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

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number   811-22736 

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

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

Christopher O. Petersen, Esq. 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, MA 02110 

Ryan C. Larrenaga, Esq. 

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

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

Date of fiscal year end: October 31 

Date of reporting period: October 31, 2020 

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

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

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

Item 1. Reports to Stockholders. 

Not

Federally

Insured

|

No

Financial

Institution

Guarantee

|

May

Lose

Value

STRATEGIC

BETA

ETFs

Annual

Report

October

31,

2020

Columbia

Sustainable

International

Equity

Income

ETF

Columbia

Sustainable

U.S.

Equity

Income

ETF

Beginning

on

January

1,

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semiannual

shareholder

reports

like

this

one

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Funds’

website

(columbiathreadneedleus.

com/etfs),

and

each

time

a

report

is

posted

you

will

be

notified

by

mail

and

provided

with

a

website

address

to

access

the

report.

If

you

have

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Funds

electronically

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

may

elect

to

receive

all

future

reports

in

paper

free

of

charge.

You

can

contact

your

financial

intermediary

to

request

that

you

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

paper

reports

will

apply

to

all

Columbia

Funds

held

in

your

account.

Strategic

Beta

ETFs

|

Annual

Report

2020

TABLE

OF

CONTENTS

Columbia

Sustainable

International

Equity

Income

ETF

Fund

at

a

Glance

3

Manager

Discussion

of

Fund

Performance

5

Columbia

Sustainable

U.S.

Equity

Income

ETF

Fund

at

a

Glance

7

Manager

Discussion

of

Fund

Performance

9

Understanding

Your

Fund’s

Expenses

11

Portfolio

of

Investments

12

Statement

of

Assets

and

Liabilities

19

Statement

of

Operations

20

Statement

of

Changes

in

Net

Assets

21

Financial

Highlights

22

Notes

to

Financial

Statements

24

Report

of

Independent

Registered

Public

Accounting

Firm

33

Federal

Income

Tax

Information

34

Trustees

and

Officers

35

Approval

of

Investment

Management

Services

Agreement

40

Additional

Information

43

FUND

AT

A

GLANCE

Columbia

Sustainable

International

Equity

Income

ETF

Strategic

Beta

ETFs

|

Annual

Report

2020

3

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2016

Michael

Barclay,

CFA

Portfolio

Manager

Managed

Fund

since

October

2018

Investment

objective

Columbia

Sustainable

International

Equity

Income

ETF

(the

Fund)

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Sustainable

International

Equity

Income

100

Index

(Net).

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Sustainable

International

Equity

Income

100

Index

(Net)

is

designed

to

reflect

the

performance

of

the

top

100

(developed

markets)

foreign

large-

and

mid-cap

companies

(excluding

real

estate

investment

trusts)

using

a

subset

of

the

MSCI

World

ex

USA

Index,

ranked

and

weighted

according

to

a

composite

factor

score

determined

through

the

application

of

a

systematic,

rules-based

methodology

applied

by

MSCI.

The

MSCI

World

ex

USA

Value

Index

(Net)

is

a

free

float-adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

markets

that

have

value

characteristics.

The

Index

consists

of

the

following

23

developed

market

country

indices:

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Greece,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland

and

the

United

Kingdom.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

(except

the

Beta

Advantage

®

Sustainable

International

Equity

Income

100

Index

(Net)

and

the

MSCI

World

ex

USA

Value

Index

(Net)

which

reflects

reinvested

dividends

net

of

withholding

taxes)

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Fund

performance

may

be

significantly

negatively

impacted

by

the

economic

impact

of

the

COVID-19

pandemic.

The

COVID-19

pandemic

has

adversely

impacted

economies

and

capital

markets

around

the

world

in

ways

that

will

likely

continue

and

may

change

in

unforeseen

ways

for

an

indeterminate

period.

The

COVID-19

pandemic

may

exacerbate

pre-existing

political,

social

and

economic

risks

in

certain

countries

and

globally.

Average

annual

total

returns

(%)

(for

period

ended

October

31,

2020)

Inception

1

Year

Life

Market

Price

06/13/16

-15.02

2.77

Net

Asset

Value

06/13/16

-15.68

1.56

{

Beta

Advantage

}

®

Sustainable

International

Equity

Income

100

Index

(Net)

-15.16

2.11

MSCI

World

ex

USA

Value

Index

(Net)

-18.72

0.62

FUND

AT

A

GLANCE

(continued)

Columbia

Sustainable

International

Equity

Income

ETF

4

Strategic

Beta

ETFs

|

Annual

Report

2020

Performance

of

a

hypothetical

$10,000

investment

(June

13,

2016

—

October

31,

2020)

The

chart

above

shows

the

change

in

value

of

a

hypothetical

$10,000

investment

made

on

the

Fund’s

inception,

and

does

not

reflect

the

deduction

of

taxes

or

brokerage

commissions

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

For

Illustrative

purposes

only.

There

is

no

guarantee

similar

results

can

be

achieved.

Country

breakdown

(%)

(at

October

31,

2020

)

Australia

7

.1

Canada

7

.2

China

1

.4

Denmark

3

.1

Finland

1

.0

France

1

.4

Germany

1

.3

Hong

Kong

4

.3

Ireland

0

.8

Israel

0

.6

Italy

1

.9

Japan

50

.4

Netherlands

3

.7

Singapore

5

.0

South

Africa

1

.0

Spain

4

.6

Switzerland

1

.9

United

Kingdom

3

.0

United

States

(a)

0

.3

Total

100

.0

Country

Breakdown

is

based

primarily

on

issuer’s

place

of

organization/incorporation.

Percentages

indicated

are

based

upon

total

investments

and

excludes

investments

in

derivatives,

if

any.

The

Fund’s

portfolio

composition

is

subject

to

change.

(a)

Includes

investments

in

Money

Market

Funds.

Equity

sector

breakdown

(%)

(at

October

31,

2020)

Financials

20

.0

Industrials

18

.9

Materials

11

.2

Communication

Services

8

.6

Consumer

Staples

7

.5

Information

Technology

7

.4

Consumer

Discretionary

6

.6

Health

Care

6

.2

Utilities

5

.1

Real

Estate

4

.5

Energy

4

.0

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

Sustainable

International

Equity

Income

ETF

Strategic

Beta

ETFs

|

Annual

Report

2020

5

For

the

12-month

period

that

ended

October

31,

2020,

the

Fund

returned

-15.68%

based

on

net

asset

value

(NAV)

and

-15.02%

based

on

market

price.

The

Beta

Advantage

®

Sustainable

International

Equity

Income

100

Index

(Net)

(the

Index),

against

which

the

performance

of

the

Fund

is

measured,

returned

-15.16%

during

the

same

period.

To

compare,

the

MSCI

World

ex

USA

Value

Index

(Net)

returned

-18.72%

for

the

same

period.

The

Fund

had

a

NAV

of

$25.78

on

October

31,

2019

and

ended

the

annual

period

on

October

31,

2020

with

a

NAV

of

$21.08.

The

Fund’s

market

price

on

October

31,

2020

was

$21.20

per

share.

Market

overview

As

the

annual

period

began

with

the

last

two

months

of

2019,

international

equities

shrugged

off

various

geopolitical

risks

and

finished

the

calendar

year

with

strong

gains.

Markets

were

buoyed

by

an

improvement

in

global

economic

growth,

as

evidenced

in

part

by

broad-based

measures

of

business

activity,

most

notably

in

the

manufacturing

sector.

Still,

among

the

geopolitical

factors

keeping

the

markets

focused

were

the

ongoing

trade

conflict

between

the

U.S.

and

China,

the

convincing

mandate

the

Conservative

Party

in

the

U.K.

won

to

negotiate

the

country’s

departure

from

the

European

Union,

and

demonstrations

in

Hong

Kong

protesting

the

role

of

China

in

local

politics.

While

international

equities

began

2020

on

strong

footing,

the

outbreak

of

COVID-19

and

the

rapid

spread

of

what

was

very

soon

a

global

pandemic

caused

international

equity

markets

to

fall

precipitously

in

the

first

quarter

of

2020

overall.

The

shock

to

the

global

equity

markets

was

exacerbated

by

a

plunge

in

oil

prices

caused

by

a

collapse

in

activity

on

the

demand

side

and

by

a

production

dispute

between

Saudi

Arabia

and

Russia

on

the

supply

side.

The

combination

of

the

pandemic

and

the

oil

price

collapse

resulted

in

a

third

important

factor,

which

was

a

liquidity

crisis,

wherein

households,

corporations

and

investment

vehicles

of

various

types

faced

a

dearth

of

cash

flow

to

meet

existing

obligations

and

ongoing

cash

needs.

In

response

to

these

three

shocks

to

the

markets,

massive

and

unprecedented

monetary

and

fiscal

stimulus

was

provided

by

governments

and

central

banks

around

the

world

to

help

bridge

the

gap

in

the

need

for

operating

cash

during

this

time

of

crisis.

No

country

constituent

of

the

MSCI

World

ex

USA

Value

Index

(Net)

posted

a

positive

absolute

return

during

the

quarter.

In

a

sharp

reversal,

international

equity

markets

rebounded

in

the

second

quarter

of

2020.

The

rebound

was

driven

primarily

by

the

emergence

of

a

path

to

reopening

the

economy

following

the

comprehensive

lockdown

of

movement

and

activity

in

the

prior

quarter,

enabled,

in

turn,

by

declines

in

infection

and

mortality

rates

around

the

world.

Further,

the

massive

government

and

central

bank

response

implemented

at

the

end

of

the

prior

quarter,

in

the

form

of

both

fiscal

and

monetary

support,

kept

capital

markets

from

destabilizing.

Oil

prices

also

experienced

a

strong

recovery

in

the

quarter.

Tensions

between

the

U.S.

and

China

remained

high

but

did

not

manifest

in

terms

of

equity

market

performance.

International

equity

markets

enjoyed

a

second

consecutive

quarter

of

gains

in

the

third

quarter

of

2020,

driven

by

the

continued

gradual

re-opening

of

the

global

economy

and

the

consequent

improvement

in

economic

activity.

Further,

the

concerted

effort

on

the

part

of

both

fiscal

and

monetary

authorities

around

the

globe

helped

bridge

the

activity

gap

by

providing

historic

amounts

of

stimulus.

Hopes

for

a

viable

COVID-19

vaccine

also

fueled

some

optimism.

Concurrent

with

the

recovery

in

equity

markets,

measures

of

volatility

declined

from

the

elevated

levels

observed

during

the

peak

of

the

pandemic

crisis.

In

October

2020,

international

equity

markets

declined,

as

the

then-upcoming

U.S.

elections

and

rising

COVID-19

cases

in

many

countries,

notably

across

Europe,

were

the

main

focus

for

investors.

A

number

of

countries,

including

France,

Germany

and

Belgium,

were

forced

to

reintroduce

national

lockdown

measures.

Japan’s

equity

market

also

declined.

Although

Japan

had

been

rather

successful

in

containing

the

virus,

its

equity

market

was

affected

by

renewed

uncertainty

in

other

regions

around

the

world.

These

concerns

around

much

of

the

globe

outweighed

the

fact

that

corporate

earnings

releases

in

October

for

the

third

quarter

of

2020

were

largely

positive,

with

many

companies

beating

consensus

expectations.

Within

the

MSCI

World

ex

USA

Value

Index

(Net),

all

11

sectors

generated

a

negative

absolute

return

for

the

annual

period.

Energy,

financials

and

real

estate

were

the

worst

performing

sectors

during

the

annual

period.

Utilities,

consumer

staples,

materials

and

information

technology

were

the

best

performing

sectors,

though

each

still

posted

a

single-

digit

negative

absolute

return.

From

a

country

perspective,

the

Netherlands,

Austria,

Luxembourg

and

Greece

were

the

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Sustainable

International

Equity

Income

ETF

6

Strategic

Beta

ETFs

|

Annual

Report

2020

weakest

performing

constituents

of

the

MSCI

World

ex

USA

Value

Index

(Net),

each

generating

a

robust

double-digit

negative

absolute

return

for

the

annual

period.

With

a

healthy

double-digit

absolute

gain,

China

was

by

far

the

strongest

performing

constituent

of

the

MSCI

World

ex

USA

Value

Index

(Net)

during

the

annual

period,

followed

at

some

distance

by

Chile,

Portugal

and

New

Zealand,

which

also

posted

positive,

albeit

more

modest,

absolute

returns

during

the

same

time

period.

Index

outpaced

MSCI

World

ex

USA

Value

Index

during

the

annual

period

Index

constituents

in

the

energy,

financials

and

health

care

sectors

contributed

most

positively

to

the

Index’s

results

relative

to

the

MSCI

World

ex

USA

Value

Index

(Net)

during

the

annual

period.

Partially

offsetting

these

positive

contributors

were

the

industrials,

utilities

and

communication

services

sectors,

which

detracted.

From

a

country

perspective,

Index

constituents

in

the

Netherlands,

Denmark

and

the

U.K.

contributed

most

positively

to

the

Index’s

results

relative

to

the

MSCI

World

ex

USA

Value

Index

(Net)

during

the

annual

period.

Conversely,

Index

constituents

in

Germany,

Spain

and

Ireland

detracted

the

most

from

the

Index’s

results

relative

to

the

MSCI

World

ex

USA

Value

Index

(Net).

Relative

to

the

MSCI

World

ex

USA

Value

Index

(Net),

overweight

positions

in

U.K.-based

international

mining

company

Rio

Tinto,

U.K.

grocery

retailer

Wm.

Morrison

Supermarkets

and

Australian

iron

ore

producer

Fortescue

Metals

Group

(0.79%,

1.15%

and

1.22%

of

Fund

net

assets

as

of

10/31/20,

respectively)

contributed

most

positively.

During

the

annual

period,

Rio

Tinto

posted

a

positive,

albeit

modest,

positive

return;

Wm.

Morrison

Supermarkets

posted

a

double-digit

negative

absolute

return

but

still

outperformed

the

MSCI

World

ex

USA

Value

Index

(Net);

and

Fortescue

Metals

Group

generated

a

triple-digit

positive

absolute

return.

Relative

to

the

MSCI

World

ex

USA

Value

Index

(Net),

overweight

positions

in

Germany-based

construction

services

provider

Hochtief

and

Canadian

natural

gas

and

petroleum

products

producer

and

refiner

Imperial

Oil

and

exposure

to

U.K.

trucks,

commercial

vehicles,

buses

and

agricultural

and

construction

equipment

producer

CNH

Industrial,

which

is

not

a

constituent

of

the

MSCI

World

ex

USA

Value

Index

(Net),

(1.28%,

0.73%

and

0.00%

of

Fund

net

assets

as

of

10/31/20,

respectively)

detracted

most.

Each

generated

a

sizable

double-digit

negative

absolute

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

index.

There

is

no

guarantee

that

the

index

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

fund's

net

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

International

investing

involves

certain

risks

and

volatility

due

to

potential

political,

economic

or

currency

instabilities

and

different

financial

and

accounting

standards.

Investments

in

mid-cap

companies

involve

risks

and

volatility

greater

than

investments

in

larger,

more

established

companies.

ESG

factors

may

cause

the

fund

to

forgo

certain

investment

opportunities

and/or

exposures

to

certain

industries,

sectors

or

regions.

Additional

information

regarding

the

risks

of

this

investment

is

available

in

the

prospectus.

Although

the

Fund’s

shares

are

listed

on

an

exchange,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

The

Fund

may

have

portfolio

turnover,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

See

the

Fund’s

prospectus

for

more

information

on

these

and

other

risks.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

fund

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

fund.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

FUND

AT

A

GLANCE

Columbia

Sustainable

U.S.

Equity

Income

ETF

Strategic

Beta

ETFs

|

Annual

Report

2020

7

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2016

Michael

Barclay,

CFA

Portfolio

Manager

Managed

Fund

since

October

2018

Investment

objective

Columbia

Sustainable

U.S.

Equity

Income

ETF

(the

Fund)

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Sustainable

U.S.

Equity

Income

100

Index

(Gross).

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Sustainable

U.S.

Equity

Income

100

Index

(Gross)

is

designed

to

reflect

the

performance

of

the

top

100

U.S.

large

and

mid-cap

companies

(excluding

real

estate

investment

trusts)

using

a

subset

of

the

MSCI

USA

Index,

ranked

and

weighted

according

to

a

composite

factor

score

determined

through

the

application

of

a

systematic,

rules-based

methodology

applied

by

MSCI.

The

MSCI

USA

Value

Index

(Gross)

captures

large

and

mid-cap

US

securities

exhibiting

overall

value

style

characteristics.

The

value

investment

style

characteristics

for

index

construction

are

defined

using

three

variables:

book

value

to

price,

12-month

forward

earnings

to

price

and

dividend

yield.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Fund

performance

may

be

significantly

negatively

impacted

by

the

economic

impact

of

the

COVID-19

pandemic.

The

COVID-19

pandemic

has

adversely

impacted

economies

and

capital

markets

around

the

world

in

ways

that

will

likely

continue

and

may

change

in

unforeseen

ways

for

an

indeterminate

period.

The

COVID-19

pandemic

may

exacerbate

pre-existing

political,

social

and

economic

risks

in

certain

countries

and

globally.

Average

annual

total

returns

(%)

(for

period

ended

October

31,

2020)

Inception

1

Year

Life

Market

Price

06/13/16

-8.64

6.82

Net

Asset

Value

06/13/16

-8.18

6.88

{

Beta

Advantage

}

®

Sustainable

U.S.

Equity

Income

100

Index

(Gross)

-7.99

7.21

MSCI

USA

Value

Index

(Gross)

-8.42

6.00

FUND

AT

A

GLANCE

(continued)

Columbia

Sustainable

U.S.

Equity

Income

ETF

8

Strategic

Beta

ETFs

|

Annual

Report

2020

Performance

of

a

hypothetical

$10,000

investment

(June

13,

2016

—

October

31,

2020)

The

chart

above

shows

the

change

in

value

of

a

hypothetical

$10,000

investment

made

on

the

Fund’s

inception,

and

does

not

reflect

the

deduction

of

taxes

or

brokerage

commissions

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

For

Illustrative

purposes

only.

There

is

no

guarantee

similar

results

can

be

achieved.

Portfolio

breakdown

(%)

(at

October

31,

2020

)

Common

Stocks

99.5

Money

Market

Fund

0.5

Total

Investments

100.0

Percentages

indicated

are

based

upon

total

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

Equity

sector

breakdown

(%)

(at

October

31,

2020)

Financials

24

.2

Industrials

13

.1

Utilities

12

.5

Information

Technology

9

.9

Materials

9

.1

Consumer

Staples

8

.6

Health

Care

7

.6

Consumer

Discretionary

7

.0

Energy

6

.6

Communication

Services

1

.4

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

Sustainable

U.S.

Equity

Income

ETF

Strategic

Beta

ETFs

|

Annual

Report

2020

9

For

the

12-month

period

that

ended

October

31,

2020,

the

Fund

returned

-8.18%

based

on

net

asset

value

(NAV)

and

-8.64%

based

on

market

price.

The

Beta

Advantage

®

Sustainable

U.S.

Equity

Income

100

Index

(Gross)

(the

Index),

against

which

the

performance

of

the

Fund

is

measured,

returned

-7.99%

during

the

same

period.

To

compare,

the

MSCI

USA

Value

Index

(Gross)

returned

-8.42%

for

the

same

period.

The

Fund

had

a

NAV

of

$28.60

on

October

31,

2019

and

ended

the

annual

period

on

October

31,

2020

with

a

NAV

of

$25.42.

The

Fund’s

market

price

on

October

31,

2020

was

$25.31

per

share.

Market

overview

U.S.

equities

gained

in

the

last

two

months

of

2019,

when

the

annual

period

began,

across

almost

every

sector,

capitalization

and

style.

The

strong

climb

in

equity

markets

was

supported

by

hopeful

expectations

surrounding

a

“Phase

One”

trade

deal

in

principle

between

the

U.S.

and

China

and

by

resilience

of

the

American

consumer,

which

together

contributed

to

investor

optimism.

Strong

performance

for

U.S.

equities

continued

into

the

start

of

the

new

year.

But

then,

after

rising

to

record

highs

in

mid-February,

U.S.

equities

plunged

in

the

first

quarter

of

2020

to

their

worst

quarterly

results

since

2008.

The

outbreak

and

rapid

spread

of

COVID-19

led

to

heightened

risk

aversion,

as

investors

struggled

to

assess

the

economic

effects

of

the

pandemic.

Rattling

markets

further

was

an

unexpected

fight

over

production

levels

between

Saudi

Arabia

and

Russia

that

led

to

a

plunge

in

oil

prices.

Policy

response

came

swiftly,

with

the

U.S.

Federal

Reserve

(Fed)

cutting

interest

rates

twice

in

March

and

rolling

out

multiple

emergency

lending

programs.

In

addition,

U.S.

lawmakers

delivered

a

more

than

$2

trillion

rescue

package

to

try

and

buoy

households

and

businesses

as

much

of

the

country

was

put

on

stay-at-home

orders

near

quarter-end.

Markets

whipsawed

dramatically

as

the

legislation,

the

largest

dose

of

economic

relief

in

U.S.

history,

lurched

through

Congress.

Despite

rallying

in

the

final

week

of

March,

major

U.S.

equity

indices

finished

the

first

quarter

of

2020

down

significantly,

and

volatility

spiked

to

levels

last

seen

in

the

fall

of

2008.

In

a

sharp

reversal,

U.S.

equity

markets

rebounded

from

historic

lows

to

post

the

best

quarterly

returns

in

the

second

quarter

of

2020

in

more

than

20

years.

Participation

was

broad-based

but

led

primarily

by

mega-cap

technology

stocks.

Sentiment

around

reopening

efforts

across

the

U.S.

swung

between

hope

and

disappointment,

but

optimism

ultimately

was

credited

as

a

key

driver

of

the

quarter’s

robust

results.

Economic

growth

accelerated

as

the

world

slowly

came

out

of

quarantine,

although

the

extent

of

the

recovery

was

unknown,

and

the

spike

in

COVID-19

cases

in

regional

hotspots

across

the

U.S.

and

internationally

threw

a

bit

of

a

wrench

into

the

rally

toward

the

end

of

the

quarter.

As

the

Fed

reiterated

its

commitment

to

using

all

of

its

available

tools

to

support

the

economy,

risk-on

sentiment

overcame

any

worries

about

economic

recovery,

as

well

as

concerns

about

renewed

U.S.-Chine

tensions,

social

justice

unrest

and

a

brief

implosion

in

the

oil

market

that

saw

West

Texas

Intermediate

crude

oil

futures

close

in

negative

territory

for

the

first

time

ever.

For

the

second

consecutive

quarter,

U.S.

equity

markets

posted

strong

positive

returns

during

the

third

quarter

of

2020,

with

several

major

benchmarks

hitting

all-time

highs

along

the

way.

The

biggest

tailwind

for

stocks

remained

the

massive

monetary

and

fiscal

stimulus

put

in

place

in

response

to

the

COVID-19

pandemic.

Corporate

earnings

resiliency

and

hopeful

expectations

for

a

near-term

vaccine

breakthrough

also

aided

markets.

That

said,

gains

were

largely

confined

to

July

and

August,

as

uncertainty

over

the

then-upcoming

U.S.

elections,

U.S.-China

relations

and

economic

recovery

pushed

most

U.S.

equity

indices

lower

in

September.

U.S.

equities

continued

to

decline

in

October

2020.

While

the

majority

of

third

calendar

quarter

earnings

results

for

U.S.

companies

that

were

reported

in

October

came

in

above

consensus

expectations,

equity

prices

declined

against

a

backdrop

of

heightened

market

expectations.

Political

uncertainty

surrounding

the

results

of

the

U.S.

elections

and

a

lack

of

further

fiscal

stimulus

were

also

sources

of

volatility

during

the

month.

