,

2023.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

Fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

your

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

Fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

is

useful

in

comparing

ongoing

Fund

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expenses

are

calculated

using

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

then

multiplied

by

the

number

of

days

in

the

Fund’s

most

recent

fiscal

half-year

and

divided

by

365.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

November

1,

2022—

April

30,

2023

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

Multi-Sector

Municipal

Income

ETF

1,000.00

1,000.00

1,077.10

1,023.65

1.18

1.15

0.23

PORTFOLIO

OF

INVESTMENTS

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

6

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Municipal

Bonds

98

.6

%

Issue

Description

Principal

Amount

($)

Value

($)

Alabama

0.7%

County

of

Jefferson

AL

Sewer

Revenue,

Series

E

Revenue

Bonds

0.000%,

10/01/33

(a)

250,000‌

119,245‌

0.000%,

10/01/34

(a)

225,000‌

98,885‌

Health

Care

Authority

of

The

City

of

Huntsville

(The)

Series

B1

Revenue

Bonds

5.000%,

06/01/38

525,000‌

557,719‌

Sumter

County

Industrial

Development

Authority

(Mandatory

Put

07/15/32)

Revenue

Bonds

6.000%,

07/15/52

750,000‌

675,154‌

UAB

Medicine

Finance

Authority,

Series

B

Revenue

Bonds

5.000%,

09/01/35

235,000‌

248,958‌

4.000%,

09/01/36

525,000‌

528,536‌

Total

Alabama

2,228,497‌

Alaska

0.0%

Borough

of

Matanuska-Susitna

Revenue

Bonds

5.000%,

09/01/32

100,000‌

105,022‌

Arizona

2.2%

Arizona

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

12/01/39

470,000‌

477,820‌

Arizona

Industrial

Development

Authority

Revenue

Bonds

3.000%

02/01/45,

Series

A

110,000‌

88,883‌

6.000%

07/01/47

(b)

330,000‌

335,655‌

City

of

Mesa

AZ

Utility

System

Revenue

Revenue

Bonds

3.250%,

07/01/29

150,000‌

150,377‌

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

5.000%

07/01/25,

Series

B

500,000‌

512,236‌

4.000%

07/01/28,

Series

B

975,000‌

988,488‌

5.000%

07/01/36,

Series

D

1,500,000‌

1,628,381‌

Maricopa

County

Industrial

Development

Authority,

Series

A

Revenue

Bonds

5.000%,

01/01/35

315,000‌

335,345‌

4.000%,

01/01/38

1,720,000‌

1,691,900‌

Maricopa

County

Special

Health

Care

District

Series

C

5.000%,

07/01/31

510,000‌

565,224‌

Total

Arizona

6,774,309‌

California

0.0%

Department

of

Veterans

Affairs

Veteran's

Farm

&

Home

Purchase

Program

Series

A

Revenue

Bonds

2.100%,

12/01/35

150,000‌

124,887‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Colorado

4.3%

Adams

12

Five

Star

Schools

Series

B

5.000%,

12/15/27

155,000‌

168,230‌

City

&

County

of

Denver

Revenue

Bonds

5.000%,

10/01/32

100,000‌

99,875‌

City

&

County

of

Denver

CO

Airport

System

Revenue,

Series

A

Revenue

Bonds

5.000%,

12/01/26

270,000‌

284,360‌

5.000%,

12/01/27

160,000‌

171,450‌

5.000%,

11/15/29

325,000‌

347,946‌

5.000%,

12/01/29

555,000‌

601,217‌

5.000%,

11/15/30

2,700,000‌

3,009,358‌

5.000%,

12/01/30

150,000‌

166,912‌

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000%

08/01/35,

Series

A-2

200,000‌

214,286‌

4.000%

08/01/37,

Series

A

370,000‌

368,174‌

4.000%

08/01/38,

Series

A-1

500,000‌

494,698‌

5.000%

11/01/39,

Series

A

180,000‌

189,270‌

5.000%

11/15/41,

Series

A

250,000‌

273,660‌

5.000%

08/01/44,

Series

A-2

1,200,000‌

1,247,167‌

5.000%

11/01/44,

Series

A

700,000‌

725,226‌

4.000%

11/15/46,

Series

A

715,000‌

677,626‌

Colorado

Housing

and

Finance

Authority

Series

L

Revenue

Bonds

1.650%,

05/01/29

250,000‌

229,364‌

Denver

City

&

County

School

District

No

1

4.000%,

12/01/31

500,000‌

520,144‌

E-470

Public

Highway

Authority

Series

A

Revenue

Bonds

0.000%,

09/01/34

(a)

140,000‌

97,324‌

State

of

Colorado

Revenue

Bonds

5.000%

12/15/29,

Series

A

1,000,000‌

1,124,650‌

4.000%

03/15/30,

Series

L

250,000‌

264,795‌

5.000%

12/15/33,

Series

A

1,000,000‌

1,155,528‌

4.000%

12/15/36,

Series

A

500,000‌

513,863‌

3.000%

12/15/37,

Series

A

250,000‌

227,865‌

Total

Colorado

13,172,988‌

Connecticut

3.7%

Connecticut

Housing

Finance

Authority

Revenue

Bonds

2.875%

11/15/30,

Series

A-1

175,000‌

166,208‌

2.000%

11/15/36,

Series

B-3

250,000‌

194,796‌

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.000%

07/01/32,

Series

A

1,930,000‌

2,052,880‌

5.000%

07/01/33,

Series

A

235,000‌

257,884‌

5.000%

07/01/35,

Series

A

265,000‌

286,070‌

4.000%

07/01/38,

Series

A

200,000‌

184,451‌

3.000%

07/01/39,

Series

A

345,000‌

266,160‌

5.000%

12/01/45

775,000‌

789,987‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

7

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Series

A

Revenue

Bonds

5.000%,

03/01/27

225,000‌

234,364‌

State

of

Connecticut

Special

Tax

Revenue

Revenue

Bonds

5.000%

08/01/28,

Series

A

450,000‌

472,165‌

5.000%

01/01/29,

Series

A

520,000‌

576,586‌

5.000%

09/01/30,

Series

A

325,000‌

350,301‌

5.000%

10/01/31,

Series

B

125,000‌

139,869‌

5.000%

01/01/33,

Series

A

260,000‌

286,750‌

5.000%

05/01/33,

Series

A

465,000‌

547,078‌

5.000%

08/01/34,

Series

A

345,000‌

362,053‌

5.000%

05/01/35,

Series

A

450,000‌

521,077‌

4.000%

05/01/36,

Series

A

745,000‌

783,006‌

4.000%

09/01/36,

Series

A

750,000‌

766,985‌

5.000%

11/01/36,

Series

D

750,000‌

858,742‌

4.000%

05/01/37,

Series

A

750,000‌

779,041‌

University

of

Connecticut

Series

A

Revenue

Bonds

5.000%,

11/15/43

650,000‌

691,607‌

Total

Connecticut

11,568,060‌

Delaware

0.8%

Delaware

State

Health

Facilities

Authority,

Series

A

Revenue

Bonds

4.000%,

07/01/40

600,000‌

591,907‌

5.000%,

10/01/40

715,000‌

761,026‌

5.000%,

10/01/45

1,205,000‌

1,270,585‌

Total

Delaware

2,623,518‌

District

of

Columbia

1.9%

District

of

Columbia

Revenue

Bonds

5.000%

04/01/33

470,000‌

503,604‌

5.000%

04/01/36

450,000‌

474,267‌

4.000%

07/15/40

130,000‌

125,048‌

District

of

Columbia

5.000%

10/15/32,

Series

A

200,000‌

228,356‌

District

of

Columbia

Water

&

Sewer

Authority

Series

A

Revenue

Bonds

5.000%,

10/01/29

250,000‌

267,851‌

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Revenue

Bonds

5.000%

10/01/28,

Series

A

900,000‌

911,993‌

5.000%

10/01/29,

Series

A

875,000‌

946,380‌

5.000%

10/01/30

200,000‌

213,345‌

5.000%

10/01/30,

Series

A

750,000‌

830,030‌

5.000%

10/01/32,

Series

A

350,000‌

390,755‌

5.000%

10/01/33,

Series

A

450,000‌

500,628‌

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Revenue

Bonds

0.000%

10/01/30,

Series

B

(a)

130,000‌

102,527‌

0.000%

10/01/37,

Series

A

(a)

500,000‌

259,861‌

Total

District

of

Columbia

5,754,645‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Florida

6.5%

Alachua

County

Health

Facilities

Authority

Series

B-1

Revenue

Bonds

5.000%,

12/01/34

150,000‌

162,401‌

Brevard

County

Health

Facilities

Authority

Revenue

Bonds

4.000%

04/01/36

140,000‌

140,227‌

5.000%

04/01/42,

Series

A

1,500,000‌

1,608,272‌

Capital

Trust

Agency,

Inc.

Series

A

Revenue

Bonds

5.250%,

12/01/43

(b)

150,000‌

144,895‌

Central

Florida

Expressway

Authority

Revenue

Bonds

5.000%

07/01/34,

Series

D

645,000‌

757,045‌

4.000%

07/01/35,

Series

B

390,000‌

394,579‌

City

of

Gainesville

FL

Utilities

System

Revenue,

Series

A

Revenue

Bonds

5.000%,

10/01/28

125,000‌

137,004‌

5.000%,

10/01/31

395,000‌

432,953‌

5.000%,

10/01/32

385,000‌

421,682‌

City

of

Port

St

Lucie

FL

Utility

System

Revenue

Revenue

Bonds

5.000%,

09/01/29

285,000‌

306,549‌

4.000%,

09/01/30

250,000‌

260,799‌

City

of

Tampa,

Series

B

Revenue

Bonds

4.000%,

07/01/38

175,000‌

163,434‌

4.000%,

07/01/39

500,000‌

463,217‌

County

of

Miami-Dade

FL

Aviation

Revenue

Revenue

Bonds

5.000%

10/01/32

1,000,000‌

1,014,966‌

5.000%

10/01/32,

Series

A

250,000‌

253,810‌

5.000%

10/01/33,

Series

A

1,000,000‌

1,013,334‌

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

Revenue

Bonds

5.000%

10/01/25

315,000‌

330,164‌

5.000%

10/01/30,

Series

B

250,000‌

262,943‌

5.000%

10/01/32,

Series

A

640,000‌

673,172‌

County

of

Miami-Dade

Seaport

Department

Series

A

Revenue

Bonds

5.250%,

10/01/52

1,000,000‌

1,068,322‌

Escambia

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

08/15/45

600,000‌

534,998‌

Florida

Development

Finance

Corp.

Revenue

Bonds

4.000%

11/15/34

200,000‌

203,983‌

4.000%

06/01/36,

Series

A

(b)

400,000‌

311,338‌

4.000%

06/01/41,

Series

A

(b)

200,000‌

144,052‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

8

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Greater

Orlando

Aviation

Authority,

Series

A

Revenue

Bonds

5.000%,

10/01/26

260,000‌

273,282‌

5.000%,

10/01/27

255,000‌

271,746‌

4.000%,

10/01/35

275,000‌

280,318‌

Hillsborough

County

School

Board

Revenue

Bonds

5.000%,

07/01/29

150,000‌

168,680‌

JEA

Electric

System

Revenue

Series

B

Revenue

Bonds

4.000%,

10/01/36

1,000,000‌

1,010,097‌

JEA

Water

&

Sewer

System

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/29

555,000‌

612,708‌

Miami

Beach

Health

Facilities

Authority

Series

B

Revenue

Bonds

4.000%,

11/15/46

1,000,000‌

881,999‌

North

Broward

Hospital

District

Series

B

Revenue

Bonds

5.000%,

01/01/35

200,000‌

210,722‌

Orange

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

10/01/39

200,000‌

207,579‌

Palm

Beach

County

School

District

Revenue

Bonds

5.000%

08/01/28,

Series

B

360,000‌

402,667‌

5.000%

08/01/30,

Series

D

685,000‌

718,726‌

School

Board

of

Miami-Dade

County

(The)

Revenue

Bonds

5.000%

05/01/30,

Series

A

195,000‌

201,160‌

5.000%

11/01/31,

Series

D

145,000‌

149,275‌

5.000%

05/01/32,

Series

A

285,000‌

296,642‌

School

District

of

Broward

County

Revenue

Bonds

5.000%

07/01/29,

Series

B

1,000,000‌

1,045,351‌

5.000%

07/01/34,

Series

A

250,000‌

286,580‌

South

Broward

Hospital

District

Series

A

Revenue

Bonds

3.500%,

05/01/39

370,000‌

345,156‌

South

Florida

Water

Management

District

Revenue

Bonds

5.000%,

10/01/33

150,000‌

160,014‌

5.000%,

10/01/34

1,000,000‌

1,066,776‌

Volusia

County

School

Board

Series

B

Revenue

Bonds

5.000%,

08/01/30

200,000‌

205,401‌

Total

Florida

19,999,018‌

Georgia

2.3%

Brookhaven

Development

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/44

490,000‌

483,843‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

Revenue

Bonds

5.000%

07/01/36,

Series

C

200,000‌

221,412‌

4.000%

07/01/37,

Series

D

1,000,000‌

1,008,285‌

City

of

Atlanta

GA

Water

&

Wastewater

Revenue

Revenue

Bonds

5.000%,

11/01/27

190,000‌

198,293‌

5.750%,

11/01/29

785,000‌

938,754‌

Gainesville

&

Hall

County

Hospital

Authority,

Series

A

Revenue

Bonds

5.000%,

02/15/36

500,000‌

530,991‌

5.000%,

02/15/42

805,000‌

833,499‌

George

L

Smith

II

Congress

Center

Authority

Series

A

Revenue

Bonds

2.375%,

01/01/31

200,000‌

176,042‌

Georgia

State

Road

&

Tollway

Authority

Revenue

Bonds

5.000%,

06/01/32

1,000,000‌

1,156,853‌

Municipal

Electric

Authority

of

Georgia

Series

A

Revenue

Bonds

5.000%,

01/01/28

200,000‌

210,923‌

State

of

Georgia

4.000%

02/01/26,

Series

A-2

215,000‌

216,853‌

5.000%

02/01/27,

Series

A

200,000‌

213,109‌

5.000%

02/01/28,

Series

A-2

500,000‌

544,745‌

5.000%

07/01/28,

Series

F

460,000‌

501,616‌

Total

Georgia

7,235,218‌

Hawaii

0.6%

City

&

County

of

Honolulu

Series

A

5.000%,

10/01/29

350,000‌

368,642‌

State

of

Hawaii

5.000%

01/01/26

500,000‌

529,144‌

5.000%

08/01/26,

Series

EO

200,000‌

205,105‌

5.000%

10/01/27,

Series

FH

325,000‌

350,637‌

State

of

Hawaii

Airports

System

Revenue

Series

A

Revenue

Bonds

5.000%,

07/01/33

350,000‌

384,906‌

Total

Hawaii

1,838,434‌

Illinois

7.9%

Chicago

Board

of

Education

0.000%

12/01/29,

Series

A

(a)

185,000‌

145,088‌

5.000%

12/01/30,

Series

A

150,000‌

156,312‌

0.000%

12/01/31,

Series

A

(a)

355,000‌

258,777‌

0.000%

12/01/31,

Series

B-1

(a)

220,000‌

160,376‌

5.000%

12/01/33,

Series

A

850,000‌

886,941‌

5.000%

12/01/34,

Series

A

350,000‌

362,124‌

5.000%

12/01/35,

Series

A

250,000‌

258,873‌

5.250%

12/01/35,

Series

C

130,000‌

131,337‌

4.000%

12/01/36,

Series

B

1,200,000‌

1,115,881‌

5.000%

12/01/36,

Series

A

300,000‌

305,631‌

5.000%

12/01/37,

Series

A

600,000‌

609,226‌

5.000%

12/01/38,

Series

A

1,800,000‌

1,815,706‌

5.250%

12/01/39,

Series

C

875,000‌

879,645‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

9

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%

12/01/41,

Series

A

250,000‌

251,620‌

5.000%

12/01/42,

Series

A

200,000‌

198,757‌

4.000%

12/01/43,

Series

A

1,500,000‌

1,314,156‌

5.000%

12/01/47,

Series

A

1,000,000‌

992,963‌

Chicago

Housing

Authority

Series

A

Revenue

Bonds

5.000%,

01/01/32

180,000‌

196,287‌

Chicago

O'Hare

International

Airport

Revenue

Bonds

5.000%

01/01/28,

Series

B

555,000‌

570,156‌

5.000%

01/01/31,

Series

B

450,000‌

463,936‌

5.000%

01/01/33,

Series

A

550,000‌

562,568‌

5.000%

01/01/33,

Series

B

330,000‌

355,517‌

5.000%

01/01/34,

Series

A

500,000‌

510,461‌

5.000%

01/01/34,

Series

B

675,000‌

727,226‌

5.000%

01/01/34,

Series

C

500,000‌

526,568‌

5.000%

01/01/35,

Series

B

350,000‌

368,616‌

4.000%

01/01/36,

Series

A

195,000‌

201,222‌

City

of

Chicago

0.000%

01/01/31,

Series

C

(a)

320,000‌

237,837‌

4.000%

01/01/34,

Series

B

188,000‌

187,784‌

Cook

Kane

Lake

&

McHenry

Counties

Community

College

District

No

512

4.000%,

12/15/29

180,000‌

192,697‌

Illinois

Finance

Authority

Revenue

Bonds

5.000%

01/01/27

650,000‌

689,208‌

5.000%

07/01/28

115,000‌

124,652‌

5.000%

07/01/31

140,000‌

151,758‌

5.000%

08/15/33,

Series

A

250,000‌

286,462‌

4.000%

08/15/37,

Series

A

500,000‌

495,812‌

4.125%

08/15/37,

Series

C

840,000‌

820,114‌

4.125%

11/15/37,

Series

A

235,000‌

227,172‌

4.000%

08/15/41,

Series

A

600,000‌

581,345‌

5.500%

08/01/43,

Series

A

(b)

500,000‌

500,634‌

4.125%

05/01/45

170,000‌

168,945‌

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5.000%

01/01/30,

Series

B

865,000‌

988,061‌

5.000%

01/01/31,

Series

C

150,000‌

171,250‌

4.000%

12/01/31,

Series

A

320,000‌

329,431‌

5.000%

12/01/31,

Series

A

435,000‌

460,234‌

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

0.000%

06/15/28

(a)

100,000‌

81,649‌

0.000%

12/15/29,

Series

A

(a)

160,000‌

123,401‌

0.000%

06/15/30

(a)

370,000‌

292,091‌

0.000%

06/15/30,

Series

A

(a)

415,000‌

314,008‌

0.000%

06/15/36,

Series

A

(a)

540,000‌

304,400‌

0.000%

12/15/36,

Series

A

(a)

750,000‌

407,772‌

0.000%

12/15/41,

Series

B

(a)

280,000‌

114,224‌

5.000%

06/15/42,

Series

B

1,000,000‌

1,020,288‌

Northern

Illinois

Municipal

Power

Agency

Series

A

Revenue

Bonds

4.000%,

12/01/32

200,000‌

201,906‌

State

of

Illinois

4.000%

06/01/33

100,000‌

101,278‌

4.000%

03/01/39,

Series

A

200,000‌

195,622‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Will

County

Community

High

School

District

No

210

Lincoln-Way

Series

B

0.000%,

01/01/31

(a)

300,000‌

237,068‌

Total

Illinois

24,333,073‌

Indiana

0.3%

City

of

Anderson

Revenue

Bonds

6.000%,

10/01/42

150,000‌

140,212‌

Indiana

Finance

Authority

Revenue

Bonds

5.000%

02/01/26,

Series

A

160,000‌

169,471‌

3.000%

11/01/30,

Series

A

150,000‌

138,298‌

4.000%

11/01/33,

Series

C

100,000‌

103,064‌

5.000%

12/01/35,

Series

A

150,000‌

156,221‌

Indiana

Municipal

Power

Agency

Series

A

Revenue

Bonds

5.000%,

01/01/34

100,000‌

110,248‌

St

Joseph

County

Hospital

Authority

Series

C

Revenue

Bonds

4.000%,

08/15/44

240,000‌

226,880‌

Total

Indiana

1,044,394‌

Iowa

0.3%

Iowa

Finance

Authority

Revenue

Bonds

5.000%

08/01/31

500,000‌

550,563‌

2.250%

01/01/32,

Series

D

150,000‌

135,528‌

5.000%

05/15/43,

Series

A

160,000‌

123,236‌

Total

Iowa

809,327‌

Kansas

0.2%

University

of

Kansas

Hospital

Authority

Series

A

Revenue

Bonds

5.000%,

03/01/47

650,000‌

667,085‌

Kentucky

0.5%

County

of

Christian

Revenue

Bonds

5.375%,

02/01/36

250,000‌

257,137‌

Louisville/Jefferson

County

Metropolitan

Government,

Series

A

Revenue

Bonds

5.000%,

10/01/30

290,000‌

305,649‌

4.000%,

10/01/35

1,000,000‌

1,003,690‌

Total

Kentucky

1,566,476‌

Louisiana

0.4%

East

Baton

Rouge

Sewerage

Commission

Series

A

(Mandatory

Put

02/01/28)

Revenue

Bonds

1.300%,

02/01/41

725,000‌

628,264‌

State

of

Louisiana

5.000%

08/01/25,

Series

C

220,000‌

225,550‌

5.000%

08/01/27,

Series

B

230,000‌

246,925‌

Total

Louisiana

1,100,739‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/45

500,000‌

475,552‌

Maine

State

Housing

Authority

Series

B

Revenue

Bonds

3.450%,

11/15/34

100,000‌

96,246‌

Total

Maine

571,798‌

Maryland

2.7%

County

of

Frederick

Series

A

Revenue

Bonds

5.000%,

09/01/32

(b)

75,000‌

73,107‌

County

of

Howard

Series

B

5.000%,

02/15/28

225,000‌

245,733‌

County

of

Montgomery,

Series

A

5.000%,

11/01/26

150,000‌

161,952‌

5.000%,

12/01/27

250,000‌

258,390‌

5.000%,

08/01/30

300,000‌

351,270‌

County

of

Prince

George's

Series

A

4.000%,

07/15/30

150,000‌

160,897‌

Maryland

Community

Development

Administration

Revenue

Bonds

0.900%

03/01/27,

Series

B

250,000‌

226,242‌

2.200%

09/01/36,

Series

C

350,000‌

282,968‌

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000%

07/01/41

165,000‌

162,478‌

5.000%

05/15/45,

Series

A

250,000‌

257,327‌

5.500%

01/01/46,

Series

A

750,000‌

766,410‌

Maryland

Stadium

Authority

Revenue

Bonds

5.000%,

05/01/34

100,000‌

110,560‌

Maryland

Water

Infrastructure

Financing

Administration

Revenue

Bonds

2.800%,

03/01/26

150,000‌

148,874‌

3.000%,

03/01/30

310,000‌

310,497‌

Montgomery

County

Housing

Opportunities

Commission

Series

A-2

(Mandatory

Put

01/01/25)

Revenue

Bonds

1.800%,

07/01/26

350,000‌

344,915‌

State

of

Maryland

5.000%

03/15/26,

Series

A

305,000‌

324,836‌

4.000%

06/01/27

430,000‌

435,173‌

5.000%

08/01/30,

Series

A

1,500,000‌

1,723,810‌

5.000%

03/01/31,

Series

A

415,000‌

490,451‌

5.000%

03/15/31,

Series

2

140,000‌

162,737‌

5.000%

03/15/31,

Series

A

895,000‌

992,034‌

5.000%

03/15/32,

Series

2

265,000‌

302,335‌

Total

Maryland

8,292,996‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Massachusetts

2.4%

Commonwealth

of

Massachusetts

5.000%

07/01/27,

Series

A

250,000‌

274,566‌

5.000%

07/01/28,

Series

A

200,000‌

215,154‌

5.000%

03/01/29,

Series

A

150,000‌

170,871‌

5.000%

11/01/30,

Series

E

325,000‌

382,335‌

5.000%

07/01/31,

Series

B

790,000‌

850,154‌

5.000%

11/01/31,

Series

E

250,000‌

277,407‌

Massachusetts

Department

of

Transportation

Series

A

Revenue

Bonds

0.000%,

01/01/28

(a)

435,000‌

380,568‌

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000%

10/01/24

400,000‌

402,768‌

5.000%

10/01/25

250,000‌

252,743‌

5.000%

07/01/34,

Series

E

110,000‌

114,637‌

5.000%

07/01/36,

Series

I

150,000‌

157,106‌

5.000%

07/01/36,

Series

K

150,000‌

161,816‌

4.000%

07/01/38,

Series

K

150,000‌

140,576‌

5.000%

10/01/38

400,000‌

394,498‌

4.000%

07/01/40

200,000‌

172,897‌

5.000%

07/01/41,

Series

I

350,000‌

354,511‌

5.000%

07/01/43,

Series

J2

850,000‌

886,483‌

5.000%

07/01/44,

Series

A

200,000‌

196,945‌

Massachusetts

Housing

Finance

Agency

Series

B-2

Revenue

Bonds

0.900%,

06/01/26

475,000‌

435,892‌

Massachusetts

Port

Authority

Series

A

Revenue

Bonds

5.000%,

07/01/36

250,000‌

268,890‌

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

Revenue

Series

A

Revenue

Bonds

5.000%,

01/01/32

460,000‌

517,867‌

University

of

Massachusetts

Building

Authority

Series

1

Revenue

Bonds

4.000%,

11/01/46

500,000‌

491,259‌

Total

Massachusetts

7,499,943‌

Michigan

2.7%

City

of

Detroit

5.000%

04/01/35

400,000‌

414,562‌

5.000%

04/01/46,

Series

A

725,000‌

724,011‌

Flint

Hospital

Building

Authority

Revenue

Bonds

4.000%,

07/01/41

185,000‌

155,713‌

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Series

B

Revenue

Bonds

5.000%,

07/01/29

200,000‌

227,955‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

11

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Revenue

Bonds

5.000%

07/01/28,

Series

A

200,000‌

218,939‌

5.000%

07/01/31,

Series

C

865,000‌

927,910‌

Michigan

Finance

Authority

Revenue

Bonds

5.000%

07/01/27,

Series

C-3

1,500,000‌

1,533,693‌

5.000%

10/01/29,

Series

B

275,000‌

297,188‌

5.000%

07/01/31,

Series

C-3

350,000‌

358,358‌

5.000%

07/01/32,

Series

C-3

500,000‌

508,855‌

3.125%

12/01/35,

Series

A

100,000‌

93,550‌

5.000%

11/15/41

450,000‌

460,700‌

3.250%

11/15/42

150,000‌

125,424‌

5.000%

12/01/42,

Series

A-MI

605,000‌

627,978‌

4.000%

02/15/44,

Series

A

500,000‌

480,897‌

5.000%

11/01/44,

Series

A

1,000,000‌

1,021,192‌

Michigan

State

Building

Authority

Series

I

Revenue

Bonds

5.000%,

04/15/32

155,000‌

163,527‌

Total

Michigan

8,340,452‌

Minnesota

0.8%

City

of

Apple

Valley

Series

A

Revenue

Bonds

4.250%,

01/01/37

260,000‌

194,273‌

City

of

Maple

Grove

Revenue

Bonds

4.000%,

05/01/37

210,000‌

199,621‌

City

of

Minneapolis,

Series

A

Revenue

Bonds

5.000%,

11/15/33

200,000‌

215,349‌

6.000%,

07/01/43

100,000‌

100,058‌

City

of

St

Cloud

Series

A

Revenue

Bonds

4.000%,

05/01/37

320,000‌

318,935‌

Duluth

Housing

&

Redevelopment

Authority

Series

A

Revenue

Bonds

5.000%,

11/01/33

100,000‌

97,806‌

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Minnesota

Series

A

Revenue

Bonds

5.000%,

07/01/33

975,000‌

1,009,617‌

Minnesota

Housing

Finance

Agency

Series

G

Revenue

Bonds

1.650%,

01/01/28

305,000‌

280,574‌

Total

Minnesota

2,416,233‌

Mississippi

0.1%

Mississippi

Home

Corp.

Series

A

Revenue

Bonds

1.950%,

06/01/32

200,000‌

177,898‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

State

of

Mississippi

Series

C

5.000%,

10/01/26

100,000‌

105,181‌

Total

Mississippi

283,079‌

Missouri

2.0%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

4.000%

11/15/42

500,000‌

483,202‌

4.000%

07/01/46,

Series

A

1,600,000‌

1,529,184‌

Health

&

Educational

Facilities

Authority

of

The

State

of

Missouri

Revenue

Bonds

5.000%

05/15/40

1,000,000‌

798,037‌

4.000%

05/15/42,

Series

A

950,000‌

929,774‌

Lees

Summit

Industrial

Development

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/32

150,000‌

138,567‌

Metropolitan

St

Louis

Sewer

District

Series

A

Revenue

Bonds

5.000%,

05/01/29

895,000‌

979,186‌

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

A

Revenue

Bonds

5.000%,

12/01/30

770,000‌

799,163‌

4.000%,

12/01/32

200,000‌

204,636‌

4.000%,

12/01/33

120,000‌

122,413‌

St

Louis

County

Industrial

Development

Authority

Revenue

Bonds

5.000%,

09/01/32

100,000‌

94,243‌

Total

Missouri

6,078,405‌

Montana

0.1%

Montana

Facility

Finance

Authority

Series

A

Revenue

Bonds

4.000%,

01/01/37

335,000‌

343,970‌

Nebraska

0.1%

Public

Power

Generation

Agency

Series

A

Revenue

Bonds

5.000%,

01/01/28

300,000‌

308,834‌

New

Jersey

9.8%

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.500%

09/01/27,

Series

N-1

120,000‌

131,995‌

4.000%

11/01/27,

Series

A

370,000‌

384,028‌

5.000%

06/15/30,

Series

B

210,000‌

230,788‌

3.125%

07/01/31,

Series

A

145,000‌

141,639‌

5.000%

06/15/32,

Series

EEE

175,000‌

191,377‌

6.000%

07/01/32,

Series

A

200,000‌

200,123‌

4.000%

06/15/34,

Series

QQQ

350,000‌

359,766‌

4.000%

07/01/34,

Series

A

1,065,000‌

1,075,599‌

5.000%

06/15/36,

Series

AAA

525,000‌

552,432‌

5.000%

11/01/36,

Series

A

675,000‌

752,430‌

4.000%

06/15/37,

Series

QQQ

200,000‌

200,778‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%

06/15/44

1,000,000‌

970,104‌

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

5.000%,

06/15/28

135,000‌

137,350‌

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

4.000%

07/01/32,

Series

A

225,000‌

229,917‌

5.000%

10/01/36

1,325,000‌

1,410,516‌

5.000%

10/01/37

1,105,000‌

1,171,495‌

4.000%

07/01/44

435,000‌

418,150‌

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

4.000%

04/01/24,

Series

D

265,000‌

265,677‌

4.000%

04/01/25,

Series

D

225,000‌

226,043‌

4.250%

10/01/37,

Series

I

495,000‌

485,037‌

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

0.000%

12/15/25,

Series

C

(a)

180,000‌

164,737‌

0.000%

12/15/26,

Series

C

(a)

210,000‌

186,093‌

5.000%

06/15/27,

Series

A-1

385,000‌

405,393‌

0.000%

12/15/27,

Series

A

(a)

300,000‌

256,752‌

0.000%

12/15/27,

Series

C

(a)

350,000‌

300,908‌

5.000%

06/15/28,

Series

A-1

240,000‌

253,091‌

0.000%

12/15/28,

Series

A

(a)

335,000‌

276,115‌

5.000%

06/15/29,

Series

BB-1

245,000‌

269,357‌

0.000%

12/15/29,

Series

A

(a)

850,000‌

674,477‌

5.000%

06/15/30,

Series

A

480,000‌

506,994‌

0.000%

12/15/30,

Series

C

(a)

225,000‌

173,295‌

5.000%

06/15/31,

Series

BB

115,000‌

126,113‌

5.000%

06/15/32,

Series

D

385,000‌

396,209‌

5.250%

06/15/32,

Series

C

445,000‌

458,819‌

0.000%

12/15/32,

Series

C

(a)

2,000,000‌

1,442,720‌

0.000%

12/15/32,

Series

A

(a)

595,000‌

416,260‌

5.000%

12/15/32,

Series

A

1,500,000‌

1,637,553‌

5.000%

06/15/33,

Series

A

1,000,000‌

1,125,017‌

5.000%

06/15/33,

Series

BB-1

1,250,000‌

1,367,326‌

0.000%

12/15/33,

Series

C

(a)

705,000‌

485,345‌

5.000%

06/15/34,

Series

2014

250,000‌

279,894‌

0.000%

12/15/34,

Series

A

(a)

815,000‌

512,257‌

0.000%

12/15/34,

Series

A

(a)

130,000‌

81,499‌

0.000%

12/15/34,

Series

C

(a)

250,000‌

163,108‌

5.000%

12/15/34,

Series

A

820,000‌

891,289‌

4.750%

06/15/35,

Series

AA

350,000‌

359,967‌

0.000%

12/15/35,

Series

A

(a)

165,000‌

97,100‌

4.000%

06/15/36,

Series

A

850,000‌

860,251‌

4.000%

06/15/36,

Series

AA

120,000‌

121,208‌

5.000%

06/15/36,

Series

AA

945,000‌

1,052,968‌

4.000%

06/15/37,

Series

BB

250,000‌

251,025‌

New

Jersey

Turnpike

Authority

Revenue

Bonds

5.000%

01/01/31,

Series

E

1,260,000‌

1,339,159‌

5.000%

01/01/32,

Series

B

255,000‌

280,060‌

5.000%

01/01/32,

Series

E

930,000‌

976,226‌

4.000%

01/01/33,

Series

G

225,000‌

234,750‌

5.000%

01/01/33,

Series

A

270,000‌

275,958‌

5.000%

01/01/33,

Series

B

750,000‌

823,604‌

5.000%

01/01/34,

Series

A

205,000‌

220,814‌

5.000%

01/01/34,

Series

E

395,000‌

408,179‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%

01/01/36,

Series

G

435,000‌

471,853‌

Total

New

Jersey

30,158,987‌

New

Mexico

0.1%

New

Mexico

Hospital

Equipment

Loan

Council

Series

A

Revenue

Bonds

5.000%,

08/01/46

400,000‌

415,571‌

New

York

16.1%

Albany

Capital

Resource

Corp.

Revenue

Bonds

4.000%,

07/01/41

250,000‌

190,676‌

Brooklyn

Arena

Local

Development

Corp.

Series

A

Revenue

Bonds

3.000%,

07/15/36

150,000‌

134,014‌

Broome

County

Local

Development

Corp.

Revenue

Bonds

3.000%,

04/01/45

200,000‌

156,901‌

City

of

New

York

5.000%

08/01/25,

Series

C

350,000‌

366,259‌

5.000%

08/01/25,

Series

J

115,000‌

115,542‌

5.000%

08/01/27,

Series

A

735,000‌

770,103‌

5.000%

08/01/27,

Series

C-1

175,000‌

191,731‌

5.000%

08/01/27,

Series

E

150,000‌

164,312‌

5.000%

08/01/28,

Series

A

390,000‌

404,663‌

5.000%

08/01/28,

Series

A-1

455,000‌

509,219‌

5.000%

08/01/28,

Series

C

620,000‌

658,005‌

5.000%

08/01/29,

Series

A-1

500,000‌

570,978‌

5.000%

08/01/30,

Series

1

605,000‌

663,993‌

5.000%

04/01/32,

Series

L-5

240,000‌

282,495‌

5.000%

08/01/32,

Series

C-1

580,000‌

674,486‌

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

4.000%

07/01/34,

Series

B

300,000‌

290,220‌

3.000%

07/01/36,

Series

B

320,000‌

260,635‌

5.000%

07/01/45,

Series

A

(b)

500,000‌

499,857‌

Erie

County

Industrial

Development

Agency

(The)

Series

A

Revenue

Bonds

5.000%,

05/01/30

310,000‌

337,245‌

Long

Island

Power

Authority

Revenue

Bonds

0.000%

06/01/28

(a)

220,000‌

189,305‌

5.250%

09/01/29,

Series

C

140,000‌

159,545‌

5.000%

09/01/34

810,000‌

908,789‌

5.000%

09/01/34,

Series

A

400,000‌

463,097‌

5.000%

09/01/37,

Series

A

250,000‌

280,679‌

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000%

11/15/26,

Series

A2

275,000‌

287,724‌

5.000%

11/15/27,

Series

C-1

250,000‌

258,074‌

5.000%

11/15/28,

Series

C-1

635,000‌

679,665‌

5.000%

11/15/31,

Series

C-1

560,000‌

599,494‌

5.000%

11/15/31,

Series

D

380,000‌

398,369‌

5.000%

11/15/31,

Series

D-1

705,000‌

730,185‌

5.000%

11/15/32,

Series

D

1,590,000‌

1,702,172‌

5.000%

11/15/33,

Series

D-1

555,000‌

579,741‌

4.000%

11/15/35,

Series

C-1

850,000‌

851,450‌

5.000%

11/15/35,

Series

B

305,000‌

317,264‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

13

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Monroe

County

Industrial

Development

Corp.

Series

A

Revenue

Bonds

4.000%,

07/01/35

125,000‌

127,377‌

New

York

City

Housing

Development

Corp.

Series

A

Revenue

Bonds

2.650%,

05/01/27

280,000‌

270,520‌

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5.000%

06/15/28,

Series

BB-2

530,000‌

583,655‌

5.000%

06/15/28,

Series

CC-2

705,000‌

766,530‌

5.000%

06/15/28,

Series

EE

245,000‌

250,906‌

5.000%

06/15/28,

Series

FF

200,000‌

209,659‌

5.000%

06/15/28,

Series

HH

380,000‌

398,269‌

5.000%

06/15/29,

Series

AA-2

230,000‌

264,324‌

5.000%

06/15/29,

Series

FF

640,000‌

671,326‌

5.000%

06/15/29,

Series

GG

150,000‌

157,342‌

5.000%

06/15/29,

Series

GG-2

500,000‌

557,210‌

5.000%

06/15/30,

Series

AA-2

335,000‌

392,759‌

5.000%

06/15/30,

Series

EE

125,000‌

146,551‌

5.000%

06/15/30,

Series

GG-1

505,000‌

592,127‌

5.000%

06/15/31,

Series

DD

430,000‌

513,298‌

New

York

Liberty

Development

Corp.,

Series

A

Revenue

Bonds

2.100%,

11/15/32

750,000‌

654,616‌

2.400%,

11/15/35

350,000‌

295,241‌

New

York

State

Dormitory

Authority,

Series

A

Revenue

Bonds

5.000%,

07/01/28

365,000‌

402,042‌

5.000%,

07/01/29

415,000‌

448,057‌

5.000%,

10/01/29

160,000‌

175,012‌

5.000%,

07/01/30

295,000‌

310,485‌

5.000%,

10/01/30

340,000‌

365,341‌

5.000%,

08/01/31

200,000‌

195,646‌

5.000%,

10/01/31

310,000‌

332,745‌

5.000%,

08/01/32

390,000‌

380,680‌

5.000%,

05/01/33

400,000‌

417,433‌

5.000%,

07/01/33

525,000‌

585,855‌

5.000%,

08/01/33

110,000‌

106,852‌

5.000%,

10/01/33

670,000‌

727,306‌

5.000%,

07/01/34

500,000‌

552,908‌

4.000%,

10/01/34

300,000‌

317,012‌

4.000%,

07/01/35

1,030,000‌

1,073,175‌

5.000%,

07/01/35

450,000‌

473,685‌

5.000%,

10/01/35

420,000‌

476,147‌

5.000%,

05/01/38

750,000‌

813,364‌

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

5.000%

06/15/27,

Series

A

500,000‌

543,009‌

5.000%

06/15/31

265,000‌

271,620‌

New

York

State

Housing

Finance

Agency

Series

E

Revenue

Bonds

1.100%,

05/01/26

250,000‌

231,624‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

New

York

State

Thruway

Authority

Revenue

Bonds

5.000%

01/01/29,

Series

B

200,000‌

222,417‌

5.000%

01/01/30,

Series

K

590,000‌

611,522‌

5.000%

01/01/31,

Series

K

160,000‌

165,840‌

4.000%

01/01/36,

Series

O

250,000‌

267,001‌

4.000%

01/01/38,

Series

B

150,000‌

149,951‌

4.000%

01/01/41,

Series

O

1,000,000‌

1,009,198‌

New

York

Transportation

Development

Corp.

Revenue

Bonds

5.000%

01/01/31

200,000‌

206,452‌

3.000%

08/01/31

250,000‌

218,297‌

5.000%

12/01/32,

Series

A

180,000‌

193,343‌

5.000%

12/01/32,

Series

C

200,000‌

225,252‌

5.000%

01/01/34

175,000‌

180,756‌

5.000%

07/01/34,

Series

A-P3

500,000‌

505,503‌

5.000%

10/01/35

500,000‌

526,898‌

5.000%

01/01/36

150,000‌

153,770‌

5.000%

12/01/36,

Series

A

425,000‌

449,136‌

5.000%

10/01/40

1,000,000‌

1,024,620‌

4.000%

12/01/42,

Series

C

160,000‌

152,846‌

4.375%

10/01/45

2,750,000‌

2,612,240‌

Oneida

County

Local

Development

Corp.

Series

A

Revenue

Bonds

3.000%,

12/01/44

255,000‌

202,657‌

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5.000%

09/15/25,

Series

207

115,000‌

119,352‌

5.000%

09/15/27,

Series

207

860,000‌

920,770‌

5.000%

09/15/29,

Series

207

800,000‌

860,497‌

5.000%

07/15/31,

Series

209

300,000‌

337,708‌

5.000%

09/15/31,

Series

207

500,000‌

541,765‌

3.250%

05/01/33,

Series

189

230,000‌

232,350‌

5.000%

10/15/33,

Series

194

440,000‌

464,947‌

5.000%

11/15/33,

Series

205

300,000‌

333,236‌

5.000%

07/15/35,

Series

222

870,000‌

995,065‌

5.000%

10/15/35,

Series

194

405,000‌

427,964‌

State

of

New

York

Mortgage

Agency

Revenue

Bonds

4.000%

04/01/31,

Series

248

500,000‌

495,846‌

1.900%

10/01/31,

Series

233

250,000‌

217,659‌

2.400%

10/01/34,

Series

220

140,000‌

119,817‌

2.200%

10/01/36,

Series

239

560,000‌

424,631‌

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

0.000%

11/15/29,

Series

A

(a)

100,000‌

81,003‌

5.000%

11/15/31,

Series

A

485,000‌

519,411‌

5.000%

11/15/31,

Series

B

490,000‌

537,179‌

0.000%

11/15/32,

Series

B

(a)

220,000‌

165,754‌

5.000%

11/15/36,

Series

B

1,000,000‌

1,082,569‌

Total

New

York

49,653,817‌

North

Carolina

0.4%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

5.000%

01/15/34,

Series

A

215,000‌

227,448‌

5.000%

01/15/49,

Series

D

(Mandatory

Put

12/01/31)

205,000‌

238,905‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

North

Carolina

Municipal

Power

Agency

No

1

Series

A

Revenue

Bonds

5.000%,

01/01/28

240,000‌

252,492‌

North

Carolina

Turnpike

Authority

Revenue

Bonds

5.000%,

01/01/35

145,000‌

158,709‌

State

of

North

Carolina

Revenue

Bonds

5.000%,

03/01/30

300,000‌

339,874‌

Total

North

Carolina

1,217,428‌

North

Dakota

0.6%

City

of

Grand

Forks

Series

A

Revenue

Bonds

3.000%,

12/01/39

1,000,000‌

866,601‌

County

of

Ward,

Series

C

Revenue

Bonds

5.000%,

06/01/34

200,000‌

183,405‌

5.000%,

06/01/43

500,000‌

426,867‌

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

2.250%

01/01/25,

Series

A

175,000‌

172,192‌

2.750%

07/01/27,

Series

A

185,000‌

181,463‌

3.550%

07/01/33,

Series

D

95,000‌

91,676‌

Total

North

Dakota

1,922,204‌

Ohio

3.1%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

4.000%,

11/15/36

250,000‌

235,862‌

American

Municipal

Power,

Inc.

Revenue

Bonds

5.000%

02/15/33,

Series

C

830,000‌

941,409‌

5.000%

02/15/35,

Series

C

250,000‌

277,820‌

4.000%

02/15/36,

Series

A

385,000‌

392,481‌

City

of

Columbus,

Series

A

4.000%,

08/15/27

380,000‌

392,161‌

5.000%,

04/01/28

125,000‌

139,528‌

City

of

Columbus

OH

Sewerage

Revenue

Revenue

Bonds

5.000%,

06/01/29

350,000‌

375,365‌

County

of

Montgomery

Revenue

Bonds

4.000%,

08/01/41

635,000‌

610,632‌

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

5.000%,

12/01/44

200,000‌

192,939‌

Ohio

Housing

Finance

Agency

Series

K

Revenue

Bonds

3.200%,

09/01/36

70,000‌

66,659‌

Ohio

Turnpike

&

Infrastructure

Commission

Revenue

Bonds

5.000%

02/15/33,

Series

A

775,000‌

856,251‌

5.700%

02/15/34,

Series

A-4

285,000‌

331,721‌

5.750%

02/15/35,

Series

A-4

150,000‌

180,978‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Ohio

Water

Development

Authority,

Series

A

Revenue

Bonds

5.000%,

06/01/25

335,000‌

348,898‌

5.000%,

06/01/29

1,125,000‌

1,277,946‌

5.000%,

12/01/30

325,000‌

348,173‌

5.000%,

12/01/32

800,000‌

854,987‌

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Series

A

Revenue

Bonds

5.000%,

06/01/28

430,000‌

471,677‌

Southeastern

Ohio

Port

Authority

Revenue

Bonds

5.500%,

12/01/43

135,000‌

120,472‌

State

of

Ohio

Revenue

Bonds

3.250%

01/01/35,

Series

A

130,000‌

123,982‌

3.250%

01/01/37,

Series

A

140,000‌

131,929‌

4.000%

01/01/46,

Series

B

575,000‌

556,032‌

State

of

Ohio

5.000%

09/15/28,

Series

B

195,000‌

219,988‌

Total

Ohio

9,447,890‌

Oklahoma

0.6%

Grand

River

Dam

Authority,

Series

A

Revenue

Bonds

5.000%,

06/01/28

185,000‌

199,441‌

5.000%,

06/01/30

200,000‌

215,628‌

5.000%,

06/01/31

525,000‌

566,064‌

Norman

Regional

Hospital

Authority

Revenue

Bonds

4.000%,

09/01/37

150,000‌

129,122‌

Oklahoma

Development

Finance

Authority

Series

B

Revenue

Bonds

5.000%,

08/15/38

500,000‌

468,074‌

Tulsa

County

Industrial

Authority

Revenue

Bonds

5.000%,

11/15/32

335,000‌

340,387‌

Total

Oklahoma

1,918,716‌

Oregon

1.0%

City

of

Eugene

OR

Electric

Utility

System

Revenue

Series

A

Revenue

Bonds

4.000%,

08/01/31

410,000‌

429,553‌

Medford

Hospital

Facilities

Authority,

Series

A

Revenue

Bonds

5.000%,

08/15/38

455,000‌

486,584‌

5.000%,

08/15/45

700,000‌

737,131‌

Oregon

Health

&

Science

University

Series

A

Revenue

Bonds

4.000%,

07/01/41

1,000,000‌

1,006,315‌

Salem

Hospital

Facility

Authority,

Series

A

Revenue

Bonds

5.000%,

05/15/34

200,000‌

219,122‌

4.000%,

05/15/41

240,000‌

236,721‌

Total

Oregon

3,115,426‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

15

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Pennsylvania

5.7%

Allegheny

County

Hospital

Development

Authority,

Series

A

Revenue

Bonds

4.000%,

07/15/39

1,000,000‌

990,619‌

4.000%,

04/01/44

680,000‌

630,600‌

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

5.000%,

05/01/42

(b)

100,000‌

96,882‌

Cambria

County

General

Financing

Authority

Series

TT4

Revenue

Bonds

5.000%,

11/01/29

315,000‌

338,876‌

Chambersburg

Area

Municipal

Authority

Revenue

Bonds

5.500%,

10/01/33

150,000‌

148,533‌

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

4.250%

11/01/32

100,000‌

85,964‌

4.000%

09/01/41,

Series

A

440,000‌

423,628‌

City

of

Philadelphia

PA

Airport

Revenue

Revenue

Bonds

5.000%,

07/01/36

250,000‌

266,091‌

Commonwealth

Financing

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/33

1,000,000‌

1,043,616‌

Commonwealth

of

Pennsylvania

5.000%

01/01/26,

Series

1

260,000‌

274,538‌

5.000%

01/01/28,

Series

1

600,000‌

649,464‌

5.000%

09/15/28,

Series

2

200,000‌

215,143‌

5.000%

03/15/29,

Series

1

955,000‌

991,517‌

5.000%

03/15/31,

Series

1

340,000‌

353,621‌

4.000%

09/15/31

245,000‌

255,899‌

Cumberland

County

Municipal

Authority

Revenue

Bonds

4.000%,

01/01/33

45,000‌

42,421‌

4.000%,

11/01/44

1,000,000‌

946,322‌

Dauphin

County

General

Authority

Revenue

Bonds

5.000%,

10/15/34

(b)

100,000‌

97,382‌

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

5.700%

07/01/27,

Series

B

110,000‌

121,884‌

5.500%

08/01/28,

Series

A

1,230,000‌

1,384,200‌

5.750%

07/01/32

100,000‌

123,989‌

Geisinger

Authority

Series

A-2

Revenue

Bonds

5.000%,

02/15/39

375,000‌

387,627‌

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

5.000%,

07/01/33

100,000‌

103,658‌

Northampton

County

General

Purpose

Authority

Revenue

Bonds

4.000%,

11/01/34

315,000‌

323,695‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000%,

08/15/44

500,000‌

487,521‌

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

3.200%

10/01/32,

Series

124B

500,000‌

488,421‌

3.650%

10/01/32,

Series

122

135,000‌

135,765‌

3.550%

10/01/33,

Series

127B

360,000‌

355,764‌

2.070%

10/01/36,

Series

136

100,000‌

78,734‌

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5.000%

06/01/28,

Series

B

465,000‌

490,634‌

5.000%

06/01/28,

Series

B-2

320,000‌

343,596‌

6.000%

12/01/30,

Series

E

760,000‌

853,806‌

5.000%

06/01/36,

Series

B

1,000,000‌

1,042,102‌

Philadelphia

Authority

For

Industrial

Development

Revenue

Bonds

5.000%

10/01/27

300,000‌

326,352‌

5.000%

04/01/33,

Series

2015

225,000‌

232,809‌

5.000%

09/01/42,

Series

A

200,000‌

205,156‌

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

5.000%

09/01/26,

Series

A

130,000‌

139,283‌

5.000%

09/01/31,

Series

B

1,050,000‌

1,231,153‌

Redevelopment

Authority

of

the

City

of

Philadelphia

Series

A

Revenue

Bonds

5.000%,

04/15/31

475,000‌

489,452‌

State

Public

School

Building

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/33

280,000‌

301,843‌

Total

Pennsylvania

17,498,560‌

Rhode

Island

0.4%

Rhode

Island

Commerce

Corp.

Series

B

Revenue

Bonds

5.000%,

06/15/31

865,000‌

926,922‌

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Series

76-A

Revenue

Bonds

2.350%,

10/01/36

500,000‌

406,213‌

Total

Rhode

Island

1,333,135‌

South

Carolina

1.4%

Piedmont

Municipal

Power

Agency

Series

A-2

Revenue

Bonds

0.000%,

01/01/29

(a)

120,000‌

99,156‌

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.000%

07/01/32,

Series

C

300,000‌

329,559‌

5.000%

05/01/43,

Series

A

650,000‌

664,768‌

4.000%

12/01/44,

Series

A

950,000‌

926,972‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

South

Carolina

Public

Service

Authority,

Series

A

Revenue

Bonds

5.000%,

12/01/31

950,000‌

995,630‌

5.000%,

12/01/33

1,125,000‌

1,177,573‌

Total

South

Carolina

4,193,658‌

South

Dakota

0.7%

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.000%

07/01/35

180,000‌

188,980‌

4.000%

07/01/37

150,000‌

147,630‌

5.000%

11/01/44,

Series

B

1,000,000‌

1,010,682‌

South

Dakota

Housing

Development

Authority

Revenue

Bonds

2.650%

11/01/27,

Series

F

500,000‌

488,257‌

3.400%

11/01/32,

Series

B

355,000‌

355,277‌

Total

South

Dakota

2,190,826‌

Tennessee

0.7%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Series

A-1

Revenue

Bonds

4.000%,

08/01/36

105,000‌

103,548‌

City

of

Memphis,

Series

A

5.000%,

04/01/25

250,000‌

259,671‌

5.000%,

04/01/26

245,000‌

254,723‌

Memphis-Shelby

County

Industrial

Development

Board

Series

B

Revenue

Bonds

5.000%,

11/01/30

150,000‌

160,891‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Series

A

Revenue

Bonds

5.000%,

07/01/46

1,000,000‌

1,016,390‌

Tennessee

Housing

Development

Agency

Revenue

Bonds

2.450%,

01/01/27

245,000‌

241,205‌

Total

Tennessee

2,036,428‌

Texas

9.8%

Alamo

Community

College

District

5.000%,

08/15/28

330,000‌

362,428‌

Austin

Convention

Enterprises,

Inc.