Within

the

broad

U.S.

equity

market,

large-cap

stocks

led

mid-cap

and

small-cap

stocks,

and

growth

stocks

significantly

outperformed

value

stocks

across

the

capitalization

spectrum.

Within

the

MSCI

USA

Value

Index

(Gross),

materials,

consumer

staples

and

health

care

were

the

only

sectors

to

post

positive

absolute

returns

during

the

annual

period.

Energy

was

by

far

the

weakest

sector

in

the

MSCI

USA

Value

Index

(Gross),

followed

at

some

distance

by

real

estate

and

financials,

with

each

of

the

three

sectors

generating

a

double-digit

negative

absolute

return

during

the

annual

period.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Sustainable

U.S.

Equity

Income

ETF

10

Strategic

Beta

ETFs

|

Annual

Report

2020

Index

outperformed

MSCI

USA

Value

Index

during

annual

period

Index

constituents

in

the

financials,

materials

and

information

technology

sectors

contributed

most

positively

to

the

Index’s

results

relative

to

the

MSCI

USA

Value

Index

(Gross)

during

the

annual

period.

Partially

offsetting

these

positive

contributors

were

Index

constituents

in

the

health

care,

energy

and

consumer

staples

sectors,

which

detracted

from

the

Index’s

results

relative

to

the

MSCI

USA

Value

Index

(Gross).

Relative

to

the

MSCI

USA

Value

Index

(Gross),

overweight

positions

in

consumer

electronics

and

appliances

retailer

Best

Buy

and

engine

and

electric

power

generation

systems

manufacturer

Cummins

and

exposure

to

information

technology

giant

Apple,

which

is

not

a

constituent

of

the

MSCI

USA

Value

Index

(Gross),

(1.30%,

1.38%

and

0.00%

of

Fund

net

assets

as

of

10/31/20,

respectively)

contributed

most

positively.

Each

generated

a

double-digit

positive

absolute

return

during

the

annual

period.

Relative

to

the

MSCI

USA

Value

Index

(Gross),

overweight

positions

in

petroleum

refiner

Valero

Energy,

information

technology

services

provider

DXC

Technology

and

motorcycle

manufacturer

Harley-Davidson

(1.05%,

0.00%

and

0.00%

of

Fund

net

assets

as

of

10/31/20)

detracted

most.

Each

generated

a

double-digit

negative

absolute

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

index.

There

is

no

guarantee

that

the

index

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

Fund's

net

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

Investments

in

mid-cap

companies

involve

risks

and

volatility

greater

than

investments

in

larger,

more

established

companies.

ESG

factors

may

cause

the

fund

to

forgo

certain

investment

opportunities

and/or

exposures

to

certain

industries,

sectors

or

regions.

Additional

information

regarding

the

risks

of

this

investment

is

available

in

the

prospectus.

Although

the

Fund’s

shares

are

listed

on

an

exchange,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

The

Fund

may

have

portfolio

turnover,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

See

the

Fund’s

prospectus

for

more

information

on

these

and

other

risks.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

fund

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

fund.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

Strategic

Beta

ETFs

|

Annual

Report

2020

11

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

October

31,

2020.

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

366.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-

affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

May

1,

2020

—

October

31,

2020

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

Sustainable

International

Equity

Income

ETF

1,000.00

1,000.00

1,041.40

1,022.87

2.31

2.29

0.45

Columbia

Sustainable

U.S.

Equity

Income

ETF

1,000.00

1,000.00

1,100.60

1,023.38

1.85

1.78

0.35

PORTFOLIO

OF

INVESTMENTS

Columbia

Sustainable

International

Equity

Income

ETF

October

31,

2020

(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.

12

Strategic

Beta

ETFs

|

Annual

Report

2020

Common

Stocks

98.7%

Issuer

Shares

Value

($)

Australia  7.0%

AGL

Energy

Ltd.

5,271

46,195

BHP

Group

Ltd.

1,390

32,974

BHP

Group

PLC

2,104

40,541

Computershare

Ltd.

3,964

33,822

Fortescue

Metals

Group

Ltd.

4,185

51,049

Qantas

Airways

Ltd.

(a)

19,885

58,510

Rio

Tinto

Ltd.

509

33,039

Total

296,130

Canada  7.1%

Atco

Ltd.

Class

I

1,120

31,155

Canadian

Tire

Corp.

Ltd.

Class

A

245

27,338

Canadian

Utilities

Ltd.

Class

A

1,183

27,629

CCL

Industries,

Inc.

Class

B

598

22,783

George

Weston

Ltd.

463

32,443

Imperial

Oil

Ltd.

2,291

30,447

Loblaw

Cos.

Ltd.

588

29,247

Magna

International,

Inc.

864

44,083

Open

Text

Corp.

667

24,487

Quebecor,

Inc.

Class

B

1,275

29,557

Total

299,169

China  1.4%

BOC

Hong

Kong

Holdings

Ltd.

20,897

57,936

Denmark  3.1%

AP

Moller

-

Maersk

A/S

Class

A

18

26,557

Carlsberg

A/S

Class

B

282

35,694

Pandora

A/S

869

68,825

Total

131,076

Finland  1.0%

UPM-

Kymmene

OYJ

1,533

43,321

France  1.4%

Publicis

Groupe

SA

782

27,145

Schneider

Electric

SE

251

30,466

Total

57,611

Germany  1.3%

HOCHTIEF

AG

726

53,447

Hong

Kong  4.3%

AIA

Group

Ltd.

2,449

23,069

Kerry

Properties

Ltd.

26,164

63,969

PCCW

Ltd.

89,138

53,564

Swire

Properties

Ltd.

15,106

40,420

Total

181,022

Ireland  0.7%

CRH

PLC

898

31,663

Israel  0.6%

Bank

Leumi

Le-Israel

BM

5,580

26,454

Italy  1.9%

Enel

SpA

3,238

25,776

Telecom

Italia

Spa-RSP

146,747

53,384

Total

79,160

Japan  49.9%

Alfresa

Holdings

Corp.

1,888

34,513

Astellas

Pharma,

Inc.

3,057

41,963

Brother

Industries

Ltd.

3,787

58,178

Chiba

Bank

Ltd.

(The)

9,428

48,430

Daiwa

House

Industry

Co.

Ltd.

1,361

35,613

Electric

Power

Development

Co.

Ltd.

4,193

56,554

ENEOS

Holdings,

Inc.

11,835

39,692

FUJIFILM

Holdings

Corp.

1,092

55,551

Hitachi

Ltd.

1,232

41,271

Honda

Motor

Co.

Ltd.

1,773

41,298

Hoshizaki

Corp.

312

24,861

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Idemitsu

Kosan

Co.

Ltd.

2,785

56,078

ITOCHU

Corp.

2,340

55,959

Kamigumi

Co.

Ltd.

1,667

29,723

KDDI

Corp.

1,027

27,433

Kirin

Holdings

Co.

Ltd.

1,842

33,108

Kyushu

Electric

Power

Co.,

Inc.

2,909

24,376

Lawson,

Inc.

927

42,608

LIXIL

Group

Corp.

3,111

67,136

Marubeni

Corp.

12,166

63,216

Medipal

Holdings

Corp.

2,793

49,747

Mitsubishi

Chemical

Holdings

Corp.

8,844

49,592

Mitsubishi

Corp.

2,920

64,956

Mitsubishi

Heavy

Industries

Ltd.

1,236

26,419

Mitsubishi

UFJ

Financial

Group,

Inc.

14,150

55,523

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

12,567

52,893

Mitsui

Chemicals,

Inc.

1,837

46,848

MS&AD

Insurance

Group

Holdings,

Inc.

1,845

50,202

NEC

Corp.

541

27,169

Nippon

Telegraph

&

Telephone

Corp.

1,610

33,820

Nomura

Holdings,

Inc.

4,973

22,096

Obayashi

Corp.

4,581

38,124

ORIX

Corp.

5,059

58,822

Persol

Holdings

Co.

Ltd.

2,677

40,229

Resona

Holdings,

Inc.

16,267

53,295

SCSK

Corp.

798

39,618

Sekisui

House

Ltd.

2,454

40,528

Shimizu

Corp.

4,369

30,258

Shionogi

&

Co.

Ltd.

811

38,199

Showa

Denko

KK

2,964

50,099

Sompo

Holdings,

Inc.

735

27,357

Sumitomo

Dainippon

Pharma

Co.

Ltd.

3,666

42,853

Sumitomo

Mitsui

Financial

Group,

Inc.

2,257

62,200

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,868

49,738

Taiheiyo

Cement

Corp.

1,056

24,688

TIS,

Inc.

1,344

25,725

Tokyo

Century

Corp.

396

19,281

Tokyu

Fudosan

Holdings

Corp.

10,480

45,513

Toyota

Tsusho

Corp.

2,172

60,232

Total

2,103,585

Netherlands  3.6%

Heineken

Holding

NV

529

40,885

Koninklijke

Ahold

Delhaize

NV

1,789

49,160

Koninklijke

KPN

NV

13,567

36,664

Wolters

Kluwer

NV

339

27,476

Total

154,185

Singapore  4.9%

DBS

Group

Holdings

Ltd.

2,717

40,491

Jardine

Cycle

&

Carriage

Ltd.

4,148

53,950

Oversea-Chinese

Banking

Corp.

Ltd.

8,166

50,354

United

Overseas

Bank

Ltd.

4,448

61,858

Total

206,653

South

Africa  1.0%

Anglo

American

PLC

1,742

40,796

Spain  4.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

2,425

57,625

Banco

Bilbao

Vizcaya

Argentaria

SA

15,741

45,143

Repsol

SA

6,391

39,754

Telefonica

SA

15,522

50,735

Total

193,257

Switzerland  1.9%

Novartis

AG

659

51,401

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Sustainable

International

Equity

Income

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

13

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Swiss

Life

Holding

AG

84

28,246

Total

79,647

United

Kingdom  3.0%

RELX

PLC

1,615

31,897

Vodafone

Group

PLC

34,959

46,558

Wm

Morrison

Supermarkets

PLC

22,736

47,889

Total

126,344

Total

Common

Stocks

(Cost

$4,660,967)

4,161,456

Money

Market

Funds

0.3%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

0.004%

(b)

11,635

11,635

Total

Money

Market

Funds

(Cost

$11,635)

11,635

Total

Investments

in

Securities

(Cost

$4,672,602)

4,173,091

Other

Assets

&

Liabilities,

Net

43,889

Net

Assets

4,216,980

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2020.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Sustainable

International

Equity

Income

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Annual

Report

2020

Fair

Value

Measurements

(continued)

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2020:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Australia

296,130

–

–

296,130

Canada

299,169

–

–

299,169

China

57,936

–

–

57,936

Denmark

131,076

–

–

131,076

Finland

43,321

–

–

43,321

France

57,611

–

–

57,611

Germany

53,447

–

–

53,447

Hong

Kong

181,022

–

–

181,022

Ireland

31,663

–

–

31,663

Israel

26,454

–

–

26,454

Italy

79,160

–

–

79,160

Japan

2,103,585

–

–

2,103,585

Netherlands

154,185

–

–

154,185

Singapore

206,653

–

–

206,653

South

Africa

40,796

–

–

40,796

Spain

193,257

–

–

193,257

Switzerland

79,647

–

–

79,647

United

Kingdom

126,344

–

–

126,344

Total

Common

Stocks

4,161,456

–

–

4,161,456

Money

Market

Funds

11,635

–

–

11,635

Total

Investments

in

Securities

4,173,091

–

–

4,173,091

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

Sustainable

U.S.

Equity

Income

ETF

October

31,

2020

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

15

Common

Stocks

99.3%

Issuer

Shares

Value

($)

Communication

Services  1.4%

Media

1.4%

Omnicom

Group,

Inc.

1,447

68,298

Total

Communication

Services

68,298

Consumer

Discretionary  6.9%

Auto

Components

0.7%

BorgWarner,

Inc.

932

32,601

Hotels,

Restaurants

&

Leisure

1.2%

Aramark

2,247

62,332

Leisure

Products

1.3%

Hasbro,

Inc.

819

67,748

Multiline

Retail

0.7%

Target

Corp.

234

35,620

Specialty

Retail

3.0%

Best

Buy

Co.,

Inc.

591

65,926

Home

Depot,

Inc.

(The)

219

58,409

Lowe's

Cos.,

Inc.

186

29,407

Total

153,742

Total

Consumer

Discretionary

352,043

Consumer

Staples  8.6%

Food

&

Staples

Retailing

3.6%

Kroger

Co.

(The)

1,386

44,643

Sysco

Corp.

1,267

70,078

Walgreens

Boots

Alliance,

Inc.

1,906

64,880

Total

179,601

Food

Products

5.0%

Campbell

Soup

Co.

919

42,890

Conagra

Brands,

Inc.

1,021

35,827

General

Mills,

Inc.

956

56,519

Ingredion,

Inc.

698

49,481

JM

Smucker

Co.

(The)

633

71,022

Total

255,739

Total

Consumer

Staples

435,340

Energy  6.6%

Energy

Equipment

&

Services

1.1%

Baker

Hughes

Co.

2,086

30,811

Schlumberger

Ltd.

1,514

22,619

Total

53,430

Oil,

Gas

&

Consumable

Fuels

5.5%

Chevron

Corp.

551

38,294

ConocoPhillips

1,543

44,161

Exxon

Mobil

Corp.

1,246

40,645

ONEOK,

Inc.

2,161

62,669

Phillips

66

893

41,667

Valero

Energy

Corp.

1,382

53,359

Total

280,795

Total

Energy

334,225

Financials  24.1%

Banks

9.5%

Citigroup,

Inc.

1,299

53,805

Citizens

Financial

Group,

Inc.

2,318

63,165

Comerica,

Inc.

1,947

88,608

KeyCorp

4,423

57,411

M&T

Bank

Corp.

541

56,037

PNC

Financial

Services

Group,

Inc.

(The)

550

61,534

Regions

Financial

Corp.

3,764

50,061

Zions

Bancorp

NA

1,557

50,244

Total

480,865

Capital

Markets

7.0%

Ameriprise

Financial,

Inc.

(a)

250

40,207

Bank

of

New

York

Mellon

Corp.

(The)

1,596

54,839

Charles

Schwab

Corp.

(The)

1,275

52,415

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Franklin

Resources,

Inc.

2,009

37,669

Goldman

Sachs

Group,

Inc.

(The)

273

51,608

Morgan

Stanley

970

46,705

Northern

Trust

Corp.

510

39,918

State

Street

Corp.

520

30,628

Total

353,989

Consumer

Finance

2.1%

Ally

Financial,

Inc.

2,811

74,997

American

Express

Co.

357

32,573

Total

107,570

Diversified

Financial

Services

0.7%

Voya

Financial,

Inc.

733

35,133

Insurance

4.8%

Aflac,

Inc.

1,103

37,447

Allstate

Corp.

(The)

400

35,500

Lincoln

National

Corp.

1,589

55,774

Prudential

Financial,

Inc.

749

47,951

Reinsurance

Group

of

America,

Inc.

678

68,491

Total

245,163

Total

Financials

1,222,720

Health

Care  7.5%

Biotechnology

3.2%

AbbVie,

Inc.

684

58,208

Amgen,

Inc.

174

37,748

Gilead

Sciences,

Inc.

1,145

66,582

Total

162,538

Health

Care

Providers

&

Services

3.9%

AmerisourceBergen

Corp.

436

41,886

Cardinal

Health,

Inc.

1,335

61,130

CVS

Health

Corp.

1,064

59,680

Quest

Diagnostics,

Inc.

284

34,688

Total

197,384

Pharmaceuticals

0.4%

Perrigo

Co.

PLC

527

23,119

Total

Health

Care

383,041

Industrials  13.0%

Aerospace

&

Defense

1.7%

Huntington

Ingalls

Industries,

Inc.

398

58,697

Northrop

Grumman

Corp.

95

27,533

Total

86,230

Air

Freight

&

Logistics

0.6%

Expeditors

International

of

Washington,

Inc.

373

32,962

Building

Products

3.8%

A

O

Smith

Corp.

983

50,811

Allegion

PLC

457

45,014

Fortune

Brands

Home

&

Security,

Inc.

395

31,944

Lennox

International,

Inc.

98

26,623

Owens

Corning

600

39,282

Total

193,674

Industrial

Conglomerates

0.9%

Honeywell

International,

Inc.

281

46,351

Machinery

4.7%

Cummins,

Inc.

319

70,145

IDEX

Corp.

173

29,477

Parker-Hannifin

Corp.

292

60,841

Snap-on,

Inc.

486

76,560

Total

237,023

Professional

Services

1.3%

Robert

Half

International,

Inc.

1,281

64,934

Total

Industrials

661,174

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Sustainable

U.S.

Equity

Income

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Annual

Report

2020

Notes

to

Portfolio

of

Investments

(a)

As

defined

in

the

Investment

Company

Act

of

1940,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

company’s

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

Holdings

and

transactions

in

these

affiliated

companies

during

the

year

ended

October

31,

2020

are

as

follows:

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2020.

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Information

Technology  9.8%

Communications

Equipment

1.7%

Juniper

Networks,

Inc.

1,954

38,533

Motorola

Solutions,

Inc.

314

49,631

Total

88,164

Electronic

Equipment,

Instruments

&

Components

0.7%

FLIR

Systems,

Inc.

957

33,198

IT

Services

0.9%

International

Business

Machines

Corp.

431

48,125

Semiconductors

&

Semiconductor

Equipment

2.6%

Applied

Materials,

Inc.

628

37,196

Lam

Research

Corp.

72

24,630

Skyworks

Solutions,

Inc.

218

30,801

Texas

Instruments,

Inc.

286

41,353

Total

133,980

Software

1.2%

Oracle

Corp.

1,060

59,477

Technology

Hardware,

Storage

&

Peripherals

2.7%

Hewlett

Packard

Enterprise

Co.

7,206

62,260

HP,

Inc.

4,172

74,929

Total

137,189

Total

Information

Technology

500,133

Materials  9.0%

Chemicals

4.6%

Celanese

Corp.

708

80,365

LyondellBasell

Industries

NV

Class

A

1,034

70,777

Mosaic

Co.

(The)

1,552

28,712

PPG

Industries,

Inc.

427

55,391

Total

235,245

Containers

&

Packaging

1.7%

International

Paper

Co.

1,976

86,450

Metals

&

Mining

2.7%

Nucor

Corp.

1,221

58,315

Steel

Dynamics,

Inc.

2,465

77,598

Total

135,913

Total

Materials

457,608

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Utilities  12.4%

Electric

Utilities

6.9%

American

Electric

Power

Co.,

Inc.

389

34,983

Edison

International

1,279

71,675

Exelon

Corp.

1,946

77,626

FirstEnergy

Corp.

2,225

66,127

NextEra

Energy,

Inc.

372

27,234

OGE

Energy

Corp.

2,382

73,294

Total

350,939

Gas

Utilities

2.0%

Atmos

Energy

Corp.

438

40,151

UGI

Corp.

1,987

64,260

Total

104,411

Independent

Power

and

Renewable

Electricity

Producers

0.8%

AES

Corp.

(The)

1,993

38,863

Multi-Utilities

2.1%

DTE

Energy

Co.

420

51,836

Sempra

Energy

444

55,660

Total

107,496

Water

Utilities

0.6%

American

Water

Works

Co.,

Inc.

201

30,253

Total

Utilities

631,962

Total

Common

Stocks

(Cost

$5,149,595)

5,046,544

Money

Market

Funds

0.5%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

0.004%

(b)

26,626

26,626

Total

Money

Market

Funds

(Cost

$26,626)

26,626

Total

Investments

in

Securities

(Cost

$5,176,221)

5,073,170

Other

Assets

&

Liabilities,

Net

11,310

Net

Assets

5,084,480

Affiliated

Issuer

Beginning

of

period($)

Purchases($)

Sales($)

Net

change

in

unrealized  

appreciation

(depreciation)

($)

End

of

period($)

Realized

gain/(loss)

($)

Dividends($)

End

of

period

shares

Ameriprise

Financial,

Inc.

31,234

22,372

(16,397)

2,998

40,207

281

960

250

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Sustainable

U.S.

Equity

Income

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

17

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2020:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

68,298

–

–

68,298

Consumer

Discretionary

352,043

–

–

352,043

Consumer

Staples

435,340

–

–

435,340

Energy

334,225

–

–

334,225

Financials

1,222,720

–

–

1,222,720

Health

Care

383,041

–

–

383,041

Industrials

661,174

–

–

661,174

Information

Technology

500,133

–

–

500,133

Materials

457,608

–

–

457,608

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Sustainable

U.S.

Equity

Income

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Strategic

Beta

ETFs

|

Annual

Report

2020

Fair

Value

Measurements

(continued)

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Common

Stocks

(continued)

Utilities

631,962

–

–

631,962

Total

Common

Stocks

5,046,544

–

–

5,046,544

Money

Market

Funds

26,626

–

–

26,626

Total

Investments

in

Securities

5,073,170

–

–

5,073,170

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

19

Columbia

Sustainable

International

Equity

Income

ETF

Columbia

Sustainable

U.S.

Equity

Income

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$4,672,602

and

$5,144,745,

respectively)

$4,173,091

$5,032,963

Affiliated

issuers

(cost

$–

and

$31,476,

respectively)

–

40,207

Foreign

currency

(cost

$608

and

$–)

608

–

Receivable

for:

Dividends

31,208

12,869

Reclaims

receivable

13,756

–

Total

assets

4,218,663

5,086,039

Liabilities

Payable

for:

Investment

management

fees

1,683

1,559

Total

liabilities

1,683

1,559

Net

assets

applicable

to

outstanding

capital

stock

$4,216,980

$5,084,480

Represented

by:

Paid-in

capital

$5,921,059

$5,546,433

Total

distributable

earnings

(loss)

(1,704,079)

(461,953)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$4,216,980

$5,084,480

Shares

outstanding

200,040

200,045

Net

asset

value

per

share

$21.08

$25.42

STATEMENT

OF

OPERATIONS

For

the

Year

Ended

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Strategic

Beta

ETFs

|

Annual

Report

2020

Columbia

Sustainable

International

Equity

Income

ETF

Columbia

Sustainable

U.S.

Equity

Income

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$181,781

$171,049

Dividends

-

affiliated

issuers

–

960

Foreign

taxes

withheld

(20,512)

–

Total

income

161,269

172,009

Expenses:

Investment

management

fees

20,490

18,081

Overdraft

expense

217

–

Total

expenses

20,707

18,081

Net

investment

income

140,562

153,928

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(483,869)

(336,002)

Investments

-

affiliated

issuers

–

281

Foreign

currency

translations

(8,372)

–

Net

realized

loss

(492,241)

(335,721)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

(450,106)

(356,167)

Investments

-

affiliated

issuers

–

2,998

Foreign

currency

translations

884

–

Net

change

in

unrealized

depreciation

(449,222)

(353,169)

Net

realized

and

unrealized

loss

(941,463)

(688,890)

Net

decrease

in

net

assets

resulting

from

operations

$(800,901)

$(534,962)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

21

Columbia

Sustainable

International

Equity

Income

ETF

Columbia

Sustainable

U.S.