Series

B

Revenue

Bonds

5.000%,

01/01/32

250,000‌

242,669‌

Central

Texas

Turnpike

System

Revenue

Bonds

0.000%

08/15/28,

Series

A

(a)

150,000‌

126,099‌

0.000%

08/15/29,

Series

A

(a)

270,000‌

219,661‌

5.000%

08/15/33,

Series

C

225,000‌

229,559‌

5.000%

08/15/34,

Series

C

1,740,000‌

1,773,927‌

City

of

Austin

TX

Airport

System

Revenue

Revenue

Bonds

5.000%,

11/15/27

200,000‌

204,238‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

City

of

Austin

TX

Water

&

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

11/15/30

1,500,000‌

1,620,443‌

City

of

Dallas

5.000%,

02/15/26

330,000‌

335,468‌

City

of

Dallas

TX

Waterworks

&

Sewer

System

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/29

580,000‌

627,547‌

City

of

Garland

TX

Electric

Utility

System

Revenue

Revenue

Bonds

3.000%,

03/01/37

300,000‌

264,220‌

City

of

Houston

Series

A

5.000%,

03/01/26

355,000‌

377,284‌

City

of

Houston

TX

Airport

System

Revenue

Revenue

Bonds

5.000%

07/01/29

500,000‌

499,987‌

4.000%

07/15/41,

Series

B-1

450,000‌

389,049‌

City

of

Houston

TX

Combined

Utility

System

Revenue

Series

B

Revenue

Bonds

5.000%,

11/15/27

695,000‌

747,544‌

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

Revenue

Bonds

5.000%

02/01/30

205,000‌

222,408‌

4.000%

02/01/32,

Series

B

1,000,000‌

1,107,335‌

5.000%

02/01/36

1,130,000‌

1,262,229‌

County

of

Harris,

Series

A

5.000%,

10/01/25

225,000‌

236,538‌

5.000%,

10/01/28

100,000‌

113,021‌

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

5.250%

11/01/30,

Series

A

225,000‌

226,918‌

4.000%

11/01/34

1,255,000‌

1,328,109‌

Fort

Bend

Independent

School

District

5.000%,

08/15/29

480,000‌

526,271‌

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000%,

07/01/45

240,000‌

245,357‌

Harris

County-Houston

Sports

Authority

Series

A-3

Revenue

Bonds

0.000%,

11/15/32

(a)

200,000‌

116,701‌

Lower

Colorado

River

Authority

Revenue

Bonds

5.000%,

05/15/32

350,000‌

409,248‌

5.000%,

05/15/35

350,000‌

388,744‌

Matagorda

County

Navigation

District

No

1

Revenue

Bonds

5.125%,

11/01/28

315,000‌

337,107‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

17

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000%

12/01/39,

Series

A-1

115,000‌

106,039‌

4.000%

08/15/40,

Series

A

225,000‌

225,078‌

North

East

Independent

School

District

5.250%,

02/01/29

150,000‌

171,738‌

North

Texas

Municipal

Water

District

Water

System

Revenue

Revenue

Bonds

5.000%,

09/01/28

250,000‌

264,077‌

North

Texas

Tollway

Authority

Revenue

Bonds

0.000%

01/01/28,

Series

D

(a)

230,000‌

195,392‌

5.000%

01/01/29,

Series

A

250,000‌

265,122‌

5.000%

01/01/29,

Series

B

325,000‌

337,082‌

0.000%

01/01/30,

Series

D

(a)

500,000‌

395,070‌

5.000%

01/01/30,

Series

A

545,000‌

572,653‌

5.000%

01/01/31,

Series

A

850,000‌

901,451‌

0.000%

01/01/34,

Series

D

(a)

410,000‌

283,407‌

5.000%

01/01/36,

Series

A

370,000‌

396,239‌

4.000%

01/01/38,

Series

A

1,000,000‌

1,000,169‌

Northeast

Higher

Education

Finance

Corp.

Series

B

Revenue

Bonds

5.000%,

08/15/40

110,000‌

104,554‌

Northside

Independent

School

District

(Mandatory

Put

06/1/25)

0.700%,

06/01/50

1,000,000‌

952,954‌

Port

Freeport

Revenue

Bonds

5.000%,

06/01/33

895,000‌

970,326‌

Round

Rock

Independent

School

District

Series

A

5.000%,

08/01/30

315,000‌

358,913‌

San

Antonio

Water

System,

Series

A

Revenue

Bonds

5.000%,

05/15/30

400,000‌

426,614‌

5.000%,

05/15/31

535,000‌

571,069‌

State

of

Texas,

Series

A

5.000%,

10/01/27

310,000‌

318,459‌

5.000%,

10/01/29

270,000‌

284,716‌

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000%

07/01/32,

Series

B

120,000‌

132,399‌

5.000%

05/15/37

100,000‌

90,068‌

Tarrant

Regional

Water

District

Water

Supply

System

Revenue

Revenue

Bonds

5.000%,

03/01/29

225,000‌

232,842‌

Texas

Water

Development

Board

Revenue

Bonds

5.000%

04/15/28,

Series

A

315,000‌

347,541‌

5.000%

10/15/28,

Series

A

200,000‌

223,212‌

5.000%

08/01/30

750,000‌

870,567‌

5.000%

10/15/30,

Series

A

335,000‌

353,057‌

5.000%

10/15/31,

Series

A

605,000‌

638,848‌

5.000%

08/01/32

500,000‌

581,607‌

5.000%

10/15/32,

Series

B

500,000‌

562,356‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Trinity

River

Authority

Central

Regional

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

08/01/28

750,000‌

826,189‌

5.000%,

08/01/30

550,000‌

632,352‌

3.000%,

08/01/31

1,165,000‌

1,185,209‌

Total

Texas

30,317,478‌

Utah

1.0%

City

of

Salt

Lake

City

UT

Airport

Revenue,

Series

A

Revenue

Bonds

5.000%,

07/01/30

100,000‌

107,627‌

5.000%,

07/01/35

500,000‌

524,280‌

5.000%,

07/01/37

1,515,000‌

1,573,346‌

Intermountain

Power

Agency

Series

A

Revenue

Bonds

5.000%,

07/01/35

700,000‌

811,719‌

Total

Utah

3,016,972‌

Virginia

0.3%

Fairfax

County

Industrial

Development

Authority

Series

A

Revenue

Bonds

5.000%,

05/15/44

225,000‌

227,605‌

Virginia

Resources

Authority

Clean

Water

Revolving

Fund

Series

B

Revenue

Bonds

4.000%,

10/01/27

185,000‌

188,076‌

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

5.250%,

10/01/29

165,000‌

170,265‌

4.000%,

01/01/37

250,000‌

240,538‌

Total

Virginia

826,484‌

Washington

2.1%

City

of

Seattle

WA

Water

System

Revenue

Revenue

Bonds

5.000%,

05/01/27

1,500,000‌

1,561,785‌

County

of

King

4.000%,

07/01/30

250,000‌

264,496‌

County

of

King

WA

Sewer

Revenue

Series

B

Revenue

Bonds

5.000%,

07/01/27

235,000‌

252,221‌

King

County

School

District

No

405

Bellevue

5.000%,

12/01/25

500,000‌

527,775‌

Port

of

Seattle

Revenue

Bonds

5.000%,

04/01/36

200,000‌

213,489‌

State

of

Washington

5.000%

07/01/28,

Series

R-2015-C

150,000‌

155,279‌

4.000%

07/01/29,

Series

R-2022D

1,000,000‌

1,089,154‌

5.000%

07/01/29,

Series

B

210,000‌

222,737‌

5.000%

07/01/30,

Series

R-2015E

200,000‌

207,081‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Notes

to

Portfolio

of

Investments

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%

08/01/31,

Series

A-1

450,000‌

535,103‌

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

5.000%

08/01/38,

Series

A-2

150,000‌

157,552‌

5.000%

10/01/38,

Series

D

350,000‌

350,884‌

5.000%

08/15/45,

Series

A

425,000‌

429,174‌

5.000%

09/01/45

300,000‌

313,245‌

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4.000%,

07/01/32

210,000‌

202,365‌

Washington

State

Housing

Finance

Commission

Series

A

Revenue

Bonds

5.000%,

01/01/34

(b)

100,000‌

86,753‌

Total

Washington

6,569,093‌

Wisconsin

1.1%

Public

Finance

Authority,

Series

A

Revenue

Bonds

5.000%,

06/01/40

200,000‌

204,077‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%,

01/01/45

200,000‌

182,120‌

State

of

Wisconsin

5.000%

05/01/27

240,000‌

250,138‌

5.000%

05/01/28,

Series

4

450,000‌

463,918‌

5.000%

11/01/28,

Series

2

500,000‌

534,706‌

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.250%

07/01/33,

Series

B

200,000‌

162,100‌

4.000%

04/01/39,

Series

A

1,450,000‌

1,430,911‌

3.500%

02/15/46,

Series

A

405,000‌

310,301‌

Total

Wisconsin

3,538,271‌

Total

Municipal

Bonds

(Cost

$314,934,544)

304,452,344‌

Money

Market

Funds

0

.1

%

Shares

Value

($)

Dreyfus

Tax

Exempt

Cash

Management

Fund,

Institutional

Shares

3.321%

(c)

400,737‌

400,697‌

Total

Money

Market

Funds

(Cost

$400,697)

400,697‌

Total

Investments

in

Securities

(Cost

$315,335,241)

304,853,041‌

Other

Assets

&

Liabilities,

Net

3,956,577‌

Net

Assets

308,809,618‌

(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,

2023,

the

total

value

of

these

securities

amounted

to

$2,290,555,

which

represents

0.74%

of

total

net

assets.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2023.

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.

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

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19

Fair

Value

Measurements

(continued)

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Municipal

Bonds

–

304,452,344

–

304,452,344

Money

Market

Funds

400,697

–

–

400,697

Total

Investments

in

Securities

400,697

304,452,344

–

304,853,041

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,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

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Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$315,335,241)

$304,853,041

Receivable

for:

Interest

4,014,215

Total

assets

308,867,256

Liabilities

Payable

for:

Investment

management

fees

57,638

Total

liabilities

57,638

Net

assets

applicable

to

outstanding

capital

stock

$308,809,618

Represented

by:

Paid-in

capital

$320,105,953

Total

distributable

earnings

(loss)

(11,296,335)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$308,809,618

Shares

outstanding

15,050,000

Net

asset

value

per

share

$20.52

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

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21

Investment

Income:

Interest

$3,615,964

Total

income

3,615,964

Expenses:

Investment

management

fees

316,095

Overdraft

expense

2

Total

expenses

316,097

Net

Investment

Income

3,299,867

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(593,346)

Net

realized

loss

(593,346)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

15,576,493

Net

change

in

unrealized

appreciation

15,576,493

Net

realized

and

unrealized

gain

14,983,147

Net

Increase

in

net

assets

resulting

from

operations

$18,283,014

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

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Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

Net

investment

income

$3,299,867

$3,083,410

Net

realized

loss

(593,346)

(760,476)

Net

change

in

unrealized

appreciation

(depreciation)

15,576,493

(28,317,930)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

18,283,014

(25,994,996)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(3,101,911)

(3,038,834)

Shareholder

transactions

Proceeds

from

shares

sold

70,043,835

133,379,155

Cost

of

shares

redeemed

–

(22,379,887)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

70,043,835

110,999,268

Increase

in

net

assets

85,224,938

81,965,438

Net

Assets:

Net

assets

beginning

of

period

223,584,680

141,619,242

Net

assets

at

end

of

period

$308,809,618

$223,584,680

Capital

stock

activity

Shares

outstanding,

beginning

of

period

11,600,000

6,350,000

Subscriptions

3,450,000

6,300,000

Redemptions

–

(1,050,000)

Shares

outstanding,

end

of

period

15,050,000

11,600,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

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|

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2023

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

ratio

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

2021

2020

2019

2018

(a)

Per

share

data

Net

asset

value,

beginning

of

period

$

19

.27‌

$

22

.30‌

$

21

.83‌

$

21

.56‌

$

20

.02‌

$

20

.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0

.24‌

0

.34‌

0

.37‌

0

.51‌

0

.56‌

0

.03‌

Net

realized

and

unrealized

gain

(loss)

1

.24‌

(

3

.03‌

)

0

.52‌

0

.30‌

1

.51‌

(

0

.01‌

)

Total

from

investment

operations

1

.48‌

(

2

.69‌

)

0

.89‌

0

.81‌

2

.07‌

0

.02‌

Less

distributions

to

shareholders:

Net

investment

income

(

0

.23‌

)

(

0

.32‌

)

(

0

.38‌

)

(

0

.51‌

)

(

0

.53‌

)

–‌

Net

realized

gains

–‌

(

0

.02‌

)

(

0

.04‌

)

(

0

.03‌

)

–‌

–‌

Total

distribution

to

shareholders

(

0

.23‌

)

(

0

.34‌

)

(

0

.42‌

)

(

0

.54‌

)

(

0

.53‌

)

–‌

Net

asset

value,

end

of

period

$

20

.52‌

$

19

.27‌

$

22

.30‌

$

21

.83‌

$

21

.56‌

$

20

.02‌

Total

Return

at

NAV

7

.71‌

%

(

12

.17‌

)

%

4

.11‌

%

3

.82‌

%

10

.42‌

%

0

.10‌

%

Total

Return

at

Market

7

.81‌

%

(

12

.40‌

)

%

3

.85‌

%

4

.18‌

%

10

.24‌

%

0

.45‌

%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0

.23‌

%

(c)

0

.23‌

%

(c)

0

.23‌

%

(c)

0

.23‌

%

0

.26‌

%

0

.28‌

%

Total

net

expenses

(b)(d)

0

.23‌

%

(c)

0

.23‌

%

(c)

0

.23‌

%

(c)

0

.23‌

%

0

.26‌

%

0

.28‌

%

Net

investment

income

2

.40‌

%

1

.63‌

%

1

.65‌

%

2

.37‌

%

2

.67‌

%

2

.34‌

%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

308,810‌

$

223,585‌

$

141,619‌

$

56,769‌

$

26,946‌

$

16,014‌

Portfolio

turnover

3‌

%

14‌

%

6‌

%

11‌

%

20‌

%

48‌

%

(a)

The

Fund

commenced

operations

on

October

10,

2018.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

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,

2023

(Unaudited)

24

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Beta

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Note

1.

Organization

Columbia

Multi-Sector

Municipal

Income

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

Shares

The

market

prices

of

the

Fund’s

shares

may

differ

to

some

degree

from

the

Fund’s

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

“Creation

Unit.”

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund’s principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund’s shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

Note

2.

Summary

of

significant

accounting

policies

Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

that

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

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

net

tax-exempt

and

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

provision

is

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.

Recent

accounting

pronouncement

Tailored

Shareholder

Reports

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

26

Strategic

Beta

ETFs

|

Semiannual

Report

2023

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds;

Fee

Information

in

Investment

Company

Advertisements.

The

rule

and

form

amendments

will,

among

other

things,

require

the

Fund

to

transmit

concise

and

visually

engaging

shareholder

reports

that

highlight

key

information.

The

amendments

will

require

that

funds

tag

information

in

a

structured

data

format

and

that

certain

more

in-depth

information

be

made

available

online

and

available

for

delivery

free

of

charge

to

investors

on

request.

The

amendments

became

effective

January

24,

2023.

There

is

an

18-month

transition

period

after

the

effective

date

of

the

amendment.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.23%

of

the

Fund’s

average

daily

net

assets.

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Fund.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

Note

4.

Federal

tax

information

The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

April

30,

2023,

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:

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

27

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2022,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

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

$75,213,418

and

$7,281,701,

respectively,

for

the

six

months

ended

April

30,

2023.

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

period

ended

April

30,

2023,

the

cost

basis

of

securities

contributed

was

$4,345,090.

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,

2023,

the

Fund

did

not

have

in-kind

redemptions.

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

27,

2022

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$950

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

27,

2022

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$950

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.11448%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

The

Fund

had

no

borrowings

during

the

six

months

ended

April

30,

2023.

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

315,335,241

2,295,859

(12,778,059)

(10,482,200)

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

594,885

153,299

748,184

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

28

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Note

8.

Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund’s

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower-rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

The

large-scale

invasion

of

Ukraine

by

Russia

in

February

2022

has

resulted

in

sanctions

and

market

disruptions,

including

declines

in

regional

and

global

stock

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

counter-measures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country’s

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/or

assets

in

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

29

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Municipal

securities

risk

Municipal

securities

are

debt

obligations

generally

issued

to

obtain

funds

for

various

public

purposes,

including

general

financing

for

state

and

local

governments,

or

financing

for

a

specific

project

or

public

facility,

and

include

obligations

of

the

governments

of

the

U.S.

territories,

commonwealths

and

possessions

such

as

Guam,

Puerto

Rico

and

the

U.S.

Virgin

Islands

to

the

extent

such

obligations

are

exempt

from

state

and

U.S.

federal

income

taxes.

The

value

of

municipal

securities

can

be

significantly

affected

by

actual

or

expected

political

and

legislative

changes

at

the

federal

or

state

level.

Municipal

securities

may

be

fully

or

partially

backed

by

the

taxing

authority

of

the

local

government,

by

the

credit

of

a

private

issuer,

by

the

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

or

by

domestic

or

foreign

entities

providing

credit

support,

such

as

letters

of

credit,

guarantees

or

insurance,

and

are

generally

classified

into

general

obligation

bonds

and

special

revenue

obligations.

Because

many

municipal

securities

are

issued

to

finance

projects

in

sectors

such

as

education,

health

care,

transportation

and

utilities,

conditions

in

those

sectors

can

affect

the

overall

municipal

market.

Issuers

in

a

state,

territory,

commonwealth

or

possession

in

which

the

Fund

invests

may

experience

significant

financial

difficulties

for

various

reasons,

including

as

the

result

of

events

that

cannot

be

reasonably

anticipated

or

controlled

such

as

economic

downturns

or

similar

periods

of

economic

stress,

social

conflict

or

unrest,

labor

disruption

and

natural

disasters.

Such

financial

difficulties

may

lead

to

credit

rating

downgrades

or

defaults

of

such

issuers

which

in

turn,

could

affect

the

market

values

and

marketability

of

many

or

all

municipal

obligations

of

issuers

in

such

state,

territory,

commonwealth

or

possession.

The

value

of

the

Fund’s

shares

will

be

negatively

impacted

to

the

extent

it

invests

in

such

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

Index’s

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

30

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

31

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,

2022,

through

December

31,

2022,

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.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

SAR303_10_N01_(06/23)

CET001794

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.

©

2023

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

STRATEGIC

BETA

ETFs

Semiannual

Report

April

30,

2023

(Unaudited)

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

20

Statement

of

Operations

21

Statement

of

Changes

in

Net

Assets

22

Financial

Highlights

23

Notes

to

Financial

Statements

25

Liquidity

Risk

Management

Program

32

Additional

Information

33

FUND

AT

A

GLANCE

Columbia

Research

Enhanced

Core

ETF

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

3

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2019

Jason

Wang,

CFA

Portfolio

Manager

Managed

Fund

since

2019

Investment

objective

Columbia

Research

Enhanced

Core

ETF

(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.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

Months

cumulative

1

Year

Life

Market

Price

09/25/19

8.24

2.92

13.05

Net

Asset

Value

09/25/19

8.26

2.72

12.96

{

Beta

Advantage®

}

Research

Enhanced

U.S.

Equity

Index

8.35

2.89

13.20

Russell

1000®

Index

8.01

1.82

11.34

FUND

AT

A

GLANCE

(continued)

Columbia

Research

Enhanced

Core

ETF

(Unaudited)

4

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Equity

sector

breakdown

(%)

(at

April

30,

2023)

Information

Technology

25

.1

Health

Care

13

.5

Financials

13

.3

Consumer

Discretionary

9

.7

Industrials

9

.3

Communication

Services

8

.6

Consumer

Staples

7

.2

Energy

4

.9

Materials

2

.8

Utilities

2

.8

Real

Estate

2

.8

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

2023

5

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2019

Jason

Wang,

CFA

Portfolio

Manager

Managed

Fund

since

2019

Investment

objective

Columbia

Research

Enhanced

Value

ETF

(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.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

Months

cumulative

1

Year

Life

Market

Price

09/25/19

4.97

1.88

9.04

Net

Asset

Value

09/25/19

5.34

2.04

9.12

{

Beta

Advantage

}

®

Research

Enhanced

U.S.

Value

Index

5.42

2.26

9.26

Russell

1000®

Value

Index

4.54

1.21

7.89

FUND

AT

A

GLANCE

(continued)

Columbia

Research

Enhanced

Value

ETF

(Unaudited)

6

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Equity

sector

breakdown

(%)

(at

April

30,

2023)

Financials

20

.1

Health

Care

15

.4

Industrials

10

.4

Communication

Services

10

.2

Energy

8

.4

Consumer

Staples

7

.3

Information

Technology

7

.2

Consumer

Discretionary

6

.6

Utilities

5

.7

Materials

4

.5

Real

Estate

4

.2

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

2023

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,

2023.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

Fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

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,

2022

—

April

30,

2023

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

Research

Enhanced

Core

ETF

1,000.00

1,000.00

1,082.60

1,024.05

0.77

0.75

0.15

Columbia

Research

Enhanced

Value

ETF

1,000.00

1,000.00

1,053.40

1,023.85

0.97

0.95

0.19

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Core

ETF

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

the

Financial

Statements

are

an

integral

part

of

these

financial

statements.

8

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Common

Stocks

99.4%

Issuer

Shares

Value

($)

Communication

Services  8.6%

Diversified

Telecommunication

Services

0.7%

Lumen

Technologies,

Inc.

6,002

14,225

Verizon

Communications,

Inc.

24,768

961,741

Total

975,966

Entertainment

0.2%

Electronic

Arts,

Inc.

1,640

208,739

Live

Nation

Entertainment,

Inc.

(a)

912

61,815

Playtika

Holding

Corp.

(a)

603

6,030

World

Wrestling

Entertainment,

Inc.

Class

A

257

27,543

Total

304,127

Interactive

Media

&

Services

7.4%

Alphabet,

Inc.

Class

A

(a)

36,083

3,873,149

Alphabet,

Inc.

Class

C

(a)

31,770

3,438,149

Meta

Platforms,

Inc.

Class

A

(a)

13,426

3,226,536

TripAdvisor,

Inc.

(a)

617

10,940

Total

10,548,774

Media

0.3%

Fox

Corp.

Class

A

1,730

57,540

Fox

Corp.

Class

B

831

25,379

Interpublic

Group

of

Cos.,

Inc.

(The)

2,339

83,573

New

York

Times

Co.

(The)

Class

A

959

38,120

News

Corp.

Class

A

2,305

40,591

News

Corp.

Class

B

720

12,780

Nexstar

Media

Group,

Inc.

222

38,506

Omnicom

Group,

Inc.

1,188

107,597

Total

404,086

Total

Communication

Services

12,232,953

Consumer

Discretionary  9.6%

Automobile

Components

0.2%

BorgWarner,

Inc.

4,742

228,232

Automobiles

0.1%

Harley-Davidson,

Inc.

2,726

101,135

Thor

Industries,

Inc.

1,009

79,731

Total

180,866

Broadline

Retail

0.6%

eBay,

Inc.

11,040

512,587

Etsy,

Inc.

(a)

2,689

271,670

Macy's,

Inc.

5,605

91,586

Nordstrom,

Inc.

2,257

34,893

Total

910,736

Distributors

0.5%

Genuine

Parts

Co.

2,824

475,307

LKQ

Corp.

5,150

297,310

Total

772,617

Diversified

Consumer

Services

0.3%

ADT,

Inc.

4,250

28,475

Grand

Canyon

Education,

Inc.

(a)

657

77,986

H&R

Block,

Inc.

3,130

106,139

Service

Corp.

International

3,091

216,957

Total

429,557

Hotels,

Restaurants

&

Leisure

1.7%

Aramark

4,673

162,153

Boyd

Gaming

Corp.

1,573

109,166

Darden

Restaurants,

Inc.

2,474

375,875

Expedia

Group,

Inc.

(a)

2,937

275,961

Hyatt

Hotels

Corp.

Class

A

(a)

968

110,642

Marriott

International,

Inc.

Class

A

5,466

925,613

Marriott

Vacations

Worldwide

Corp.

765

102,938

MGM

Resorts

International

6,590

296,023

Travel

+

Leisure

Co.

1,649

63,107

Total

2,421,478

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Household

Durables

1.7%

DR

Horton,

Inc.

6,422

705,264

Lennar

Corp.

Class

A

5,069

571,834

Lennar

Corp.

Class

B

295

28,857

NVR,

Inc.

(a)

60

350,400

PulteGroup,

Inc.

4,654

312,516

Toll

Brothers,

Inc.

2,273

145,267

TopBuild

Corp.

(a)

650

146,562

Whirlpool

Corp.

1,083

151,176

Total

2,411,876

Specialty

Retail

4.3%

AutoNation,

Inc.

(a)

766

100,882

AutoZone,

Inc.

(a)

395

1,052,007

Bath

&

Body

Works,

Inc.

4,562

160,126

Best

Buy

Co.,

Inc.

4,023

299,794

Lowe's

Cos.,

Inc.

12,573

2,613,047

O'Reilly

Automotive,

Inc.

(a)

1,260

1,155,811

Penske

Automotive

Group,

Inc.

536

74,279

Ulta

Beauty,

Inc.

(a)

1,057

582,861

Victoria's

Secret

&

Co.

(a)

1,693

52,500

Total

6,091,307

Textiles,

Apparel

&

Luxury

Goods

0.2%

PVH

Corp.

1,349

115,758

Tapestry,

Inc.

4,976

203,070

Total

318,828

Total

Consumer

Discretionary

13,765,497

Consumer

Staples  7.2%

Beverages

1.2%

Coca-Cola

Co.

(The)

26,838

1,721,658

Consumer

Staples

Distribution

2.0%

Albertsons

Cos.,

Inc.

Class

A

1,600

33,440

Casey's

General

Stores,

Inc.

256

58,578

Dollar

General

Corp.

4,675

1,035,326

Kroger

Co.

(The)

4,559

221,704

Walmart,

Inc.

10,039

1,515,588

Total

2,864,636

Food

Products

1.0%

Archer-Daniels-Midland

Co.

3,822

298,422

Campbell

Soup

Co.

1,354

73,522

Conagra

Brands,

Inc.

3,240

122,990

Darling

Ingredients,

Inc.

(a)

1,080

64,336

General

Mills,

Inc.

4,097

363,117

JM

Smucker

Co.

(The)

704

108,705

Kellogg

Co.

1,734

120,981

Kraft

Heinz

Co.

(The)

4,770

187,318

Pilgrim's

Pride

Corp.

(a)

320

7,299

Tyson

Foods,

Inc.

Class

A

1,892

118,231

Total

1,464,921

Household

Products

1.8%

Procter

&

Gamble

Co.

(The)

16,301

2,549,150

Tobacco

1.2%

Altria

Group,

Inc.

12,359

587,176

Philip

Morris

International,

Inc.

10,534

1,053,084

Total

1,640,260

Total

Consumer

Staples

10,240,625

Energy  4.8%

Energy

Equipment

&

Services

0.0%

NOV,

Inc.

2,292

38,391

Oil,

Gas

&

Consumable

Fuels

4.8%

Antero

Resources

Corp.

(a)

1,573

36,163

Chesapeake

Energy

Corp.

670

55,396

Chevron

Corp.

11,268

1,899,560

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

the

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

9

Common

Stocks

(continued)

Issuer

Shares

Value

($)

ConocoPhillips

7,117

732,268

EQT

Corp.

2,049

71,387

Exxon

Mobil

Corp.

23,353

2,763,594

HF

Sinclair

Corp.

833

36,744

Marathon

Oil

Corp.

3,851

93,040

Marathon

Petroleum

Corp.

2,733

333,426

Occidental

Petroleum

Corp.

4,625

284,576

PDC

Energy,

Inc.

544

35,387

Phillips

66

2,717

268,983

Valero

Energy

Corp.

2,232

255,943

Vitesse

Energy,

Inc.

320

5,888

Total

6,872,355

Total

Energy

6,910,746

Financials  13.2%

Banks

2.9%

Bank

OZK

1,468

52,437

Citigroup,

Inc.

25,150

1,183,811

Citizens

Financial

Group,

Inc.

6,321

195,572

East

West

Bancorp,

Inc.

1,845

95,368

First

Citizens

BancShares,

Inc.

Class

A

166

167,192

Huntington

Bancshares,

Inc.

18,793

210,482

Popular,

Inc.

939

56,349

Webster

Financial

Corp.

2,288

85,342

Wells

Fargo

&

Co.

50,120

1,992,270

Wintrust

Financial

Corp.

789

53,944

Total

4,092,767

Capital

Markets

2.9%

Affiliated

Managers

Group,

Inc.

499

72,046

Bank

of

New

York

Mellon

Corp.

(The)

9,547

406,607

Cboe

Global

Markets,

Inc.

1,406

196,418

CME

Group,

Inc.

4,636

861,230

Invesco

Ltd.

4,906

84,040

Jefferies

Financial

Group,

Inc.

2,618

83,854

Lazard

Ltd.

Class

A

1,165

36,464

Morgan

Stanley

16,198

1,457,334

Nasdaq,

Inc.

4,557

252,321

Raymond

James

Financial,

Inc.

2,542

230,127

SEI

Investments

Co.

1,344

79,175

State

Street

Corp.

4,488

324,303

Total

4,083,919

Consumer

Finance

0.8%

Ally

Financial,

Inc.

3,985

105,124

Capital

One

Financial

Corp.