Equity

Income

ETF

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Operations

Net

investment

income

$140,562

$201,559

$153,928

$120,634

Net

realized

loss

(492,241)

(1,151,766)

(335,721)

(6,928)

Net

change

in

unrealized

appreciation

(depreciation)

(449,222)

1,276,246

(353,169)

222,715

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(800,901)

326,039

(534,962)

336,421

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(138,912)

(486,549)

(162,454)

(284,203)

Shareholder

transactions

Proceeds

from

shares

sold

–

1,292,563

1,490,583

–

Cost

of

shares

redeemed

–

(9,318,045)

–

–

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

–

(8,025,482)

1,490,583

–

Increase

(decrease)

in

net

assets

(939,813)

(8,185,992)

793,167

52,218

Net

Assets:

Net

assets

beginning

of

year

5,156,793

13,342,785

4,291,313

4,239,095

Net

assets

at

end

of

year

$4,216,980

$5,156,793

$5,084,480

$4,291,313

Capital

stock

activity

Shares

outstanding,

beginning

of

year

200,040

500,040

150,045

150,045

Subscriptions

–

50,000

50,000

–

Redemptions

–

(350,000)

–

–

Shares

outstanding,

end

of

year

200,040

200,040

200,045

150,045

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

Strategic

Beta

ETFs

|

Annual

Report

2020

The

following

tables

are

intended

to

help

you

understand

each

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Columbia

Sustainable

International

Equity

Income

ETF

Year

Ended

October

31

,

2016

(a)

2020

2019

2018

2017

Per

share

data

Net

asset

value,

beginning

of

year

$25.78‌

$26.68‌

$30.59‌

$25.34‌

$24.51‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.70‌

0.87‌

0.92‌

0.76‌

0.24‌

Net

realized

and

unrealized

gain

(loss)

(4.71‌)

0.50‌

(3.32‌)

5.47‌

0.81‌

Total

from

investment

operations

(4.01‌)

1.37‌

(2.40‌)

6.23‌

1.05‌

Less

distributions

to

shareholders:

Net

investment

income

(0.69‌)

(1.01‌)

(0.94‌)

(0.65‌)

(0.22‌)

Net

realized

gains

–‌

(1.26‌)

(0.57‌)

(0.33‌)

–‌

Total

distribution

to

shareholders

(0.69‌)

(2.27‌)

(1.51‌)

(0.98‌)

(0.22‌)

Net

asset

value,

end

of

year

$21.08‌

$25.78‌

$26.68‌

$30.59‌

$25.34‌

Total

Return

at

NAV

(15.68‌)%

6.05‌%

(8.25‌)%

25.13‌%

4.27‌%

Total

Return

at

Market

(15.02‌)%

8.74‌%

(9.30‌)%

25.58‌%

7.13‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.45‌%

(c)

0.45‌%

(d)

0.45‌%

0.45‌%

0.45‌%

(e)

Total

net

expenses

(b)(f)

0.45‌%

(c)

0.45‌%

(d)

0.45‌%

0.45‌%

0.45‌%

(e)

Net

investment

income

3.08‌%

3.43‌%

3.11‌%

2.71‌%

2.50‌%

(e)

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$4,217‌

$5,157‌

$13,343‌

$12,239‌

$5,070‌

Portfolio

turnover

98‌%

76‌%

82‌%

87‌%

22‌%

(a)

The

Fund

commenced

operations

on

June

13,

2016.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

for

the

year

ended

October

31,

2020

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

The

ratio

includes

less

than

0.01%

for

the

year

ended

October

31,

2019

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(e)

Annualized

(f)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

23

Columbia

Sustainable

U.S.

Equity

Income

ETF

Year

Ended

October

31

,

2016

(a)

2020

2019

2018

2017

Per

share

data

Net

asset

value,

beginning

of

year

$28.60‌

$28.25‌

$30.30‌

$25.86‌

$24.68‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.78‌

0.80‌

0.77‌

0.73‌

0.19‌

Net

realized

and

unrealized

gain

(loss)

(3.15‌)

1.44‌

0.64‌

4.72‌

1.16‌

Total

from

investment

operations

(2.37‌)

2.24‌

1.41‌

5.45‌

1.35‌

Less

distributions

to

shareholders:

Net

investment

income

(0.74‌)

(0.78‌)

(0.75‌)

(0.67‌)

(0.17‌)

Net

realized

gains

(0.07‌)

(1.11‌)

(2.71‌)

(0.34‌)

–‌

Total

distribution

to

shareholders

(0.81‌)

(1.89‌)

(3.46‌)

(1.01‌)

(0.17‌)

Net

asset

value,

end

of

year

$25.42‌

$28.60‌

$28.25‌

$30.30‌

$25.86‌

Total

Return

at

NAV

(8.18‌)%

9.19‌%

4.35‌%

21.36‌%

5.47‌%

Total

Return

at

Market

(8.64‌)%

9.04‌%

4.51‌%

21.40‌%

5.69‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.35‌%

0.35‌%

(c)

0.35‌%

0.35‌%

0.35‌%

(d)

Total

net

expenses

(b)(e)

0.35‌%

0.35‌%

(c)

0.35‌%

0.35‌%

0.35‌%

(d)

Net

investment

income

2.98‌%

2.94‌%

2.55‌%

2.53‌%

1.96‌%

(d)

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$5,084‌

$4,291‌

$4,239‌

$3,031‌

$5,172‌

Portfolio

turnover

77‌%

56‌%

61‌%

55‌%

15‌%

(a)

The

Fund

commenced

operations

on

June

13,

2016.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

for

the

year

ended

October

31,

2019

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

Annualized

(e)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2020

24

Strategic

Beta

ETFs

|

Annual

Report

2020

Organization

Columbia

ETF

Trust

I

(the

Trust)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

statutory

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Information

presented

in

these

financial

statements

pertains

to

the

following

series

of

the

Trust

(each,

a

Fund

and

collectively,

the

Funds):

Columbia

Sustainable

International

Equity

Income

ETF

and

Columbia

Sustainable

U.S.

Equity

Income

ETF.

Each

Fund

currently

operates

as

a

diversified

fund.

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.

Summary

of

significant

accounting

policies

Basis

of

preparation

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

Security

valuation

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Securities

with

a

closing

price

not

readily

available

or

not

listed

on

any

exchange

are

valued

at

the

mean

between

the

closing

bid

and

asked

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

If

any

foreign

equity

security

closing

prices

are

not

readily

available,

the

securities

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

currency

exchange

rates

are

generally

determined

at

the

close

of

London’s

exchange

at

11:00

a.m.

Eastern

(U.S.)

time.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

and

under

the

general

supervision

of

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

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)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

25

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Funds’

Portfolio

of

Investments.

Foreign

currency

transactions

and

translation

The

values

of

all

assets

and

liabilities

denominated

in

foreign

currencies

are

generally

translated

into

U.S.

dollars

at

exchange

rates

determined

at

the

close

of

the

London

Stock

Exchange

on

any

given

day.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Funds

do

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

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)

October

31,

2020

26

Strategic

Beta

ETFs

|

Annual

Report

2020

Determination

of

net

asset

value

The

NAV

per

share

of

each

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

a

Fund

by

the

total

number

of

outstanding

shares

of

that

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

For

federal

income

tax

purposes,

each

Fund

is

treated

as

a

separate

entity.

Each

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

each

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provisions

are

recorded.

Foreign

taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

each

calendar

quarter.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust’s

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Funds’

contracts

with

their

service

providers

contain

general

indemnification

clauses.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined,

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

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

Sustainable

International

Equity

Income

ETF

0.45

Columbia

Sustainable

U.S.

Equity

Income

ETF

0.35

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

27

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Funds

as

disclosed

in

the

Statement

of

Operations.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

Each

Fund’s

liability

for

the

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Funds.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Funds

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Funds,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Funds

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.,

(the

Distributor)

serves

as

the

distributor

for

the

Funds.

The

Funds

have

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Funds

are

authorized

to

pay

distribution

and

service

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

each

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Funds

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

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

October

31,

2020,

these

differences

are

primarily

due

to

differing

treatments

for

deferral/reversal

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

company

(PFIC)

holdings,

re-characterization

of

distributions

for

investments,

distribution

reclassifications

and

capital

loss

carryforwards.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

applicable

Fund’s

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

Funds

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

($)

Columbia

Sustainable

International

Equity

Income

ETF

1,185

(1,185)

-

Columbia

Sustainable

U.S.

Equity

Income

ETF

(306)

306

-

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Fund

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Columbia

Sustainable

International

Equity

Income

ETF

138,912

-

138,912

370,010

116,539

486,549

Columbia

Sustainable

U.S.

Equity

Income

ETF

147,869

14,585

162,454

284,203

-

284,203

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

28

Strategic

Beta

ETFs

|

Annual

Report

2020

At

October

31,

2020,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2020,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2020,

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,

2020,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

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.

Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

year

ended

October

31,

2020,

were

as

follows:

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

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

year

ended

October

31,

2020,

the

cost

basis

of

securities

contributed

was

as

follows:

Fund

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Sustainable

International

Equity

Income

ETF

30,938

-

(1,211,669)

(523,348)

Columbia

Sustainable

U.S.

Equity

Income

ETF

13,760

-

(329,920)

(145,794)

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Sustainable

International

Equity

Income

ETF

4,696,439

164,613

(687,961)

(523,348)

Columbia

Sustainable

U.S.

Equity

Income

ETF

5,218,964

450,116

(595,910)

(145,794)

Fund

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Columbia

Sustainable

International

Equity

Income

ETF

383,321

828,348

1,211,669

-

Columbia

Sustainable

U.S.

Equity

Income

ETF

112,088

217,832

329,920

-

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

Sustainable

International

Equity

Income

ETF

4,383,685

4,401,511

Columbia

Sustainable

U.S.

Equity

Income

ETF

3,901,487

3,924,055

Funds

Contributions

($)

Columbia

Sustainable

International

Equity

Income

ETF

-

Columbia

Sustainable

U.S.

Equity

Income

ETF

1,484,387

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

29

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended

October

31,

2020,

the

in-kind

redemptions

were

as

follows:

Line

of

credit

Each

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

Wells

Fargo

Bank,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

whereby

the

Funds

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

a

December

1,

2020

amendment,

the

credit

facility,

which

is

a

collective

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

collective

borrowings

up

to

$950

million.

Interest

is

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.25%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

December

unless

extended

or

renewed.

Prior

to

the

December

1,

2020

amendment,

the

Funds

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

HSBC

Bank

USA,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

which

permitted

collective

borrowings

up

to

1

billion.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

No

Fund

had

borrowings

during

the

year

ended

October

31,

2020.

Significant

risks

Financial

sector

risk

The

Funds

may

be

more

susceptible

to

the

particular

risks

that

may

affect

companies

in

the

financial

services

sector

than

if

they

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

real

estate

developers,

which

makes

them

vulnerable

to

economic

conditions

that

affect

that

industry.

Performance

of

such

companies

may

be

affected

by

competitive

pressures

and

exposure

to

investments,

agreements

and

counterparties,

including

credit

products

that,

under

certain

circumstances,

may

lead

to

losses

(e.g.,

subprime

loans).

Companies

in

the

financial

services

sector

are

subject

to

extensive

governmental

regulation

that

may

limit

the

amount

and

types

of

loans

and

other

financial

commitments

they

can

make,

and

interest

rates

and

fees

that

they

may

charge.

In

addition,

profitability

of

such

companies

is

largely

dependent

upon

the

availability

and

the

cost

of

capital.

Foreign

securities

and

emerging

market

countries

risk

Investing

in

foreign

securities

may

involve

certain

risks

not

typically

associated

with

investing

in

U.S.

securities,

such

as

increased

currency

volatility

and

risks

associated

with

political,

regulatory,

economic,

social,

diplomatic

and

other

conditions

or

events

(including,

for

example,

military

confrontations,

war,

terrorism,

natural

disasters

and

disease

pandemics),

occurring

in

the

country

or

region,

which

may

result

in

significant

market

volatility.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Investing

in

emerging

markets

may

increase

these

risks

and

expose

the

Funds

to

elevated

risks

associated

with

increased

inflation,

deflation

or

currency

devaluation.

To

the

extent

that

Columbia

Sustainable

International

Equity

Income

ETF

concentrates

its

investment

exposure

to

any

one

or

a

few

specific

countries,

the

Fund

will

be

particularly

susceptible

to

the

risks

associated

with

the

conditions,

events

or

other

factors

impacting

those

countries

or

regions

and

may,

therefore,

have

a

greater

risk

than

that

of

a

fund

that

is

more

geographically

diversified.

The

financial

information

and

disclosure

made

available

by

issuers

of

emerging

market

securities

may

be

considerably

less

reliable

than

publicly

available

information

about

other

foreign

securities.

The

Public

Funds

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

Sustainable

International

Equity

Income

ETF

-

-

-

Columbia

Sustainable

U.S.

Equity

Income

ETF

-

-

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

30

Strategic

Beta

ETFs

|

Annual

Report

2020

Company

Accounting

Oversight

Board,

which

regulates

auditors

of

U.S.

public

companies,

is

unable

to

inspect

audit

work

papers

in

certain

foreign

countries.

Investors

in

foreign

countries

often

have

limited

rights

and

few

practical

remedies

to

pursue

shareholder

claims,

including

class

actions

or

fraud

claims,

and

the

ability

of

the

U.S.

Securities

and

Exchange

Commission,

the

U.S.

Department

of

Justice

and

other

authorities

to

bring

and

enforce

actions

against

foreign

issuers

or

foreign

persons

is

limited.

Geographic

focus

risk

Columbia

Sustainable

International

Equity

Income

ETF

may

be

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

within

the

specific

geographic

regions

in

which

the

Fund

invests.

Currency

devaluations

could

occur

in

countries

that

have

not

yet

experienced

currency

devaluation

to

date,

or

could

continue

to

occur

in

countries

that

have

already

experienced

such

devaluations.

The

Fund’s

NAV

may

be

more

volatile

than

the

NAV

of

a

more

geographically

diversified

fund.

Asia

Pacific

region

concentration

risk

Columbia

Sustainable

International

Equity

Income

ETF

is

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

in

the

Asia

Pacific

region.

Many

of

the

countries

in

the

region

are

considered

underdeveloped

or

developing,

including

from

a

political,

economic

and/or

social

perspective,

and

may

have

relatively

unstable

governments

and

economies

based

on

limited

business,

industries

and/or

natural

resources

or

commodities.

Events

in

any

one

country

within

the

region

may

impact

other

countries

in

the

region

or

the

region

as

a

whole.

As

a

result,

events

in

the

region

will

generally

have

a

greater

effect

on

the

Funds

than

if

the

Funds

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.

Geographic

focus

risk

–

Japan

Columbia

Sustainable

International

Equity

Income

ETF

is

particularly

susceptible

to

the

social,

political,

economic,

regulatory

and

other

conditions

or

events

that

may

affect

Japan's

economy.

The

Japanese

economy

is

heavily

dependent

upon

international

trade,

including,

among

other

things,

the

export

of

finished

goods

and

the

import

of

oil

and

other

commodities

and

raw

materials.

Because

of

its

trade

dependence,

the

Japanese

economy

is

particularly

exposed

to

the

risks

of

currency

fluctuation,

foreign

trade

policy

and

regional

and

global

economic

disruption,

including

the

risk

of

increased

tariffs,

embargoes,

and

other

trade

limitations

or

factors.

Strained

relationships

between

Japan

and

its

neighboring

countries,

including

China,

South

Korea

and

North

Korea,

based

on

historical

grievances,

territorial

disputes,

and

defense

concerns,

may

also

cause

uncertainty

in

Japanese

markets.

As

a

result,

additional

tariffs,

other

trade

barriers,

or

boycotts

may

have

an

adverse

impact

on

the

Japanese

economy.

Japanese

government

policy

has

been

characterized

by

economic

regulation,

intervention,

protectionism

and

large

government

deficits.

The

Japanese

economy

is

also

challenged

by

an

unstable

financial

services

sector,

highly

leveraged

corporate

balance

sheets

and

extensive

cross-ownership

among

major

corporations.

Structural

social

and

labor

market

changes,

including

an

aging

workforce,

population

decline

and

traditional

aversion

to

labor

mobility

may

adversely

affect

Japan's

economic

competitiveness

and

growth

potential.

The

potential

for

natural

disasters,

such

as

earthquakes,

volcanic

eruptions,

typhoons

and

tsunamis,

could

also

have

significant

negative

effects

on

Japan's

economy.

As

a

result

of

the

Fund's

investment

in

Japanese

securities,

the

Fund's

NAV

may

be

more

volatile

than

the

NAV

of

a

more

geographically

diversified

fund.

If

securities

of

issuers

in

Japan

fall

out

of

favor,

it

may

cause

the

Fund

to

underperform

other

funds

that

do

not

focus

their

investments

in

Japan.

Market

and

environment

risk

The

Funds

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

they

invest.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Funds,

including

causing

difficulty

in

assigning

prices

to

hard-to-value

assets

in

thinly

traded

and

closed

markets,

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

31

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds’

net

asset

value.

The

Funds

performance

may

also

be

significantly

negatively

impacted

by

the

economic

impact

of

the

coronavirus

disease

2019

(COVID-19)

pandemic.

The

COVID-19

public

health

crisis

has

become

a

pandemic

that

has

resulted

in,

and

may

continue

to

result

in,

significant

global

economic

and

societal

disruption

and

market

volatility

due

to

disruptions

in

market

access,

resource

availability,

facilities

operations,

imposition

of

tariffs,

export

controls

and

supply

chain

disruption,

among

others.

Such

disruptions

may

be

caused,

or

exacerbated

by,

quarantines

and

travel

restrictions,

workforce

displacement

and

loss

in

human

and

other

resources.

The

uncertainty

surrounding

the

magnitude,

duration,

reach,

costs

and

effects

of

the

global

pandemic,

as

well

as

actions

that

have

been

or

could

be

taken

by

governmental

authorities

or

other

third

parties,

present

unknowns

that

are

yet

to

unfold.

The

impacts,

as

well

as

the

uncertainty

over

impacts

to

come,

of

COVID-19

–

and

any

other

infectious

illness

outbreaks,

epidemics

and

pandemics

that

may

arise

in

the

future

–

could

negatively

affect

global

economies

and

markets

in

ways

that

cannot

necessarily

be

foreseen.

In

addition,

the

impact

of

infectious

illness

outbreaks

and

epidemics

in

emerging

market

countries

may

be

greater

due

to

generally

less

established

healthcare

systems,

governments

and

financial

markets.

Public

health

crises

caused

by

the

COVID-19

outbreak

may

exacerbate

other

pre-existing

political,

social

and

economic

risks

in

certain

countries

or

globally.

The

disruptions

caused

by

COVID-19

could

prevent

the

Funds

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

the

Funds’

ability

to

achieve

their

investment

objectives.

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

and

risk

profile

of

the

Funds.

The

Investment

Manager

and

its

affiliates

have

systematically

implemented

strategies

to

address

the

operating

environment

spurred

by

the

COVID-19

pandemic.

To

promote

the

safety

and

security

of

our

employees

and

to

assure

the

continuity

of

our

business

operations,

we

have

implemented

a

work

from

home

protocol

for

virtually

all

of

our

employee

population,

restricted

business

travel,

and

provided

resources

for

complying

with

the

guidance

from

the

World

Health

Organization,

the

U.S.

Centers

for

Disease

Control

and

governments.

Our

operations

teams

seek

to

operate

without

significant

disruptions

in

service.

Our

pandemic

strategy

takes

into

consideration

that

a

pandemic

could

be

widespread

and

may

occur

in

multiple

waves,

affecting

different

communities

at

different

times

with

varying

levels

of

severity.

We

cannot,

however,

predict

the

impact

that

natural

or

man-made

disasters,

including

the

COVID-19

pandemic,

may

have

on

the

ability

of

our

employees

and

third-party

service

providers

to

continue

ordinary

business

operations

and

technology

functions

over

near-

or

longer-term

periods.

Passive

investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

underlying

index.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of,

its

underlying

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

an

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

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.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

have

historically

been

involved

in

a

number

of

legal,

arbitration

and

regulatory

proceedings,

including

routine

litigation,

class

actions,

and

governmental

actions,

concerning

matters

arising

in

connection

with

the

conduct

of

their

business

activities.

Ameriprise

Financial

believes

that

the

Funds

are

not

currently

the

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),

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

32

Strategic

Beta

ETFs

|

Annual

Report

2020

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.

Strategic

Beta

ETFs

|

Annual

Report

2020

33

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Sustainable

International

Equity

Income

ETF

and

Columbia

Sustainable

U.S.

Equity

Income

ETF

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Columbia

Sustainable

International

Equity

Income

ETF

and

Columbia

Sustainable

U.S.

Equity

Income

ETF

(two

of

the

funds

constituting

Columbia

ETF

Trust

I,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2020,

the

related

statements

of

operations

for

the

year

ended

October

31,

2020,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2020,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2020

and

for

the

period

June

13,

2016

(commencement

of

operations)

through

October

31,

2016

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2020,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2020

and

each

of

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2020

and

for

the

period

June

13,

2016

(commencement

of

operations)

through

October

31,

2016

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2020

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

21,

2020

We

have

served

as

auditors

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

34

Strategic

Beta

ETFs

|

Annual

Report

2020

The

Funds

hereby

designate

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2020

.

Shareholders

will

be

notified

in

early

2021

of

the

amounts

for

use

in

preparing

2020

income

tax

returns.

For

Federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

percentages

of

ordinary

income

distributions

qualifying

for

the

corporate

dividends

received

deduction

(DRD),

and

the

individual

qualified

dividend

income

rate

(QDI)

are

presented

below.

The

Funds

report

the

following

for

ordinary

income

distributions:

Foreign

Tax

Credit

The

following

Fund

makes

the

election

to

pass

through

to

shareholders

the

foreign

taxes

paid.

Eligible

shareholders

may

claim

a

foreign

tax

credit.

These

taxes,

and

the

corresponding

foreign

source

income,

are

provided.

Funds

DRD

QDI

Columbia

Sustainable

International

Equity

Income

ETF

0.00%

89.24%

Columbia

Sustainable

U.S.

Equity

Income

ETF

100.00%

100.00%

Funds

Columbia

Sustainable

International

Equity

Income

ETF

$138,912

Columbia

Sustainable

U.S.

Equity

Income

ETF

147,869

Columbia

Sustainable

International

Equity

Income

ETF

Foreign

Taxes

Paid

$20,512

Foreign

Taxes

Paid

Per

Share

.10

Foreign

Source

Income

181,668

Foreign

Source

Income

Per

Share

0.91

TRUSTEES

AND

OFFICERS

Strategic

Beta

ETFs

|

Annual

Report

2020

35

The

Board

oversees

the

Funds'

operations

and

appoints

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

set

by

the

Board.

The

following

table

provides

basic

biographical

information

about

the

Funds'

Trustees

as

of

the

printing

of

this

report,

including

their

principal

occupations

during

the

past

five

years,

although

specific

titles

for

individuals

may

have

varied

over

the

period.

Certain

Trustees

may

have

served

as

a

Trustee

to

other

Funds

in

the

Columbia

Funds

Complex

prior

to

the

date

set

forth

in

the

Position

Held

with

the

Trusts

and

Length

of

Service

column.

Under

current

Board

policy,

Trustees

not

affiliated

with

the

Investment

Manager

generally

may

serve

through

the

end

of

the

calendar

year

in

which

they

reach

either

the

mandatory

retirement

age

established

by

the

Board.

The

Board

approved

the

nomination

of

and

recommended

the

election

of

17

nominees

to

the

Board,

effecting

a

consolidation

of

the

Board

and

the

board

of

trustees

overseeing

Columbia

Funds

Series

Trust

I

and

Columbia

Funds

Variable

Insurance

Trust.

At

a

shareholder

meeting

held

on

December

22,

2020,

shareholders

approved

the

nominees,

effective

January

1,

2021.

Independent

trustees

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

George

S.

Batejan

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1953

Trustee

since

January 2017

for

each

Trust

Executive

Vice

President,

Global

Head

of

Technology

and

Operations,

Janus

Capital

Group,

Inc.,

2010-2016

110

Former

Chairman

of

the

Board,

NICSA

(National

Investment

Company

Services

Association)

(Executive

Committee,

Nominating

Committee

and

Governance

Committee),

2014-2016;

former

Director,

Intech

Investment

Management,

2011-2016;

former

Board

Member,

Metro

Denver

Chamber

of

Commerce,

2015-2016;

former

Advisory

Board

Member,

University

of

Colorado

Business

School,

2015-2018

Kathleen

Blatz

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Attorney,

specializing

in

arbitration

and

mediation;

Chief

Justice,

Minnesota

Supreme

Court,

1998-2006;

Associate

Justice,

Minnesota

Supreme

Court,

1996-1998;

Fourth

Judicial

District

Court

Judge,

Hennepin

County,

1994-1996;

Attorney

in

private

practice

and

public

service,

1984-1993;

State

Representative,

Minnesota

House

of

Representatives,

1979-1993,

which

included

service

on

the

Tax

and

Financial

Institutions

and

Insurance

Committees;

Member

and

Interim

Chair,

Minnesota

Sports

Facilities

Authority,

January

-

July

2017;

Interim

President

and

Chief

Executive

Officer,

Blue

Cross

and

Blue

Shield

of

Minnesota

(health

care

insurance),

February

-

July

2018

110

Trustee,

BlueCross

BlueShield

of

Minnesota

since

2009

(Chair

of

the

Business

Development

Committee,

2014-2017;

Chair

of

the

Governance

Committee,  2017-

2020);

Chair

of

the

Robina

Foundation

since

August

2013;

former

Member

and

Chair

of

the

Board,

Minnesota

Sports

Facilities

Authority,

January

2017

–

July

2017

TRUSTEES

AND

OFFICERS

(continued)

36

Strategic

Beta

ETFs

|

Annual

Report

2020

Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Pamela

G.

Carlton

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Springboard-

Partners

in

Cross

Cultural

Leadership

(consulting

company)

since

2003;

Managing

Director

of

US

Equity

Research,

JP

Morgan

Chase,

1999-2003;

Director

of

US

Equity

Research,

Chase

Asset

Management,

1996-

1999;

Co-Director

Latin

America

Research,

1993-1996,

COO

Global

Research,

1992-1996,

Co-Director

of

US

Research,

1991-1992,

Investment

Banker,

Morgan

Stanley,

1982-1991

110

Trustee,

New

York

Presbyterian

Hospital

Board

(Executive

Committee

and

Chair

of

Human

Resources

Committee)

since

1996;

Director,

DR

Bank

(Audit

Committee)

since

2017;

Director,

Evercore

Inc.

(Audit

Committee,

Nominating

and

Governance

Committee)

since

2019

Patricia

M.

Flynn

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1950

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Trustee

Professor

of

Economics

and

Management,

Bentley

University

since

1976

(also

teaches

and

conducts

research

on

corporate

governance);

Dean,

McCallum

Graduate

School

of

Business,

Bentley

University,

1992-2002

110

Trustee,

MA

Taxpayers

Foundation

since

1997;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010;  2003;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010

Board

of

Directors,

The

MA

Business

Roundtable

2003-2019

Brian

J.

Gallagher

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

December

2017

for

each

Trust

Retired;

Partner

with

Deloitte

&

Touche

LLP

and

its

predecessors,

1977

-

2016

110

Trustee,

Catholic

Schools

Foundation

since

2004

Catherine

James

Paglia

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1952

Chair

of

the

Board

since

1/20;

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Director,

Enterprise

Asset

Management,

Inc.

(private

real

estate

and

asset

management

company)

since

September

1998;

Managing

Director

and

Partner,

Interlaken

Capital,

Inc.,

1989-1997;

Managing

Director,

Morgan

Stanley,

1982-1989;

Vice

President,

Investment

Banking,

1980-1982,

Associate,

Investment

Banking,

1976-1980,

Dean

Witter

Reynolds,

Inc.

110

Director,

Valmont

Industries,

Inc.

(irrigation

systems

manufacturer)

since

2012;

Trustee,

Carleton

College

(on

the

Investment

Committee);

Trustee,

Carnegie

Endowment

for

International

Peace

(on

the

Investment

Committee)

TRUSTEES

AND

OFFICERS

(continued)

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37

Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Anthony

M.

Santomero

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1946

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Richard

K.

Mellon

Professor

Emeritus

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

since

2002;

Senior

Advisor,

McKinsey

&

Company

(consulting),

2006-2008;

President,

Federal

Reserve

Bank

of

Philadelphia,

2000-2006;

Professor

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

1972-2002

110

Trustee,

Penn

Mutual

Life

Insurance

Company

since

March

2008;

Director,

Renaissance

Re

Holdings

Ltd.

since

May

2008;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2008-2011;

former

Director,

Citigroup

Inc.

and

Citibank,

N.A.,

2009-2019

Minor

M.

Shaw

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1947

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Micco

LLC

(private

investments)

since

2011;

President,

Micco

Corp.

(family

investment

business),

1998-2011

110

Director,

BlueCross

BlueShield

of

South

Carolina

since

April

2008;

Trustee,

Hollingsworth

Funds

since

2016

(previously

Board

Chair

from

2016-

2019);

Advisory

Board

member,

Duke

Energy

Corp.

since

October

2016;

Chair

of

the

Duke

Endowment;

Chair

of

Greenville

–

Spartanburg

Airport

Commission;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2003-2011;

former

Director,

Piedmont

Natural

Gas,

2004-2016;

former

Director,

National

Association

of

Corporate

Directors,

Carolinas

Chapter,

2013-2018

Sandra

Yeager

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1964

Trustee

since

12/17

Retired;

President

and

founder,

Hanoverian

Capital,

LLC

(SEC

registered

investment

advisor

firm),

2008-2016;

Managing

Director,

DuPont

Capital,

2006-2008;

Managing

Director,

Morgan

Stanley

Investment

Management,

2004-2006;

Senior

Vice

President,

Alliance

Bernstein,

1990-2004

110

Director,

NAPE

Education

Foundation

since

October

2016

TRUSTEES

AND

OFFICERS

(continued)

38

Strategic

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*

Interested

person

(as

defined

under

the

1940 Act)

by

reason

of

being

an

officer,

director,

security

holder

and/or

employee

of

the

Investment

Manager

or

Ameriprise

Financial.

The

Statement

of

Additional

Information

has

additional

information

about

the

Funds’

Board

members

and

is

available

without

charge,

upon

request

by

calling

888.800.4347

or

visiting

columbiathreadneedleus.com/etfs.

Interested

trustee

affiliated

with

Investment

Manager*

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

William

F.

Truscott

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

St.

Boston,

MA

02110

1960

Trustee

and

Senior

Vice

President

since

April

2016

for

CET

I

and

September

2016

for

CET

II

Chief

Executive

Officer,

Global

Asset

Management,

Ameriprise

Financial,

Inc.

since

September

2012;

Chairman

of

the

Board

and

President,

Columbia

Management

Investment

Advisers,

LLC

since

July

2004

and

February

2012,

respectively;

Chairman

of

the

Board

and

Chief

Executive

Officer,

Columbia

Management

Investment

Distributors,

Inc.

since

November

2008

and

February

2012,

respectively;

Chairman

of

the

Board

and

Director,

Threadneedle

Asset

Management

Holdings,

Sàrl

since

March

2013

and

December

2008,

respectively;

senior

executive

of

various

entities

affiliated

with

Columbia

Threadneedle

162

Trustee,

Columbia

Funds

since

November

2001

TRUSTEES

AND

OFFICERS

(continued)

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39

Board

has

appointed

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

it

has

established.

The

officers

serve

at

the

pleasure

of

the

Board.

The

following

table

provides

basic

information

about

the

Officers

of

the

Funds

as

of

the

printing

of

this

report,

including

principal

occupations

during

the

past

five

years,

although

their

specific

titles

may

have

varied

over

the

period.

In

addition

to

Mr. Truscott,

who

is

Senior

Vice

President,

the

Funds’

other

officers

are:

Fund

officers

Name,

address,

and

year

of

birth

Position

and

year

first

appointed

to

position

for

any

Fund

in

the

Columbia

Funds

complex

or

a

predecessor

thereof

Principal

occupation(s)

during

the

past

five

years

Christopher

O.

Petersen

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1970

President

and

Principal

Executive

Officer

(2015)

Vice

President

and

Lead

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

January

2015

(previously

Vice

President

and

Chief

Counsel,

January

2010

–

December

2014);

officer

of

Columbia

Funds

and

affiliated

funds

since

2007.

Michael

G.

Clarke

225

Franklin

Street

Boston,

MA

02110

Born

1969

Chief

Financial

Officer,

Principal

Financial

Officer

(2009)

and

Senior

Vice

President

(2019)

Vice

President,

Head

of

North

American

Operations,

and

Co-Head

of

Global

Operations,

Columbia

Management

Investment

Advisers,

LLC,

since

June

2019

(previously

Vice

President

–

Accounting

and

Tax,

May

2010

–

May

2019);

senior

officer

of

Columbia

Funds

and

affiliated

funds

since

2002

(previously

Treasurer

and

Chief

Accounting

Officer,

January

2009

–

January

2019

and

December

2015

–

January

2019,

respectively). 

Marybeth

Pilat

225

Franklin

Street

Boston,

MA

02110

Born

1968

Treasurer,

Chief

Accounting

Officer

(Principal

Accounting

Officer)

(2019),

and

Principal

Financial

Officer

(2020)

Vice

President

–

Product

Pricing

and

Administration,

Columbia

Management

Investment

Advisers,

LLC,

since

May

2017;

Director

-

Fund

Administration,

Calvert

Investments,

August

2015

–

March

2017;

Vice

President

-

Fund

Administration,

Legg

Mason,

May

2015

-

July

2015;

Vice

President

-

Fund

Administration,

Columbia

Management

Investment

Advisers,

LLC,

May

2010

-

April

2015.

Paul

B.

Goucher

485

Lexington

Avenue

New

York,

NY

10017

Born

1968

Senior

Vice

President

(2011),

and

Assistant

Secretary

(2008)

Senior

Vice

President

and

Assistant

General

Counsel,

Ameriprise

Financial,

Inc.

since

January

2017

(previously

Vice

President

and

Lead

Chief

Counsel,

November

2008

–

January

2017

and

January

2013

–

January

2017,

respectively);

Vice

President,

Chief

Legal

Officer

and

Assistant

Secretary,

Columbia

Management

Investment

Advisers,

LLC

since

March

2015

(previously

Vice

President

and

Assistant

Secretary,

May

2010

–

March

2015).

Thomas

P.

McGuire

225

Franklin

Street

Boston,

MA

02110

Born

1972

Senior

Vice

President

and

Chief

Compliance

Officer

(2012)

Vice

President

–

Asset

Management

Compliance,

Ameriprise

Financial,

Inc.,

since

May

2010;

Chief

Compliance

Officer,

Ameriprise

Certificate

Company

since

September

2010;

Chief

Compliance

Officer,

Columbia

Acorn/

Wanger

Funds

since

December

2015.

Colin

Moore

225

Franklin

Street

Boston,

MA

02110

Born

1958

Senior

Vice

President

(2010)

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Ameriprise

Financial,

Inc.,

since

July

2013;

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Columbia

Management

Investment

Advisers,

LLC

since

July

2013.

Ryan

C.

Larrenaga

225

Franklin

Street

Boston,

MA

02110

Born

1970

Senior

Vice

President

(2017),

Chief

Legal

Officer

(2017),

and

Secretary

(2015)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

August

2018

(previously

Vice

President

and

Group

Counsel,

August

2011

-

August

2018);

Chief

Legal

Officer,

Columbia

Acorn/

Wanger

Funds,

since

September

2020;

officer

of

Columbia

Funds

and

affiliated

funds

since

2005.

Daniel

J.

Beckman

225

Franklin

St.

Boston,

MA

02110

Born

1962

Senior

Vice

President

(2020)

Vice

President

–

Head

of

North

America

Product,

Columbia

Management

Investment

Advisers,

LLC

(since

April

2015);

previously,

Senior

Vice

President

of

Investment

Product

Management,

Fidelity

Financial

Advisor

Solutions,

a

division

of

Fidelity

Investments

(January

2012

–

March

2015).

Michael

E.

DeFao

225

Franklin

Street

Boston,

MA

02110

Born

1968

Vice

President

(2011)

and

Assistant

Secretary

(2010)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

May

2010.

Lyn

Kephart

-Strong

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1960

Vice

President

(2015)

President,

Columbia

Management

Investment

Services

Corp.

since

October

2014;

Vice

President

&

Resolution

Officer,

Ameriprise

Trust

Company

since

August

2009.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

40

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Columbia

Management

Investment

Advisers,

LLC

(Columbia

Threadneedle

or

the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Sustainable

International

Equity

Income

ETF

and

Columbia

Sustainable

U.S.

Equity

Income

ETF

(each,

and

ETF

and

collectively,

the

ETFs).

Under

each

investment

management

services

agreement

(each,

an

IMS

Agreement

and

collectively,

the

IMS

Agreements),

Columbia

Threadneedle

provides

investment

advice

and

other

services

to

each

ETF

and

other

funds

distributed

by

Columbia

Management

Investment

Distributors,

Inc.

(collectively,

the

Funds).

On

an

annual

basis,

each

ETF’s

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreements.

Columbia

Threadneedle

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

in

November

and

December

2019

and

February,

March,

April

and

June

2020,

including

reports

providing

the

results

of

analyses

performed

by

an

independent

organization,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

a

comprehensive

response

to

items

of

information

requested

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel)

in

a

letter

to

the

Investment

Manager,

to

assist

the

Board

in

making

this

determination.

Many

of

the

materials

presented

at

these

meetings

were

first

supplied

in

draft

form

to

designated

independent

Board

representatives,

i.e.,

Independent

Legal

Counsel,

Fund

Counsel,

the

Chair

of

the

Board

(who

is

an

Independent

Trustee)

and

the

Chair

of

the

Contracts

Committee

(who

is

an

Independent

Trustee),

and

the

final

materials

were

revised

to

include

information

reflective

of

discussion

and

subsequent

requests

made

by

the

Contracts

Committee.

In

addition,

throughout

the

year,

the

Board

(or

its

committees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

Columbia

Threadneedle

addressing

the

services

Columbia

Threadneedle

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees,

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreements.

The

Board,

at

its

June

15-17,

2020

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreements

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

management

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

Following

an

analysis

and

discussion

of

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreements.

Nature,

extent

and

quality

of

services

provided

by

Columbia

Threadneedle

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

Columbia

Threadneedle,

as

well

as

its

history,

reputation,

expertise,

resources

and

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

Columbia

Threadneedle,

including,

in

particular,

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department’s

processes,

systems

and

oversight,

over

the

past

several

years,

as

well

as

planned

2020

initiatives.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

Columbia

Threadneedle

to

each

ETF,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

Columbia

Threadneedle's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

observed

that

Columbia

Threadneedle

has

been

able

to

effectively

manage

the

ETFs

through

the

challenging

pandemic

period

(with

no

disruptions

in

services

provided).

In

connection

with

the

Board's

evaluation

of

the

overall

package

of

services

provided

by

Columbia

Threadneedle,

the

Board

also

considered

the

nature,

quality

and

range

of

administrative

oversight

services

provided

to

the

ETFs

by

Columbia

Threadneedle,

as

well

as

the

achievements

in

2019

in

the

performance

of

administrative

oversight

services,

and

noted

the

various

enhancements

anticipated

for

2020.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreements,

the

Board

also

took

into

account

the

organization

and

strength

of

the

ETFs’

and

Columbia

Threadneedle’s

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

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41

compliance

program.

In

addition,

the

Board

reviewed

the

financial

condition

of

Columbia

Threadneedle

and

its

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement.

The

Board

also

discussed

the

acceptability

of

the

terms

of

each

IMS

Agreement

(including

the

relatively

broad

scope

of

services

required

to

be

performed

by

Columbia

Threadneedle),

noting

that

no

material

changes

are

proposed

from

the

form

of

agreement

previously

approved.

They

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

ETFs

under

the

IMS

Agreements.

It

was

observed

that

the

services

being

performed

under

the

IMS

Agreements

were

of

a

reasonable

quality.

Based

on

the

foregoing,

and

based

on

other

information

received

(both

oral

and

written,

including

the

information

on

investment

performance

referenced

below)

and

other

considerations,

the

Board

concluded

that

Columbia

Threadneedle

is

in

a

position

to

continue

to

provide

quality

services

to

the

ETFs.

Investment

performance

For

purposes

of

evaluating

the

nature,

extent

and

quality

of

services

provided

under

the

IMS

Agreements,

the

Board

carefully

reviewed

the

investment

performance

of

each

ETF.

In

this

regard,

the

Board

considered

detailed

reports

providing

the

results

of

analyses

performed

by

an

independent

organization

showing,

for

various

periods

(including

since

manager

inception):

the

performance

of

each

ETF

(particularly

relative

to

the

index

of

which

each

ETF

seeks

to

replicate

performance)

and

the

net

assets

of

each

ETF.

The

Board

also

reviewed

index

tracking

error

data

for

each

ETF.

The

Board

observed

that

each

ETF’s

investment

performance

met

expectations.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

Columbia

Threadneedle

and

its

affiliates

from

their

relationships

with

the

ETFs

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreements.

In

considering

the

proposed

level

of

fees

under

the

IMS

Agreements,

the

Board

accorded

particular

weight

to

the

unified/all-inclusive

fee

structure

utilized

by

each

ETF.

In

this

regard,

they

observed

that

many

of

the

competitors

of

the

ETFs

have

adopted

similar

unified/all-inclusive

fee

structures.

The

Board

accorded

particular

weight

to

the

notion

that

the

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Fund

(with

certain

defined

exceptions)

are

generally

in

line

with

the

"pricing

philosophy"

currently

in

effect

(i.e.,

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe).

The

Board

observed

that

each

of

the

ETF’s

unified

fee

rates

approximated

the

median

expenses

paid

by

funds

in

each

ETF’s

comparative

peer

universe.

Based

on

its

review,

the

Board

concluded

that

each

ETF’s

management

fee

was

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

that

each

ETF

receives.

The

Board

also

considered

the

profitability

of

Columbia

Threadneedle

and

its

affiliates

in

connection

with

Columbia

Threadneedle

providing

management

services

to

each

ETF.

In

this

regard,

the

Independent

Trustees

referred

to

their

detailed

analysis

of

the

Profitability

Report,

discussing

the

profitability

to

Columbia

Threadneedle

and

Ameriprise

Financial

from

managing

the

Funds,

including

the

ETFs.

The

Board

considered

that

in

2019

the

Board

had

concluded

that

2018

profitability

was

reasonable

and

that

the

2020

information

shows

that

the

profitability

generated

by

Columbia

Threadneedle

in

2019

decreased

slightly

from

2018

levels.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

Columbia

Threadneedle

or

its

affiliates

in

connection

with

managing

the

Funds,

including

the

ETFs,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

ETFs

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

The

Board

concluded

that

profitability

levels

were

reasonable.

Economies

of

scale

to

be

realized

The

Board

considered

that

each

IMS

Agreement

provides

for

a

unified

fee

level

that

does

not

include

pre-established

breakpoints,

and

management’s

observation

that

the

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

42

Strategic

Beta

ETFs

|

Annual

Report

2020

Based

on

the

foregoing,

the

Board,

including

all

of

the

Independent

Trustees,

concluded

that

the

management

fees

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided.

In

reaching

this

conclusion,

no

single

factor

was

determinative.

On

June

17,

2020,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

each

IMS

Agreement.

ADDITIONAL

INFORMATION

Strategic

Beta

ETFs

|

Annual

Report

2020

43

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

each

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

Each

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Funds'

Form

N-PORTs

are

available

on

the

SEC's

website

at

sec.gov.

Each

Fund's

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

888.800.4347.

Additional

Fund

information

For

more

information

about

the

Funds,

please

visit

columbiathreadneedleus.com/etfs

or

call

888.800.4347.

Premium/discount

information

for

the

Funds

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

225

Franklin

Street

Boston,

MA

02110

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Columbia

ETF

Trust

I

225

Franklin

Street

Boston,

MA,

02110

ANN271_10_K01_(12/20)

CET001208

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.

©

2020

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

Federally

Insured

|

No

Financial

Institution

Guarantee

|

May

Lose

Value

STRATEGIC

BETA

ETFs

Annual

Report

October

31,

2020

Columbia

Diversified

Fixed

Income

Allocation

ETF

Beginning

on

January

1,

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semiannual

shareholder

reports

like

this

one

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Funds’

website

(columbiathreadneedleus.

com/etfs),

and

each

time

a

report

is

posted

you

will

be

notified

by

mail

and

provided

with

a

website

address

to

access

the

report.

If

you

have

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Funds

electronically

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

may

elect

to

receive

all

future

shareholder

reports

in

paper

free

of

charge.

You

can

contact

your

financial

intermediary

to

request

that

you

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

paper

reports

will

apply

to

all

Columbia

Funds

held

in

your

account.

Strategic

Beta

ETFs

|

Annual

Report

2020

TABLE

OF

CONTENTS

Fund

at

a

Glance

3

Manager

Discussion

of

Fund

Performance

5

Understanding

Your

Fund’s

Expenses

7

Portfolio

of

Investments

8

Statement

of

Assets

and

Liabilities

19

Statement

of

Operations

20

Statement

of

Changes

in

Net

Assets

21

Financial

Highlights

22

Notes

to

Financial

Statements

23

Report

of

Independent

Registered

Public

Accounting

Firm

31

Federal

Income

Tax

Information

32

Trustees

and

Officers

33

Approval

of

Investment

Management

Services

Agreement

38

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

The

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund’s

Form

N-PORTs

are

available

on

the

SEC's

website

at

sec.gov.

The

Fund's

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

888.800.4347.

Additional

Fund

information

For

more

information

about

the

Fund,

please

visit

columbiathreadneedleus.com/etfs

or

call

888.800.4347.

Premium/discount

information

for

the

Fund

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

225

Franklin

Street

Boston,

MA

02110

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

FUND

AT

A

GLANCE

Strategic

Beta

ETFs

|

Annual

Report

2020

3

Portfolio

management

Gene

Tannuzzo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2017

David

Janssen,

CFA

Portfolio

Manager

Managed

Fund

since

2017

Investment

objective

The

Fund

seeks

investment

results

that,

before

fees

and

expenses

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Multi-Sector

Bond

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Multi-Sector

Bond

Index

is

a

rules-based

multi-sector

strategic

beta

approach

to

measuring

the

performance

of

the

debt

market

through

representation

of

six

sectors,

each

focused

on

yield,

quality,

and

liquidity

of

the

particular

eligible

universe.

The

index

will

have

exposure

to

the

following

six

sectors

of

the

debt

market:

U.S.

Treasury

securities;

global

ex-U.S.

treasury

securities;

U.S.

agency

mortgage-backed

securities;

U.S.

corporate

investment-grade

bonds;

U.S.

corporate

high-yield

bonds;

and

emerging

markets

sovereign

debt.

The

Fund

uses

a

representative

approach

which

will

result

in

the

Fund

holding

a

smaller

number

of

securities

than

are

in

the

underlying

index.

The

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

is

a

broad-based

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market,

including

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

passthroughs),

asset-backed

securities,

and

commercial

mortgage-backed

securities.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Fund

performance

may

be

significantly

negatively

impacted

by

the

economic

impact

of

the

COVID-19

pandemic.

The

COVID-19

pandemic

has

adversely

impacted

economies

and

capital

markets

around

the

world

in

ways

that

will

likely

continue

and

may

change

in

unforeseen

ways

for

an

indeterminate

period.

The

COVID-19

pandemic

may

exacerbate

pre-existing

political,

social

and

economic

risks

in

certain

countries

and

globally.