4,917

478,424

Discover

Financial

Services

3,474

359,455

SLM

Corp.

3,125

46,938

Synchrony

Financial

6,036

178,122

Total

1,168,063

Financial

Services

3.0%

Equitable

Holdings,

Inc.

4,985

129,560

Jack

Henry

&

Associates,

Inc.

370

60,436

Mastercard,

Inc.

Class

A

4,252

1,615,888

MGIC

Investment

Corp.

3,943

58,632

PayPal

Holdings,

Inc.

(a)

5,743

436,468

Visa,

Inc.

Class

A

7,994

1,860,444

Voya

Financial,

Inc.

1,289

98,583

WEX,

Inc.

(a)

218

38,662

Total

4,298,673

Insurance

3.5%

American

Financial

Group,

Inc.

894

109,721

American

International

Group,

Inc.

9,870

523,505

Aon

PLC

Class

A

2,754

895,546

Axis

Capital

Holdings

Ltd.

1,009

57,049

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Brighthouse

Financial,

Inc.

(a)

934

41,283

CNA

Financial

Corp.

364

14,163

Everest

Re

Group

Ltd.

506

191,268

Hartford

Financial

Services

Group,

Inc.

(The)

4,213

299,081

Lincoln

National

Corp.

2,189

47,567

Loews

Corp.

2,566

147,725

Marsh

&

McLennan

Cos.,

Inc.

6,576

1,184,929

MetLife,

Inc.

8,923

547,247

Prudential

Financial,

Inc.

4,900

426,300

Reinsurance

Group

of

America,

Inc.

892

126,949

Unum

Group

2,636

111,239

Willis

Towers

Watson

PLC

1,430

331,188

Total

5,054,760

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

Annaly

Capital

Management,

Inc.

5,575

111,388

Starwood

Property

Trust,

Inc.

3,810

68,161

Total

179,549

Total

Financials

18,877,731

Health

Care  13.4%

Biotechnology

2.4%

AbbVie,

Inc.

6,652

1,005,250

Alnylam

Pharmaceuticals,

Inc.

(a)

459

91,433

Amgen,

Inc.

2,026

485,713

Biogen,

Inc.

(a)

540

164,284

BioMarin

Pharmaceutical,

Inc.

(a)

695

66,748

Exact

Sciences

Corp.

(a)

667

42,735

Exelixis,

Inc.

(a)

1,231

22,527

Gilead

Sciences,

Inc.

4,711

387,291

Horizon

Therapeutics

PLC

(a)

833

92,596

Incyte

Corp.

(a)

688

51,194

Ionis

Pharmaceuticals,

Inc.

(a)

524

18,534

Mirati

Therapeutics,

Inc.

(a)

171

7,577

Moderna,

Inc.

(a)

1,306

173,554

Natera,

Inc.

(a)

369

18,716

Neurocrine

Biosciences,

Inc.

(a)

370

37,385

Novavax,

Inc.

(a)

325

2,493

Regeneron

Pharmaceuticals,

Inc.

(a)

396

317,509

Sarepta

Therapeutics,

Inc.

(a)

307

37,691

Seagen,

Inc.

(a)

504

100,800

Ultragenyx

Pharmaceutical,

Inc.

(a)

249

10,874

United

Therapeutics

Corp.

(a)

169

38,892

Vertex

Pharmaceuticals,

Inc.

(a)

969

330,167

Total

3,503,963

Health

Care

Equipment

&

Supplies

1.1%

Abbott

Laboratories

10,663

1,177,942

DENTSPLY

SIRONA,

Inc.

1,343

56,312

Enovis

Corp.

(a)

312

18,174

Hologic,

Inc.

(a)

1,542

132,627

Integra

LifeSciences

Holdings

Corp.

(a)

458

25,337

Zimmer

Biomet

Holdings,

Inc.

1,330

184,125

Total

1,594,517

Health

Care

Providers

&

Services

4.3%

AmerisourceBergen

Corp.

1,058

176,527

Cardinal

Health,

Inc.

1,735

142,444

Centene

Corp.

(a)

3,436

236,844

Cigna

Group

(The)

1,841

466,307

CVS

Health

Corp.

8,097

593,591

Elevance

Health,

Inc.

1,526

715,160

Humana,

Inc.

803

425,983

McKesson

Corp.

902

328,544

Molina

Healthcare,

Inc.

(a)

364

108,432

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

the

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Common

Stocks

(continued)

Issuer

Shares

Value

($)

UnitedHealth

Group,

Inc.

5,949

2,927,443

Total

6,121,275

Life

Sciences

Tools

&

Services

0.6%

Agilent

Technologies,

Inc.

1,910

258,671

IQVIA

Holdings,

Inc.

(a)

1,169

220,041

Maravai

LifeSciences

Holdings,

Inc.

Class

A

(a)

687

9,474

Mettler-Toledo

International,

Inc.

(a)

149

222,234

QIAGEN

NV

(a)

1,413

63,034

Syneos

Health,

Inc.

(a)

647

25,401

Total

798,855

Pharmaceuticals

5.0%

Bristol-Myers

Squibb

Co.

13,491

900,794

Elanco

Animal

Health,

Inc.

(a)

2,757

26,109

Jazz

Pharmaceuticals

PLC

(a)

382

53,659

Johnson

&

Johnson

16,584

2,714,801

Merck

&

Co.,

Inc.

16,111

1,860,337

Organon

&

Co.

1,579

38,891

Pfizer,

Inc.

35,372

1,375,617

Royalty

Pharma

PLC

Class

A

2,324

81,689

Viatris,

Inc.

7,692

71,766

Total

7,123,663

Total

Health

Care

19,142,273

Industrials  9.3%

Aerospace

&

Defense

1.4%

General

Dynamics

Corp.

1,923

419,868

L3Harris

Technologies,

Inc.

1,543

301,116

Lockheed

Martin

Corp.

1,837

853,195

Textron,

Inc.

1,694

113,396

TransDigm

Group,

Inc.

413

315,945

Total

2,003,520

Air

Freight

&

Logistics

0.9%

CH

Robinson

Worldwide,

Inc.

970

97,844

Expeditors

International

of

Washington,

Inc.

1,295

147,423

United

Parcel

Service,

Inc.

Class

B

5,873

1,056,024

Total

1,301,291

Building

Products

0.5%

Advanced

Drainage

Systems,

Inc.

496

42,517

Builders

FirstSource,

Inc.

(a)

1,232

116,757

Carlisle

Cos.,

Inc.

415

89,578

Johnson

Controls

International

PLC

5,581

333,967

Masco

Corp.

1,796

96,104

Owens

Corning

756

80,748

Total

759,671

Commercial

Services

&

Supplies

0.8%

Cintas

Corp.

687

313,114

Republic

Services,

Inc.

1,635

236,454

Tetra

Tech,

Inc.

430

59,499

Waste

Management,

Inc.

3,264

541,987

Total

1,151,054

Construction

&

Engineering

0.1%

AECOM

1,069

88,780

Electrical

Equipment

0.4%

Acuity

Brands,

Inc.

258

40,604

Emerson

Electric

Co.

4,518

376,169

Hubbell,

Inc.

427

115,000

nVent

Electric

PLC

1,320

55,347

Total

587,120

Ground

Transportation

0.9%

Avis

Budget

Group,

Inc.

(a)

239

42,224

CSX

Corp.

16,966

519,838

JB

Hunt

Transport

Services,

Inc.

661

115,867

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Knight-Swift

Transportation

Holdings,

Inc.

1,235

69,555

Landstar

System,

Inc.

285

50,169

Ryder

System,

Inc.

400

31,664

Schneider

National,

Inc.

Class

B

429

11,227

Uber

Technologies,

Inc.

(a)

14,881

462,055

Total

1,302,599

Industrial

Conglomerates

1.1%

3M

Co.

4,490

476,928

Honeywell

International,

Inc.

5,370

1,073,141

Total

1,550,069

Machinery

2.2%

Allison

Transmission

Holdings,

Inc.

768

37,471

Caterpillar,

Inc.

4,237

927,055

Donaldson

Co.,

Inc.

958

60,881

Esab

Corp.

454

26,495

Fortive

Corp.

2,864

180,690

Illinois

Tool

Works,

Inc.

2,473

598,318

Lincoln

Electric

Holdings,

Inc.

450

75,510

Otis

Worldwide

Corp.

3,403

290,276

PACCAR,

Inc.

4,140

309,217

Parker-Hannifin

Corp.

1,014

329,428

Snap-on,

Inc.

419

108,693

Timken

Co.

(The)

495

38,041

Westinghouse

Air

Brake

Technologies

Corp.

1,453

141,914

Total

3,123,989

Professional

Services

0.7%

Automatic

Data

Processing,

Inc.

2,075

456,500

Booz

Allen

Hamilton

Holding

Corp.

1,059

101,367

CACI

International,

Inc.

Class

A

(a)

189

59,217

Concentrix

Corp.

211

20,364

ManpowerGroup,

Inc.

415

31,420

Paychex,

Inc.

1,594

175,117

Paylocity

Holding

Corp.

(a)

201

38,851

Robert

Half

International,

Inc.

856

62,488

Science

Applications

International

Corp.

450

45,914

Total

991,238

Trading

Companies

&

Distributors

0.3%

MSC

Industrial

Direct

Co.,

Inc.

Class

A

375

34,024

Watsco,

Inc.

259

89,712

WW

Grainger,

Inc.

370

257,361

Total

381,097

Total

Industrials

13,240,428

Information

Technology  24.9%

Communications

Equipment

0.8%

Arista

Networks,

Inc.

(a)

1,207

193,313

Cisco

Systems,

Inc.

20,652

975,807

Ubiquiti,

Inc.

28

6,512

Total

1,175,632

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol

Corp.

Class

A

2,920

220,372

CDW

Corp.

671

113,795

Corning,

Inc.

3,649

121,220

Keysight

Technologies,

Inc.

(a)

885

128,006

Total

583,393

IT

Services

0.8%

Accenture

PLC

Class

A

3,160

885,716

Gartner,

Inc.

(a)

386

116,750

GoDaddy,

Inc.

Class

A

(a)

770

58,274

VeriSign,

Inc.

(a)

460

102,028

Total

1,162,768

Semiconductors

&

Semiconductor

Equipment

2.3%

Advanced

Micro

Devices,

Inc.

(a)

8,151

728,455

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

the

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

11

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Applied

Materials,

Inc.

4,227

477,778

Cirrus

Logic,

Inc.

(a)

273

23,420

Enphase

Energy,

Inc.

(a)

647

106,237

KLA

Corp.

685

264,780

Lam

Research

Corp.

671

351,658

Marvell

Technology,

Inc.

4,186

165,263

Micron

Technology,

Inc.

5,438

349,990

Qorvo,

Inc.

(a)

501

46,132

QUALCOMM,

Inc.

5,626

657,117

Skyworks

Solutions,

Inc.

779

82,496

Total

3,253,326

Software

11.4%

Adobe,

Inc.

(a)

2,298

867,633

Atlassian

Corp.

Class

A

(a)

674

99,523

Autodesk,

Inc.

(a)

1,087

211,737

Cadence

Design

Systems,

Inc.

(a)

1,346

281,920

Crowdstrike

Holdings,

Inc.

Class

A

(a)

1,057

126,893

Datadog,

Inc.

Class

A

(a)

1,301

87,661

DocuSign,

Inc.

(a)

867

42,865

Dropbox,

Inc.

Class

A

(a)

1,354

27,540

Dynatrace,

Inc.

(a)

1,082

45,747

Fair

Isaac

Corp.

(a)

130

94,634

Fortinet,

Inc.

(a)

3,217

202,832

Intuit,

Inc.

1,374

609,987

Microsoft

Corp.

37,049

11,383,676

Nutanix,

Inc.

Class

A

(a)

1,038

24,891

Palo

Alto

Networks,

Inc.

(a)

1,472

268,581

Salesforce,

Inc.

(a)

4,690

930,355

ServiceNow,

Inc.

(a)

998

458,501

Synopsys,

Inc.

(a)

755

280,347

Teradata

Corp.

(a)

502

19,432

VMware,

Inc.

Class

A

(a)

1,016

127,030

Zoom

Video

Communications,

Inc.

Class

A

(a)

1,206

74,085

Zscaler,

Inc.

(a)

420

37,842

Total

16,303,712

Technology

Hardware,

Storage

&

Peripherals

9.2%

Apple,

Inc.

75,376

12,789,800

Hewlett

Packard

Enterprise

Co.

6,435

92,149

HP,

Inc.

5,000

148,550

NetApp,

Inc.

1,078

67,795

Pure

Storage,

Inc.

Class

A

(a)

1,399

31,939

Total

13,130,233

Total

Information

Technology

35,609,064

Materials  2.8%

Chemicals

1.5%

Celanese

Corp.

1,674

177,846

CF

Industries

Holdings,

Inc.

3,168

226,765

Chemours

Co.

(The)

2,396

69,652

Dow,

Inc.

11,351

617,494

Eastman

Chemical

Co.

1,916

161,461

Huntsman

Corp.

2,973

79,647

LyondellBasell

Industries

NV

Class

A

4,028

381,089

Mosaic

Co.

(The)

5,421

232,290

Olin

Corp.

2,062

114,235

Westlake

Corp.

515

58,597

Total

2,119,076

Construction

Materials

0.1%

Eagle

Materials,

Inc.

561

83,146

Containers

&

Packaging

0.2%

Packaging

Corp.

of

America

1,453

196,533

Sonoco

Products

Co.

1,553

94,143

Total

290,676

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Metals

&

Mining

1.0%

Alcoa

Corp.

2,959

109,897

Cleveland-Cliffs,

Inc.

(a)

8,350

128,423

Nucor

Corp.

4,205

623,097

Reliance

Steel

&

Aluminum

Co.

965

239,127

Steel

Dynamics,

Inc.

2,757

286,590

United

States

Steel

Corp.

3,665

83,855

Total

1,470,989

Paper

&

Forest

Products

0.0%

Louisiana-Pacific

Corp.

1,172

70,015

Total

Materials

4,033,902

Real

Estate  2.8%

Health

Care

REITs

0.1%

Medical

Properties

Trust,

Inc.

6,071

53,243

Omega

Healthcare

Investors,

Inc.

2,366

63,314

Total

116,557

Hotel

&

Resort

REITs

0.1%

Host

Hotels

&

Resorts,

Inc.

7,119

115,114

Park

Hotels

&

Resorts,

Inc.

2,193

26,426

Total

141,540

Industrial

REITs

0.1%

Americold

Realty

Trust,

Inc.

2,705

80,041

First

Industrial

Realty

Trust,

Inc.

1,338

70,205

Total

150,246

Office

REITs

0.0%

Highwoods

Properties,

Inc.

1,008

23,103

Kilroy

Realty

Corp.

1,146

33,509

Total

56,612

Real

Estate

Management

&

Development

0.2%

CBRE

Group,

Inc.

Class

A

(a)

3,233

247,842

Zillow

Group,

Inc.

Class

A

(a)

565

24,170

Zillow

Group,

Inc.

Class

C

(a)

1,605

69,882

Total

341,894

Residential

REITs

0.2%

Invitation

Homes,

Inc.

6,236

208,095

Retail

REITs

0.4%

Brixmor

Property

Group,

Inc.

3,006

64,118

National

Retail

Properties,

Inc.

1,794

78,039

Simon

Property

Group,

Inc.

3,286

372,370

Total

514,527

Specialized

REITs

1.7%

Crown

Castle,

Inc.

4,327

532,610

EPR

Properties

741

31,092

Equinix,

Inc.

924

669,050

Gaming

and

Leisure

Properties,

Inc.

2,441

126,932

Lamar

Advertising

Co.

Class

A

870

91,942

Public

Storage

1,600

471,728

Rayonier,

Inc.

1,472

46,162

SBA

Communications

Corp.

1,082

282,283

Weyerhaeuser

Co.

7,520

224,923

Total

2,476,722

Total

Real

Estate

4,006,193

Utilities  2.8%

Electric

Utilities

1.6%

American

Electric

Power

Co.,

Inc.

8,185

756,458

Avangrid,

Inc.

1,115

44,890

Edison

International

5,875

432,400

Entergy

Corp.

3,201

344,364

Evergy,

Inc.

3,476

215,894

PG&E

Corp.

(a)

24,211

414,250

Pinnacle

West

Capital

Corp.

1,787

140,208

Total

2,348,464

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

the

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Brookfield

Renewable

Corp.

Class

A

2,015

67,321

Vistra

Corp.

6,383

152,299

Total

219,620

Multi-Utilities

1.0%

Ameren

Corp.

4,024

358,015

Consolidated

Edison,

Inc.

5,640

555,371

DTE

Energy

Co.

3,045

342,288

NiSource,

Inc.

6,478

184,364

Total

1,440,038

Total

Utilities

4,008,122

Total

Common

Stocks

(Cost

$140,613,097)

142,067,534

Exchange-Traded

Equity

Funds

0.3%

Issuer

Shares

Value

($)

Financials  0.3%

Financial

Select

Sector

SPDR

Fund

12,891

427,594

Total

Exchange-Traded

Equity

Funds

(Cost

$434,275)

427,594

Money

Market

Funds

0.2%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.462%

(b)

279,755

279,755

Total

Money

Market

Funds

(Cost

$279,755)

279,755

Total

Investments

in

Securities

(Cost

$141,327,127)

142,774,883

Other

Assets

&

Liabilities,

Net

116,383

Net

Assets

142,891,266

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2023.

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,

2023

(Unaudited)

The

accompanying

Notes

to

the

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

12,232,953

–

–

12,232,953

Consumer

Discretionary

13,765,497

–

–

13,765,497

Consumer

Staples

10,240,625

–

–

10,240,625

Energy

6,910,746

–

–

6,910,746

Financials

18,877,731

–

–

18,877,731

Health

Care

19,142,273

–

–

19,142,273

Industrials

13,240,428

–

–

13,240,428

Information

Technology

35,609,064

–

–

35,609,064

Materials

4,033,902

–

–

4,033,902

Real

Estate

4,006,193

–

–

4,006,193

Utilities

4,008,122

–

–

4,008,122

Total

Common

Stocks

142,067,534

–

–

142,067,534

Exchange-Traded

Equity

Funds

427,594

–

–

427,594

Money

Market

Funds

279,755

–

–

279,755

Total

Investments

in

Securities

142,774,883

–

–

142,774,883

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Value

ETF

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Common

Stocks

99.2%

Issuer

Shares

Value

($)

Communication

Services  10.1%

Diversified

Telecommunication

Services

1.9%

Lumen

Technologies,

Inc.

2,366

5,608

Verizon

Communications,

Inc.

9,780

379,757

Total

385,365

Entertainment

0.5%

Electronic

Arts,

Inc.

606

77,132

Live

Nation

Entertainment,

Inc.

(a)

178

12,065

Playtika

Holding

Corp.

(a)

18

180

Total

89,377

Interactive

Media

&

Services

7.0%

Alphabet,

Inc.

Class

A

(a)

1,850

198,579

Alphabet,

Inc.

Class

C

(a)

1,630

176,398

Meta

Platforms,

Inc.

Class

A

(a)

4,169

1,001,894

TripAdvisor,

Inc.

(a)

220

3,901

Total

1,380,772

Media

0.7%

Fox

Corp.

Class

A

684

22,750

Fox

Corp.

Class

B

327

9,987

Interpublic

Group

of

Cos.,

Inc.

(The)

922

32,943

New

York

Times

Co.

(The)

Class

A

378

15,025

Nexstar

Media

Group,

Inc.

79

13,702

Omnicom

Group,

Inc.

470

42,568

Total

136,975

Total

Communication

Services

1,992,489

Consumer

Discretionary  6.5%

Automobile

Components

0.2%

BorgWarner,

Inc.

974

46,878

Automobiles

0.2%

Harley-Davidson,

Inc.

559

20,739

Thor

Industries,

Inc.

209

16,515

Total

37,254

Broadline

Retail

0.6%

eBay,

Inc.

1,970

91,467

Macy's,

Inc.

1,148

18,758

Nordstrom,

Inc.

66

1,021

Total

111,246

Distributors

0.8%

Genuine

Parts

Co.

531

89,372

LKQ

Corp.

1,057

61,021

Total

150,393

Diversified

Consumer

Services

0.3%

ADT,

Inc.

872

5,842

Grand

Canyon

Education,

Inc.

(a)

135

16,025

H&R

Block,

Inc.

111

3,764

Service

Corp.

International

636

44,641

Total

70,272

Hotels,

Restaurants

&

Leisure

0.8%

Aramark

957

33,208

Boyd

Gaming

Corp.

323

22,416

Hyatt

Hotels

Corp.

Class

A

(a)

199

22,746

Marriott

Vacations

Worldwide

Corp.

158

21,260

MGM

Resorts

International

1,352

60,732

Travel

+

Leisure

Co.

95

3,636

Total

163,998

Household

Durables

1.5%

DR

Horton,

Inc.

627

68,857

Lennar

Corp.

Class

A

1,037

116,984

Lennar

Corp.

Class

B

60

5,869

NVR,

Inc.

(a)

4

23,360

PulteGroup,

Inc.

581

39,014

Toll

Brothers,

Inc.

223

14,252

Common

Stocks

(continued)

Issuer

Shares

Value

($)

TopBuild

Corp.

(a)

19

4,284

Whirlpool

Corp.

220

30,710

Total

303,330

Specialty

Retail

1.8%

AutoNation,

Inc.

(a)

158

20,809

AutoZone,

Inc.

(a)

8

21,306

Bath

&

Body

Works,

Inc.

934

32,783

Best

Buy

Co.,

Inc.

566

42,178

Lowe's

Cos.,

Inc.

354

73,572

O'Reilly

Automotive,

Inc.

(a)

154

141,266

Penske

Automotive

Group,

Inc.

110

15,244

Victoria's

Secret

&

Co.

(a)

97

3,008

Total

350,166

Textiles,

Apparel

&

Luxury

Goods

0.3%

PVH

Corp.

276

23,684

Tapestry,

Inc.

883

36,035

Total

59,719

Total

Consumer

Discretionary

1,293,256

Consumer

Staples  7.3%

Consumer

Staples

Distribution

0.5%

Albertsons

Cos.,

Inc.

Class

A

480

10,032

Casey's

General

Stores,

Inc.

77

17,619

Kroger

Co.

(The)

1,363

66,283

Total

93,934

Food

Products

2.1%

Archer-Daniels-Midland

Co.

1,148

89,636

Campbell

Soup

Co.

406

22,046

Conagra

Brands,

Inc.

970

36,821

Darling

Ingredients,

Inc.

(a)

298

17,752

General

Mills,

Inc.

1,226

108,660

JM

Smucker

Co.

(The)

213

32,889

Kellogg

Co.

236

16,466

Kraft

Heinz

Co.

(The)

1,429

56,117

Pilgrim's

Pride

Corp.

(a)

48

1,095

Tyson

Foods,

Inc.

Class

A

566

35,369

Total

416,851

Household

Products

2.2%

Procter

&

Gamble

Co.

(The)

2,802

438,177

Tobacco

2.5%

Altria

Group,

Inc.

3,702

175,882

Philip

Morris

International,

Inc.

3,157

315,605

Total

491,487

Total

Consumer

Staples

1,440,449

Energy  8.3%

Oil,

Gas

&

Consumable

Fuels

8.3%

Antero

Resources

Corp.

(a)

135

3,104

Chevron

Corp.

2,825

476,239

ConocoPhillips

1,781

183,247

EQT

Corp.

513

17,873

Exxon

Mobil

Corp.

5,857

693,117

HF

Sinclair

Corp.

208

9,175

Marathon

Oil

Corp.

962

23,242

Marathon

Petroleum

Corp.

682

83,204

Occidental

Petroleum

Corp.

202

12,429

PDC

Energy,

Inc.

63

4,098

Phillips

66

681

67,419

Valero

Energy

Corp.

559

64,101

Vitesse

Energy,

Inc.

96

1,766

Total

1,639,014

Total

Energy

1,639,014

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

15

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Financials  20.0%

Banks

5.9%

Bank

OZK

427

15,252

Citigroup,

Inc.

7,294

343,329

Citizens

Financial

Group,

Inc.

1,834

56,744

East

West

Bancorp,

Inc.

534

27,602

First

Citizens

BancShares,

Inc.

Class

A

35

35,251

Huntington

Bancshares,

Inc.

5,448

61,018

Popular,

Inc.

273

16,383

Webster

Financial

Corp.

663

24,730

Wells

Fargo

&

Co.

14,535

577,766

Wintrust

Financial

Corp.

230

15,725

Total

1,173,800

Capital

Markets

5.5%

Affiliated

Managers

Group,

Inc.

144

20,791

Bank

of

New

York

Mellon

Corp.

(The)

2,768

117,889

Cboe

Global

Markets,

Inc.

408

56,998

CME

Group,

Inc.

1,342

249,303

Jefferies

Financial

Group,

Inc.

758

24,279

Lazard

Ltd.

Class

A

337

10,548

Morgan

Stanley

4,693

422,229

Nasdaq,

Inc.

1,319

73,033

SEI

Investments

Co.

389

22,916

State

Street

Corp.

1,304

94,227

Total

1,092,213

Consumer

Finance

1.7%

Ally

Financial,

Inc.

1,155

30,469

Capital

One

Financial

Corp.

1,425

138,652

Discover

Financial

Services

1,006

104,091

SLM

Corp.

910

13,668

Synchrony

Financial

1,750

51,643

Total

338,523

Financial

Services

2.1%

Equitable

Holdings,

Inc.

1,448

37,633

Fidelity

National

Information

Services,

Inc.

1,159

68,056

Fiserv,

Inc.

(a)

1,031

125,906

MGIC

Investment

Corp.

1,143

16,996

PayPal

Holdings,

Inc.

(a)

1,547

117,572

Voya

Financial,

Inc.

370

28,298

Western

Union

Co.

(The)

471

5,148

WEX,

Inc.

(a)

22

3,902

Total

403,511

Insurance

4.5%

American

Financial

Group,

Inc.

257

31,542

American

International

Group,

Inc.

2,862

151,800

Aon

PLC

Class

A

47

15,283

Axis

Capital

Holdings

Ltd.

292

16,510

Brighthouse

Financial,

Inc.

(a)

271

11,978

CNA

Financial

Corp.

102

3,969

Everest

Re

Group

Ltd.

100

37,800

Hartford

Financial

Services

Group,

Inc.

(The)

1,223

86,821

Lincoln

National

Corp.

505

10,974

Loews

Corp.

744

42,832

Marsh

&

McLennan

Cos.,

Inc.

205

36,939

MetLife,

Inc.

2,587

158,661

Prudential

Financial,

Inc.

1,421

123,627

Reinsurance

Group

of

America,

Inc.

256

36,434

Unum

Group

765

32,283

Willis

Towers

Watson

PLC

414

95,882

Total

893,335

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

Annaly

Capital

Management,

Inc.

1,614

32,248

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Starwood

Property

Trust,

Inc.

1,108

19,822

Total

52,070

Total

Financials

3,953,452

Health

Care  15.3%

Biotechnology

1.8%

Amgen,

Inc.

92

22,056

Biogen,

Inc.

(a)

153

46,547

BioMarin

Pharmaceutical,

Inc.

(a)

195

18,728

Exact

Sciences

Corp.

(a)

152

9,739

Exelixis,

Inc.

(a)

47

860

Gilead

Sciences,

Inc.

1,323

108,764

Horizon

Therapeutics

PLC

(a)

18

2,001

Incyte

Corp.

(a)

25

1,860

Ionis

Pharmaceuticals,

Inc.

(a)

13

460

Mirati

Therapeutics,

Inc.

(a)

48

2,127

Moderna,

Inc.

(a)

342

45,448

Natera,

Inc.

(a)

8

406

Regeneron

Pharmaceuticals,

Inc.