Average

annual

total

returns

(%)

(for

period

ended

October

31,

2020)

Inception

1

Year

Life

Market

Price

10/12/17

5.69

5.53

Net

Asset

Value

10/12/17

5.71

5.44

{

Beta

Advantage®

}

Multi-Sector

Bond

Index

6.30

5.66

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

6.19

4.98

FUND

AT

A

GLANCE

(continued)

4

Strategic

Beta

ETFs

|

Annual

Report

2020

Performance

of

a

hypothetical

$10,000

investment

(October

12,

2017

—

October

31,

2020)

The

chart

above

shows

the

change

in

value

of

a

hypothetical

$10,000

investment

made

on

the

Fund’s

inception,

and

does

not

reflect

the

deduction

of

taxes

or

brokerage

commissions

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

For

Illustrative

purposes

only.

There

is

no

guarantee

similar

results

can

be

achieved.

Quality

breakdown

(%)

(at

October

31,

2020)

AAA

rating

22.4

AA

rating

7.8

A

rating

0.0*

BBB

rating

21.4

BB

rating

22.7

B

rating

10.0

Not

rated

15.7

Total

100.0

*

Rounds

to

zero.

Percentages

indicated

are

based

upon

total

fixed

income

investments

(excluding

Money

Market

Funds).

Bond

ratings

apply

to

the

underlying

holdings

of

the

Fund

and

not

the

Fund

itself

and

are

divided

into

categories

ranging

from

highest

to

lowest

credit

quality,

determined

by

using

the

middle

rating

of

Moody's,

S&P

and

Fitch,

after

dropping

the

highest

and

lowest

available

ratings.

When

ratings

are

available

from

only

two

rating

agencies,

the

lower

rating

is

used.

When

a

rating

is

available

from

only

one

agency,

that

rating

is

used.

When

a

bond

is

not

rated

by

any

rating

agency,

it

is

designated

as

"Not

rated."

Credit

quality

ratings

assigned

by

a

rating

agency

are

subjective

opinions,

not

statements

of

fact,

and

are

subject

to

change,

including

daily.

The

ratings

assigned

by

credit

rating

agencies

are

but

one

of

the

considerations

that

the

Investment

Manager

and/or

Fund's

subadviser

incorporates

into

its

credit

analysis

process,

along

with

such

other

issuer-specific

factors

as

cash

flows,

capital

structure

and

leverage

ratios,

ability

to

de-leverage

(repay)

through

free

cash

flow,

quality

of

management,

market

positioning

and

access

to

capital,

as

well

as

such

security-specific

factors

as

the

terms

of

the

security

(e.g.,

interest

rate

and

time

to

maturity)

and

the

amount

and

type

of

any

collateral.

For

information

on

the

rating

methodology

of

each

agency,

please

go

to:

www.moodys.com,

www.fitchratings.com

or

www.standardandpoors.

com/home/en/us.

Portfolio

breakdown

(%)

(at

October

31,

2020

)

Corporate

Bonds

47.6

Foreign

Government

Obligations

21.6

U.S.

Treasury

Obligations

14.3

U.S.

Government

&

Agency

Obligations

14.0

Money

Market

Fund

2.5

Total

Investments

100.0

Percentages

indicated

are

based

upon

total

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Strategic

Beta

ETFs

|

Annual

Report

2020

5

For

the

12-month

period

that

ended

October

31,

2020,

the

Fund

returned

5.71%

based

on

net

asset

value

(NAV)

and

5.69%

based

on

market

price.

The

Beta

Advantage

®

Multi-Sector

Bond

Index

(the

Index),

against

which

the

performance

of

the

Fund

is

measured,

returned

6.30%

during

the

same

period.

To

compare,

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

returned

6.19%

for

the

same

period.

The

Fund

had

an

NAV

of

$20.78

on

October

31,

2019

and

ended

the

annual

period

on

October

31,

2020

with

an

NAV

of

$21.36.

The

Fund’s

market

price

on

October

31,

2020

was

$21.42

per

share.

Market

overview

As

the

annual

period

began

in

the

last

two

months

of

2019,

fixed-income

market

performance

was

mixed.

In

November

2019,

bond

market

returns

cooled

as

the

U.S.

Federal

Reserve

(Fed)

indicated

that

its

October

30,

2019

interest

rate

cut

likely

represented

the

end

of

its

mid-cycle

“insurance

policy”

downward

adjustment

in

rates.

Economic

data

was

mediocre,

and

markets

were

monitoring

a

host

of

geopolitical

factors,

including

U.S.-China

trade

tensions,

street

protests

in

Hong

Kong,

the

Brexit

outlook

and

impeachment

hearings

against

the

U.S.

President.

December

2019

saw

a

rally

aided

by

the

announcement

of

a

U.S.-China

Phase

One

trade

deal

in

principle

and

stabilizing

economic

data.

The

Fed

left

interest

rates

unchanged

at

its

December

meeting.

Corporate

bonds

led

performance

within

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

in

the

last

months

of

2019,

benefiting

from

positive

earnings

trends

and

an

improved

growth

outlook.

U.S.

Treasuries

posted

negative

returns,

as

yields

rose

on

longer

maturities

and

remained

relatively

anchored

on

shorter

maturities.

(There

is

an

inverse

relationship

between

bond

prices

and

yield

movements,

so

that

bond

prices

rise

when

yields

decrease

and

vice

versa.)

Virtually

all

asset

classes

experienced

historic

disruption

in

the

first

quarter

of

2020,

as

the

emergence

of

the

COVID-19

pandemic

brought

the

global

economy

to

a

near

halt.

Investors

aggressively

sold

out

of

riskier

assets

in

favor

of

traditional

safe

havens,

which

pushed

10-year

U.S.

Treasury

yields

to

a

new

intra-day

low

of

0.31%

in

early

March.

Policy

makers

globally

responded

with

dramatic

measures

in

an

effort

to

keep

businesses

and

consumers

afloat.

The

Fed

cut

its

benchmark

overnight

lending

rate

to

zero,

resurrected

financial

crisis-era

lending

facilities

and

launched

an

asset-

purchase

program

covering

U.S.

Treasuries,

mortgage-backed

securities,

municipal

bonds

and

corporate

issues.

On

the

fiscal

side,

in

late

March,

the

U.S.

government

passed

a

$2.2

trillion

stimulus

package.

U.S.

Treasury

yields

finished

the

quarter

near

all-time

lows,

with

the

10-year

U.S.

Treasury

note

yield

declining

from

1.92%

to

0.70%.

In

turn,

U.S.

Treasuries

led

performance

within

the

U.S.

fixed-income

market

by

a

wide

margin

given

the

heightened

risk

aversion

and

decline

in

interest

rates.

Securitized

assets,

which

include

agency

mortgage-backed

securities,

asset-backed

securities

and

commercial

mortgage-backed

securities,

were

affected

by

the

broad-based

market

volatility

but

also

posted

positive

returns

overall.

However,

the

outlook

for

negative

economic

growth

drove

a

sharp

sell-off

in

investment-grade

corporate

debt

beginning

in

late

February,

before

the

news

of

the

Fed’s

plan

to

include

corporate

bonds

in

its

asset-purchase

program

led

the

sector

to

regain

some

ground.

High-yield

corporate

bonds

were

among

the

worst

performing

sectors

in

the

quarter,

challenged

not

only

by

plummeting

risk

sentiment

but

also

by

falling

oil

prices

and

poor

liquidity.

Many

of

the

themes

that

dramatically

weighed

on

markets

in

March

reversed

during

the

second

quarter

of

2020.

Economies

slowly

began

to

reopen,

and

the

Fed’s

emergency

stimulus

measures

had

successfully

restored

liquidity

and

function

to

financial

markets.

Together,

these

factors

drove

heightened

risk

appetite.

In

turn,

high-yield

corporate

bonds

led

gains,

posting

the

sector’s

strongest

quarterly

result

since

the

depths

of

the

global

financial

crisis

more

than

a

decade

earlier.

Investment-grade

corporate

bonds

also

performed

well.

U.S.

Treasuries

generated

only

modest

gains,

as

yields

moved

in

a

relatively

narrow

range

during

the

quarter,

with

easy

monetary

policy

working

to

depress

volatility.

Investors

continued

to

be

heartened

during

the

third

quarter

of

2020

by

improving

economic

data

and

headlines

around

progress

toward

one

or

more

COVID-19

vaccines.

In

a

late-August

speech,

Fed

Chair

Powell

outlined

a

new

inflation

targeting

framework

wherein

the

central

bank

would

delay

hiking

overnight

lending

rates

until

inflation

modestly

overshoots

its

2%

target.

The

Fed

also

suggested

it

does

not

expect

to

raise

interest

rates

until

at

least

2023,

which

further

bolstered

sentiment

that

easy

monetary

policy

and

lower

interest

rates

would

persist

for

some

time.

U.S.

Treasuries

generated

slim

returns

for

the

quarter,

as

yields

remained

rangebound.

Credit-sensitive

areas

of

the

fixed-

income

market

were

stronger,

with

most

gains

coming

in

July.

Riskier

sectors

moved

mostly

sideways

during

August

before

stimulus

talks

in

Congress

broke

down

and

fears

of

a

litigated

U.S.

presidential

election

outcome

entered

the

narrative.

Even

so,

credit

sectors

held

up

well

in

the

face

of

equity

volatility

as

the

quest

for

yield

persisted.

Among

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

6

Strategic

Beta

ETFs

|

Annual

Report

2020

securitized

sectors,

agency

mortgage-backed

securities

underperformed

similar-duration

U.S.

Treasuries

during

the

quarter,

as

elevated

prepayments

remained

a

dominant

theme.

In

October

2020,

markets

were

volatile,

and

fixed-income

sectors

generated

mixed

performance.

Corporate

bonds

held

up

well

overall,

outperforming

government

bonds

even

as

concerns

around

a

resurgence

of

COVID-19

cases

heightened.

Mid-October

saw

a

burst

of

investor

optimism,

as

it

appeared

negotiations

over

a

stimulus

package

were

progressing.

But

sentiment

reversed

sharply

in

the

last

week

of

the

month

on

elevated

case

numbers

of

the

pandemic.

The

10-year

U.S.

Treasury

yield

rose

for

the

month

on

expectations

of

stimulus

and

reasonably

positive

economic

data.

Index

outpaced

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

during

annual

period

Of

the

six

sectors

in

which

the

Fund

invests,

Index

constituents

in

all

six

—

U.S.

Treasuries,

emerging

markets

sovereign

and

quasi-sovereign

debt,

U.S.

high-yield

corporate

debt,

global

non-U.S.

dollar-denominated

sovereign

debt,

U.S.

agency

mortgage-backed

securities

and

U.S.

investment-grade

corporate

debt

—

contributed

positively

to

the

Index’s

results

relative

to

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

during

the

annual

period.

The

Fund

had

a

weighted

average

duration

of

6.06

years,

a

weighted

average

maturity

of

10.01

years,

a

weighted

average

yield

to

maturity

of

2.78%

and

a

weighted

average

coupon

of

4.03%

as

of

October

31,

2020.

The

30-day

SEC

yield

of

the

Fund

at

the

end

of

the

annual

period

was

2.33%.

Fixed

income

securities

involve

interest

rate,

credit,

inflation,

illiquidity

and

reinvestment

risks.

Interest

rate

risk

is

the

risk

that

fixed

income

securities

will

decline

in

value

because

of

changes

in

interest

rates.

Generally,

the

value

of

debt

securities

falls

as

interest

rates

rise.

Fixed

income

securities

differ

in

their

sensitivities

to

changes

in

interest

rates.

Fixed

income

securities

with

longer

effective

durations

tend

to

be

more

sensitive

to

changes

in

interest

rates,

usually

making

them

more

volatile

than

securities

with

shorter

effective

durations.

Effective

duration

is

determined

by

a

number

of

factors

including

coupon

rate,

whether

the

coupon

is

fixed

or

floating,

time

to

maturity,

call

or

put

features,

and

various

repayment

features.

Below

investment-grade

securities,

or

“junk

bonds,”

are

more

likely

to

pose

a

credit

risk,

as

the

issuers

of

these

securities

are

more

likely

to

have

problems

making

interest

and

principal

payments

than

issuers

of

higher-rated

securities.

Lower-rated

securities

may

be

more

susceptible

to

real

or

perceived

adverse

economic

and

competitive

industry

conditions

than

higher-grade

securities,

and

prices

of

these

securities

may

be

more

sensitive

to

adverse

economic

downturns

or

individual

corporate

developments.

If

the

issuer

of

the

securities

defaults,

the

ETF

may

incur

additional

expenses

to

seek

recovery.

Generally,

rising

interest

rates

tend

to

extend

the

duration

of

fixed

rate

mortgage-related

securities,

making

them

more

sensitive

to

changes

in

interest

rates.

As

a

result,

in

a

period

of

rising

interest

rates,

if

the

ETF

holds

mortgage-related

securities,

it

may

exhibit

additional

volatility.

In

addition,

adjustable

and

fixed

rate

mortgage-related

securities

are

subject

to

prepayment

risk.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

The

Fund’s

use

of

a

“representative

sampling”

approach

in

seeking

to

track

the

performance

of

its

index

(investing

in

only

some

of

the

components

of

the

index

that

collectively

are

believed

to

have

an

investment

profile

similar

to

that

of

the

index)

may

not

allow

the

Fund

to

track

its

index

with

the

same

degree

of

accuracy

as

would

an

investment

vehicle

replicating

the

entire

Index.

In

addition

to

the

multi-sector

bond

strategies

employed,

the

Fund

may

invest

in

other

securities,

including

private

placements.

The

Fund

may

have

portfolio

turnover,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

Foreign

currency

risks

involve

risk

of

capital

loss

from

unfavorable

fluctuation

in

currency

values,

from

differences

in

generally

accepted

accounting

principles,

from

economic

or

political

instability

in

other

nations

or

increased

volatility

and

lower

trading

volume.

See

the

Fund’s

prospectus

for

more

information

on

these

and

other

risks.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

fund

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

fund.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

Strategic

Beta

ETFs

|

Annual

Report

2020

7

As

a

shareholder

of

the

Fund,

you

incur

ongoing

costs,

including

investment

management

fees.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars

and

cents)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

examples

are

based

on

an

initial

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

period

ended

October

31,

2020.

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

366.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

May

1,

2020

—

October

31,

2020

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

1,058.80

1,023.73

1.45

1.42

0.28

PORTFOLIO

OF

INVESTMENTS

October

31,

2020

(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

|

Annual

Report

2020

Corporate

Bonds

  51.1%

Issue

Description

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)

5.150%,

05/01/30

760,000‌

844,862‌

Howmet

Aerospace,

Inc.

6.875%,

05/01/25

500,000‌

555,890‌

Huntington

Ingalls

Industries,

Inc.

3.483%,

12/01/27

200,000‌

218,471‌

L3Harris

Technologies,

Inc.

3.850%,

12/15/26

158,000‌

180,192‌

Northrop

Grumman

Corp.

3.250%,

01/15/28

719,000‌

801,147‌

Rolls-Royce

PLC

5.750%,

10/15/27

(a)

200,000‌

202,474‌

Spirit

AeroSystems,

Inc.

7.500%,

04/15/25

(a)

1,139,000‌

1,149,140‌

Textron,

Inc.

3.000%,

06/01/30

462,000‌

483,426‌

3.900%,

09/17/29

12,000‌

13,416‌

TransDigm,

Inc.

6.250%,

03/15/26

(a)

2,536,000‌

2,644,572‌

8.000%,

12/15/25

(a)

50,000‌

54,139‌

Total

7,147,729‌

Airlines

0.7%

American

Airlines,

Inc.

11.750%,

07/15/25

(a)

1,165,000‌

1,133,432‌

Delta

Air

Lines,

Inc.

2.900%,

10/28/24

100,000‌

86,954‌

3.625%,

03/15/22

608,000‌

595,589‌

3.750%,

10/28/29

680,000‌

569,424‌

7.375%,

01/15/26

160,000‌

164,679‌

Southwest

Airlines

Co.

2.625%,

02/10/30

513,000‌

484,434‌

Spirit

Loyalty

Cayman

Ltd.

/

Spirit

IP

Cayman

Ltd.

8.000%,

09/20/25

(a)

700,000‌

742,122‌

Total

3,776,634‌

Apartment

REIT

0.2%

American

Homes

4

Rent

LP

4.900%,

02/15/29

342,000‌

406,133‌

Essex

Portfolio

LP

3.000%,

01/15/30

218,000‌

233,213‌

Mid-America

Apartments

LP

3.950%,

03/15/29

140,000‌

160,831‌

UDR,

Inc.

Series

MTN,

3.200%,

01/15/30

220,000‌

240,849‌

Total

1,041,026‌

Automotive

1.3%

Allison

Transmission,

Inc.

5.000%,

10/01/24

(a)

576,000‌

581,048‌

BorgWarner,

Inc.

2.650%,

07/01/27

200,000‌

209,918‌

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.250%,

05/15/26

(a)

645,000‌

671,391‌

Ford

Motor

Co.

4.346%,

12/08/26

1,609,000‌

1,632,841‌

8.500%,

04/21/23

583,000‌

643,406‌

9.000%,

04/22/25

1,095,000‌

1,290,034‌

General

Motors

Financial

Co.,

Inc.

3.600%,

06/21/30

504,000‌

530,176‌

4.350%,

04/09/25

200,000‌

218,580‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Goodyear

Tire

&

Rubber

Co.

(The)

5.125%,

11/15/23

943,000‌

937,266‌

Total

6,714,660‌

Banking

1.5%

Ally

Financial,

Inc.

5.750%,

11/20/25

919,000‌

1,044,434‌

Bank

of

Montreal

3.803%,

(USD

5

Year

Swap

+

1.432%),

12/15/32

(b)

375,000‌

414,996‌

Barclays

PLC

4.836%,

05/09/28

700,000‌

771,393‌

4.972%,

(3-month

USD

LIBOR

+

1.902%),

05/16/29

(b)

250,000‌

292,917‌

Capital

One

Financial

Corp.

3.750%,

07/28/26

64,000‌

70,329‌

3.800%,

01/31/28

430,000‌

483,174‌

Deutsche

Bank

AG

4.500%,

04/01/25

500,000‌

509,085‌

Deutsche

Bank

AG/New

York

NY

4.875%,

(USD

5

Year

Swap

+

2.553%),

12/01/32

(b)

200,000‌

193,640‌

Fifth

Third

Bancorp

2.550%,

05/05/27

672,000‌

716,058‌

Intesa

Sanpaolo

SpA

5.710%,

01/15/26

(a)

575,000‌

626,669‌

KeyCorp

Series

MTN,

2.250%,

04/06/27

324,000‌

340,713‌

Series

MTN,

2.550%,

10/01/29

242,000‌

257,231‌

Natwest

Group

PLC

4.892%,

(3-month

USD

LIBOR

+

1.754%),

05/18/29

(b)

200,000‌

234,407‌

Santander

Holdings

USA,

Inc.

4.400%,

07/13/27

557,000‌

620,124‌

Synchrony

Financial

5.150%,

03/19/29

265,000‌

311,604‌

UniCredit

SpA

5.459%,

06/30/35

(a)

800,000‌

812,762‌

7.296%,

04/02/34

(a)

300,000‌

344,151‌

Westpac

Banking

Corp.

Series

GMTN,

4.322%,

(USD

5

Year

Swap

+

2.236%),

11/23/31

(b)

150,000‌

168,473‌

Total

8,212,160‌

Brokerage/Asset

Managers/Exchanges

0.4%

Intercontinental

Exchange,

Inc.

2.100%,

06/15/30

580,000‌

596,350‌

Jefferies

Group

LLC

/

Jefferies

Group

Capital

Finance,

Inc.

4.850%,

01/15/27

278,000‌

318,546‌

Lazard

Group

LLC

4.375%,

03/11/29

234,000‌

267,719‌

LPL

Holdings,

Inc.

5.750%,

09/15/25

(a)

500,000‌

517,729‌

Nomura

Holdings,

Inc.

3.103%,

01/16/30

200,000‌

211,394‌

Total

1,911,738‌

Building

Materials

0.2%

Martin

Marietta

Materials,

Inc.

3.500%,

12/15/27

230,000‌

257,230‌

Standard

Industries,

Inc.

4.375%,

07/15/30

(a)

725,000‌

748,995‌

Total

1,006,225‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

9

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Cable

and

Satellite

2.3%

Altice

Financing

SA

5.000%,

01/15/28

(a)

600,000‌

582,147‌

7.500%,

05/15/26

(a)

1,250,000‌

1,304,772‌

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.750%,

03/01/30

(a)

1,670,000‌

1,755,649‌

5.125%,

05/01/27

(a)

2,018,000‌

2,119,233‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.200%,

03/15/28

418,000‌

472,758‌

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.750%,

10/01/26

(a)

600,000‌

604,474‌

CSC

Holdings

LLC

5.500%,

05/15/26

(a)

400,000‌

416,111‌

6.500%,

02/01/29

(a)

1,050,000‌

1,165,148‌

LCPR

Senior

Secured

Financing

DAC

6.750%,

10/15/27

(a)

250,000‌

265,546‌

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.

4.500%,

09/15/26

(a)

100,000‌

100,528‌

Sirius

XM

Radio,

Inc.

4.625%,

07/15/24

(a)

300,000‌

309,368‌

5.000%,

08/01/27

(a)

1,211,000‌

1,267,957‌

Telenet

Finance

Luxembourg

Notes

Sarl

5.500%,

03/01/28

(a)

200,000‌

209,764‌

Virgin

Media

Finance

PLC

5.000%,

07/15/30

(a)

400,000‌

398,002‌

Virgin

Media

Secured

Finance

PLC

5.500%,

05/15/29

(a)

600,000‌

641,351‌

Ziggo

BV

5.500%,

01/15/27

(a)

700,000‌

726,311‌

Total

12,339,119‌

Chemicals

0.6%

Chemours

Co.

(The)

6.625%,

05/15/23

642,000‌

639,599‌

Dow

Chemical

Co.

(The)

4.800%,

11/30/28

245,000‌

294,883‌

DuPont

de

Nemours,

Inc.

4.725%,

11/15/28

566,000‌

678,222‌

Eastman

Chemical

Co.

4.500%,

12/01/28

782,000‌

913,196‌

Nutrien

Ltd.

4.200%,

04/01/29

322,000‌

379,349‌

Sherwin-Williams

Co.

(The)

2.950%,

08/15/29

390,000‌

427,101‌

Total

3,332,350‌

Construction

Machinery

0.3%

H&E

Equipment

Services,

Inc.

5.625%,

09/01/25

400,000‌

414,615‌

United

Rentals

North

America,

Inc.

4.875%,

01/15/28

1,299,000‌

1,364,153‌

Total

1,778,768‌

Consumer

Cyclical

Services

0.6%

Expedia

Group,

Inc.

3.250%,

02/15/30

100,000‌

97,131‌

4.625%,

08/01/27

(a)

400,000‌

418,439‌

IHS

Markit

Ltd.

4.250%,

05/01/29

250,000‌

287,259‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.750%,

04/15/26

(a)

1,034,000‌

1,101,353‌

Service

Corp

International

3.375%,

08/15/30

400,000‌

405,542‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Staples,

Inc.

7.500%,

04/15/26

(a)

893,000‌

833,905‌

Total

3,143,629‌

Consumer

Products

0.5%

Clorox

Co.

(The)

3.900%,

05/15/28

100,000‌

117,635‌

Hasbro,

Inc.

3.900%,

11/19/29

376,000‌

404,820‌

Mattel,

Inc.

6.750%,

12/31/25

(a)

747,000‌

784,564‌

Newell

Brands,

Inc.

4.700%,

04/01/26

1,541,000‌

1,641,767‌

Total

2,948,786‌

Diversified

Manufacturing

1.0%

Carlisle

Cos.,

Inc.

3.750%,

12/01/27

260,000‌

291,237‌

Carrier

Global

Corp.