(a)

95

76,170

Ultragenyx

Pharmaceutical,

Inc.

(a)

17

742

United

Therapeutics

Corp.

(a)

47

10,816

Vertex

Pharmaceuticals,

Inc.

(a)

17

5,793

Total

352,517

Health

Care

Equipment

&

Supplies

1.8%

Abbott

Laboratories

2,379

262,808

DENTSPLY

SIRONA,

Inc.

343

14,382

Hologic,

Inc.

(a)

395

33,974

Integra

LifeSciences

Holdings

Corp.

(a)

118

6,528

Zimmer

Biomet

Holdings,

Inc.

340

47,069

Total

364,761

Health

Care

Providers

&

Services

3.3%

Cardinal

Health,

Inc.

446

36,617

Centene

Corp.

(a)

881

60,727

Cigna

Group

(The)

398

100,810

CVS

Health

Corp.

2,082

152,632

Elevance

Health,

Inc.

272

127,473

Humana,

Inc.

60

31,829

McKesson

Corp.

185

67,384

Molina

Healthcare,

Inc.

(a)

19

5,660

UnitedHealth

Group,

Inc.

136

66,924

Total

650,056

Life

Sciences

Tools

&

Services

0.2%

Agilent

Technologies,

Inc.

51

6,907

QIAGEN

NV

(a)

365

16,282

Syneos

Health,

Inc.

(a)

134

5,261

Total

28,450

Pharmaceuticals

8.2%

Bristol-Myers

Squibb

Co.

3,467

231,491

Elanco

Animal

Health,

Inc.

(a)

708

6,705

Jazz

Pharmaceuticals

PLC

(a)

95

13,345

Johnson

&

Johnson

4,262

697,689

Merck

&

Co.,

Inc.

2,406

277,821

Organon

&

Co.

406

10,000

Pfizer,

Inc.

9,091

353,549

Royalty

Pharma

PLC

Class

A

599

21,055

Viatris,

Inc.

1,976

18,436

Total

1,630,091

Total

Health

Care

3,025,875

Industrials  10.3%

Aerospace

&

Defense

1.6%

General

Dynamics

Corp.

609

132,969

L3Harris

Technologies,

Inc.

485

94,648

Textron,

Inc.

537

35,947

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Common

Stocks

(continued)

Issuer

Shares

Value

($)

TransDigm

Group,

Inc.

79

60,435

Total

323,999

Air

Freight

&

Logistics

0.5%

CH

Robinson

Worldwide,

Inc.

224

22,595

Expeditors

International

of

Washington,

Inc.

283

32,217

United

Parcel

Service,

Inc.

Class

B

202

36,321

Total

91,133

Building

Products

1.0%

Builders

FirstSource,

Inc.

(a)

392

37,150

Carlisle

Cos.,

Inc.

19

4,101

Johnson

Controls

International

PLC

1,769

105,857

Masco

Corp.

537

28,735

Owens

Corning

241

25,741

Total

201,584

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

16

7,293

Republic

Services,

Inc.

486

70,285

Tetra

Tech,

Inc.

80

11,070

Waste

Management,

Inc.

64

10,627

Total

99,275

Construction

&

Engineering

0.1%

AECOM

316

26,244

Electrical

Equipment

0.8%

Acuity

Brands,

Inc.

83

13,062

Emerson

Electric

Co.

976

81,262

Hubbell,

Inc.

134

36,089

nVent

Electric

PLC

415

17,401

Total

147,814

Ground

Transportation

0.9%

Avis

Budget

Group,

Inc.

(a)

76

13,427

CSX

Corp.

4,020

123,173

JB

Hunt

Transport

Services,

Inc.

21

3,681

Landstar

System,

Inc.

11

1,936

Ryder

System,

Inc.

126

9,974

Schneider

National,

Inc.

Class

B

135

3,533

Uber

Technologies,

Inc.

(a)

632

19,624

Total

175,348

Industrial

Conglomerates

2.0%

3M

Co.

1,422

151,045

Honeywell

International,

Inc.

1,200

239,808

Total

390,853

Machinery

2.5%

Allison

Transmission

Holdings,

Inc.

52

2,537

Caterpillar,

Inc.

173

37,852

Donaldson

Co.,

Inc.

251

15,951

Esab

Corp.

142

8,287

Fortive

Corp.

910

57,412

Illinois

Tool

Works,

Inc.

79

19,113

Otis

Worldwide

Corp.

946

80,694

PACCAR,

Inc.

1,309

97,769

Parker-Hannifin

Corp.

251

81,545

Snap-on,

Inc.

133

34,502

Timken

Co.

(The)

158

12,142

Westinghouse

Air

Brake

Technologies

Corp.

461

45,026

Total

492,830

Professional

Services

0.3%

Automatic

Data

Processing,

Inc.

65

14,300

CACI

International,

Inc.

Class

A

(a)

57

17,859

Concentrix

Corp.

82

7,914

ManpowerGroup,

Inc.

132

9,994

Robert

Half

International,

Inc.

31

2,263

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Science

Applications

International

Corp.

141

14,386

Total

66,716

Trading

Companies

&

Distributors

0.1%

MSC

Industrial

Direct

Co.,

Inc.

Class

A

117

10,615

Watsco,

Inc.

39

13,509

Total

24,124

Total

Industrials

2,039,920

Information

Technology  7.2%

Communications

Equipment

2.4%

Cisco

Systems,

Inc.

8,050

380,363

Lumentum

Holdings,

Inc.

(a)

135

6,514

Motorola

Solutions,

Inc.

321

93,539

Ubiquiti,

Inc.

9

2,093

Total

482,509

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol

Corp.

Class

A

280

21,132

Corning,

Inc.

1,338

44,449

Jabil,

Inc.

48

3,751

Keysight

Technologies,

Inc.

(a)

24

3,471

Total

72,803

IT

Services

0.8%

Akamai

Technologies,

Inc.

(a)

302

24,755

Amdocs

Ltd.

228

20,805

Cognizant

Technology

Solutions

Corp.

Class

A

1,012

60,426

GoDaddy,

Inc.

Class

A

(a)

259

19,601

VeriSign,

Inc.

(a)

161

35,710

Total

161,297

Semiconductors

&

Semiconductor

Equipment

1.5%

Advanced

Micro

Devices,

Inc.

(a)

675

60,325

Cirrus

Logic,

Inc.

(a)

107

9,180

Marvell

Technology,

Inc.

1,632

64,431

Micron

Technology,

Inc.

1,722

110,828

Qorvo,

Inc.

(a)

196

18,048

Skyworks

Solutions,

Inc.

305

32,299

Total

295,111

Software

1.7%

Dropbox,

Inc.

Class

A

(a)

35

712

Manhattan

Associates,

Inc.

(a)

47

7,787

Nutanix,

Inc.

Class

A

(a)

195

4,676

Salesforce,

Inc.

(a)

1,438

285,256

Teradata

Corp.

(a)

91

3,522

VMware,

Inc.

Class

A

(a)

205

25,631

Zoom

Video

Communications,

Inc.

Class

A

(a)

234

14,375

Total

341,959

Technology

Hardware,

Storage

&

Peripherals

0.4%

Hewlett

Packard

Enterprise

Co.

2,508

35,914

HP,

Inc.

1,056

31,374

Total

67,288

Total

Information

Technology

1,420,967

Materials  4.4%

Chemicals

2.3%

Celanese

Corp.

413

43,877

Chemours

Co.

(The)

236

6,860

Dow,

Inc.

2,807

152,701

Eastman

Chemical

Co.

476

40,112

Huntsman

Corp.

734

19,664

LyondellBasell

Industries

NV

Class

A

996

94,232

Mosaic

Co.

(The)

1,178

50,477

Olin

Corp.

510

28,254

Westlake

Corp.

129

14,678

Total

450,855

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

17

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Containers

&

Packaging

0.2%

Packaging

Corp.

of

America

361

48,829

Metals

&

Mining

1.8%

Alcoa

Corp.

730

27,112

Cleveland-Cliffs,

Inc.

(a)

2,065

31,760

Nucor

Corp.

1,039

153,959

Reliance

Steel

&

Aluminum

Co.

240

59,472

Steel

Dynamics,

Inc.

681

70,790

United

States

Steel

Corp.

906

20,729

Total

363,822

Paper

&

Forest

Products

0.1%

Louisiana-Pacific

Corp.

261

15,592

Total

Materials

879,098

Real

Estate  4.2%

Health

Care

REITs

0.2%

Medical

Properties

Trust,

Inc.

2,332

20,452

Omega

Healthcare

Investors,

Inc.

911

24,378

Total

44,830

Hotel

&

Resort

REITs

0.3%

Host

Hotels

&

Resorts,

Inc.

2,733

44,193

Park

Hotels

&

Resorts,

Inc.

844

10,170

Total

54,363

Industrial

REITs

0.3%

Americold

Realty

Trust,

Inc.

1,035

30,626

First

Industrial

Realty

Trust,

Inc.

513

26,917

Total

57,543

Office

REITs

0.1%

Highwoods

Properties,

Inc.

389

8,916

Kilroy

Realty

Corp.

441

12,895

Total

21,811

Real

Estate

Management

&

Development

0.4%

CBRE

Group,

Inc.

Class

A

(a)

637

48,832

Zillow

Group,

Inc.

Class

A

(a)

207

8,856

Zillow

Group,

Inc.

Class

C

(a)

577

25,123

Total

82,811

Residential

REITs

0.4%

Invitation

Homes,

Inc.

2,393

79,854

Retail

REITs

0.7%

Brixmor

Property

Group,

Inc.

1,153

24,593

National

Retail

Properties,

Inc.

686

29,841

Simon

Property

Group,

Inc.

649

73,545

Total

127,979

Specialized

REITs

1.8%

EPR

Properties

287

12,042

Equinix,

Inc.

88

63,719

Gaming

and

Leisure

Properties,

Inc.

940

48,880

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Lamar

Advertising

Co.

Class

A

40

4,227

Public

Storage

127

37,443

Rayonier,

Inc.

566

17,750

SBA

Communications

Corp.

320

83,485

Weyerhaeuser

Co.

2,892

86,500

Total

354,046

Total

Real

Estate

823,237

Utilities  5.6%

Electric

Utilities

3.4%

American

Electric

Power

Co.,

Inc.

2,328

215,154

Avangrid,

Inc.

317

12,763

Edison

International

1,672

123,059

Entergy

Corp.

911

98,005

Evergy,

Inc.

990

61,489

PG&E

Corp.

(a)

6,887

117,837

Pinnacle

West

Capital

Corp.

507

39,779

Total

668,086

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Brookfield

Renewable

Corp.

Class

A

570

19,044

Vistra

Corp.

768

18,324

Total

37,368

Multi-Utilities

2.0%

Ameren

Corp.

1,148

102,137

Consolidated

Edison,

Inc.

1,606

158,143

DTE

Energy

Co.

868

97,572

NiSource,

Inc.

1,843

52,452

Total

410,304

Total

Utilities

1,115,758

Total

Common

Stocks

(Cost

$19,725,427)

19,623,515

Exchange-Traded

Equity

Funds

0.3%

Issuer

Shares

Value

($)

Financials  0.3%

Financial

Select

Sector

SPDR

Fund

1,383

45,874

Total

Exchange-Traded

Equity

Funds

(Cost

$51,246)

45,874

Money

Market

Funds

0.4%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.462%

(b)

86,355

86,355

Total

Money

Market

Funds

(Cost

$86,355)

86,355

Total

Investments

in

Securities

(Cost

$19,863,028)

19,755,744

Other

Assets

&

Liabilities,

Net

28,079

Net

Assets

19,783,823

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2023.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

1,992,489

–

–

1,992,489

Consumer

Discretionary

1,293,256

–

–

1,293,256

Consumer

Staples

1,440,449

–

–

1,440,449

Energy

1,639,014

–

–

1,639,014

Financials

3,953,452

–

–

3,953,452

Health

Care

3,025,875

–

–

3,025,875

Industrials

2,039,920

–

–

2,039,920

Information

Technology

1,420,967

–

–

1,420,967

Materials

879,098

–

–

879,098

Real

Estate

823,237

–

–

823,237

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

19

Fair

Value

Measurements

(continued)

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Common

Stocks

(continued)

Utilities

1,115,758

–

–

1,115,758

Total

Common

Stocks

19,623,515

–

–

19,623,515

Exchange-Traded

Equity

Funds

45,874

–

–

45,874

Money

Market

Funds

86,355

–

–

86,355

Total

Investments

in

Securities

19,755,744

–

–

19,755,744

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$141,327,127

and

$19,863,028,

respectively)

$142,774,883

$19,755,744

Receivable

for:

Dividends

130,988

31,225

Total

assets

142,905,871

19,786,969

Liabilities

Payable

for:

Investment

management

fees

14,605

3,146

Total

liabilities

14,605

3,146

Net

assets

applicable

to

outstanding

capital

stock

$142,891,266

$19,783,823

Represented

by:

Paid-in

capital

$137,186,346

$21,490,835

Total

distributable

earnings

(loss)

5,704,920

(1,707,012)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$142,891,266

$19,783,823

Shares

outstanding

5,825,000

975,000

Net

asset

value

per

share

$24.53

$20.29

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

21

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$719,122

$289,960

Foreign

taxes

withheld

(152)

(106)

Total

income

718,970

289,854

Expenses:

Investment

management

fees

57,076

20,265

Overdraft

expense

3

1

Total

expenses

57,079

20,266

Net

Investment

Income

661,891

269,588

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(865,383)

(619,120)

In-kind

transactions

-

unaffiliated

issuers

4,956,577

383,319

Net

realized

gain

(loss)

4,091,194

(235,801)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

2,778,446

1,025,991

Net

change

in

unrealized

appreciation

2,778,446

1,025,991

Net

realized

and

unrealized

gain

6,869,640

790,190

Net

Increase

in

net

assets

resulting

from

operations

$7,531,531

$1,059,778

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

2023

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

Net

investment

income

$661,891

$695,478

$269,588

$516,022

Net

realized

gain

(loss)

4,091,194

3,728,398

(235,801)

(425,607)

Net

change

in

unrealized

appreciation

(depreciation)

2,778,446

(5,515,816)

1,025,991

(1,675,845)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

7,531,531

(1,091,940)

1,059,778

(1,585,430)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(801,350)

(4,861,229)

(541,181)

(315,575)

Shareholder

transactions

Proceeds

from

shares

sold

124,775,226

94,285,126

5,543,848

24,312,629

Cost

of

shares

redeemed

(67,313,206)

(37,739,867)

(3,554,452)

(16,138,638)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

57,462,020

56,545,259

1,989,396

8,173,991

Increase

in

net

assets

64,192,201

50,592,090

2,507,993

6,272,986

Net

Assets:

Net

assets

beginning

of

period

78,699,065

28,106,975

17,275,830

11,002,844

Net

assets

at

end

of

period

$142,891,266

$78,699,065

$19,783,823

$17,275,830

Capital

stock

activity

Shares

outstanding,

beginning

of

period

3,425,000

900,000

875,000

525,000

Subscriptions

5,275,000

4,075,000

275,000

1,150,000

Redemptions

(2,875,000)

(1,550,000)

(175,000)

(800,000)

Shares

outstanding,

end

of

period

5,825,000

3,425,000

975,000

875,000

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Core

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

23

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

ratio

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

2021

2020

2019

(a)

Per

share

data

Net

asset

value,

beginning

of

period

$

22

.98‌

$

31

.23‌

$

21

.79‌

$

20

.31‌

$

19

.81‌

Income

(loss)

from

investment

operations:

Net

investment

income

0

.20‌

0

.39‌

0

.41‌

0

.37‌

0

.04‌

Net

realized

and

unrealized

gain

(loss)

1

.67‌

(

3

.08‌

)

9

.30‌

1

.22‌

0

.46‌

Total

from

investment

operations

1

.87‌

(

2

.69‌

)

9

.71‌

1

.59‌

0

.50‌

Less

distributions

to

shareholders:

Net

investment

income

(

0

.32‌

)

(

0

.78‌

)

(

0

.25‌

)

(

0

.11‌

)

–‌

Net

realized

gains

–‌

(

4

.78‌

)

(

0

.02‌

)

(

0

.00‌

)

(b)

–‌

Total

distribution

to

shareholders

(

0

.32‌

)

(

5

.56‌

)

(

0

.27‌

)

(

0

.11‌

)

–‌

Net

asset

value,

end

of

period

$

24

.53‌

$

22

.98‌

$

31

.23‌

$

21

.79‌

$

20

.31‌

Total

Return

at

NAV

8

.26‌

%

(

10

.57‌

)

%

44

.90‌

%

7

.82‌

%

2

.52‌

%

Total

Return

at

Market

8

.24‌

%

(

10

.32‌

)

%

45

.27‌

%

7

.46‌

%

2

.63‌

%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0

.15‌

%

(d)

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

Total

net

expenses

(c)(e)

0

.15‌

%

(d)

0

.15‌

%

0

.15‌

%

0

.15‌

%

0

.15‌

%

Net

investment

income

1

.74‌

%

1

.63‌

%

1

.58‌

%

1

.73‌

%

1

.77‌

%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

142,891‌

$

78,699‌

$

28,107‌

$

72,448‌

$

5,079‌

Portfolio

turnover

16‌

%

65‌

%

49‌

%

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)

The

ratio

includes

less

than

0.01%

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.

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Value

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

24

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

2021

2020

2019

(a)

Per

share

data

Net

asset

value,

beginning

of

period

$

19

.74‌

$

20

.96‌

$

18

.46‌

$

20

.24‌

$

19

.84‌

Income

(loss)

from

investment

operations:

Net

investment

income

0

.25‌

0

.47‌

0

.43‌

0

.56‌

0

.05‌

Net

realized

and

unrealized

gain

(loss)

0

.78‌

(

1

.44‌

)

6

.74‌

(

2

.19‌

)

0

.35‌

Total

from

investment

operations

1

.03‌

(

0

.97‌

)

7

.17‌

(

1

.63‌

)

0

.40‌

Less

distributions

to

shareholders:

Net

investment

income

(

0

.48‌

)

(

0

.12‌

)

(

4

.16‌

)

(

0

.15‌

)

–‌

Net

realized

gains

–‌

(

0

.13‌

)

(

0

.51‌

)

(

0

.00‌

)

(b)

–‌

Total

distribution

to

shareholders

(

0

.48‌

)

(

0

.25‌

)

(

4

.67‌

)

(

0

.15‌

)

–‌

Net

asset

value,

end

of

period

$

20

.29‌

$

19

.74‌

$

20

.96‌

$

18

.46‌

$

20

.24‌

Total

Return

at

NAV

5

.34‌

%

(

4

.66‌

)

%

45

.48‌

%

(

8

.16‌

)

%

2

.02‌

%

Total

Return

at

Market

4

.97‌

%

(

4

.46‌

)

%

45

.90‌

%

(

8

.50‌

)

%

2

.02‌

%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0

.19‌

%

(d)

0

.19‌

%

0

.19‌

%

0

.19‌

%

0

.19‌

%

Total

net

expenses

(c)(e)

0

.19‌

%

(d)

0

.19‌

%

0

.19‌

%

0

.19‌

%

0

.19‌

%

Net

investment

income

2

.53‌

%

2

.30‌

%

2

.14‌

%

2

.93‌

%

2

.41‌

%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

19,784‌

$

17,276‌

$

11,003‌

$

462‌

$

5,060‌

Portfolio

turnover

31‌

%

99‌

%

84‌

%

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)

The

ratio

includes

less

than

0.01%

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,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

25

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

price

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

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

price 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

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

26

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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.

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.

Determination

of

net

asset

value

The

net

asset

value

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.

The

Funds

intend

to

qualify

each

year

as

separate

regulated

investment

companies

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

their

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

their

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Funds

intend

to

distribute

in

each

calendar

year

substantially

all

of

their

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Funds

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provisions

are

recorded.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

27

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

in

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.

Recent

accounting

pronouncements

Tailored

Shareholder

Reports

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds;

Fee

Information

in

Investment

Company

Advertisements.

The

rule

and

form

amendments

will,

among

other

things,

require

the

Funds

to

transmit

concise

and

visually

engaging

shareholder

reports

that

highlight

key

information.

The

amendments

will

require

that

funds

tag

information

in

a

structured

data

format

and

that

certain

more

in-depth

information

be

made

available

online

and

available

for

delivery

free

of

charge

to

investors

on

request.

The

amendments

became

effective

January

24,

2023.

There

is

an

18-month

transition

period

after

the

effective

date

of

the

amendment.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

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

is

an

annual

fee

that

is

equal

to

a

percentage

of

each

Fund’s

average

daily

net

assets

as

follows:

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,

2023

(Unaudited)

28

Strategic

Beta

ETFs

|

Semiannual

Report

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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.

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

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,

2023,

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,

2022,

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

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Research

Enhanced

Core

ETF

141,327,127

5,039,869

(3,592,113)

1,447,756

Columbia

Research

Enhanced

Value

ETF

19,863,028

1,462,266

(1,569,550)

(107,284)

Fund

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Columbia

Research

Enhanced

Core

ETF

54,769

-

54,769

-

Columbia

Research

Enhanced

Value

ETF

1,343,366

124,839

1,468,205

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

29

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.

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,

2023,

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,

2023,

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,

2023,

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

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

27,

2022

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$950

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

27,

2022

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$950

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.11448%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

No

Fund

had

borrowings

during

the

six

months

ended

April

30,

2023.

Funds

Purchases

($)

Proceeds

from

sales

($)

Columbia

Research

Enhanced

Core

ETF

13,333,870

13,051,563

Columbia

Research

Enhanced

Value

ETF

6,528,118

6,821,534

Funds

Contributions

($)

Columbia

Research

Enhanced

Core

ETF

123,960,245

Columbia

Research

Enhanced

Value

ETF

5,518,714

Funds

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

Research

Enhanced

Core

ETF

62,060,530

67,017,107

4,956,577

Columbia

Research

Enhanced

Value

ETF

3,156,569

3,539,888

383,319

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

30

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Note

8.

Significant

risks

Financial

sector

risk

Columbia

Research

Enhanced

Value

ETF

is

more

susceptible

to

the

particular

risks

that

may

affect

companies

in

the

financial

services

sector

than

if

it

were

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

to

one

or

more

industries

or

sectors,

which

makes

them

vulnerable

to

economic

conditions

that

affect

such

industries

or

sectors.

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

sector

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

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’

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds’

net

asset

value.

The

large-scale

invasion

of

Ukraine

by

Russia

in

February

2022

has

resulted

in

sanctions

and

market

disruptions,

including

declines

in

regional

and

global

stock

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

counter-measures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country’s

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/or

assets

in

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

31

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Passive

Investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

Index’s

investment

exposure.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

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

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

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

(Unaudited)

32

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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,

2022,

through

December

31,

2022,

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.

ADDITIONAL

INFORMATION

Strategic

Beta

ETFs

|

Semiannual

Report

2023

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

is

available

on

columbiathreadneedleus.com/etfs

or

can

also

be

obtained

without

charge,

upon

request,

by

calling

800.426.3750.

Additional

Fund

information

For

more

information

about

the

Funds,

please

visit

columbiathreadneedleus.com/etfs

or

call

800.426.3750.

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)

290

Congress

Street

Boston,

MA

02210

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

SAR305_10_N01_(06/23)

CET001795

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.

©

2023

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

STRATEGIC

BETA

ETFs

SEMIANNUAL

REPORT

April

30,

2023

(Unaudited)

Columbia

Short

Duration

Bond

ETF

Strategic

Beta

ETFs

|

Semiannual

Report

2023

TABLE

OF

CONTENTS

Fund

at

a

Glance

3

Understanding

Your

Fund’s

Expenses

5

Portfolio

of

Investments

6

Statement

of

Assets

and

Liabilities

17

Statement

of

Operations

18

Statement

of

Changes

in

Net

Assets

19

Financial

Highlights

20

Notes

to

Financial

Statements

21

Liquidity

Risk

Management

Program

29

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

the

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

The

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund’s

Form

N-PORTs

are

available

on

the

SEC's

website

at

sec.gov.

The

Fund's

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

is

available

on

columbiathreadneedle.com/etfs

or

can

also

be

obtained

without

charge,

upon

request,

by

calling

800.426.3750.

Additional

Fund

information

For

more

information

about

the

Fund,

please

visit

columbiathreadneedleus.com/etfs

or

call

800.426.3750.

Premium/discount

information

for

the

Fund

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager)

290

Congress

Street

Boston,

MA

02210

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

FUND

AT

A

GLANCE

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

3

Portfolio

management

Ronald

Stahl,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2021

Gregory

Lietchy

Portfolio

Manager

Managed

Fund

since

2021

David

Janssen,

CFA

Portfolio

Manager

Managed

Fund

since

2021

Investment

objective

The

Fund

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Short

Term

Bond

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Short

Term

Bond

Index

is

a

fixed

weight

composite

index

that

blends

six

custom

sub-indices

based

off

the

following

Bloomberg

flagship

indices:

US

Corporate,

US

High

Yield,

US

MBS,

US

CMBS,

US

ABS,

and

the

EM

USD

Aggregate.

The

Bloomberg

U.S.

Credit

1-5

Year

Index

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-

rate,

taxable

corporate

and

government

related

bond

markets

with

maturities

of

one

to

five

years.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

Months

cumulative

1

Year

Life

Market

Price

09/21/21

4.95

1.62

-3.41

Net

Asset

Value

09/21/21

4.95

1.68

-3.22

{

Beta

Advantage®

}

Short

Term

Bond

Index

5.04

2.02

-3.87

Bloomberg

U.S

1-5

Year

Credit

Index

4.53

1.69

-2.60

FUND

AT

A

GLANCE

(continued)

(Unaudited)

4

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Quality

breakdown

(%)

(at

April

30,

2023)

AAA

rating

31.3

AA

rating

2.3

A

rating

2.1

BBB

rating

32.2

BB

rating

23.7

B

rating

0.1

Not

rated

8.3

Total

100.0

Percentages

indicated

are

based

upon

total

fixed

income

investments.

Bond

ratings

apply

to

the

underlying

holdings

of

the

Fund

and

not

the

Fund

itself

and

are

divided

into

categories

ranging

from

highest

to

lowest

credit

quality,

determined

by

using

the

middle

rating

of

Moody’s,

S&P

and

Fitch,

after

dropping

the

highest

and

lowest

available

ratings.

When

ratings

are

available

from

only

two

rating

agencies,

the

lower

rating

is

used.

When

a

rating

is

available

from

only

one

rating

agency,

that

rating

is

used.

If

a

security

is

not

rated

but

has

a

rating

by

Kroll

and/or

DBRS,

the

same

methodology

is

applied

to

those

bonds

that

would

otherwise

be

not

rated.

When

a

bond

is

not

rated

by

any

rating

agency,

it

is

designated

as

“Not

rated.”

Credit

quality

ratings

assigned

by

a

rating

agency

are

subjective

opinions,

not

statements

of

fact,

and

are

subject

to

change,

including

daily.

The

ratings

assigned

by

credit

rating

agencies

are

but

one

of

the

considerations

that

the

Investment

Manager

and/

or

Fund’s

subadviser

incorporates

into

its

credit

analysis

process,

along

with

such

other

issuer-specific

factors

as

cash

flows,

capital

structure

and

leverage

ratios,

ability

to

de-leverage

(repay)

through

free

cash

flow,

quality

of

management,

market

positioning

and

access

to

capital,

as

well

as

such

security-specific

factors

as

the

terms

of

the

security

(e.g.,

interest

rate

and

time

to

maturity)

and

the

amount

and

type

of

any

collateral.

Portfolio

breakdown

(%)

(at

April

30,

2023

)

Asset-Backed

Securities

-

Non-Agency

9.1

Commercial

Mortgage-Backed

Securities

-

Non-Agency

9.1

Corporate

Bonds

51.0

Foreign

Government

Obligations

12.4

U.S.