2.722%,

02/15/30

(a)

730,000‌

763,855‌

Griffon

Corp.

5.750%,

03/01/28

460,000‌

482,102‌

Johnson

Controls

International

PLC

3.900%,

02/14/26

73,000‌

82,670‌

Raytheon

Technologies

Corp.

3.950%,

08/16/25

100,000‌

113,648‌

4.125%,

11/16/28

448,000‌

525,166‌

Roper

Technologies,

Inc.

3.800%,

12/15/26

185,000‌

212,042‌

Trane

Technologies

Luxembourg

Finance

SA

3.800%,

03/21/29

218,000‌

254,162‌

Vertical

US

Newco,

Inc.

5.250%,

07/15/27

(a)

450,000‌

463,084‌

WESCO

Distribution,

Inc.

7.125%,

06/15/25

(a)

300,000‌

323,688‌

7.250%,

06/15/28

(a)

1,067,000‌

1,167,463‌

Westinghouse

Air

Brake

Technologies

Corp.

4.950%,

09/15/28

584,000‌

675,232‌

Total

5,354,349‌

Electric

1.9%

American

Electric

Power

Co.,

Inc.

Series

J,

4.300%,

12/01/28

495,000‌

583,563‌

Calpine

Corp.

4.500%,

02/15/28

(a)

865,000‌

879,720‌

5.125%,

03/15/28

(a)

660,000‌

680,709‌

Clearway

Energy

Operating

LLC

4.750%,

03/15/28

(a)

400,000‌

420,373‌

Dominion

Energy,

Inc.

4.250%,

06/01/28

268,000‌

315,389‌

DTE

Energy

Co.

Series

C,

3.400%,

06/15/29

483,000‌

538,531‌

Duke

Energy

Corp.

2.450%,

06/01/30

452,000‌

472,963‌

3.150%,

08/15/27

136,000‌

149,425‌

Edison

International

5.750%,

06/15/27

263,000‌

298,852‌

Eversource

Energy

Series

R,

1.650%,

08/15/30

490,000‌

481,094‌

FirstEnergy

Corp.

Series

B,

3.900%,

07/15/27

90,000‌

95,930‌

NextEra

Energy

Capital

Holdings,

Inc.

3.550%,

05/01/27

320,000‌

359,927‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Strategic

Beta

ETFs

|

Annual

Report

2020

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

NRG

Energy,

Inc.

6.625%,

01/15/27

886,000‌

932,121‌

Pacific

Gas

and

Electric

Co.

2.500%,

02/01/31

310,000‌

293,248‌

4.550%,

07/01/30

570,000‌

614,002‌

PG&E

Corp.

5.000%,

07/01/28

200,000‌

200,273‌

5.250%,

07/01/30

840,000‌

840,000‌

Southern

Co.

(The)

Series

A,

3.700%,

04/30/30

540,000‌

612,488‌

Vistra

Operations

Co.

LLC

5.000%,

07/31/27

(a)

530,000‌

553,048‌

5.625%,

02/15/27

(a)

502,000‌

524,590‌

Xcel

Energy,

Inc.

4.000%,

06/15/28

136,000‌

158,916‌

Total

10,005,162‌

Environmental

0.1%

Waste

Connections,

Inc.

4.250%,

12/01/28

367,000‌

434,486‌

Finance

Companies

0.9%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.650%,

07/21/27

150,000‌

141,761‌

Air

Lease

Corp.

Series

GMTN,

3.750%,

06/01/26

550,000‌

563,803‌

GATX

Corp.

4.700%,

04/01/29

86,000‌

103,124‌

GE

Capital

Funding

LLC

4.400%,

05/15/30

(a)

200,000‌

218,581‌

Global

Aircraft

Leasing

Co.

Ltd.

6.500%,

09/15/24

(a),(c)

818,637‌

548,238‌

Navient

Corp.

6.500%,

06/15/22

598,000‌

614,207‌

OneMain

Finance

Corp.

6.125%,

03/15/24

50,000‌

52,572‌

7.125%,

03/15/26

1,424,000‌

1,578,271‌

Quicken

Loans

LLC

5.250%,

01/15/28

(a)

500,000‌

523,428‌

Quicken

Loans

LLC

/

Quicken

Loans

Co.-Issuer,

Inc.

3.875%,

03/01/31

(a)

331,000‌

326,276‌

Total

4,670,261‌

Food

and

Beverage

2.4%

Anheuser-Busch

InBev

Worldwide,

Inc.

4.750%,

01/23/29

1,041,000‌

1,261,127‌

Aramark

Services,

Inc.

5.000%,

02/01/28

(a)

1,115,000‌

1,125,471‌

B&G

Foods,

Inc.

5.250%,

04/01/25

700,000‌

720,390‌

Campbell

Soup

Co.

4.150%,

03/15/28

312,000‌

361,146‌

Conagra

Brands,

Inc.

4.850%,

11/01/28

384,000‌

470,704‌

General

Mills,

Inc.

4.200%,

04/17/28

455,000‌

533,875‌

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

5.500%,

01/15/30

(a)

804,000‌

877,287‌

6.500%,

04/15/29

(a)

475,000‌

533,613‌

Keurig

Dr

Pepper,

Inc.

4.597%,

05/25/28

464,000‌

554,659‌

Kraft

Heinz

Foods

Co.

3.000%,

06/01/26

1,738,000‌

1,773,566‌

3.950%,

07/15/25

489,000‌

529,403‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Lamb

Weston

Holdings,

Inc.

4.625%,

11/01/24

(a)

597,000‌

618,158‌

4.875%,

11/01/26

(a)

242,000‌

251,099‌

Performance

Food

Group,

Inc.

5.500%,

10/15/27

(a)

677,000‌

693,925‌

Pilgrim's

Pride

Corp.

5.875%,

09/30/27

(a)

300,000‌

317,066‌

Post

Holdings,

Inc.

4.625%,

04/15/30

(a)

200,000‌

205,510‌

5.750%,

03/01/27

(a)

1,123,000‌

1,176,544‌

Sysco

Corp.

5.950%,

04/01/30

530,000‌

676,614‌

Tyson

Foods,

Inc.

4.350%,

03/01/29

260,000‌

311,847‌

Total

12,992,004‌

Foreign

Agencies

6.6%

CNAC

HK

Finbridge

Co.

Ltd.

4.125%,

07/19/27

1,400,000‌

1,506,851‌

5.125%,

03/14/28

2,200,000‌

2,485,524‌

DP

World

Crescent

Ltd.

Series

EMTN,

3.875%,

07/18/29

300,000‌

313,382‌

Series

REGS,

4.848%,

09/26/28

2,550,000‌

2,844,383‌

Ecopetrol

SA

5.375%,

06/26/26

1,800,000‌

1,987,677‌

6.875%,

04/29/30

1,350,000‌

1,616,970‌

Gazprom

OAO

Via

Gaz

Capital

SA

Series

REGS,

8.625%,

04/28/34

1,386,000‌

2,069,044‌

Huarong

Finance

2017

Co.

Ltd.

Series

EMTN,

4.250%,

11/07/27

1,300,000‌

1,391,764‌

Huarong

Finance

II

Co.

Ltd.

Series

EMTN,

4.625%,

06/03/26

700,000‌

762,975‌

Indonesia

Asahan

Aluminium

Persero

PT

Series

REGS,

5.450%,

05/15/30

700,000‌

796,475‌

Series

REGS,

6.530%,

11/15/28

800,000‌

968,467‌

KazMunayGas

National

Co.

JSC

Series

REGS,

4.750%,

04/19/27

1,000,000‌

1,126,537‌

Series

REGS,

5.375%,

04/24/30

530,000‌

631,672‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

Series

REGS,

4.125%,

05/15/27

640,000‌

698,023‌

Series

REGS,

5.450%,

05/21/28

1,200,000‌

1,411,470‌

Petrobras

Global

Finance

BV

5.093%,

01/15/30

2,505,000‌

2,620,346‌

5.999%,

01/27/28

2,301,000‌

2,577,306‌

Petroleos

Mexicanos

6.500%,

03/13/27

4,642,000‌

4,315,374‌

6.840%,

01/23/30

3,159,000‌

2,828,686‌

Southern

Gas

Corridor

CJSC

Series

REGS,

6.875%,

03/24/26

1,925,000‌

2,190,797‌

Total

35,143,723‌

Gaming

1.5%

Caesars

Entertainment,

Inc.

6.250%,

07/01/25

(a)

1,410,000‌

1,450,360‌

Caesars

Resort

Collection

LLC

/

CRC

Finco,

Inc.

5.750%,

07/01/25

(a)

1,255,000‌

1,287,298‌

Las

Vegas

Sands

Corp.

3.900%,

08/08/29

237,000‌

236,872‌

Melco

Resorts

Finance

Ltd.

Series

REGS,

4.875%,

06/06/25

200,000‌

201,981‌

5.375%,

12/04/29

(a)

400,000‌

385,500‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

11

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

MGM

Growth

Properties

Operating

Partnership

LP

/

MGP

Finance

Co.-

Issuer,

Inc.

5.625%,

05/01/24

464,000‌

488,155‌

Sands

China

Ltd.

5.400%,

08/08/28

300,000‌

327,823‌

Scientific

Games

International,

Inc.

5.000%,

10/15/25

(a)

865,000‌

867,635‌

Stars

Group

Holdings

BV

/

Stars

Group

US

Co.-Borrower

LLC

7.000%,

07/15/26

(a)

520,000‌

550,112‌

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

4.250%,

12/01/26

(a)

284,000‌

288,602‌

4.625%,

12/01/29

(a)

710,000‌

737,862‌

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

5.250%,

05/15/27

(a)

640,000‌

595,049‌

Wynn

Macau

Ltd.

5.125%,

12/15/29

(a)

200,000‌

185,368‌

5.500%,

01/15/26

(a)

200,000‌

193,881‌

Total

7,796,498‌

Health

Care

2.6%

Avantor,

Inc.

6.000%,

10/01/24

(a)

1,560,000‌

1,630,317‌

Becton

Dickinson

and

Co.

3.700%,

06/06/27

19,000‌

21,503‌

Boston

Scientific

Corp.

4.000%,

03/01/29

191,000‌

220,704‌

Cardinal

Health,

Inc.

3.410%,

06/15/27

60,000‌

66,436‌

Cigna

Corp.

4.375%,

10/15/28

850,000‌

1,005,865‌

CVS

Health

Corp.

4.300%,

03/25/28

1,614,000‌

1,871,838‌

DaVita,

Inc.

3.750%,

02/15/31

(a)

300,000‌

288,409‌

4.625%,

06/01/30

(a)

1,226,000‌

1,245,177‌

HCA,

Inc.

3.500%,

09/01/30

1,190,000‌

1,215,230‌

4.125%,

06/15/29

443,000‌

501,986‌

5.875%,

02/15/26

821,000‌

927,903‌

Hologic,

Inc.

3.250%,

02/15/29

(a)

500,000‌

502,965‌

IQVIA,

Inc.

5.000%,

05/15/27

(a)

400,000‌

420,305‌

5.000%,

10/15/26

(a)

400,000‌

414,983‌

Laboratory

Corp.

of

America

Holdings

3.600%,

09/01/27

190,000‌

215,812‌

MEDNAX,

Inc.

6.250%,

01/15/27

(a)

533,000‌

549,762‌

Stryker

Corp.

1.950%,

06/15/30

230,000‌

233,202‌

Tenet

Healthcare

Corp.

4.625%,

07/15/24

1,811,000‌

1,841,470‌

Thermo

Fisher

Scientific,

Inc.

2.600%,

10/01/29

565,000‌

614,339‌

Zimmer

Biomet

Holdings,

Inc.

3.550%,

03/20/30

240,000‌

266,060‌

Total

14,054,266‌

Healthcare

Insurance

0.7%

Anthem,

Inc.

4.101%,

03/01/28

760,000‌

876,942‌

Centene

Corp.

4.250%,

12/15/27

1,069,000‌

1,124,910‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.625%,

12/15/29

1,669,000‌

1,817,097‌

Total

3,818,949‌

Healthcare

REIT

0.6%

Alexandria

Real

Estate

Equities,

Inc.

3.375%,

08/15/31

286,000‌

320,117‌

Diversified

Healthcare

Trust

9.750%,

06/15/25

520,000‌

571,368‌

Healthcare

Trust

of

America

Holdings

LP

3.100%,

02/15/30

316,000‌

337,027‌

Healthpeak

Properties,

Inc.

3.000%,

01/15/30

150,000‌

160,933‌

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

4.625%,

08/01/29

685,000‌

717,549‌

5.000%,

10/15/27

350,000‌

364,624‌

Omega

Healthcare

Investors,

Inc.

3.625%,

10/01/29

261,000‌

263,925‌

Ventas

Realty

LP

4.400%,

01/15/29

297,000‌

335,209‌

Welltower,

Inc.

4.250%,

04/15/28

145,000‌

164,709‌

Total

3,235,461‌

Home

Construction

0.2%

Lennar

Corp.

4.750%,

11/29/27

825,000‌

941,147‌

Independent

Energy

1.4%

Apache

Corp.

4.375%,

10/15/28

200,000‌

183,026‌

Canadian

Natural

Resources

Ltd.

3.850%,

06/01/27

44,000‌

46,580‌

Cimarex

Energy

Co.

4.375%,

03/15/29

230,000‌

247,664‌

Concho

Resources,

Inc.

4.300%,

08/15/28

316,000‌

362,793‌

Continental

Resources,

Inc.

4.375%,

01/15/28

1,490,000‌

1,341,177‌

CrownRock

LP

/

CrownRock

Finance,

Inc.

5.625%,

10/15/25

(a)

573,000‌

562,846‌

Diamondback

Energy,

Inc.

3.500%,

12/01/29

360,000‌

357,879‌

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

5.750%,

01/30/28

(a)

710,000‌

738,400‌

EQT

Corp.

3.900%,

10/01/27

1,206,000‌

1,157,947‌

Neptune

Energy

Bondco

PLC

6.625%,

05/15/25

(a)

200,000‌

174,236‌

Noble

Energy,

Inc.

3.250%,

10/15/29

154,000‌

170,798‌

Occidental

Petroleum

Corp.

2.900%,

08/15/24

1,995,000‌

1,660,331‌

WPX

Energy,

Inc.

4.500%,

01/15/30

290,000‌

278,383‌

Total

7,282,060‌

Integrated

Energy

0.2%

Cenovus

Energy,

Inc.

4.250%,

04/15/27

1,140,000‌

1,156,891‌

Leisure

0.9%

Carnival

Corp.

9.875%,

08/01/27

(a)

100,000‌

104,012‌

11.500%,

04/01/23

(a)

2,083,000‌

2,292,549‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Strategic

Beta

ETFs

|

Annual

Report

2020

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Cedar

Fair

LP

/

Canada's

Wonderland

Co.

/

Magnum

Management

Corp.

/

Millennium

Op

5.500%,

05/01/25

(a)

420,000‌

425,214‌

Live

Nation

Entertainment,

Inc.

6.500%,

05/15/27

(a)

560,000‌

603,058‌

Royal

Caribbean

Cruises

Ltd.

9.125%,

06/15/23

(a)

420,000‌

437,337‌

10.875%,

06/01/23

(a)

600,000‌

654,468‌

11.500%,

06/01/25

(a)

300,000‌

343,177‌

Total

4,859,815‌

Life

Insurance

0.4%

American

International

Group,

Inc.

4.200%,

04/01/28

335,000‌

390,721‌

Brighthouse

Financial,

Inc.

3.700%,

06/22/27

377,000‌

397,313‌

Equitable

Holdings,

Inc.

4.350%,

04/20/28

203,000‌

233,119‌

Lincoln

National

Corp.

3.050%,

01/15/30

320,000‌

343,420‌

Prudential

Financial,

Inc.

5.700%,

(3-month

USD

LIBOR

+

2.665%),

09/15/48

(b)

350,000‌

395,550‌

Reinsurance

Group

of

America,

Inc.

3.900%,

05/15/29

380,000‌

433,593‌

Voya

Financial,

Inc.

4.700%,

(3-month

USD

LIBOR

+

2.084%),

01/23/48

(b)

50,000‌

49,856‌

Total

2,243,572‌

Lodging

0.5%

Choice

Hotels

International,

Inc.

3.700%,

01/15/31

200,000‌

208,357‌

Hilton

Domestic

Operating

Co.,

Inc.

4.875%,

01/15/30

100,000‌

102,895‌

5.125%,

05/01/26

1,374,000‌

1,398,045‌

Hyatt

Hotels

Corp.

4.375%,

09/15/28

666,000‌

678,885‌

Marriott

International,

Inc.

4.625%,

06/15/30

200,000‌

213,464‌

Total

2,601,646‌

Materials

0.1%

Cleveland-Cliffs,

Inc.

9.875%,

10/17/25

(a)

704,000‌

804,980‌

Media

and

Entertainment

1.6%

Activision

Blizzard,

Inc.

3.400%,

06/15/27

20,000‌

22,593‌

AMC

Networks,

Inc.

5.000%,

04/01/24

530,000‌

532,604‌

Clear

Channel

Worldwide

Holdings,

Inc.

5.125%,

08/15/27

(a)

1,107,000‌

1,083,928‌

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

5.375%,

08/15/26

(a)

1,375,000‌

804,546‌

Discovery

Communications

LLC

3.950%,

03/20/28

445,000‌

500,582‌

Fox

Corp.

3.500%,

04/08/30

436,000‌

487,405‌

Moody's

Corp.

4.250%,

02/01/29

268,000‌

318,985‌

Netflix,

Inc.

4.875%,

04/15/28

100,000‌

112,450‌

5.875%,

11/15/28

1,826,000‌

2,182,185‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Nielsen

Finance

LLC

/

Nielsen

Finance

Co.

5.625%,

10/01/28

(a)

550,000‌

567,316‌

TEGNA,

Inc.

4.625%,

03/15/28

(a)

100,000‌

98,769‌

5.000%,

09/15/29

925,000‌

936,420‌

Univision

Communications,

Inc.

6.625%,

06/01/27

(a)

800,000‌

807,910‌

Total

8,455,693‌

Metals

and

Mining

0.7%

Freeport-McMoRan,

Inc.

4.625%,

08/01/30

530,000‌

570,608‌

Newmont

Corp.

2.250%,

10/01/30

237,000‌

244,500‌

Novelis

Corp.

4.750%,

01/30/30

(a)

300,000‌

304,255‌

5.875%,

09/30/26

(a)

1,229,000‌

1,268,252‌

Nucor

Corp.

2.700%,

06/01/30

100,000‌

106,877‌

Steel

Dynamics,

Inc.

3.250%,

01/15/31

250,000‌

271,256‌

U.S.

Steel

Corp.

12.000%,

06/01/25

(a)

860,000‌

954,485‌

Total

3,720,233‌

Midstream

2.0%

Cheniere

Corpus

Christi

Holdings

LLC

3.700%,

11/15/29

100,000‌

104,482‌

5.125%,

06/30/27

57,000‌

63,872‌

Cheniere

Energy

Partners

LP

4.500%,

10/01/29

699,000‌

712,542‌

5.250%,

10/01/25

720,000‌

732,360‌

DCP

Midstream

Operating

LP

5.375%,

07/15/25

475,000‌

498,369‌

Enbridge,

Inc.

3.125%,

11/15/29

724,000‌

763,680‌

Energy

Transfer

Operating

LP

5.250%,

04/15/29

494,000‌

535,182‌

Enterprise

Products

Operating

LLC

2.800%,

01/31/30

100,000‌

104,822‌

4.150%,

10/16/28

219,000‌

252,824‌

EQM

Midstream

Partners

LP

4.750%,

07/15/23

900,000‌

895,211‌

5.500%,

07/15/28

250,000‌

253,323‌

6.500%,

07/01/27

(a)

150,000‌

157,372‌

Kinder

Morgan,

Inc.

2.000%,

02/15/31

100,000‌

95,188‌

4.300%,

03/01/28

200,000‌

226,312‌

MPLX

LP

4.125%,

03/01/27

331,000‌

362,318‌

ONEOK,

Inc.

4.350%,

03/15/29

168,000‌

175,424‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

3.550%,

12/15/29

225,000‌

216,038‌

Sabine

Pass

Liquefaction

LLC

4.500%,

05/15/30

(a)

100,000‌

112,151‌

5.000%,

03/15/27

116,000‌

130,209‌

Sunoco

LP

/

Sunoco

Finance

Corp.

4.875%,

01/15/23

540,000‌

542,400‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

4.875%,

02/01/31

(a)

1,170,000‌

1,142,467‌

5.875%,

04/15/26

753,000‌

769,252‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

13

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

TransCanada

PipeLines

Ltd.

4.250%,

05/15/28

496,000‌

567,816‌

Western

Midstream

Operating

LP

5.050%,

02/01/30

1,070,000‌

1,014,880‌

Williams

Cos.,

Inc.

(The)

3.750%,

06/15/27

320,000‌

348,675‌

Total

10,777,169‌

Natural

Gas

0.2%

NiSource,

Inc.

3.490%,

05/15/27

464,000‌

516,392‌

Sempra

Energy

3.400%,

02/01/28

477,000‌

521,642‌

Total

1,038,034‌

Office

REIT

0.1%

Boston

Properties

LP

4.500%,

12/01/28

449,000‌

526,584‌

Piedmont

Operating

Partnership

LP

3.150%,

08/15/30

250,000‌

247,717‌

Total

774,301‌

Other

Financial

Institutions

0.3%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

6.250%,

05/15/26

649,000‌

673,256‌

6.250%,

02/01/22

423,000‌

423,996‌

Nationstar

Mortgage

Holdings,

Inc.

5.500%,

08/15/28

(a)

510,000‌

508,649‌

Total

1,605,901‌

Other

Industry

0.3%

AECOM

5.125%,

03/15/27

795,000‌

870,821‌

Howard

Hughes

Corp.

(The)

5.375%,

03/15/25

(a)

512,000‌

513,313‌

Total

1,384,134‌

Other

REIT

0.4%

Brookfield

Property

REIT,

Inc.

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL

5.750%,

05/15/26

(a)

1,146,000‌

950,221‌

CubeSmart

LP

2.000%,

02/15/31

50,000‌

48,772‌

4.375%,

02/15/29

260,000‌

302,659‌

Digital

Realty

Trust

LP

3.600%,

07/01/29

346,000‌

392,778‌

EPR

Properties

4.950%,

04/15/28

304,000‌

273,267‌

Total

1,967,697‌

Other

Utility

0.0%

American

Water

Capital

Corp.

3.750%,

09/01/28

145,000‌

168,095‌

Packaging

0.9%

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

4.125%,

08/15/26

(a)

500,000‌

511,699‌

5.250%,

08/15/27

(a)

200,000‌

205,511‌

Ball

Corp.

2.875%,

08/15/30

50,000‌

49,442‌

5.250%,

07/01/25

510,000‌

577,059‌

Berry

Global,

Inc.

4.875%,

07/15/26

(a)

639,000‌

668,481‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI

4.750%,

02/01/26

286,000‌

296,530‌

Mauser

Packaging

Solutions

Holding

Co.

5.500%,

04/15/24

(a)

989,000‌

989,945‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Reynolds

Group

Issuer,

Inc.

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

Lu

4.000%,

10/15/27

(a)

1,160,000‌

1,176,916‌

5.125%,

07/15/23

(a)

144,000‌

145,729‌

Trivium

Packaging

Finance

BV

5.500%,

08/15/26

(a)

200,000‌

210,256‌

Total

4,831,568‌

Paper

0.3%

Packaging

Corp.

of

America

3.000%,

12/15/29

608,000‌

665,476‌

Suzano

Austria

GmbH

5.000%,

01/15/30

400,000‌

438,047‌

Weyerhaeuser

Co.

4.000%,

11/15/29

50,000‌

58,016‌

WRKCo,

Inc.

4.900%,

03/15/29

312,000‌

375,534‌

Total

1,537,073‌

Pharmaceuticals

1.4%

AbbVie,

Inc.

3.200%,

11/21/29

(a)

1,320,000‌

1,452,895‌

4.250%,

11/14/28

35,000‌

41,270‌

Amgen,

Inc.

2.200%,

02/21/27

910,000‌

959,374‌

3.200%,

11/02/27

100,000‌

111,099‌

AstraZeneca

PLC

1.375%,

08/06/30

520,000‌

505,358‌

Bausch

Health

Cos.,

Inc.

7.000%,

03/15/24

(a)

1,856,000‌

1,923,089‌

Bristol-Myers

Squibb

Co.

3.900%,

02/20/28

64,000‌

75,111‌

Gilead

Sciences,

Inc.

1.650%,

10/01/30

300,000‌

295,695‌

Mylan,

Inc.

4.550%,

04/15/28

230,000‌

267,209‌

Par

Pharmaceutical,

Inc.

7.500%,

04/01/27

(a)

880,000‌

932,124‌

Takeda

Pharmaceutical

Co.

Ltd.

5.000%,

11/26/28

200,000‌

246,207‌

Upjohn,

Inc.

2.700%,

06/22/30

(a)

500,000‌

516,995‌

Total

7,326,426‌

Property

&

Casualty

0.4%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

8.125%,

02/15/24

(a)

740,000‌

774,779‌

Aon

Corp.

3.750%,

05/02/29

50,000‌

57,516‌

CNA

Financial

Corp.

3.900%,

05/01/29

420,000‌

479,577‌

Markel

Corp.

3.350%,

09/17/29

330,000‌

361,836‌

Willis

North

America,

Inc.

4.500%,

09/15/28

381,000‌

454,245‌

Total

2,127,953‌

Railroads

0.2%

CSX

Corp.

3.250%,

06/01/27

197,000‌

220,180‌

Norfolk

Southern

Corp.

2.550%,

11/01/29

340,000‌

365,496‌

Union

Pacific

Corp.

3.700%,

03/01/29

530,000‌

612,061‌

Total

1,197,737‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Annual

Report

2020

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Refining

0.2%

Marathon

Petroleum

Corp.

3.800%,

04/01/28

310,000‌

327,851‌

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

(a)

397,000‌

153,331‌

9.250%,

05/15/25

(a)

682,000‌

609,378‌

Valero

Energy

Corp.

4.350%,

06/01/28

227,000‌

243,489‌

Total

1,334,049‌

Restaurants

0.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.250%,

05/15/24

(a)

1,263,000‌

1,288,861‌

5.000%,

10/15/25

(a)

359,000‌

367,961‌

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC

5.250%,

06/01/26

(a)

1,234,000‌

1,275,407‌

McDonald's

Corp.

Series

MTN,

2.625%,

09/01/29

516,000‌

556,949‌

Starbucks

Corp.

2.550%,

11/15/30

290,000‌

305,697‌

3.550%,

08/15/29

100,000‌

114,625‌

4.000%,

11/15/28

64,000‌

74,770‌

Total

3,984,270‌

Retail

REIT

0.2%

Brixmor

Operating

Partnership

LP

4.125%,

05/15/29

290,000‌

315,436‌

Kimco

Realty

Corp.

2.700%,

10/01/30

50,000‌

50,572‌

National

Retail

Properties,

Inc.

4.300%,

10/15/28

150,000‌

167,330‌

Regency

Centers

LP

2.950%,

09/15/29

50,000‌

51,548‌

VEREIT

Operating

Partnership

LP

3.100%,

12/15/29

50,000‌

50,632‌

3.400%,

01/15/28

50,000‌

52,354‌

3.950%,

08/15/27

198,000‌

214,163‌

Total

902,035‌

Retailers

0.8%

Advance

Auto

Parts,

Inc.

3.900%,

04/15/30

150,000‌

169,242‌

AutoZone,

Inc.

4.000%,

04/15/30

50,000‌

58,361‌

Dollar

General

Corp.

3.875%,

04/15/27

37,000‌

42,236‌

Dollar

Tree,

Inc.

4.000%,

05/15/25

330,000‌

372,092‌

Gap,

Inc.

(The)

8.875%,

05/15/27

(a)

330,000‌

377,201‌

Hanesbrands,

Inc.

4.875%,

05/15/26

(a)

836,000‌

899,210‌

L

Brands,

Inc.

6.625%,

10/01/30

(a)

200,000‌

209,870‌

Lowe's

Cos.,

Inc.

3.650%,

04/05/29

419,000‌

481,850‌

4.500%,

04/15/30

50,000‌

61,359‌

Macy's,

Inc.

8.375%,

06/15/25

(a)

500,000‌

521,768‌

O'Reilly

Automotive,

Inc.

4.350%,

06/01/28

320,000‌

376,859‌

PetSmart,

Inc.

5.875%,

06/01/25

(a)

568,000‌

580,678‌

Total

4,150,726‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Supermarkets

0.2%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

4.625%,

01/15/27

(a)

895,000‌

923,032‌

5.750%,

03/15/25

160,000‌

165,325‌

Kroger

Co.

(The)

3.700%,

08/01/27

199,000‌

227,592‌

Total

1,315,949‌

Technology

3.9%

Amphenol

Corp.

2.800%,

02/15/30

290,000‌

316,951‌

Arrow

Electronics,

Inc.

3.250%,

09/08/24

44,000‌

47,257‌

Avaya,

Inc.

6.125%,

09/15/28

(a)

592,000‌

608,127‌

Black

Knight

InfoServ

LLC

3.625%,

09/01/28

(a)

500,000‌

505,997‌

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

3.875%,

01/15/27

1,055,000‌

1,166,262‌

Broadcom,

Inc.

4.150%,

11/15/30

250,000‌

280,148‌

CommScope,

Inc.

5.500%,

03/01/24

(a)

740,000‌

755,702‌

6.000%,

03/01/26

(a)

787,000‌

816,173‌

Dell

International

LLC

/

EMC

Corp.

4.900%,

10/01/26

(a)

581,000‌

661,604‌

Equinix,

Inc.

2.150%,

07/15/30

400,000‌

403,773‌

Fidelity

National

Information

Services,

Inc.

3.750%,

05/21/29

70,000‌

80,677‌

Series

10Y,

4.250%,

05/15/28

136,000‌

160,508‌

Fiserv,

Inc.

3.500%,

07/01/29

842,000‌

947,337‌

Global

Payments,

Inc.

3.200%,

08/15/29

426,000‌

462,158‌

HP,

Inc.

3.400%,

06/17/30

300,000‌

319,296‌

Iron

Mountain,

Inc.

4.500%,

02/15/31

(a)

50,000‌

49,555‌

5.250%,

07/15/30

(a)

1,048,000‌

1,075,547‌

Keysight

Technologies,

Inc.

3.000%,

10/30/29

330,000‌

356,915‌

Microchip

Technology,

Inc.

4.250%,

09/01/25

(a)

620,000‌

642,633‌

Micron

Technology,

Inc.

4.663%,

02/15/30

296,000‌

346,983‌

Motorola

Solutions,

Inc.

4.600%,

05/23/29

200,000‌

234,696‌

MSCI,

Inc.

3.875%,

02/15/31

(a)

400,000‌

417,493‌

4.000%,

11/15/29

(a)

708,000‌

739,066‌

NetApp,

Inc.

2.700%,

06/22/30

380,000‌

389,605‌

NortonLifeLock,

Inc.

5.000%,

04/15/25

(a)

702,000‌

715,061‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

3.400%,

05/01/30

(a)

350,000‌

385,392‌

Open

Text

Corp.

3.875%,

02/15/28

(a)

480,000‌

487,605‌

Open

Text

Holdings,

Inc.

4.125%,

02/15/30

(a)

560,000‌

583,196‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

15

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

PayPal

Holdings,

Inc.

2.850%,

10/01/29

468,000‌

511,487‌

Qorvo,

Inc.

4.375%,

10/15/29

520,000‌

557,904‌

Refinitiv

US

Holdings,

Inc.

6.250%,

05/15/26

(a)

700,000‌

747,774‌

Sabre

GLBL,

Inc.

7.375%,

09/01/25

(a)

250,000‌

254,717‌

Seagate

HDD

Cayman

4.125%,

01/15/31

(a)

250,000‌

270,755‌

SS&C

Technologies,

Inc.

5.500%,

09/30/27

(a)

883,000‌

939,127‌

SSL

Robotics

LLC

9.750%,

12/31/23

(a)

512,000‌

569,606‌

Veritas

US,

Inc.

/

Veritas

Bermuda

Ltd.

7.500%,

09/01/25

(a)

690,000‌

699,333‌

VMware,

Inc.

3.900%,

08/21/27

265,000‌

292,875‌

Western

Digital

Corp.

4.750%,

02/15/26

1,345,000‌

1,448,140‌

Xerox

Corp.

4.375%,

03/15/23

400,000‌

416,341‌

Total

20,663,776‌

Tobacco

0.6%

Altria

Group,

Inc.

4.800%,

02/14/29

1,150,000‌

1,349,215‌

BAT

Capital

Corp.

3.557%,

08/15/27

660,000‌

717,019‌

Vector

Group

Ltd.

6.125%,

02/01/25

(a)

1,240,000‌

1,237,786‌

Total

3,304,020‌

Transportation

Services

0.2%

FedEx

Corp.

3.400%,

02/15/28

290,000‌

326,445‌

XPO

Logistics,

Inc.

6.750%,

08/15/24

(a)

836,000‌

884,155‌

Total

1,210,600‌

Wireless

1.9%

Altice

France

SA

8.125%,

02/01/27

(a)

1,400,000‌

1,524,356‌

American

Tower

Corp.

1.875%,

10/15/30

50,000‌

49,319‌

2.750%,

01/15/27

342,000‌

366,346‌

Crown

Castle

International

Corp.

3.300%,

07/01/30

50,000‌

54,632‌

3.650%,

09/01/27

245,000‌

272,521‌

SBA

Communications

Corp.

3.875%,

02/15/27

(a)

400,000‌

406,548‌

4.875%,

09/01/24

825,000‌

845,606‌

Sprint

Corp.

7.625%,

03/01/26

558,000‌

678,770‌

7.625%,

02/15/25

51,000‌

60,233‌

T-Mobile

USA,

Inc.

3.750%,

04/15/27

(a)

475,000‌

531,165‌

3.875%,

04/15/30

(a)

962,000‌

1,081,499‌

4.750%,

02/01/28

200,000‌

214,394‌

6.500%,

01/15/26

1,963,000‌

2,044,830‌

Vmed

O2

UK

Financing

I

PLC

4.250%,

01/31/31

(a)

500,000‌

501,223‌

VMware,

Inc.

4.700%,

05/15/30

100,000‌

118,299‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Vodafone

Group

PLC

7.000%,

04/04/79

1,250,000‌

1,482,460‌

Total

10,232,201‌

Wirelines

1.7%

Altice

France

SA

7.375%,

05/01/26

(a)

1,470,000‌

1,534,644‌

American

Tower

Corp.

3.550%,

07/15/27

132,000‌

146,884‌

AT&T,

Inc.

4.300%,

02/15/30

831,000‌

969,243‌

C&W

Senior

Financing

DAC

6.875%,

09/15/27

(a)

200,000‌

212,458‌

CenturyLink,

Inc.

4.000%,

02/15/27

(a)

480,000‌

490,730‌

5.125%,

12/15/26

(a)

605,000‌

618,656‌

Level

3

Financing,

Inc.

4.250%,

07/01/28

(a)

900,000‌

904,628‌

4.625%,

09/15/27

(a)

400,000‌

408,831‌

Uniti

Group

LP

/

Uniti

Fiber

Holdings,

Inc.

/

CSL

Capital

LLC

7.875%,

02/15/25

(a)

250,000‌

265,340‌

Verizon

Communications,

Inc.

4.016%,

12/03/29

530,000‌

627,014‌

4.329%,

09/21/28

723,000‌

867,938‌

Vodafone

Group

PLC

4.375%,

05/30/28

1,022,000‌

1,207,411‌

Zayo

Group

Holdings,

Inc.

4.000%,

03/01/27

(a)

990,000‌

971,466‌

Total

9,225,243‌

Total

Corporate

Bonds

(Cost

$267,941,265)

273,982,977‌

Foreign

Government

Obligations

(d),(e)

  23.2%

Principal

Amount

($)

Value

($)

Australia

Government

Bond

Series

138,

3.250%,

04/21/29

AUD

7,649,000‌

6,502,317‌

Series

155,

2.500%,

05/21/30

AUD

200,000‌

162,575‌

Brazilian

Government

International

Bond

3.875%,

06/12/30

4,020,000‌

4,070,697‌

4.625%,

01/13/28

1,800,000‌

1,949,648‌

Canadian

Government

Bond

1.250%,

06/01/30

CAD

8,381,000‌

6,637,345‌

CITIC

Ltd.

Series

EMTN,

3.700%,

06/14/26

200,000‌

218,661‌

Series

EMTN,

3.875%,

02/28/27

200,000‌

217,400‌

Colombia

Government

International

Bond

4.500%,

03/15/29

800,000‌

897,762‌

3.875%,

04/25/27

4,310,000‌

4,653,979‌

Dominican

Republic

International

Bond

Series

REGS,

5.950%,

01/25/27

1,245,000‌

1,361,858‌

Series

REGS,

6.875%,

01/29/26

1,700,000‌

1,925,626‌

Export-Import

Bank

of

India

Series

REGS,

3.875%,

02/01/28

1,350,000‌

1,426,145‌

Series

REGS,

3.375%,

08/05/26

200,000‌

210,848‌

Guatemala

Government

Bond

Series

REGS,

4.875%,

02/13/28

780,000‌

877,316‌

Series

REGS,

4.500%,

05/03/26

400,000‌

436,405‌

Indonesia

Government

International

Bond

3.850%,

10/15/30

1,607,000‌

1,830,681‌

Series

REGS,

4.750%,

01/08/26

1,160,000‌

1,342,405‌

Italy

Buoni

Poliennali

Del

Tesoro

2.251%,

05/01/31

EUR

3,673,000‌

6,535,207‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Annual

Report

2020

Foreign

Government

Obligations

(d),(e)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Japan

Government

Ten

Year

Bond

Series

358,

0.100%,

03/20/30

JPY

557,000,000‌

5,369,475‌

Series

359,

0.100%,

06/20/30

JPY

81,000,000‌

780,132‌

Japan

Government

Twenty

Year

Bond

Series

123,

2.100%,

12/20/30

JPY

38,000,000‌

438,612‌

Series

128,

1.900%,

06/20/31

JPY

30,000,000‌

342,382‌

Kazakhstan

Government

International

Bond

Series

REGS,

5.125%,

07/21/25

1,045,000‌

1,213,976‌

Mexico

Government

International

Bond

4.500%,

04/22/29

1,100,000‌

1,242,442‌

3.250%,

04/16/30

3,100,000‌

3,202,101‌

New

Zealand

Government

Bond

Series

0429,

3.000%,

04/20/29

NZD

8,278,000‌

6,659,989‌

Norway

Government

Bond

Series

482,

1.375%,

08/19/30

(a)

NOK

59,810,000‌

6,668,441‌

Oman

Government

International

Bond

5.772%,

01/17/28

3,955,000‌

3,618,747‌

Series

REGS,

4.750%,

06/15/26

1,400,000‌

1,281,069‌

Panama

Government

International

Bond

3.160%,

01/23/30

2,400,000‌

2,619,650‌

3.875%,

03/17/28

550,000‌

623,243‌

Paraguay

Government

International

Bond

4.950%,

04/28/31

(a)

800,000‌

932,000‌

Series

REGS,

4.950%,

04/28/31

700,000‌

818,616‌

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.150%,

03/29/27

2,440,000‌

2,738,330‌

Series

REGS,

4.550%,

03/29/26

200,000‌

228,492‌

Peruvian

Government

International

Bond

8.750%,

11/21/33

2,147,000‌

3,619,655‌

2.783%,

01/23/31

1,795,000‌

1,940,208‌

Philippine

Government

International

Bond

3.000%,

02/01/28

1,200,000‌

1,316,516‌

9.500%,

02/02/30

2,654,000‌

4,347,530‌

Republic

of

South

Africa

Government

International

Bond

4.300%,

10/12/28

3,040,000‌

2,949,930‌

4.850%,

09/30/29

2,600,000‌

2,577,177‌

Russian

Foreign

Bond

-

Eurobond

Series

REGS,

4.750%,

05/27/26

3,200,000‌

3,657,553‌

Series

REGS,

5.100%,

03/28/35

1,600,000‌

1,944,768‌

Series

REGS,

4.375%,

03/21/29

2,800,000‌

3,200,970‌

Sharjah

Sukuk

Program

Ltd.

Series

EMTN,

4.226%,

03/14/28

1,700,000‌

1,890,951‌

Series

EMTN,

3.854%,

04/03/26

200,000‌

216,658‌

Sweden

Government

Bond

Series

1062,

0.125%,

05/12/31

(a)

SEK

46,980,000‌

5,384,940‌

Series

1056,

2.250%,

06/01/32

SEK

6,920,000‌

979,736‌

United

Kingdom

Gilt

4.750%,

12/07/30

GBP

3,482,000‌

6,514,943‌

0.875%,

10/22/29

GBP

50,000‌

68,458‌

Uruguay

Government

International

Bond

4.375%,

10/27/27

2,398,000‌

2,799,913‌

4.375%,

01/23/31

502,000‌

606,267‌

Total

Foreign

Government

Obligations

(Cost

$120,070,021)

124,050,745‌

U.S.

Treasury

Obligations

  15.3%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bond

7.1%

1.125%,

05/15/40

2,883,000‌

2,751,913‌

1.125%,

08/15/40

2,310,000‌

2,198,109‌

U.S.

Treasury

Obligations

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

1.250%,

05/15/50

2,826,000‌

2,569,452‌

1.375%,

08/15/50

3,699,000‌

3,474,170‌

2.000%,

02/15/50

1,409,000‌

1,534,489‌

2.250%,

08/15/46

1,611,000‌

1,843,840‌

2.250%,

08/15/49

1,950,000‌

2,237,930‌

2.375%,

11/15/49

2,376,000‌

2,798,854‌

2.875%,

05/15/49

4,408,000‌

5,705,605‌

3.000%,

05/15/42

1,629,000‌

2,104,719‌

3.000%,

02/15/49

700,000‌

925,750‌

3.375%,

05/15/44

1,828,000‌

2,509,501‌

3.375%,

11/15/48

2,110,000‌

2,974,441‌

3.750%,

08/15/41

1,096,000‌

1,565,054‌

3.750%,

11/15/43

1,807,300‌

2,612,678‌

3.875%,

08/15/40

50,000‌

72,055‌

Total

37,878,560‌

U.S.

Treasury

Bill

5.4%

0.078%,

12/01/20

10,000,000‌

9,999,360‌

0.081%,

12/17/20

10,000,000‌

9,998,946‌

0.092%,

11/27/20

9,000,000‌

8,999,499‌

Total

28,997,805‌

U.S.

Treasury

Note

2.8%

0.625%,

05/15/30

1,768,000‌

1,733,745‌

0.625%,

08/15/30

2,150,000‌

2,103,305‌

2.375%,

05/15/27

2,812,000‌

3,137,138‌

2.625%,

02/15/29

4,013,000‌

4,619,966‌

2.875%,

05/15/28

100,000‌

116,156‌

5.250%,

11/15/28

2,433,000‌

3,298,616‌

6.125%,

08/15/29

100,000‌

145,859‌

Total

15,154,785‌

Total

U.S.

Treasury

Obligations

(Cost

$79,729,010)

82,031,150‌

U.S.

Government

&

Agency

Obligations

  15.0%

Principal

Amount

($)

Value

($)

Uniform

Mortgage-Backed

Security

TBA

8.1%

2.000%,

12/15/50

(f)

7,200,000‌

7,410,375‌

2.500%,

12/15/50

(f)

14,570,000‌

15,159,630‌

3.000%,

12/15/50

(f)

5,300,000‌

5,540,089‌

3.500%,

12/15/50

(f)

2,729,000‌

2,883,199‌

4.000%,

12/15/50

(f)

5,445,000‌

5,820,407‌

4.500%,

12/15/50

(f)

6,155,000‌

6,657,137‌

Total

43,470,837‌

Federal

Home

Loan

Mortgage

Corporation

5.0%

2.500%,

08/01/50

9,816,806‌

10,236,263‌

3.000%,

01/01/50

752,570‌

785,593‌

3.000%,

02/01/50

772,607‌

806,514‌

3.000%,

08/01/50

8,828,472‌

9,250,726‌

3.500%,

08/01/47

1,313,870‌

1,391,516‌

3.500%,

08/01/49

491,267‌

518,068‌

3.500%,

09/01/49

560,837‌

591,584‌

3.500%,

10/01/49

612,907‌

646,737‌

3.500%,

11/01/49

597,675‌

630,575‌

3.500%,

02/01/50

732,658‌

773,028‌

4.000%,

08/01/49

508,356‌

542,443‌

4.000%,

09/01/49

584,844‌

624,101‌

Total

26,797,148‌

Federal

National

Mortgage

Association

1.9%

3.000%,

12/01/49

735,915‌

768,108‌

3.000%,

01/01/50

813,295‌

849,119‌

3.000%,

01/01/50

761,232‌

794,513‌

3.000%,

02/01/50

770,159‌

803,742‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

17

Notes

to

Portfolio

of

Investments

U.S.

Government

&

Agency

Obligations

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

3.000%,

03/01/50

805,978‌

841,169‌

3.500%,

04/01/49

178,390‌

187,942‌

3.500%,

08/01/49

514,414‌

542,570‌

3.500%,

09/01/49

698,106‌

736,847‌

3.500%,

09/01/49

562,000‌

592,872‌

3.500%,

10/01/49

613,808‌

647,482‌

3.500%,

12/01/49

698,034‌

736,562‌

3.500%,

02/01/50

745,614‌

786,759‌

4.000%,

09/01/47

610,698‌

655,003‌

4.000%,

03/01/48

1,160,623‌

1,243,002‌

U.S.

Government

&

Agency

Obligations

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%,

05/01/49

156,093‌

166,577‌

Total

10,352,267‌

Total

U.S.

Government

&

Agency

Obligations

(Cost

$80,204,663)

80,620,252‌

Money

Market

Funds

2.7%

Shares

Value

($)

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

0.020%

(g)

14,575,151‌

14,575,151‌

Total

Money

Market

Funds

(Cost

$14,575,151)

14,575,151‌

Total

Investments

in

Securities

(Cost

$562,520,110)

575,260,275‌

Other

Assets

&

Liabilities,

Net

(39,200,737‌)

Net

Assets

536,059,538‌

(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

October

31,

2020,

the

total

value

of

these

securities

amounted

to

$119,630,913,

which

represents

22.32%

of

total

net

assets.

(b)

Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

October

31,

2020.

(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

October

31,

2020.

Abbreviation

Legend

LIBOR

London

Interbank

Offered

Rates

TBA

To

Be

Announced

Currency

Legend

AUD

Australian

Dollar

CAD

Canadian

Dollar

EUR

Euro

GBP

Pound

Sterling

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

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)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Strategic

Beta

ETFs

|

Annual

Report

2020

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.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2020:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Corporate

Bonds

–

273,982,977

–

273,982,977

Foreign

Government

Obligations

–

124,050,745

–

124,050,745

U.S.

Treasury

Obligations

82,031,150

–

–

82,031,150

U.S.