Government

&

Agency

Obligations

9.1

U.S.

Treasury

Obligations

8.3

Money

Market

Funds

1.0

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

2023

5

As

a

shareholder

of

the

Fund,

you

incur

ongoing

costs,

including

investment

management

fees.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars

and

cents)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

examples

are

based

on

an

initial

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

period

ended

April

30,

2023.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

Fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

your

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

Fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

is

useful

in

comparing

ongoing

Fund

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expenses

are

calculated

using

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

then

multiplied

by

the

number

of

days

in

the

Fund’s

most

recent

fiscal

half-year

and

divided

by

365.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

Had

Columbia

Management

Investment

Advisers,

LLC

and/or

certain

of

its

affiliates

not

waived/reimbursed

certain

fees

and

expenses,

account

value

at

the

end

of

the

period

would

have

been

reduced.

November

1,

2022

—

April

30,

2023

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

Short

Duration

Bond

ETF

1,000.00

1,000.00

1,049.50

1,023.55

1.27

1.25

0.25

PORTFOLIO

OF

INVESTMENTS

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

6

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Asset-Backed

Securities

-

Non-Agency

10

.0

%

Issue

Description

Principal

Amount

($)

Value

($)

AmeriCredit

Automobile

Receivables

Trust

Class

C,

Subordinated

Series

2021-1,

0.890%,

10/19/26

115,000‌

106,759‌

Class

A3,

Series

2022-2,

4.380%,

04/18/28

125,000‌

123,258‌

Class

D,

Series

2020-3,

1.490%,

09/18/26

135,000‌

125,379‌

BMW

Vehicle

Owner

Trust

Class

A4,

Series

2020-A,

0.620%,

04/26/27

100,000‌

96,597‌

Capital

One

Prime

Auto

Receivables

Trust

2022-1

Class

A3,

Series

2022-1,

3.170%,

04/15/27

125,000‌

121,458‌

Carmax

Auto

Owner

Trust

Class

A3,

Series

2021-2,

0.520%,

02/17/26

49,209‌

47,476‌

Class

C,

Subordinated

Series

2020-3,

1.690%,

04/15/26

25,000‌

23,828‌

Class

C,

Series

2022-1,

2.200%,

11/15/27

100,000‌

92,680‌

Class

A3,

Series

2023-1,

4.750%,

10/15/27

275,000‌

275,637‌

Carvana

Auto

Receivables

Trust

Class

C,

Series

2022-P1,

3.300%,

04/10/28

300,000‌

268,522‌

Drive

Auto

Receivables

Trust

Class

C,

Subordinated

Series

2021-3,

1.470%,

01/15/27

125,000‌

119,321‌

Exeter

Automobile

Receivables

Trust

Class

D,

Series

2021-4A,

1.960%,

01/17/28

100,000‌

92,857‌

Class

D,

Subordinated

Series

2021-3A,

1.550%,

06/15/27

75,000‌

69,096‌

Ford

Credit

Auto

Lease

Trust

Class

A4,

Series

2022-A,

3.370%,

07/15/25

100,000‌

97,915‌

Ford

Credit

Auto

Owner

Trust

Class

B,

Series

2020-C,

0.790%,

08/15/26

135,000‌

125,967‌

Class

C,

Subordinated

Series

2020-C,

1.040%,

05/15/28

100,000‌

93,335‌

Class

A4,

Series

2022-B,

3.930%,

08/15/27

150,000‌

147,879‌

Ford

Credit

Floorplan

Master

Owner

Trust

Class

A,

Series

2020-2,

1.060%,

09/15/27

150,000‌

137,685‌

GM

Financial

Automobile

Leasing

Trust

Class

B,

Subordinated

Series

2021-2,

0.690%,

05/20/25

100,000‌

97,039‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Class

A4,

Series

2021-4,

0.990%,

10/18/27

118,000‌

108,386‌

Class

A4,

Series

2022-2,

3.250%,

04/17/28

150,000‌

144,921‌

Class

A4,

Series

2021-3,

0.730%,

08/16/27

100,000‌

91,958‌

Harley-Davidson

Motorcycle

Trust

Class

A3,

Series

2021-A,

0.370%,

04/15/26

47,123‌

45,865‌

Asset-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Honda

Auto

Receivables

Owner

Trust

Class

A4,

Series

2020-2,

1.090%,

10/15/26

150,000‌

146,770‌

Class

A4,

Series

2020-3,

0.460%,

04/19/27

150,000‌

144,794‌

Hyundai

Auto

Receivables

Trust

Class

A4,

Series

2020-C,

0.490%,

11/16/26

100,000‌

94,199‌

Class

A3,

Series

2022-A,

2.220%,

10/15/26

150,000‌

144,279‌

Class

A4,

Series

2022-A,

2.350%,

04/17/28

145,000‌

137,449‌

Mercedes-Benz

Auto

Receivables

Trust

2022-1

Class

A3,

Series

2022-1,

5.210%,

08/16/27

100,000‌

100,958‌

Nissan

Auto

Lease

Trust

2023-A

Class

A4,

Series

2023-A,

4.800%,

07/15/27

150,000‌

149,823‌

Nissan

Auto

Receivables

Owner

Trust

Class

A4,

Series

2020-B,

0.710%,

02/16/27

150,000‌

146,480‌

Santander

Drive

Auto

Receivables

Trust

Class

B,

Series

2022-3,

4.130%,

08/16/27

45,000‌

43,849‌

Class

D,

Subordinated

Series

2021-4,

1.670%,

10/15/27

50,000‌

46,732‌

Class

A3,

Series

2022-4,

4.140%,

02/16/27

90,000‌

88,831‌

Class

D,

Series

2021-1,

1.130%,

11/16/26

100,000‌

95,373‌

Toyota

Auto

Receivables

Owner

Trust

Class

A4,

Series

2021-B,

0.530%,

10/15/26

100,000‌

92,350‌

Class

A3,

Series

2022-B,

2.930%,

09/15/26

225,000‌

218,501‌

World

Omni

Auto

Receivables

Trust

Class

B,

Series

2020-C,

0.870%,

10/15/26

100,000‌

93,947‌

Class

A4,

Series

2022-A,

1.900%,

03/15/28

150,000‌

140,201‌

World

Omni

Auto

Receivables

Trust

2021-A

Class

A4,

Series

2021-A,

0.480%,

09/15/26

125,000‌

115,688‌

World

Omni

Automobile

Lease

Securitization

Trust

Class

A4,

Series

2022-A,

3.340%,

06/15/27

150,000‌

146,669‌

Class

B,

Series

2022-A,

3.670%,

06/15/27

100,000‌

97,671‌

Total

Asset-Backed

Securities

-

Non-

Agency

(Cost

$5,019,663)

4,898,382‌

Commercial

Mortgage-Backed

Securities

-

Non-Agency

10

.0

%

Principal

Amount

($)

Value

($)

Bank

Class

A2,

Series

2019-BN18,

3.474%,

05/15/62

125,000‌

121,181‌

Class

A2,

Series

2019-BN16,

3.933%,

02/15/52

122,054‌

120,415‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

7

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Class

AS,

Subordinated

Series

2017-BNK9,

3.829%,

11/15/54

(a)

100,000‌

92,207‌

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Class

A4,

Series

2016-UB10,

3.170%,

07/15/49

75,000‌

70,172‌

Class

A3,

Series

2017-BNK3,

3.311%,

02/15/50

98,956‌

93,041‌

BBCMS

Mortgage

Trust

Class

ASB,

Series

2018-C2,

4.236%,

12/15/51

100,000‌

97,923‌

CD

Mortgage

Trust

Class

A3,

Series

2017-CD6,

3.104%,

11/13/50

100,000‌

96,024‌

Class

ASB,

Series

2017-CD6,

3.332%,

11/13/50

91,652‌

87,777‌

Class

A3,

Series

2017-CD4,

3.248%,

05/10/50

138,285‌

128,160‌

CFCRE

Commercial

Mortgage

Trust

Class

A3,

Series

2016-C3,

3.865%,

01/10/48

150,000‌

143,801‌

Class

AM,

Subordinated

Series

2016-C6,

3.502%,

11/10/49

(a)

50,000‌

45,787‌

CGMS

Commercial

Mortgage

Trust

Class

A4,

Series

2017-B1,

3.458%,

08/15/50

125,000‌

116,492‌

Citigroup

Commercial

Mortgage

Trust

Class

A3,

Series

2018-C5,

3.963%,

06/10/51

170,270‌

161,346‌

Class

AS,

Subordinated

Series

2016-P6,

4.032%,

12/10/49

(a)

100,000‌

93,619‌

Class

AS,

Series

2015-GC27,

3.571%,

02/10/48

100,000‌

94,850‌

Class

A4,

Series

2015-GC31,

3.762%,

06/10/48

100,000‌

96,284‌

Class

B,

Subordinated

Series

2015-P1,

4.461%,

09/15/48

(a)

100,000‌

93,116‌

Class

B,

Series

2017-P7,

4.137%,

04/14/50

(a)

150,000‌

132,787‌

Class

AAB,

Series

2017-P8,

3.268%,

09/15/50

128,373‌

123,218‌

Class

A2,

Series

2020-GC46,

2.708%,

02/15/53

100,000‌

94,833‌

Class

A4,

Series

2016-P3,

3.329%,

04/15/49

100,000‌

94,474‌

COMM

Mortgage

Trust

Class

D,

Series

2015-CR26,

3.615%,

10/10/48

(a)

56,000‌

37,819‌

Class

A3,

Series

2017-COR2,

3.510%,

09/10/50

100,000‌

93,050‌

Class

C,

Series

2013-CR13,

5.037%,

11/10/46

(a)

100,000‌

92,542‌

Class

A3,

Series

2015-LC23,

3.521%,

10/10/48

125,000‌

120,695‌

Class

A4,

Series

2015-LC19,

3.183%,

02/10/48

65,000‌

62,444‌

GS

Mortgage

Securities

Trust

Class

AS,

Series

2013-GC16,

4.649%,

11/10/46

150,000‌

148,011‌

Class

C,

Subordinated

Series

2016-GS3,

4.113%,

10/10/49

(a)

75,000‌

62,239‌

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Class

A4,

Series

2016-JP2,

2.822%,

08/15/49

150,000‌

139,110‌

JPMBB

Commercial

Mortgage

Securities

Trust

Class

AS,

Series

2016-C2,

3.484%,

06/15/49

100,000‌

92,908‌

Class

B,

Series

2017-C5,

4.009%,

03/15/50

(a)

150,000‌

125,673‌

Class

AS,

Subordinated

Series

2013-C17,

4.458%,

01/15/47

100,000‌

98,175‌

Class

A4,

Series

2014-C22,

3.801%,

09/15/47

100,000‌

96,851‌

Class

A4A1,

Series

2014-C25,

3.408%,

11/15/47

75,969‌

73,362‌

Class

A4,

Series

2015-C27,

3.179%,

02/15/48

100,000‌

95,168‌

Class

A3,

Series

2015-C31,

3.801%,

08/15/48

86,813‌

83,078‌

JPMCC

Commercial

Mortgage

Securities

Trust

Class

A3,

Series

2019-COR4,

3.763%,

03/10/52

100,000‌

93,554‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Class

A3,

Series

2015-C24,

3.479%,

05/15/48

82,130‌

78,894‌

Class

A3,

Series

2016-C28,

3.272%,

01/15/49

101,619‌

96,463‌

Class

C,

Subordinated

Series

2016-C31,

4.407%,

11/15/49

(a)

50,000‌

39,021‌

Class

ASB,

Series

2017-C34,

3.354%,

11/15/52

85,769‌

82,156‌

Morgan

Stanley

Capital

I

Trust

Class

A4,

Series

2016-UB12,

3.596%,

12/15/49

150,000‌

141,482‌

SG

Commercial

Mortgage

Securities

Trust

Class

A4,

Series

2016-C5,

3.055%,

10/10/48

150,000‌

138,331‌

Wells

Fargo

Commercial

Mortgage

Trust

Class

A4,

Series

2015-LC20,

2.925%,

04/15/50

100,000‌

95,710‌

Class

A3,

Series

2015-NXS4,

3.452%,

12/15/48

91,290‌

87,069‌

Class

A3,

Series

2015-P2,

3.541%,

12/15/48

68,592‌

65,507‌

Class

A5,

Series

2017-C39,

3.418%,

09/15/50

125,000‌

116,476‌

Class

C,

Series

2017-C39,

4.118%,

09/15/50

100,000‌

84,224‌

Class

A2,

Series

2020-C56,

2.498%,

06/15/53

45,000‌

42,680‌

WFRBS

Commercial

Mortgage

Trust

Class

A5,

Series

2014-C22,

3.752%,

09/15/57

150,000‌

144,932‌

Total

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(Cost

$5,335,220)

4,925,131‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

8

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

56

.0

%

Issue

Description

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)

2.196%,

02/04/26

80,000‌

74,289‌

5.040%,

05/01/27

119,000‌

119,504‌

Howmet

Aerospace,

Inc.

5.900%,

02/01/27

100,000‌

102,362‌

6.875%,

05/01/25

60,000‌

61,823‌

Huntington

Ingalls

Industries,

Inc.

2.043%,

08/16/28

85,000‌

72,604‌

L3Harris

Technologies,

Inc.

4.400%,

06/15/28

40,000‌

39,567‌

Northrop

Grumman

Corp.

3.250%,

01/15/28

60,000‌

57,106‌

Rolls-Royce

PLC

3.625%,

10/14/25

(b)

85,000‌

80,311‌

Teledyne

Technologies,

Inc.

1.600%,

04/01/26

40,000‌

36,616‌

Total

644,182‌

Airlines

1.2%

American

Airlines

Pass

Through

Trust

Class

AA,

Series

2016-3,

3.000%,

10/15/28

34,865‌

30,955‌

Class

A,

Series

2015-1,

3.375%,

05/01/27

53,193‌

45,716‌

Class

AA,

Series

2016-1,

3.575%,

01/15/28

34,532‌

31,852‌

Class

AA,

Series

2015-2,

3.600%,

09/22/27

33,420‌

30,731‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(b)

120,000‌

117,886‌

Delta

Air

Lines,

Inc.

7.375%,

01/15/26

85,000‌

89,590‌

Southwest

Airlines

Co.

2.625%,

02/10/30

60,000‌

51,514‌

Spirit

Loyalty

Cayman

Ltd.

/

Spirit

IP

Cayman

Ltd.

8.000%,

09/20/25

(b)

100,000‌

100,983‌

United

Airlines

Pass

Through

Trust

Class

A,

Series

2013-1,

4.300%,

08/15/25

49,145‌

47,078‌

United

Airlines,

Inc.

4.375%,

04/15/26

(b)

60,000‌

57,296‌

Total

603,601‌

Automotive

2.9%

Ford

Motor

Co.

4.346%,

12/08/26

110,000‌

106,627‌

Ford

Motor

Credit

Co.

LLC

4.125%,

08/17/27

200,000‌

183,393‌

4.134%,

08/04/25

204,000‌

193,548‌

4.271%,

01/09/27

200,000‌

185,038‌

Series

GMTN,

4.389%,

01/08/26

300,000‌

285,000‌

General

Motors

Co.

6.125%,

10/01/25

40,000‌

40,676‌

General

Motors

Financial

Co.,

Inc.

1.250%,

01/08/26

120,000‌

108,135‌

Goodyear

Tire

&

Rubber

Co.

(The)

4.875%,

03/15/27

50,000‌

47,313‌

5.000%,

05/31/26

60,000‌

58,212‌

Nissan

Motor

Acceptance

Co.

LLC

2.750%,

03/09/28

(b)

100,000‌

83,185‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

ZF

North

America

Capital,

Inc.

4.750%,

04/29/25

(b)

153,000‌

149,478‌

Total

1,440,605‌

Banking

4.4%

Ally

Financial,

Inc.

2.200%,

11/02/28

100,000‌

81,423‌

5.750%,

11/20/25

100,000‌

97,011‌

Bank

of

America

Corp.

Series

L,

3.950%,

04/21/25

120,000‌

117,222‌

Bank

of

Nova

Scotia

(The)

Subordinated

4.500%,

12/16/25

60,000‌

58,974‌

Barclays

PLC

4.375%,

01/12/26

200,000‌

194,853‌

Capital

One

Financial

Corp.

3.300%,

10/30/24

60,000‌

58,511‌

4.200%,

10/29/25

40,000‌

38,207‌

Citigroup,

Inc.

4.125%,

07/25/28

80,000‌

76,223‌

Subordinated

4.600%,

03/09/26

120,000‌

118,577‌

Citizens

Financial

Group,

Inc.

2.850%,

07/27/26

80,000‌

70,610‌

Deutsche

Bank

AG/New

York

NY

2.552%,

(SOFRRATE

+

1.318%),

01/07/28

(c)

150,000‌

130,614‌

Fifth

Third

Bancorp

2.550%,

05/05/27

40,000‌

35,592‌

Goldman

Sachs

Group,

Inc.

(The)

5.950%,

01/15/27

80,000‌

82,519‌

HSBC

Holdings

PLC

4.250%,

08/18/25

204,000‌

198,657‌

Intesa

Sanpaolo

SpA

5.710%,

01/15/26

(b)

200,000‌

194,401‌

Morgan

Stanley

Subordinated

5.000%,

11/24/25

120,000‌

120,245‌

Regions

Financial

Corp.

1.800%,

08/12/28

40,000‌

33,244‌

Santander

Holdings

USA,

Inc.

4.500%,

07/17/25

40,000‌

38,974‌

Santander

UK

Group

Holdings

PLC

6.534%,

(SOFRRATE

+

2.600%),

01/10/29

(c)

200,000‌

205,645‌

Synchrony

Financial

3.950%,

12/01/27

85,000‌

75,020‌

4.250%,

08/15/24

70,000‌

66,838‌

Webster

Financial

Corp.

4.100%,

03/25/29

85,000‌

77,986‌

Total

2,171,346‌

Brokerage/Asset

Managers/Exchanges

0.3%

Nomura

Holdings,

Inc.

3.103%,

01/16/30

200,000‌

171,142‌

Building

Materials

0.3%

Martin

Marietta

Materials,

Inc.

3.500%,

12/15/27

85,000‌

82,170‌

Standard

Industries,

Inc.

5.000%,

02/15/27

(b)

50,000‌

47,874‌

Total

130,044‌

Cable

and

Satellite

1.5%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%,

05/01/27

(b)

150,000‌

141,846‌

5.500%,

05/01/26

(b)

60,000‌

58,884‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

9

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.200%,

03/15/28

120,000‌

113,705‌

4.908%,

07/23/25

100,000‌

99,005‌

Sirius

XM

Radio,

Inc.

3.125%,

09/01/26

(b)

50,000‌

44,752‌

5.000%,

08/01/27

(b)

100,000‌

91,999‌

Viasat,

Inc.

5.625%,

04/15/27

(b)

85,000‌

78,838‌

Videotron

Ltd.

5.375%,

06/15/24

(b)

85,000‌

84,813‌

Total

713,842‌

Chemicals

0.6%

Celanese

US

Holdings

LLC

6.165%,

07/15/27

50,000‌

50,568‌

6.330%,

07/15/29

60,000‌

60,752‌

DuPont

de

Nemours,

Inc.

4.493%,

11/15/25

20,000‌

19,948‌

4.725%,

11/15/28

100,000‌

101,007‌

Sherwin-Williams

Co.

(The)

3.450%,

06/01/27

40,000‌

38,382‌

Total

270,657‌

Construction

Machinery

0.2%

United

Rentals

North

America,

Inc.

3.875%,

11/15/27

100,000‌

93,752‌

Consumer

Cyclical

Services

0.6%

Brink's

Co.

(The)

4.625%,

10/15/27

(b)

50,000‌

47,300‌

CoreCivic,

Inc.

8.250%,

04/15/26

50,000‌

50,501‌

eBay,

Inc.

1.400%,

05/10/26

40,000‌

36,472‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%,

08/31/27

(b)

50,000‌

44,817‌

5.750%,

04/15/26

(b)

120,000‌

119,123‌

Total

298,213‌

Consumer

Products

0.5%

Brunswick

Corp.

0.850%,

08/18/24

85,000‌

79,961‌

Clorox

Co.

(The)

3.100%,

10/01/27

40,000‌

38,108‌

Newell

Brands,

Inc.

4.875%,

06/01/25

120,000‌

116,880‌

Total

234,949‌

Diversified

Manufacturing

1.0%

Carrier

Global

Corp.

2.493%,

02/15/27

40,000‌

36,980‌

Newell

Brands,

Inc.

4.700%,

04/01/26

60,000‌

57,296‌

Otis

Worldwide

Corp.

2.056%,

04/05/25

40,000‌

37,861‌

Parker-Hannifin

Corp.

3.250%,

06/14/29

50,000‌

46,636‌

Raytheon

Technologies

Corp.

4.125%,

11/16/28

120,000‌

118,357‌

Trane

Technologies

Global

Holding

Co.

Ltd.

3.750%,

08/21/28

40,000‌

38,889‌

WESCO

Distribution,

Inc.

7.125%,

06/15/25

(b)

115,000‌

116,924‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Westinghouse

Air

Brake

Technologies

Corp.

3.200%,

06/15/25

60,000‌

57,204‌

Total

510,147‌

Electric

2.6%

AES

Corp.

(The)

1.375%,

01/15/26

40,000‌

36,172‌

American

Electric

Power

Co.,

Inc.

Subordinated

3.875%,

(US

5

Year

CMT

T-Note

+

2.675%),

02/15/62

(c)

120,000‌

96,952‌

Calpine

Corp.

4.500%,

02/15/28

(b)

50,000‌

46,574‌

Cleco

Corporate

Holdings

LLC

3.743%,

05/01/26

80,000‌

76,649‌

Dominion

Energy,

Inc.

Subordinated

5.750%,

(3-month

USD

LIBOR

+

3.057%),

10/01/54

(c)

120,000‌

114,313‌

Duke

Energy

Corp.

4.300%,

03/15/28

60,000‌

59,142‌

Emera

US

Finance

LP

3.550%,

06/15/26

80,000‌

76,434‌

Enel

Americas

SA

4.000%,

10/25/26

85,000‌

82,968‌

FirstEnergy

Corp.

Series

B,

4.150%,

07/15/27

30,000‌

29,173‌

FirstEnergy

Transmission

LLC

4.350%,

01/15/25

(b)

60,000‌

58,994‌

Interstate

Power

and

Light

Co.

3.250%,

12/01/24

40,000‌

38,910‌

NextEra

Energy

Capital

Holdings,

Inc.

1.875%,

01/15/27

40,000‌

36,381‌

3.550%,

05/01/27

40,000‌

38,610‌

NextEra

Energy

Operating

Partners

LP

4.250%,

07/15/24

(b)

85,000‌

83,803‌

NRG

Energy,

Inc.

5.750%,

01/15/28

50,000‌

48,780‌

Pacific

Gas

and

Electric

Co.

2.100%,

08/01/27

85,000‌

74,488‌

Public

Service

Enterprise

Group,

Inc.

5.850%,

11/15/27

60,000‌

62,933‌

Vistra

Operations

Co.

LLC

5.500%,

09/01/26

(b)

205,000‌

201,218‌

Xcel

Energy,

Inc.

3.300%,

06/01/25

40,000‌

38,857‌

Total

1,301,351‌

Environmental

0.2%

GFL

Environmental,

Inc.

5.125%,

12/15/26

(b)

50,000‌

49,248‌

Republic

Services,

Inc.

2.900%,

07/01/26

40,000‌

38,189‌

Total

87,437‌

Finance

Companies

2.3%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%,

10/29/26

170,000‌

152,474‌

Air

Lease

Corp.

Series

MTN,

2.875%,

01/15/26

80,000‌

74,718‌

Ares

Capital

Corp.

2.150%,

07/15/26

40,000‌

34,805‌

Bain

Capital

Specialty

Finance,

Inc.

2.950%,

03/10/26

120,000‌

106,772‌

Equitable

Holdings,

Inc.

4.350%,

04/20/28

120,000‌

115,813‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Navient

Corp.

5.875%,

10/25/24

60,000‌

59,041‌

6.750%,

06/25/25

80,000‌

78,861‌

Oaktree

Specialty

Lending

Corp.

3.500%,

02/25/25

85,000‌

81,243‌

OneMain

Finance

Corp.

3.500%,

01/15/27

170,000‌

145,157‌

7.125%,

03/15/26

50,000‌

48,700‌

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

2.875%,

10/15/26

(b)

50,000‌

44,524‌

SLM

Corp.

4.200%,

10/29/25

80,000‌

73,923‌

United

Wholesale

Mortgage

LLC

5.500%,

11/15/25

(b)

120,000‌

114,464‌

Total

1,130,495‌

Food

and

Beverage

1.5%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

3.650%,

02/01/26

40,000‌

39,307‌

Anheuser-Busch

InBev

Worldwide,

Inc.

4.750%,

01/23/29

100,000‌

102,254‌

Bunge

Ltd.

Finance

Corp.

3.250%,

08/15/26

40,000‌

38,174‌

Campbell

Soup

Co.

3.950%,

03/15/25

40,000‌

39,313‌

Conagra

Brands,

Inc.

4.850%,

11/01/28

60,000‌

59,924‌

Constellation

Brands,

Inc.

4.350%,

05/09/27

85,000‌

84,353‌

General

Mills,

Inc.

4.000%,

04/17/25

40,000‌

39,514‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

5.500%,

01/15/30

(b)

50,000‌

47,779‌

Kellogg

Co.

3.250%,

04/01/26

40,000‌

38,590‌

Kraft

Heinz

Foods

Co.

3.000%,

06/01/26

60,000‌

57,460‌

McCormick

&

Co.,

Inc.

0.900%,

02/15/26

85,000‌

76,719‌

Sysco

Corp.

3.300%,

07/15/26

40,000‌

38,625‌

Tyson

Foods,

Inc.

4.350%,

03/01/29

60,000‌

58,671‌

Total

720,683‌

Foreign

Agencies

2.0%

China

Construction

Bank

Corp.

2.450%,

(US

5

Year

CMT

T-Note

+

2.150%),

06/24/30

(c)

200,000‌

189,340‌

CNAC

HK

Finbridge

Co.

Ltd.

3.375%,

06/19/24

200,000‌

195,660‌

DP

World

Salaam

6.000%,

(US

5

Year

CMT

T-Note

+

5.750%),

01/01/72

(c)

200,000‌

199,503‌

Petrobras

Global

Finance

BV

7.375%,

01/17/27

180,000‌

187,760‌

Southern

Gas

Corridor

CJSC

Series

REGS,

6.875%,

03/24/26

200,000‌

205,524‌

Total

977,787‌

Foreign

Government

Obligations

4.1%

Ecopetrol

SA

5.375%,

06/26/26

250,000‌

236,739‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Industrial

&

Commercial

Bank

of

China

Ltd.

Series

REGS,

4.875%,

09/21/25

455,000‌

452,282‌

Israel

Electric

Corp.

Ltd.

Series

GMTN,

4.250%,

08/14/28

(b)

200,000‌

191,620‌

MEGlobal

BV

Series

REGS,

4.250%,

11/03/26

200,000‌

195,266‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

Series

REGS,

4.125%,

05/15/27

200,000‌

194,609‌

Petroleos

Mexicanos

5.350%,

02/12/28

424,000‌

352,209‌

6.500%,

01/23/29

200,000‌

169,008‌

6.875%,

08/04/26

250,000‌

236,266‌

Total

2,027,999‌

Gaming

1.6%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.375%,

04/15/26

40,000‌

39,631‌

5.750%,

06/01/28

85,000‌

84,002‌

International

Game

Technology

PLC

6.250%,

01/15/27

(b)

200,000‌

202,557‌

Las

Vegas

Sands

Corp.

3.500%,

08/18/26

180,000‌

169,024‌

Melco

Resorts

Finance

Ltd.

Series

REGS,

5.250%,

04/26/26

85,000‌

78,700‌

Sands

China

Ltd.

2.800%,

03/08/27

200,000‌

174,469‌

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

4.625%,

06/15/25

(b)

60,000‌

58,312‌

Total

806,695‌

Health

Care

2.6%

AmerisourceBergen

Corp.

3.450%,

12/15/27

40,000‌

38,334‌

Baxter

International,

Inc.

1.915%,

02/01/27

85,000‌

76,404‌

Becton

Dickinson

&

Co.

4.693%,

02/13/28

60,000‌

60,668‌

Cardinal

Health,

Inc.

3.410%,

06/15/27

60,000‌

57,376‌

Cigna

Corp.

3.400%,

03/01/27

85,000‌

81,620‌

4.125%,

11/15/25

40,000‌

39,503‌

4.375%,

10/15/28

50,000‌

49,670‌

CVS

Health

Corp.

1.300%,

08/21/27

85,000‌

74,526‌

4.300%,

03/25/28

80,000‌

79,019‌

GE

HealthCare

Technologies,

Inc.

5.650%,

11/15/27

(b)

100,000‌

103,256‌

HCA,

Inc.

5.250%,

06/15/26

50,000‌

50,139‌

5.375%,

09/01/26

85,000‌

85,637‌

IQVIA,

Inc.

5.000%,

05/15/27

(b)

200,000‌

195,028‌

Laboratory

Corp.

of

America

Holdings

1.550%,

06/01/26

80,000‌

72,285‌

Quest

Diagnostics,

Inc.

3.500%,

03/30/25

40,000‌

38,949‌

Tenet

Healthcare

Corp.

4.875%,

01/01/26

100,000‌

98,455‌

5.125%,

11/01/27

100,000‌

97,105‌

Total

1,297,974‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

11

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Healthcare

Insurance

0.4%

Centene

Corp.

3.375%,

02/15/30

100,000‌

88,316‌

Elevance

Health,

Inc.

4.101%,

03/01/28

40,000‌

39,451‌

Humana,

Inc.

1.350%,

02/03/27

85,000‌

75,374‌

Total

203,141‌

Healthcare

REIT

0.6%

Healthcare

Realty

Holdings

LP

3.625%,

01/15/28

85,000‌

77,490‌

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

5.000%,

10/15/27

100,000‌

84,144‌

Omega

Healthcare

Investors,

Inc.

4.750%,

01/15/28

85,000‌

78,740‌

Ventas

Realty

LP

4.125%,

01/15/26

40,000‌

38,859‌

Welltower

OP

LLC

4.250%,

04/15/28

40,000‌

38,457‌

Total

317,690‌

Home

Construction

0.1%

Lennar

Corp.

4.750%,

05/30/25

40,000‌

39,705‌

Independent

Energy

1.6%

Canadian

Natural

Resources

Ltd.

3.850%,

06/01/27

40,000‌

38,451‌

Coterra

Energy,

Inc.

4.375%,

03/15/29

85,000‌

81,567‌

EQT

Corp.

3.125%,

05/15/26

(b)

80,000‌

74,324‌

6.125%,

02/01/25

40,000‌

40,192‌

Harbour

Energy

PLC

5.500%,

10/15/26

(b)

85,000‌

77,403‌

Matador

Resources

Co.

5.875%,

09/15/26

85,000‌

83,540‌

MEG

Energy

Corp.

7.125%,

02/01/27

(b)

40,000‌

40,987‌

Occidental

Petroleum

Corp.

5.875%,

09/01/25

240,000‌

243,281‌

PDC

Energy,

Inc.

5.750%,

05/15/26

120,000‌

116,745‌

Southwestern

Energy

Co.

5.700%,

01/23/25

11,000‌

11,002‌

Total

807,492‌

Leisure

0.4%

Live

Nation

Entertainment,

Inc.

3.750%,

01/15/28

(b)

80,000‌

71,845‌

Royal

Caribbean

Cruises

Ltd.

11.500%,

06/01/25

(b)

120,000‌

127,308‌

Total

199,153‌

Life

Insurance

0.3%

CNO

Financial

Group,

Inc.

5.250%,

05/30/29

85,000‌

80,891‌

Corebridge

Financial,

Inc.

3.850%,

04/05/29

(b)

50,000‌

45,605‌

Lincoln

National

Corp.

3.800%,

03/01/28

40,000‌

35,796‌

Total

162,292‌

Lodging

0.5%

Hilton

Domestic

Operating

Co.,

Inc.

5.375%,

05/01/25

(b)

53,000‌

52,959‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Hyatt

Hotels

Corp.

4.375%,

09/15/28

85,000‌

82,300‌

Marriott

International,

Inc.

Series

X,

4.000%,

04/15/28

60,000‌

58,003‌

Travel

+

Leisure

Co.

6.625%,

07/31/26

(b)

40,000‌

39,932‌

Total

233,194‌

Media

and

Entertainment

1.4%

AMC

Networks,

Inc.

4.750%,

08/01/25

120,000‌

111,242‌

Discovery

Communications

LLC

3.950%,

03/20/28

75,000‌

70,272‌

Fox

Corp.

3.050%,

04/07/25

80,000‌

77,134‌

Netflix,

Inc.

3.625%,

06/15/25

(b)

40,000‌

38,855‌

5.875%,

02/15/25

60,000‌

60,887‌

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.

3.650%,

11/01/24

40,000‌

39,237‌

Paramount

Global

4.000%,

01/15/26

40,000‌

38,747‌

Take-Two

Interactive

Software,

Inc.

3.550%,

04/14/25

85,000‌

82,698‌

TEGNA,

Inc.

4.625%,

03/15/28

80,000‌

71,229‌

Warnermedia

Holdings,

Inc.

4.054%,

03/15/29

(b)

100,000‌

92,664‌

Total

682,965‌

Media

Cable

0.4%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.000%,

02/01/28

(b)

60,000‌

55,599‌

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

5.875%,

08/15/27

(b)

150,000‌

131,639‌

Total

187,238‌

Metals

and

Mining

1.0%

Cleveland-Cliffs,

Inc.

6.750%,

03/15/26

(b)

40,000‌

40,678‌

FMG

Resources

August

2006

Pty

Ltd.

5.125%,

05/15/24

(b)

85,000‌

84,483‌

Freeport-McMoRan,

Inc.

4.250%,

03/01/30

60,000‌

55,834‌

Mineral

Resources

Ltd.

8.000%,

11/01/27

(b)

50,000‌

50,812‌

Novelis

Corp.

3.250%,

11/15/26

(b)

150,000‌

137,343‌

Reliance

Steel

&

Aluminum

Co.

1.300%,

08/15/25

120,000‌

110,213‌

Total

479,363‌

Midstream

3.1%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

7.875%,

05/15/26

(b)

85,000‌

87,245‌

Buckeye

Partners

LP

3.950%,

12/01/26

85,000‌

77,363‌

4.125%,

03/01/25

(b)

40,000‌

38,391‌

Cheniere

Corpus

Christi

Holdings

LLC

5.125%,

06/30/27

40,000‌

40,168‌

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

5.750%,

04/01/25

50,000‌

49,306‌

DCP

Midstream

Operating

LP

5.375%,

07/15/25

40,000‌

39,985‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Energy

Transfer

LP

4.950%,

05/15/28

70,000‌

69,364‌

EnLink

Midstream

Partners

LP

4.150%,

06/01/25

16,000‌

15,476‌

Enterprise

Products

Operating

LLC

3.700%,

02/15/26

40,000‌

39,293‌

EQM

Midstream

Partners

LP

4.000%,

08/01/24

15,000‌

14,512‌

6.000%,

07/01/25

(b)

45,000‌

44,184‌

Kinder

Morgan,

Inc.

4.300%,

06/01/25

85,000‌

83,955‌

MPLX

LP

4.875%,

06/01/25

40,000‌

39,870‌

National

Fuel

Gas

Co.

3.950%,

09/15/27

85,000‌

80,241‌

New

Fortress

Energy,

Inc.

6.500%,

09/30/26

(b)

100,000‌

92,148‌

NuStar

Logistics

LP

5.625%,

04/28/27

85,000‌

81,662‌

6.000%,

06/01/26

40,000‌

39,291‌

ONEOK,

Inc.

4.000%,

07/13/27

80,000‌

77,049‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

4.650%,

10/15/25

85,000‌

84,094‌

Sabine

Pass

Liquefaction

LLC

5.000%,

03/15/27

40,000‌

40,019‌

5.625%,

03/01/25

40,000‌

40,204‌

Sunoco

LP

/

Sunoco

Finance

Corp.

6.000%,

04/15/27

50,000‌

49,749‌

TransCanada

PipeLines

Ltd.

4.875%,

01/15/26

40,000‌

40,076‌

Western

Midstream

Operating

LP

3.350%,

02/01/25

120,000‌

114,953‌

Williams

Cos.,

Inc.

(The)

3.750%,

06/15/27

125,000‌

120,862‌

Total

1,499,460‌

Natural

Gas

0.1%

Sempra

Energy

3.400%,

02/01/28

40,000‌

37,716‌

Office

REIT

0.4%

Alexandria

Real

Estate

Equities,

Inc.

3.950%,

01/15/27

40,000‌

38,588‌

Boston

Properties

LP

4.500%,

12/01/28

80,000‌

72,736‌

Office

Properties

Income

Trust

4.500%,

02/01/25

120,000‌

102,292‌

Total

213,616‌

Oil

Field

Services

0.1%

Petrofac

Ltd.

9.750%,

11/15/26

(b)

85,000‌

59,918‌

Other

Financial

Institutions

0.5%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

4.750%,

09/15/24

50,000‌

49,372‌

6.250%,

05/15/26

40,000‌

39,411‌

6.375%,

12/15/25

170,000‌

168,360‌

Total

257,143‌

Other

Industry

0.1%

AECOM

5.125%,

03/15/27

50,000‌

48,941‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Other

REIT

0.2%

Digital

Realty

Trust

LP

4.450%,

07/15/28

40,000‌

38,037‌

EPR

Properties

4.500%,

04/01/25

40,000‌

38,722‌

Total

76,759‌

Packaging

1.0%

Amcor

Finance

USA,

Inc.

3.625%,

04/28/26

120,000‌

115,635‌

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

4.125%,

08/15/26

(b)

85,000‌

80,152‌

Ball

Corp.

5.250%,

07/01/25

180,000‌

180,014‌

Berry

Global,

Inc.

1.650%,

01/15/27

85,000‌

74,673‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI

4.750%,

02/01/26

40,000‌

39,170‌

Total

489,644‌

Paper

0.2%

Celulosa

Arauco

y

Constitucion

SA

3.875%,

11/02/27

85,000‌

79,486‌

Pharmaceuticals

2.0%

AbbVie,

Inc.

2.950%,

11/21/26

185,000‌

175,670‌

3.800%,

03/15/25

60,000‌

58,991‌

Amgen,

Inc.

1.650%,

08/15/28

90,000‌

78,431‌

5.250%,

03/02/30

60,000‌

61,644‌

Gilead

Sciences,

Inc.

2.950%,

03/01/27

90,000‌

86,137‌

3.650%,

03/01/26

40,000‌

39,132‌

Mylan,

Inc.

4.550%,

04/15/28

60,000‌

57,509‌

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(b)

200,000‌

184,032‌

Perrigo

Finance

Unlimited

Co.

3.900%,

12/15/24

85,000‌

82,090‌

4.375%,

03/15/26

40,000‌

38,620‌

Shire

Acquisitions

Investments

Ireland

DAC

3.200%,

09/23/26

80,000‌

76,272‌

Zoetis,

Inc.

4.500%,

11/13/25

40,000‌

39,799‌

Total

978,327‌

Property

&

Casualty

0.4%

American

International

Group,

Inc.

3.900%,

04/01/26

24,000‌

23,458‌

Aon

Global

Ltd.

3.875%,

12/15/25

40,000‌

39,142‌

Assurant,

Inc.

4.900%,

03/27/28

40,000‌

39,078‌

CNA

Financial

Corp.

3.450%,

08/15/27

85,000‌

80,463‌

Total

182,141‌

Railroads

0.3%

Canadian

Pacific

Railway

Co.

1.750%,

12/02/26

85,000‌

77,619‌

CSX

Corp.

2.600%,

11/01/26

85,000‌

80,350‌

Total

157,969‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

13

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Refining

0.4%

Marathon

Petroleum

Corp.

3.800%,

04/01/28

50,000‌

47,977‌

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

7.250%,

06/15/25

50,000‌

49,819‌

Phillips

66

3.900%,

03/15/28

40,000‌

38,744‌

Phillips

66

Co.

3.750%,

03/01/28

(b)

70,000‌

66,804‌

Total

203,344‌

Restaurants

0.4%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

5.750%,

04/15/25

(b)

70,000‌

70,227‌

McDonald's

Corp.

Series

MTN,

3.800%,

04/01/28

80,000‌

78,792‌

Starbucks

Corp.

3.500%,

03/01/28

40,000‌

38,649‌

Total

187,668‌

Retail

REIT

0.2%

Agree

LP

2.000%,

06/15/28

45,000‌

38,402‌

Kimco

Realty

OP

LLC

3.300%,

02/01/25

40,000‌

38,533‌

Realty

Income

Corp.

4.875%,

06/01/26

40,000‌

40,019‌

Total

116,954‌

Retailers

1.2%

AutoNation,

Inc.

3.800%,

11/15/27

125,000‌

115,811‌

Dollar

Tree,

Inc.

4.200%,

05/15/28

40,000‌

39,217‌

Lowe's

Cos.,

Inc.

3.650%,

04/05/29

85,000‌

80,993‌

O'Reilly

Automotive,

Inc.

3.600%,

09/01/27

120,000‌

116,362‌

QVC,

Inc.

4.450%,

02/15/25

80,000‌

58,845‌

Under

Armour,

Inc.

3.250%,

06/15/26

170,000‌

156,290‌

Total

567,518‌

Supermarkets

0.4%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

3.250%,

03/15/26

(b)

50,000‌

47,257‌

4.625%,

01/15/27

(b)

40,000‌

38,710‌

6.500%,

02/15/28

(b)

60,000‌

60,978‌

Kroger

Co.

(The)

4.500%,

01/15/29

40,000‌

40,016‌

Total

186,961‌

Technology

3.9%

Avnet,

Inc.

4.625%,

04/15/26

40,000‌

39,396‌

Block,

Inc.

2.750%,

06/01/26

50,000‌

45,208‌

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

3.875%,

01/15/27

125,000‌

121,331‌

Broadcom,

Inc.

4.750%,

04/15/29

50,000‌

49,509‌

Dell

International

LLC

/

EMC

Corp.

4.900%,

10/01/26

40,000‌

40,083‌

6.020%,

06/15/26

60,000‌

61,743‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Equifax,

Inc.

2.600%,

12/01/24

40,000‌

38,376‌

Equinix,

Inc.

2.625%,

11/18/24

60,000‌

57,709‌

Fidelity

National

Information

Services,

Inc.

1.150%,

03/01/26

40,000‌

36,019‌

Fiserv,

Inc.

3.200%,

07/01/26

40,000‌

38,126‌

3.500%,

07/01/29

100,000‌

93,166‌

Flex

Ltd.

3.750%,

02/01/26

85,000‌

81,405‌

Gen

Digital,

Inc.

5.000%,

04/15/25

(b)

85,000‌

84,072‌

Global

Payments,

Inc.

1.200%,

03/01/26

40,000‌

35,893‌

HP,

Inc.

1.450%,

06/17/26

85,000‌

76,842‌

3.000%,

06/17/27

40,000‌

37,280‌

Iron

Mountain,

Inc.

4.875%,

09/15/27

(b)

50,000‌

47,753‌

Jabil,

Inc.

3.600%,

01/15/30

50,000‌

45,796‌

Moody's

Corp.

3.750%,

03/24/25

85,000‌

83,128‌

Motorola

Solutions,

Inc.

4.600%,

02/23/28

80,000‌

79,448‌

Oracle

Corp.

2.500%,

04/01/25

40,000‌

38,181‌

2.650%,

07/15/26

85,000‌

79,811‌

3.250%,

11/15/27

80,000‌

75,411‌

Seagate

HDD

Cayman

4.875%,

06/01/27

60,000‌

57,503‌

Sensata

Technologies

BV

5.000%,

10/01/25

(b)

60,000‌

59,294‌

Skyworks

Solutions,

Inc.

1.800%,

06/01/26

120,000‌

108,203‌

TD

SYNNEX

Corp.

1.750%,

08/09/26

85,000‌

74,450‌

VMware,

Inc.

1.400%,

08/15/26

85,000‌

75,863‌

3.900%,

08/21/27

40,000‌

38,495‌

Western

Digital

Corp.

4.750%,

02/15/26

60,000‌

57,051‌

Western

Union

Co.

(The)

2.850%,

01/10/25

40,000‌

38,312‌

Total

1,894,857‌

Tobacco

0.3%

Altria

Group,

Inc.

2.350%,

05/06/25

40,000‌

38,132‌

BAT

Capital

Corp.

3.557%,

08/15/27

125,000‌

117,018‌

Total

155,150‌

Transportation

Services

0.2%

FedEx

Corp.

3.250%,

04/01/26

60,000‌

58,483‌

Penske

Automotive

Group,

Inc.

Subordinated

3.500%,

09/01/25

60,000‌

57,251‌

Total

115,734‌

Wireless

1.1%

American

Tower

Corp.

2.900%,

01/15/30

50,000‌

43,989‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Rogers

Communications,

Inc.

3.625%,

12/15/25

50,000‌

48,148‌

Sprint

LLC

7.125%,

06/15/24

85,000‌

86,401‌

7.625%,

03/01/26

170,000‌

180,047‌

T-Mobile

USA,

Inc.

2.050%,

02/15/28

110,000‌

97,693‌

5.375%,

04/15/27

85,000‌

85,938‌

Total

542,216‌

Wirelines

1.1%

AT&T,

Inc.

2.300%,

06/01/27

40,000‌

36,702‌

4.350%,

03/01/29

85,000‌

83,509‌

British

Telecommunications

PLC

5.125%,

12/04/28

85,000‌

86,096‌

Level

3

Financing,

Inc.

3.400%,

03/01/27

(b)

100,000‌

78,203‌

Lumen

Technologies,

Inc.

4.000%,

02/15/27

(b)

100,000‌

66,749‌

Verizon

Communications,

Inc.

2.100%,

03/22/28

40,000‌

35,758‌

4.125%,

03/16/27

75,000‌

74,273‌

4.329%,

09/21/28

85,000‌

84,085‌

Total

545,375‌

Total

Corporate

Bonds

(Cost

$28,913,086)

27,542,031‌

Foreign

Government

Obligations

(d)

13

.6

%

Principal

Amount

($)

Value

($)

Brazilian

Government

International

Bond

8.875%,

04/15/24

280,000‌

289,178‌

6.000%,

04/07/26

289,000‌

299,646‌

2.875%,

06/06/25

300,000‌

287,073‌

Colombia

Government

International

Bond

4.500%,

01/28/26

374,000‌

354,677‌

Dominican

Republic

International

Bond

Series

REGS,

5.500%,

02/22/29

150,000‌

143,130‌

Series

REGS,

5.500%,

01/27/25

200,000‌

198,092‌

Series

REGS,

5.950%,

01/25/27

272,000‌

270,308‌

Export-Import

Bank

of

India

Series

REGS,

3.875%,

02/01/28

200,000‌

190,786‌

Hungary

Government

International

Bond

5.375%,

03/25/24

34,000‌

34,041‌

Indonesia

Government

International

Bond

4.100%,

04/24/28

255,000‌

252,356‌

Series

REGS,

4.750%,

01/08/26

200,000‌

202,644‌

Kazakhstan

Government

International

Bond

Series

REGS,

5.125%,

07/21/25

200,000‌

206,043‌

KazMunayGas

National

Co.

JSC

Series

REGS,

4.750%,

04/19/27

200,000‌

190,327‌

Mexico

Government

International

Bond

4.125%,

01/21/26

200,000‌

197,276‌

3.750%,

01/11/28

255,000‌

246,478‌

Oman

Government

International

Bond

Series

REGS,

6.750%,

10/28/27

200,000‌

211,033‌

Series

REGS,

5.625%,

01/17/28

400,000‌

403,588‌

Oman

Sovereign

Sukuk

Co.

Series

REGS,

5.932%,

10/31/25

200,000‌

204,545‌

Panama

Government

International

Bond

Series

REGS,

3.750%,

04/17/26

240,000‌

229,876‌

Foreign

Government

Obligations

(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.350%,

09/10/24

200,000‌

200,434‌

Series

REGS,

4.400%,

03/01/28

255,000‌

256,503‌

Peruvian

Government

International

Bond

2.392%,

01/23/26

240,000‌

226,719‌

Philippine

Government

International

Bond

10.625%,

03/16/25

240,000‌

267,676‌

4.200%,

01/21/24

200,000‌

198,904‌

Republic

of

South

Africa

Government

International

Bond

5.875%,

09/16/25

200,000‌

199,733‌

4.875%,

04/14/26

200,000‌

193,790‌

4.850%,

09/27/27

255,000‌

242,585‌

Romanian

Government

International

Bond

Series

REGS,

5.250%,

11/25/27

300,000‌

297,008‌

Sharjah

Sukuk

Program

Ltd.

Series

EMTN,

4.226%,

03/14/28

200,000‌

191,526‌

Uruguay

Government

International

Bond

4.500%,

08/14/24

26,667‌

26,777‌

Total

Foreign

Government

Obligations

(Cost

$6,901,403)

6,712,752‌

U.S.

Government

&

Agency

Obligations

9

.9

%

Principal

Amount

($)

Value

($)

Uniform

Mortgage-Backed

Security

TBA

9.9%

1.500%,

05/15/38

(e)

1,949,000‌

1,714,206‌

2.000%,

05/15/38

(e)

2,870,000‌

2,590,175‌

2.500%,

05/15/38

(e)

349,000‌

324,311‌

3.000%,

05/15/38

(e)

147,000‌

139,725‌

3.500%,

05/15/38

(e)

56,000‌

54,222‌

4.000%,

05/15/38

(e)

75,000‌

73,609‌

Total

4,896,248‌

Total

U.S.

Government

&

Agency

Obligations

(Cost

$4,910,404)

4,896,248‌

U.S.

Treasury

Obligations

9

.1

%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bill

9.1%

2.944%,

07/13/23

4,500,000‌

4,455,118‌

Total

U.S.

Treasury

Obligations

(Cost

$4,465,684)

4,455,118‌

Money

Market

Funds

1

.1

%

Shares

Value

($)

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

4.335%

(f)

530,518‌

530,518‌

Total

Money

Market

Funds

(Cost

$530,518)

530,518‌

Total

Investments

in

Securities

(Cost

$56,075,978)

53,960,180‌

Other

Assets

&

Liabilities,

Net

(

4,773,193‌

)

Net

Assets

49,186,987‌

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

Report

2023

15

Notes

to

Portfolio

of

Investments

(a)

Represents

a

variable

rate

security

with

a

step

coupon

where

the

rate

adjusts

according

to

a

schedule

for

a

series

of

periods,

typically

lower

for

an

initial

period

and

then

increasing

to

a

higher

coupon

rate

thereafter.

The

interest

rate

shown

was

the

current

rate

as

of

April

30,

2023.

(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,

2023,

the

total

value

of

these

securities

amounted

to

$5,426,640,

which

represents

11.03%

of

total

net

assets.

(c)

Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

April

30,

2023.

(d)

Principal

and

interest

may

not

be

guaranteed

by

a

governmental

entity.

(e)

Represents

a

security

purchased

on

a

when-issued

basis.

(f)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2023.

Abbreviation

Legend

LIBOR

London

Interbank

Offered

Rates

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Fair

Value

Measurements

(continued)

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Asset-Backed

Securities

-

Non-Agency

–‌

4,898,382‌

–‌

4,898,382‌

Commercial

Mortgage-Backed

Securities

-

Non-Agency

–‌

4,925,131‌

–‌

4,925,131‌

Corporate

Bonds

–‌

27,542,031‌

–‌

27,542,031‌

Foreign

Government

Obligations

–‌

6,712,752‌

–‌

6,712,752‌

U.S.

Government

&

Agency

Obligations

–‌

4,896,248‌

–‌

4,896,248‌

U.S.

Treasury

Obligations

–‌

4,455,118‌

–‌

4,455,118‌

Money

Market

Funds

530,518‌

–‌

–‌

530,518‌

Total

Investments

in

Securities

530,518‌

53,429,662‌

–‌

53,960,180‌

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,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

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2023

17

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$56,075,978)

$53,960,180

Receivable

for:

Investments

sold

736,795

Interest

429,596

Total

assets

55,126,571

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

4,910,404

Investments

purchased

1,019,149

Investment

management

fees

10,031

Total

liabilities

5,939,584

Net

assets

applicable

to

outstanding

capital

stock

$49,186,987

Represented

by:

Paid-in

capital

$52,823,157

Total

distributable

earnings

(loss)

(3,636,170)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$49,186,987

Shares

outstanding

2,700,050

Net

asset

value

per

share

$18.22

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Strategic

Beta

ETFs

|

Semiannual

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2023

Investment

Income:

Interest

$894,163

Total

income

894,163

Expenses:

Investment

management

fees

60,355

Total

expenses

60,355

Fees

waived

or

expenses

reimbursed

by

Investment

Manager

(114)

Total

net

expenses

60,241

Net

Investment

Income

833,922

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(137,265)

Net

realized

loss

(137,265)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

1,631,214

Net

change

in

unrealized

appreciation

1,631,214

Net

realized

and

unrealized

gain

1,493,949

Net

Increase

in

net

assets

resulting

from

operations

$2,327,871

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Semiannual

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2023

19

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

Operations

Net

investment

income

$833,922

$1,003,161

Net

realized

loss

(137,265)

(1,433,142)

Net

change

in

unrealized

appreciation

(depreciation)

1,631,214

(3,583,295)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

2,327,871

(4,013,276)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(831,831)

(976,236)

Shareholder

transactions

Proceeds

from

shares

sold

–

39,388,579

Cost

of

shares

redeemed

–

(6,566,422)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

–

32,822,157

Increase

in

net

assets

1,496,040

27,832,645

Net

Assets:

Net

assets

beginning

of

period

47,690,947

19,858,302

Net

assets

at

end

of

period

$49,186,987

$47,690,947

Capital

stock

activity

Shares

outstanding,

beginning

of

period

2,700,050

1,000,050

Subscriptions

–

2,050,000

Redemptions

–

(350,000)

Shares

outstanding,

end

of

period

2,700,050

2,700,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Strategic

Beta

ETFs

|

Semiannual

Report

2023

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

ratio

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

2021

(a)

Per

share

data

Net

asset

value,

beginning

of

period

$17.66‌

$19.86‌

$20.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.31‌

0.44‌

0.03‌

Net

realized

and

unrealized

gain

(loss)

0.56‌

(2.20‌)

(0.17‌)

Total

from

investment

operations

0.87‌

(1.76‌)

(0.14‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.31‌)

(0.44‌)

–‌

Total

distribution

to

shareholders

(0.31‌)

(0.44‌)

–‌

Net

asset

value,

end

of

period

$18.22‌

$17.66‌

$19.86‌

Total

Return

at

NAV

4.95‌%

(8.96‌)%

(0.70‌)%

Total

Return

at

Market

4.95‌%

(9.25‌)%

(0.70‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.25‌%

(c)

0.25‌%

0.25‌%

Total

net

expenses

(b)(d)

0.25‌%

(c)

0.25‌%

0.25‌%

Net

investment

income

3.45‌%

2.39‌%

1.44‌%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$49,187‌

$47,691‌

$19,858‌

Portfolio

turnover

75‌%

163‌%

11‌%

(a)

The

Fund

commenced

operations

on

September

21,

2021.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(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,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

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2023

21

Note

1.

Organization

Columbia

Short

Duration

Bond

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

non-diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

Shares

The

market

prices

of

the

Fund’s

shares

may

differ

to

some

degree

from

the

Fund’s

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

“Creation

Unit.”

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund’s

principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund’s

shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

Note

2.

Summary

of

significant

accounting

policies

Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Asset-

and

mortgage-backed

securities

are

generally

valued

by

pricing

services,

which

utilize

pricing

models

that

incorporate

the

securities’

cash

flow

and

loan

performance

data.

These

models

also

take

into

account

available

market

data,

including

trades,

market

quotations,

and

benchmark

yield

curves

for

identical

or

similar

securities.

Factors

used

to

identify

similar

securities

may

include,

but

are

not

limited

to,

issuer,

collateral

type,

vintage,

prepayment

speeds,

collateral

performance,

credit

ratings,

credit

enhancement

and

expected

life.

Asset-backed

securities

for

which

quotations

are

readily

available

may

also

be

valued

based

upon

an

over-the-counter

or

exchange

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

22

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Fund’s

Portfolio

of

Investments.

Asset-

and

mortgage-backed

securities

The

Fund

may

invest

in

asset-backed

and

mortgage-backed

securities.

The

maturity

dates

shown

represent

the

original

maturity

of

the

underlying

obligation.

Actual

maturity

may

vary

based

upon

prepayment

activity

on

these

obligations.

All,

or

a

portion,

of

the

obligation

may

be

prepaid

at

any

time

because

the

underlying

asset

may

be

prepaid.

As

a

result,

decreasing

market

interest

rates

could

result

in

an

increased

level

of

prepayment.

An

increased

prepayment

rate

will

have

the

effect

of

shortening

the

maturity

of

the

security.

Unless

otherwise

noted,

the

coupon

rates

presented

are

fixed

rates.

To

be

announced

securities

The

Fund

may

trade

securities

on

a

To

Be

Announced

(TBA)

basis.

As

with

other

delayed-delivery

transactions,

a

seller

agrees

to

issue

a

TBA

security

at

a

future

date.

However,

the

seller

does

not

specify

the

particular

securities

to

be

delivered.

Instead,

the

Fund

agrees

to

accept

any

security

that

meets

specified

terms.

In

some

cases,

Master

Securities

Forward

Transaction

Agreements

(MSFTAs)

may

be

used

to

govern

transactions

of

certain

forward-settling

agency

mortgage-backed

securities,

such

as

delayed-delivery

and

TBAs,

between

the

Fund

and

counterparty.

The

MSFTA

maintains

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral

relating

to

such

transactions.

Mortgage

dollar

roll

transactions

The

Fund

may

enter

into

mortgage

“dollar

rolls”

in

which

the

Fund

sells

securities

for

delivery

in

the

current

month

and

simultaneously

contracts

with

the

same

counterparty

to

repurchase

similar

but

not

identical

securities

(same

type,

coupon

and

maturity)

on

a

specified

future

date.

These

transactions

may

increase

the

Fund’s

portfolio

turnover

rate.

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.

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.

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.

The

Fund

does

not

currently

enter

into

mortgage

dollar

rolls

that

are

accounted

for

as

financing

transactions.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

23

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

adjustments

to

interest

income.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

that

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

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

provision

is

recorded.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

monthly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust’s

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Fund’s

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

24

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Recent

accounting

pronouncement

Tailored

Shareholder

Reports

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds;

Fee

Information

in

Investment

Company

Advertisements.

The

rule

and

form

amendments

will,

among

other

things,

require

the

Fund

to

transmit

concise

and

visually

engaging

shareholder

reports

that

highlight

key

information.

The

amendments

will

require

that

funds

tag

information

in

a

structured

data

format

and

that

certain

more

in-depth

information

be

made

available

online

and

available

for

delivery

free

of

charge

to

investors

on

request.

The

amendments

became

effective

January

24,

2023.

There

is

an

18-month

transition

period

after

the

effective

date

of

the

amendment.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.25%

of

the

Fund’s

average

daily

net

assets.

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Fund.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

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.

Expenses

waived/reimbursed

by

the

Investment

Manager

The

Investment

Manager

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

(excluding

certain

fees

and

expenses

described

below),

through

February

28,

2024,

unless

sooner

terminated

at

the

sole

discretion

of

the

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

25

Board

of

Trustees,

so

that

the

Fund’s

net

operating

expenses,

after

giving

effect

to

fees

waived/expenses

reimbursed

and

any

balance

credits

and/or

overdraft

charges

from

the

Fund’s

custodian,

do

not

exceed

the

annual

rate

of

0.25%

of

the

average

daily

net

assets.

Under

the

agreement,

the

following

fees

and

expenses

are

excluded

from

the

Fund's

operating

expenses

when

calculating

the

waiver/reimbursement

commitment,

and

therefore

will

be

paid

by

the

Fund,

if

applicable:

brokerage

commissions,

interest,

infrequent

and/or

unusual

expenses

and

any

other

expenses

the

exclusion

of

which

is

specifically

approved

by

the

Fund's

Board.

This

agreement

may

be

modified

or

amended

only

with

approval

from

all

parties.

Any

fees

waived

and/

or

expenses

reimbursed

under

the

expense

reimbursement

arrangements

described

above

are

not

recoverable

by

the

Investment

Manager

in

future

periods.

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,

2023,

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,

2022,

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

$36,264,193

and

$36,074,693,

respectively,

for

the

six

months

ended

April

30,

2023.

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,

2023,

the

Fund

did

not

have

in-kind

contributions.

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,

2023,

the

Fund

did

not

have

in-kind

redemptions.

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

56,075,978

105,837

(2,221,635)

(2,115,798)

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

1,446,692

13,070

1,459,762

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

26

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

27,

2022

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$950

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

27,

2022

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$950

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.11448%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

The

Fund

had

no

borrowings

during

the

six

months

ended

April

30,

2023.

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

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

27

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

The

large-scale

invasion

of

Ukraine

by

Russia

in

February

2022

has

resulted

in

sanctions

and

market

disruptions,

including

declines

in

regional

and

global

stock

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

counter-measures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country’s

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/or

assets

in

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Mortgage-

and

other

asset-backed

securities

risk

The

value

of

any

mortgage-backed

and

other

asset-backed

securities

including

collateralized

debt

obligations,

if

any,

held

by

the

Fund

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in:

interest

rates;

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgages

or

other

assets;

the

creditworthiness

of

the

entities

that

provide

any

supporting

letters

of

credit,

surety

bonds

or

other

credit

enhancements;

or

the

market’s

assessment

of

the

quality

of

underlying

assets.

Payment

of

principal

and

interest

on

some

mortgage-backed

securities

(but

not

the

market

value

of

the

securities

themselves)

may

be

guaranteed

by

the

full

faith

and

credit

of

a

particular

U.S.

Government

agency,

authority,

enterprise

or

instrumentality,

and

some,

but

not

all,

are

also

insured

or

guaranteed

by

the

U.S.

Government.

Mortgage-backed

securities

issued

by

non-governmental

issuers

(such

as

commercial

banks,

savings

and

loan

institutions,

private

mortgage

insurance

companies,

mortgage

bankers

and

other

secondary

market

issuers)

may

entail

greater

risk

than

obligations

guaranteed

by

the

U.S.

Government.

Mortgage-

and

other

asset-backed

securities

are

subject

to

liquidity

risk

and

prepayment

risk.

A

decline

or

flattening

of

housing

values

may

cause

delinquencies

in

mortgages

(especially

sub-prime

or

non-prime

mortgages)

underlying

mortgage-backed

securities

and

thereby

adversely

affect

the

ability

of

the

mortgage-backed

securities

issuer

to

make

principal

and/or

interest

payments

to

mortgage-

backed

securities

holders,

including

the

Fund.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

mortgage-

and

other

asset-backed

securities,

making

their

prices

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

28

Strategic

Beta

ETFs

|

Semiannual

Report

2023

Non-diversification

risk

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund’s

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Passive

investment

risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

Index’s

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provides

services

to

the

Fund.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

Strategic

Beta

ETFs

|

Semiannual

Report

2023

29

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,

2022,

through

December

31,

2022,

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.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

SAR314_10_N01_(06/23)

CET001796

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.

©

2023

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

THEMATIC

ETFs

SEMIANNUAL

REPORT

April

30,

2023

(Unaudited)

Columbia

Seligman

Semiconductor

and

Technology

ETF

An

Actively

Managed

ETF

Thematic

ETFs

|

Semiannual

Report

2023

TABLE

OF

CONTENTS

Fund

at

a

Glance

3

Understanding

Your

Fund’s

Expenses

5

Portfolio

of

Investments

6

Statement

of

Assets

and

Liabilities

8

Statement

of

Operations

9

Statement

of

Changes

in

Net

Assets

10

Financial

Highlights

11

Notes

to

Financial

Statements

12

Liquidity

Risk

Management

Program

19

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

the

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

The

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund’s

Form

N-PORTs

are

available

on

the

SEC's

website

at

sec.gov.

The

Fund's

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

is

available

on

columbiathreadneedleus.com/etfs

or

can

also

be

obtained

without

charge,

upon

request,

by

calling

800.426.3750.

Additional

Fund

information

For

more

information

about

the

Fund,

please

visit

columbiathreadneedleus.com/etfs

or

call

800.426.3750.

Premium/discount

information

for

the

Fund

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager)

290

Congress

Street

Boston,

MA

02210

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

FUND

AT

A

GLANCE

(Unaudited)

Thematic

ETFs

|

Semiannual

Report

2023

3

Portfolio

management

Paul

Wick

Lead

Portfolio

Manager

Managed

Fund

since

March

2022

Shekhar

Pramanick

Technology

Team

Member

Managed

Fund

since

March

2022

Sanjay

Devgan

Technology

Team

Member

Managed

Fund

since

March

2022

Portfolio

implementation

Christopher

Lo,

CFA

Implementation

Portfolio

Manager

Managed

Fund

since

March

2022

Investment

objective

Columbia

Seligman

Semiconductor

and

Technology

ETF

(the

Fund)

seeks

capital

appreciation.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund’s

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

PHLX

Semiconductor

Sector

Index

is

a

modified

capitalization-weighted

index

composed

of

the

30

largest

companies

primarily

involved

in

the

design,

distribution,

manufacture,

and

sale

of

semiconductors.

The

S&P

500

Index,

an

unmanaged

index,

measures

the

performance

of

500

widely

held,

large-

capitalization

U.S.

stocks

and

is

frequently

used

as

a

general

measure

of

market

performance.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Average

annual

total

returns

(%)

(for

period

ended

April

30,

2023)

Inception

6

months

1

Year

Life

Market

Price

03/29/22

16.05

-0.17

-12.82

Net

Asset

Value

03/29/22

15.74

-0.22

-12.82

PHLX

Semiconductor

Sector

Index

26.47

4.15

-13.16

S&P

500

Index

8.63

2.66

-6.62

FUND

AT

A

GLANCE

(continued)

(Unaudited)

4

Thematic

ETFs

|

Semiannual

Report

2023

Portfolio

breakdown

(%)

(at

April

30,

2023

)

Common

Stocks

95.9

Money

Market

Funds

4.1

Total

Investments

100.0

Percentages

indicated

are

based

upon

total

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

Equity

sector

breakdown

(%)

(at

April

30,

2023

)

Information

Technology  

96.2

Industrials  

1.9

Communication

Services  

1.9

Total

100.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

Equity

sub-industry

breakdown

(%)

(at

April

30,

2023

)

Information

Technology

Application

Software  

8.1

Electronic

Equipment

&

Instruments  

2.4

Semiconductor

Equipment  

21.5

Semiconductors  

60.1

Systems

Software  

0.7

Technology

Hardware,

Storage

&

Peripherals  

3.4

Total

96.2

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

Thematic

ETFs

|

Semiannual

Report

2023

5

As

a

shareholder

of

the

Fund,

you

incur

ongoing

costs,

including

investment

management

fees.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars

and

cents)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

examples

are

based

on

an

initial

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

period

ended

April

30,

2023.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

Fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

your

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

Fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

is

useful

in

comparing

ongoing

Fund

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expenses

are

calculated

using

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

then

multiplied

by

the

number

of

days

in

the

Fund’s

most

recent

fiscal

half-year

and

divided

by

365.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

November

1,

2022

—

April

30,

2023

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

Seligman

Semiconductor

and

Technology

ETF

1,000.00

1,000.00

1,157.40

1,021.08

4.01

3.76

0.75

PORTFOLIO

OF

INVESTMENTS

April

30,

2023

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

6

Thematic

ETFs

|

Semiannual

Report

2023

Notes

to

Portfolio

of

Investments

Common

Stocks

95

.9

%

Issuer

Shares

Value

($)

Communication

Services  1.8%

Interactive

Media

&

Services

1.8%

Alphabet,

Inc.

Class

C

(a)

2,817

304,856

Total

Communication

Services

304,856

Industrials  1.8%

Electrical

Equipment

1.8%

Bloom

Energy

Corp.

Class

A

(a)

18,914

314,918

Total

Industrials

314,918

Information

Technology  92.3%

Electronic

Equipment,

Instruments

&

Components

2.3%

Advanced

Energy

Industries,

Inc.

4,601

397,987

Semiconductors

&

Semiconductor

Equipment

78.3%

Advanced

Micro

Devices,

Inc.

(a)

1,320

117,968

Analog

Devices,

Inc.

4,668

839,680

Applied

Materials,

Inc.

5,597

632,629

Broadcom,

Inc.

1,629

1,020,568

Diodes,

Inc.

(a)

1,673

133,338

Entegris,

Inc.

767

57,464

GLOBALFOUNDRIES,

Inc.

(a)

1,577

92,728

Ichor

Holdings

Ltd.

(a)

2,820

78,537

indie

Semiconductor,

Inc.

Class

A

(a)

32,230

243,981

Intel

Corp.

12,142

377,130

KLA

Corp.

1,989

768,828

Lam

Research

Corp.

2,553

1,337,976

Marvell

Technology,

Inc.

14,890

587,857

MaxLinear,

Inc.

(a)

5,313

128,203

Microchip

Technology,

Inc.

11,391

831,429

Micron

Technology,

Inc.

8,675

558,323

MKS

Instruments,

Inc.

998

83,702

NXP

Semiconductors

NV

3,686

603,546

ON

Semiconductor

Corp.

(a)

6,810

490,048

Qorvo,

Inc.

(a)

4,991

459,571

QUALCOMM,

Inc.

3,842

448,746

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Rambus,

Inc.

(a)

12,340

547,156

Semtech

Corp.

(a)

9,448

184,141

Silicon

Laboratories,

Inc.

(a)

1,106

154,066

Skyworks

Solutions,

Inc.

2,864

303,298

SMART

Global

Holdings,

Inc.

(a)

12,684

195,587

STMicroelectronics

NV

7,337

314,611

Synaptics,

Inc.

(a)

5,341

472,999

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

4,899

412,986

Teradyne,

Inc.

6,230

569,297

Tower

Semiconductor

Ltd.

(a)

8,075

363,415

Total

13,409,808

Software

8.4%

Adeia,

Inc.

14,086

107,617

Cadence

Design

Systems,

Inc.

(a)

2,831

592,953

Synopsys,

Inc.

(a)

1,991

739,298

Total

1,439,868

Technology

Hardware,

Storage

&

Peripherals

3.3%

Apple,

Inc.

1,094

185,630

Western

Digital

Corp.

(a)

10,871

374,397

Total

560,027

Total

Information

Technology

15,807,690

Total

Common

Stocks

(Cost

$16,469,158)

16,427,464

Money

Market

Funds

4

.1

%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.462%

(b)

695,317

695,317

Total

Money

Market

Funds

(Cost

$695,317)

695,317

Total

Investments

in

Securities

(Cost

$17,164,475)

17,122,781

Other

Assets

&

Liabilities,

Net

(8,140)

Net

Assets

17,114,641

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2023.

Abbreviation

Legend

ADR

American

Depositary

Receipts

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

ETFs

|

Semiannual

Report

2023

7

Fair

Value

Measurements

(continued)

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

April

30,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

304,856

–

–

304,856

Industrials

314,918

–

–

314,918

Information

Technology

15,807,690

–

–

15,807,690

Total

Common

Stocks

16,427,464

–

–

16,427,464

Money

Market

Funds

695,317

–

–

695,317

Total

Investments

in

Securities

17,122,781

–

–

17,122,781

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

8

Thematic

ETFs

|

Semiannual

Report

2023

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$17,164,475)

$17,122,781

Receivable

for:

Dividends

2,709

Total

assets

17,125,490

Liabilities

Payable

for:

Investment

management

fees

10,849

Total

liabilities

10,849

Net

assets

applicable

to

outstanding

capital

stock

$17,114,641

Represented

by:

Paid-in

capital

$17,499,969

Total

distributable

earnings

(loss)

(385,328)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$17,114,641

Shares

outstanding

1,000,050

Net

asset

value

per

share

$17.11

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2023

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

ETFs

|

Semiannual

Report

2023

9

Investment

Income:

Dividends

-

unaffiliated

issuers

$90,210

Foreign

taxes

withheld

(1,952)

Total

income

88,258

Expenses:

Investment

management

fees

59,366

Net

Investment

Income

28,892

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(4,016)

In-kind

transactions

-

unaffiliated

issuers

17,400

Net

realized

gain

13,384

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

1,836,808

Net

change

in

unrealized

appreciation

1,836,808

Net

realized

and

unrealized

gain

1,850,192

Net

Increase

in

net

assets

resulting

from

operations

$1,879,084

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Thematic

ETFs

|

Semiannual

Report

2023

Six

Months

Ended

April

30,

2023

(Unaudited)

Year

Ended

October

31,

2022

(a)

Operations

Net

investment

income

$28,892

$5,097

Net

realized

gain

(loss)

13,384

(297,465)

Net

change

in

unrealized

appreciation

(depreciation)

1,836,808

(1,878,502)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

1,879,084

(2,170,870)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(93,542)

–

Shareholder

transactions

Proceeds

from

shares

sold

3,437,901

9,448,137

Cost

of

shares

redeemed

(387,069)

–

Net

increase

in

net

assets

resulting

from

shareholder

transactions

3,050,832

9,448,137

Increase

in

net

assets

4,836,374

7,277,267

Net

Assets:

Net

assets

beginning

of

period

12,278,267

5,001,000

Net

assets

at

end

of

period

$17,114,641

$12,278,267

Capital

stock

activity

Shares

outstanding,

beginning

of

period

825,050

250,050

Subscriptions

200,000

575,000

Redemptions

(25,000)

–

Shares

outstanding,

end

of

period

1,000,050

825,050

(a)

Based

on

operations

from

March

29,

2022

(commencement

of

operations)

through

the

stated

period

end.

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

ETFs

|

Semiannual

Report

2023

11

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

ratio

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31,

Six

Months

Ended

April

30,

2023

(Unaudited)

2022

(a)

Per

share

data

Net

asset

value,

beginning

of

period

$14.88‌

$20.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.03‌

0.00‌

(b)

Net

realized

and

unrealized

gain

(loss)

2.31‌

(5.12‌)

Total

from

investment

operations

2.34‌

(5.12‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.03‌)

–‌

Net

realized

gains

(0.08‌)

–‌

Total

distribution

to

shareholders

(0.11‌)

–‌

Net

asset

value,

end

of

period

$17.11‌

$14.88‌

Total

Return

at

NAV

15.74‌%

(25.60‌)%

Total

Return

at

Market

16.05‌%

(25.80‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0.75‌%

(d)

0.75‌%

Total

net

expenses

(c)(e)

0.75‌%

(d)

0.75‌%

Net

investment

income

0.37‌%

0.09‌%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$17,115‌

$12,278‌

Portfolio

turnover

10‌%

19‌%

(a)

The

Fund

commenced

operations

on

March

29,

2022.

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)

The

ratio

includes

less

than

0.01%

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,

2023

(Unaudited)

12

Thematic

ETFs

|

Semiannual

Report

2023

Note

1.

Organization

Columbia

Seligman

Semiconductor

and

Technology

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

non-diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

Shares

The

market

prices

of

the

Fund’s

shares

may

differ

to

some

degree

from

the

Fund’s

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

“Creation

Unit.”

A

Creation

Unit

consists

of

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

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

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

price

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

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

price

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

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,

2023

(Unaudited)

Thematic

ETFs

|

Semiannual

Report

2023

13

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

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

Fund

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.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

that

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

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

provision

is

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

in

the

Statement

of

Assets

and

Liabilities.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

14

Thematic

ETFs

|

Semiannual

Report

2023

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

Fund’s

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncement

Tailored

Shareholder

Reports

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds;

Fee

Information

in

Investment

Company

Advertisements.

The

rule

and

form

amendments

will,

among

other

things,

require

the

Fund

to

transmit

concise

and

visually

engaging

shareholder

reports

that

highlight

key

information.

The

amendments

will

require

that

funds

tag

information

in

a

structured

data

format

and

that

certain

more

in-depth

information

be

made

available

online

and

available

for

delivery

free

of

charge

to

investors

on

request.

The

amendments

became

effective

January

24,

2023.

There

is

an

18-month

transition

period

after

the

effective

date

of

the

amendment.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.75%

of

the

Fund’s

average

daily

net

assets.

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Fund.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Thematic

ETFs

|

Semiannual

Report

2023

15

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,

2023,

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,

2022,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

October

31,

2022,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management’s

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund’s

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5.

Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$1,578,595

and

$1,694,150,

respectively,

for

the

six

months

ended

April

30,

2023.

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,

2023,

the

cost

basis

of

securities

contributed

was

$2,982,833.

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,

2023,

the

in-kind

redemption

cost

basis

was

$314,491,

the

proceeds

from

sales

were

$331,891

and

the

net

realized

gain

was

$17,400.

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

17,164,475

1,226,431

(1,268,125)

(41,694)

No

expiration

short-

term

($)

No

expiration

long-

term

($)

Total

($)

Utilized

($)

127,556

-

127,556

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

16

Thematic

ETFs

|

Semiannual

Report

2023

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

27,

2022

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$950

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

27,

2022

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$950

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.11448%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

The

Fund

had

no

borrowings

during

the

six

months

ended

April

30,

2023.

Note

8.

Significant

risks

Active

management

risk

The

Fund

is

actively

managed

and

its

performance

therefore

will

reflect,

in

part,

the

ability

of

the

portfolio

managers

to

make

investment

decisions

that

seek

to

achieve

the

Fund’s

investment

objective.

The

Fund

is

not

an

index

fund

(it

does

not

seek

to

track

the

performance

of

an

index),

nor

does

it

provide

daily

transparency

into

its

portfolio

holdings

like

most

other

ETFs.

Due

to

its

active

management,

the

Fund

could

underperform

its

benchmark

index

and/or

other

funds

with

similar

investment

objectives

and/or

strategies.

Active

trading

of

portfolio

and

Tracking

Basket

securities

may

result

in

added

expenses,

a

lower

return

and

increased

tax

liability,

including

relative

to

other

ETFs.

Semiconductor

and

semiconductor

equipment

industry

risk

The

Fund

will

concentrate

(have

at

least

25%

of

its

assets)

in

companies

in

the

semiconductor

and

semiconductor

equipment

industry

as

categorized

by

GICS®.

Companies

in

the

same

or

related

industries

may

be

similarly

affected

by

economic,

regulatory,

political

or

market

events

or

conditions,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

Generally,

the

more

broadly

a

fund

invests,

the

more

it

spreads

risk

and

potentially

reduces

the

risks

of

loss

and

volatility.

The

Fund

is

sensitive

to,

and

its

performance

may

depend

to

a

greater

extent

on,

the

overall

condition

of

the

semiconductor

and

semiconductor

equipment

industry.

The

risks

of

investments

in

the

industry

include:

intense

competition,

both

domestically

and

internationally,

including

competition

from

subsidized

foreign

competitors

with

lower

production

costs;

wide

fluctuations

in

securities

prices

due

to

risks

of

rapid

obsolescence

of

products

and

related

technology;

economic

performance

of

the

customers

of

semiconductor

and

related

companies;

their

research

costs

and

the

risks

that

their

products

may

not

prove

commercially

successful;

and

thin

capitalization

and

limited

product

lines,

markets,

financial

resources

or

quality

management

and

personnel.

These

companies

rely

on

a

combination

of

patents,

trade

secret

laws

and

contractual

provisions

to

protect

their

technologies.

The

industry

is

characterized

by

frequent

litigation

regarding

patent

and

other

intellectual

property

rights,

which

may

require

such

companies

to

defend

against

competitors’

assertions

of

intellectual

property

infringement

or

misappropriation.

The

international

operations

of

many

companies

expose

them

to

the

risks

associated

with

instability

and

changes

in

economic

and

political

conditions,

foreign

currency

fluctuations,

changes

in

foreign

regulations,

tariffs,

and

trade

disputes.

Business

conditions

in

this

industry

can

change

rapidly

from

periods

of

strong

demand

to

periods

of

weak

demand.

Any

future

downturn

in

the

industry

could

harm

the

business

and

operating

results

of

these

companies.

The

stock

prices

of

companies

in

the

industry

have

been

and

will

likely

continue

to

be

volatile

relative

to

the

overall

market.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

Thematic

ETFs

|

Semiannual

Report

2023

17

Information

technology

sector

risk

The

Fund

is

more

susceptible

to

the

particular

risks

that

may

affect

companies

in

the

information

technology

sector

than

if

it

were

invested

in

a

wider

variety

of

companies

in

unrelated

sectors.

Companies

in

the

information

technology

sector

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

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

The

large-scale

invasion

of

Ukraine

by

Russia

in

February

2022

has

resulted

in

sanctions

and

market

disruptions,

including

declines

in

regional

and

global

stock

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

counter-measures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country’s

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/or

assets

in

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Non-diversification

risk

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund’s

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Tracking

basket

structure

risk

The

Fund’s

Tracking

Basket

structure

may

affect

the

price

at

which

the

Fund

shares

trade

in

the

secondary

market.

Although

the

Tracking

Basket

is

intended

to

provide

investors

with

enough

information

to

allow

for

an

effective

arbitrage

mechanism

that

will

keep

the

market

price

of

the

Fund

at

or

close

to

the

Fund’s

NAV

per

share,

there

is

a

risk

that

market

prices

will

vary

significantly

from

NAV.

ETFs

trading

on

the

basis

of

a

published

Tracking

Basket

may

trade

at

a

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2023

(Unaudited)

18

Thematic

ETFs

|

Semiannual

Report

2023

wider

bid/ask

spread

than

ETFs

that

publish

their

complete

portfolio

holdings

on

a

daily

basis

and

therefore,

may

cost

investors

more

to

trade.

These

risks

may

increase

during

periods

of

market

disruption

or

volatility.

In

addition,

although

the

Fund

seeks

to

benefit

from

not

disclosing

portfolio

holdings

daily,

market

participants

may

attempt

to

use

the

Tracking

Basket

to

identify

the

Fund’s

trading

strategy.

If

successful,

this

could

result

in

such

market

participants

engaging

in

certain

predatory

trading

practices

that

may

have

the

potential

to

harm

the

Fund

and

its

shareholders,

such

as

front-

running(trading

ahead)

or

free-riding

(mirroring)

the

Fund’s

strategy.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provides

services

to

the

Fund.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

Thematic

ETFs

|

Semiannual

Report

2023

19

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,

2022,

through

December

31,

2022,

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.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

SAR321_10_N01_(06/23)

CET001797

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.

©

2023

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, 2023

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, 2023

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President
Date	June 22, 2023

By (Signature and Title)	/s/ Marybeth Pilat
	Marybeth Pilat, Treasurer, Chief Accounting
	Officer and Principal Financial Officer
Date	June 22, 2023