Government

&

Agency

Obligations

–

80,620,252

–

80,620,252

Money

Market

Funds

14,575,151

–

–

14,575,151

Total

Investments

in

Securities

96,606,301

478,653,974

–

575,260,275

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund’s

assets

assigned

to

the

Level

2

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

19

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$562,520,110)

$575,260,275

Receivable

for:

Investments

sold

on

a

delayed

delivery

basis

43,473,759

Interest

4,809,154

Capital

shares

sold

3,211,545

Investment

sold

975,653

Reclaims

receivable

10,924

Dividends

131

Total

assets

627,741,441

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

86,989,867

Investments

purchased

4,570,965

Investment

management

fees

119,184

Due

to

custodian

1,887

Total

liabilities

91,681,903

Net

assets

applicable

to

outstanding

capital

stock

$536,059,538

Represented

by:

Paid-in

capital

$524,053,587

Total

distributable

earnings

(loss)

12,005,951

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$536,059,538

Shares

outstanding

25,100,050

Net

asset

value

per

share

$21.36

STATEMENT

OF

OPERATIONS

For

the

Year

Ended

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Strategic

Beta

ETFs

|

Annual

Report

2020

Investment

Income:

Interest

$10,435,646

Dividends

-

unaffiliated

issuers

36,042

Foreign

taxes

withheld

(36,954)

Total

income

10,434,734

Expenses:

Investment

management

fees

926,800

Net

investment

income

9,507,934

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(849,100)

In-kind

transactions

(1,979,063)

Foreign

currency

translations

(87,293)

Net

realized

loss

(2,915,456)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

6,739,508

Foreign

currency

translations

(1,380)

Net

change

in

unrealized

appreciation

6,738,128

Net

realized

and

unrealized

gain

3,822,672

Net

increase

in

net

assets

resulting

from

operations

$13,330,606

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

21

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Operations

Net

investment

income

$9,507,934

$4,199,806

Net

realized

gain

(loss)

(2,915,456)

707,358

Net

change

in

unrealized

appreciation

6,738,128

9,266,308

Net

increase

in

net

assets

resulting

from

operations

13,330,606

14,173,472

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(8,838,484)

(3,975,229)

Shareholder

transactions

Proceeds

from

shares

sold

377,579,960

135,187,935

Cost

of

shares

redeemed

(39,239,227)

(37,043,384)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

338,340,733

98,144,551

Increase

in

net

assets

342,832,855

108,342,794

Net

Assets:

Net

assets

beginning

of

year

193,226,683

84,883,889

Net

assets

at

end

of

year

$536,059,538

$193,226,683

Capital

stock

activity

Shares

outstanding,

beginning

of

year

9,300,050

4,500,050

Subscriptions

17,900,000

6,700,000

Redemptions

(2,100,000)

(1,900,000)

Shares

outstanding,

end

of

year

25,100,050

9,300,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

Strategic

Beta

ETFs

|

Annual

Report

2020

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31

,

2017

(a)

2020

2019

2018

Per

share

data

Net

asset

value,

beginning

of

year

$20.78‌

$18.86‌

$19.94‌

$20.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.60‌

0.72‌

0.67‌

0.03‌

Net

realized

and

unrealized

gain

(loss)

0.57‌

1.91‌

(1.13‌)

(0.09‌)

Total

from

investment

operations

1.17‌

2.63‌

(0.46‌)

(0.06‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.59‌)

(0.71‌)

(0.62‌)

–‌

Total

distribution

to

shareholders

(0.59‌)

(0.71‌)

(0.62‌)

–‌

Net

asset

value,

end

of

year

$21.36‌

$20.78‌

$18.86‌

$19.94‌

Total

Return

at

NAV

5.71‌%

14.21‌%

(2.32‌)%

(0.30‌)%

Total

Return

at

Market

5.69‌%

14.78‌%

(2.68‌)%

(0.15‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.28‌%

0.28‌%

0.28‌%

(c)

0.28‌%

(d)

Total

net

expenses

(b)(e)

0.28‌%

0.28‌%

0.24‌%

(c)

–‌%

(d)

Net

investment

income

2.87‌%

3.62‌%

3.49‌%

3.10‌%

(d)

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$536,060‌

$193,227‌

$84,884‌

$29,917‌

Portfolio

turnover

156‌%

171‌%

140‌%

–‌%

(a)

The

Fund

commenced

operations

on

October

12,

2017.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

for

the

year

ended

October

31,

2018

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

Annualized

(e)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

23

Organization

Columbia

Diversified

Fixed

Income

Allocation

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

shares

The

market

prices

of

the

Fund’s

shares

may

differ

to

some

degree

from

the

Fund’s

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

“Creation

Unit.”

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Funds’

principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Funds’

shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

Summary

of

significant

accounting

policies

Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

by

pricing

services

approved

by

the

Board

of

Trustees

based

upon

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

and

under

the

general

supervision

of

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

24

Strategic

Beta

ETFs

|

Annual

Report

2020

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

regular

trading

on

the

New

York

Stock

Exchange.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Fund

does

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

To

be

announced

securities

The

Fund

may

trade

securities

on

a

To

Be

Announced

(TBA)

basis.

As

with

other

delayed-delivery

transactions,

a

seller

agrees

to

issue

a

TBA

security

at

a

future

date.

However,

the

seller

does

not

specify

the

particular

securities

to

be

delivered.

Instead,

the

Fund

agrees

to

accept

any

security

that

meets

specified

terms.

In

some

cases,

Master

Securities

Forward

Transaction

Agreements

(MSFTAs)

may

be

used

to

govern

transactions

of

certain

forward-settling

agency

mortgage-backed

securities,

such

as

delayed-delivery

and

TBAs,

between

the

Fund

and

counterparty.

The

MSFTA

maintains

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral

relating

to

such

transactions.

Mortgage

dollar

roll

transactions

The

Fund

may

enter

into

mortgage

“dollar

rolls”

in

which

the

Fund

sells

securities

for

delivery

in

the

current

month

and

simultaneously

contracts

with

the

same

counterparty

to

repurchase

similar

but

not

identical

securities

(same

type,

coupon

and

maturity)

on

a

specified

future

date.

During

the

roll

period,

the

Fund

loses

the

right

to

receive

principal

and

interest

paid

on

the

securities

sold.

However,

the

Fund

will

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

will

diminish

the

investment

performance

of

the

Fund

compared

to

what

the

performance

would

have

been

without

the

use

of

mortgage

dollar

rolls.

All

cash

proceeds

will

be

invested

in

instruments

that

are

permissible

investments

for

the

Fund.

The

Fund

identifies

cash

or

liquid

securities

in

an

amount

equal

to

the

forward

purchase

price

For

financial

reporting

and

tax

purposes,

the

Fund

treats

“to

be

announced”

mortgage

dollar

rolls

as

two

separate

transactions,

one

involving

the

purchase

of

a

security

and

a

separate

transaction

involving

a

sale.

These

transactions

may

increase

the

Fund’s

portfolio

turnover

rate.

The

Fund

does

not

currently

enter

into

mortgage

dollar

rolls

that

are

accounted

for

as

financing

transactions.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

the

Fund

is

obligated

to

repurchase

may

decline

below

the

repurchase

price,

or

that

the

counterparty

may

default

on

its

obligations.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

25

Delayed

delivery

securities

The

Fund

may

trade

securities

on

other

than

normal

settlement

terms,

including

securities

purchased

or

sold

on

a

“when-

issued”

or

"forward

commitment"

basis.

This

may

increase

risk

to

the

Fund

since

the

other

party

to

the

transaction

may

fail

to

deliver,

which

could

cause

the

Fund

to

subsequently

invest

at

less

advantageous

prices.

The

Fund

designates

cash

or

liquid

securities

in

an

amount

equal

to

the

delayed

delivery

commitment.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

NAV

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

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,

the

Fund

is

treated

as

a

separate

entity.

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provisions

are

recorded.

Foreign

taxes

The

Fund

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

26

Strategic

Beta

ETFs

|

Annual

Report

2020

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.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any;

brokerage

fees

and

commissions

and

any

other

portfolio

transaction

expenses;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.28%

of

the

Fund’s

average

daily

net

assets.

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund

as

disclosed

in

the

Statement

of

Operations.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

liability

for

the

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Fund.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.,

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

27

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

October

31,

2020,

these

differences

are

primarily

due

to

differing

treatments

for

deferral/reversal

of

wash

sale

losses,

foreign

currency

transactions,

capital

loss

carryforwards,

principal

and/or

interest

of

fixed

income

securities

and

reversal

of

capital

gains

(losses)

on

a

redemption-in-kind.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund’s

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

following

reclassifications

were

made:

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October 31,

2020,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October 31,

2020,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2020,

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,

2020,

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.

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

Capital

($)

318,757

2,080,309

(2,399,066)

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

8,838,484

-

8,838,484

3,975,229

-

3,975,229

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

1,241,789

-

(1,235,642)

11,999,804

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

563,260,471

16,609,528

(4,609,724)

11,999,804

No

expiration

short-

term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

758,639

477,003

1,235,642

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

28

Strategic

Beta

ETFs

|

Annual

Report

2020

Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$616,004,638

and

$522,093,255,

respectively,

for

the

year

ended

October

31,

2020,

of

which

$13,104,894

and

$10,378,830,

respectively,

were

U.S.

government

securities.

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

In-kind

transactions

The

Fund

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

October

31,

2020,

the

cost

basis

of

securities

contributed

was

$276,297,186.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended

October

31,

2020,

the

in-kind

redemption

proceeds

from

sales

were

$31,216,829

and

the

net

realized

loss

was

$1,979,063.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

Wells

Fargo

Bank,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

a

December

1,

2020

amendment,

the

credit

facility,

which

is

a

collective

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

collective

borrowings

up

to

$950

million.

Interest

is

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.25%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

will

pay

a

commitment

fee

equal

to

its

pro

rata

share

of

the

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

Prior

to

the

December

1,

2020

amendment,

the

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

HSBC

Bank

USA,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

which

permitted

collective

borrowings

up

to

1

billion.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-

month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

The

Fund

had

no

borrowings

during

the

year

ended

October

31,

2020.

Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

securities

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

29

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

prevailing

interest

rates

rise,

the

values

of

debt

securities

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

securities

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

in

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

and

environment

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund,

including

causing

difficulty

in

assigning

prices

to

hard-to-value

assets

in

thinly

traded

and

closed

markets,

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

The

Fund

performance

may

also

be

significantly

negatively

impacted

by

the

economic

impact

of

the

coronavirus

disease

2019

(COVID-19)

pandemic.

The

COVID-19

public

health

crisis

has

become

a

pandemic

that

has

resulted

in,

and

may

continue

to

result

in,

significant

global

economic

and

societal

disruption

and

market

volatility

due

to

disruptions

in

market

access,

resource

availability,

facilities

operations,

imposition

of

tariffs,

export

controls

and

supply

chain

disruption,

among

others.

Such

disruptions

may

be

caused,

or

exacerbated

by,

quarantines

and

travel

restrictions,

workforce

displacement

and

loss

in

human

and

other

resources.

The

uncertainty

surrounding

the

magnitude,

duration,

reach,

costs

and

effects

of

the

global

pandemic,

as

well

as

actions

that

have

been

or

could

be

taken

by

governmental

authorities

or

other

third

parties,

present

unknowns

that

are

yet

to

unfold.

The

impacts,

as

well

as

the

uncertainty

over

impacts

to

come,

of

COVID-19

–

and

any

other

infectious

illness

outbreaks,

epidemics

and

pandemics

that

may

arise

in

the

future

–

could

negatively

affect

global

economies

and

markets

in

ways

that

cannot

necessarily

be

foreseen.

In

addition,

the

impact

of

infectious

illness

outbreaks

and

epidemics

in

emerging

market

countries

may

be

greater

due

to

generally

less

established

healthcare

systems,

governments

and

financial

markets.

Public

health

crises

caused

by

the

COVID-19

outbreak

may

exacerbate

other

pre-existing

political,

social

and

economic

risks

in

certain

countries

or

globally.

The

disruptions

caused

by

COVID-19

could

prevent

the

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

the

Fund’s

ability

to

achieve

its

investment

objectives.

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

and

risk

profile

of

the

Fund.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

30

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The

Investment

Manager

and

its

affiliates

have

systematically

implemented

strategies

to

address

the

operating

environment

spurred

by

the

COVID-19

pandemic.

To

promote

the

safety

and

security

of

our

employees

and

to

assure

the

continuity

of

our

business

operations,

we

have

implemented

a

work

from

home

protocol

for

virtually

all

of

our

employee

population,

restricted

business

travel,

and

provided

resources

for

complying

with

the

guidance

from

the

World

Health

Organization,

the

U.S.

Centers

for

Disease

Control

and

governments.

Our

operations

teams

seek

to

operate

without

significant

disruptions

in

service.

Our

pandemic

strategy

takes

into

consideration

that

a

pandemic

could

be

widespread

and

may

occur

in

multiple

waves,

affecting

different

communities

at

different

times

with

varying

levels

of

severity.

We

cannot,

however,

predict

the

impact

that

natural

or

man-made

disasters,

including

the

COVID-19

pandemic,

may

have

on

the

ability

of

our

employees

and

third-party

service

providers

to

continue

ordinary

business

operations

and

technology

functions

over

near-

or

longer-term

periods.

Passive

Investment

Risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

underlying

index.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of,

its

underlying

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

an

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

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.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

have

historically

been

involved

in

a

number

of

legal,

arbitration

and

regulatory

proceedings,

including

routine

litigation,

class

actions,

and

governmental

actions,

concerning

matters

arising

in

connection

with

the

conduct

of

their

business

activities.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov

.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial.

Strategic

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ETFs

|

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Report

2020

31

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Diversified

Fixed

Income

Allocation

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Diversified

Fixed

Income

Allocation

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

hereafter

referred

to

as

the

"Fund")

as

of

October

31,

2020,

the

related

statement

of

operations

for

the

year

ended

October

31,

2020,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2020,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2020

and

for

the

period

October

12,

2017

(commencement

of

operations)

through

October

31,

2017

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2020,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2020

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2020

and

for

the

period

October

12,

2017

(commencement

of

operations)

through

October

31,

2017

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2020

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

21,

2020

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

32

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|

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The

Fund

hereby

designates

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2020

.

Shareholders

will

be

notified

in

early

202

1

of

the

amounts

for

use

in

preparing

2020

income

tax

returns.

The

Fund

reports

the

following

for

ordinary

income

distributions:

Fund

Columbia

Diversified

Fixed

Income

Allocation

ETF

$8,838,484

TRUSTEES

AND

OFFICERS

Strategic

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33

The

Board

oversees

the

Funds'

operations

and

appoints

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

set

by

the

Board.

The

following

table

provides

basic

biographical

information

about

the

Funds'

Trustees

as

of

the

printing

of

this

report,

including

their

principal

occupations

during

the

past

five

years,

although

specific

titles

for

individuals

may

have

varied

over

the

period.

Certain

Trustees

may

have

served

as

a

Trustee

to

other

Funds

in

the

Columbia

Funds

Complex

prior

to

the

date

set

forth

in

the

Position

Held

with

the

Trusts

and

Length

of

Service

column.

Under

current

Board

policy,

Trustees

not

affiliated

with

the

Investment

Manager

generally

may

serve

through

the

end

of

the

calendar

year

in

which

they

reach

either

the

mandatory

retirement

age

established

by

the

Board.

The

Board

approved

the

nomination

of

and

recommended

the

election

of

17

nominees

to

the

Board,

effecting

a

consolidation

of

the

Board

and

the

board

of

trustees

overseeing

Columbia

Funds

Series

Trust

I

and

Columbia

Funds

Variable

Insurance

Trust.

At

a

shareholder

meeting

held

on

December

22,

2020,

shareholders

approved

the

nominees,

effective

January

1,

2021.

Independent

trustees

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

George

S.

Batejan

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1953

Trustee

since

January 2017

for

each

Trust

Executive

Vice

President,

Global

Head

of

Technology

and

Operations,

Janus

Capital

Group,

Inc.,

2010-2016

110

Former

Chairman

of

the

Board,

NICSA

(National

Investment

Company

Services

Association)

(Executive

Committee,

Nominating

Committee

and

Governance

Committee),

2014-2016;

former

Director,

Intech

Investment

Management,

2011-2016;

former

Board

Member,

Metro

Denver

Chamber

of

Commerce,

2015-2016;

former

Advisory

Board

Member,

University

of

Colorado

Business

School,

2015-2018

Kathleen

Blatz

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Attorney,

specializing

in

arbitration

and

mediation;

Chief

Justice,

Minnesota

Supreme

Court,

1998-2006;

Associate

Justice,

Minnesota

Supreme

Court,

1996-1998;

Fourth

Judicial

District

Court

Judge,

Hennepin

County,

1994-1996;

Attorney

in

private

practice

and

public

service,

1984-1993;

State

Representative,

Minnesota

House

of

Representatives,

1979-1993,

which

included

service

on

the

Tax

and

Financial

Institutions

and

Insurance

Committees;

Member

and

Interim

Chair,

Minnesota

Sports

Facilities

Authority,

January

-

July

2017;

Interim

President

and

Chief

Executive

Officer,

Blue

Cross

and

Blue

Shield

of

Minnesota

(health

care

insurance),

February

-

July

2018

110

Trustee,

BlueCross

BlueShield

of

Minnesota

since

2009

(Chair

of

the

Business

Development

Committee,

2014-2017;

Chair

of

the

Governance

Committee,  2017-

2020);

Chair

of

the

Robina

Foundation

since

August

2013;

former

Member

and

Chair

of

the

Board,

Minnesota

Sports

Facilities

Authority,

January

2017

–

July

2017

TRUSTEES

AND

OFFICERS

(continued)

34

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Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Pamela

G.

Carlton

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Springboard-

Partners

in

Cross

Cultural

Leadership

(consulting

company)

since

2003;

Managing

Director

of

US

Equity

Research,

JP

Morgan

Chase,

1999-2003;

Director

of

US

Equity

Research,

Chase

Asset

Management,

1996-

1999;

Co-Director

Latin

America

Research,

1993-1996,

COO

Global

Research,

1992-1996,

Co-Director

of

US

Research,

1991-1992,

Investment

Banker,

Morgan

Stanley,

1982-1991

110

Trustee,

New

York

Presbyterian

Hospital

Board

(Executive

Committee

and

Chair

of

Human

Resources

Committee)

since

1996;

Director,

DR

Bank

(Audit

Committee)

since

2017;

Director,

Evercore

Inc.

(Audit

Committee,

Nominating

and

Governance

Committee)

since

2019

Patricia

M.

Flynn

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1950

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Trustee

Professor

of

Economics

and

Management,

Bentley

University

since

1976

(also

teaches

and

conducts

research

on

corporate

governance);

Dean,

McCallum

Graduate

School

of

Business,

Bentley

University,

1992-2002

110

Trustee,

MA

Taxpayers

Foundation

since

1997;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010;  2003;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010

Board

of

Directors,

The

MA

Business

Roundtable

2003-2019

Brian

J.

Gallagher

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

December

2017

for

each

Trust

Retired;

Partner

with

Deloitte

&

Touche

LLP

and

its

predecessors,

1977

-

2016

110

Trustee,

Catholic

Schools

Foundation

since

2004

Catherine

James

Paglia

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1952

Chair

of

the

Board

since

1/20;

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Director,

Enterprise

Asset

Management,

Inc.

(private

real

estate

and

asset

management

company)

since

September

1998;

Managing

Director

and

Partner,

Interlaken

Capital,

Inc.,

1989-1997;

Managing

Director,

Morgan

Stanley,

1982-1989;

Vice

President,

Investment

Banking,

1980-1982,

Associate,

Investment

Banking,

1976-1980,

Dean

Witter

Reynolds,

Inc.

110

Director,

Valmont

Industries,

Inc.

(irrigation

systems

manufacturer)

since

2012;

Trustee,

Carleton

College

(on

the

Investment

Committee);

Trustee,

Carnegie

Endowment

for

International

Peace

(on

the

Investment

Committee)

TRUSTEES

AND

OFFICERS

(continued)

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35

Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Anthony

M.

Santomero

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1946

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Richard

K.

Mellon

Professor

Emeritus

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

since

2002;

Senior

Advisor,

McKinsey

&

Company

(consulting),

2006-2008;

President,

Federal

Reserve

Bank

of

Philadelphia,

2000-2006;

Professor

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

1972-2002

110

Trustee,

Penn

Mutual

Life

Insurance

Company

since

March

2008;

Director,

Renaissance

Re

Holdings

Ltd.

since

May

2008;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2008-2011;

former

Director,

Citigroup

Inc.

and

Citibank,

N.A.,

2009-2019

Minor

M.

Shaw

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1947

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Micco

LLC

(private

investments)

since

2011;

President,

Micco

Corp.

(family

investment

business),

1998-2011

110

Director,

BlueCross

BlueShield

of

South

Carolina

since

April

2008;

Trustee,

Hollingsworth

Funds

since

2016

(previously

Board

Chair

from

2016-

2019);

Advisory

Board

member,

Duke

Energy

Corp.

since

October

2016;

Chair

of

the

Duke

Endowment;

Chair

of

Greenville

–

Spartanburg

Airport

Commission;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2003-2011;

former

Director,

Piedmont

Natural

Gas,

2004-2016;

former

Director,

National

Association

of

Corporate

Directors,

Carolinas

Chapter,

2013-2018

Sandra

Yeager

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1964

Trustee

since

12/17

Retired;

President

and

founder,

Hanoverian

Capital,

LLC

(SEC

registered

investment

advisor

firm),

2008-2016;

Managing

Director,

DuPont

Capital,

2006-2008;

Managing

Director,

Morgan

Stanley

Investment

Management,

2004-2006;

Senior

Vice

President,

Alliance

Bernstein,

1990-2004

110

Director,

NAPE

Education

Foundation

since

October

2016

TRUSTEES

AND

OFFICERS

(continued)

36

Strategic

Beta

ETFs

|

Annual

Report

2020

*

Interested

person

(as

defined

under

the

1940 Act)

by

reason

of

being

an

officer,

director,

security

holder

and/or

employee

of

the

Investment

Manager

or

Ameriprise

Financial.

The

Statement

of

Additional

Information

has

additional

information

about

the

Funds’

Board

members

and

is

available

without

charge,

upon

request

by

calling

888.800.4347

or

visiting

columbiathreadneedleus.com/etfs.

Interested

trustee

affiliated

with

Investment

Manager*

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

William

F.

Truscott

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

St.

Boston,

MA

02110

1960

Trustee

and

Senior

Vice

President

since

April

2016

for

CET

I

and

September

2016

for

CET

II

Chief

Executive

Officer,

Global

Asset

Management,

Ameriprise

Financial,

Inc.

since

September

2012;

Chairman

of

the

Board

and

President,

Columbia

Management

Investment

Advisers,

LLC

since

July

2004

and

February

2012,

respectively;

Chairman

of

the

Board

and

Chief

Executive

Officer,

Columbia

Management

Investment

Distributors,

Inc.

since

November

2008

and

February

2012,

respectively;

Chairman

of

the

Board

and

Director,

Threadneedle

Asset

Management

Holdings,

Sàrl

since

March

2013

and

December

2008,

respectively;

senior

executive

of

various

entities

affiliated

with

Columbia

Threadneedle

162

Trustee,

Columbia

Funds

since

November

2001

TRUSTEES

AND

OFFICERS

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

37

Board

has

appointed

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

it

has

established.

The

officers

serve

at

the

pleasure

of

the

Board.

The

following

table

provides

basic

information

about

the

Officers

of

the

Funds

as

of

the

printing

of

this

report,

including

principal

occupations

during

the

past

five

years,

although

their

specific

titles

may

have

varied

over

the

period.

In

addition

to

Mr. Truscott,

who

is

Senior

Vice

President,

the

Funds’

other

officers

are:

Fund

officers

Name,

address,

and

year

of

birth

Position

and

year

first

appointed

to

position

for

any

Fund

in

the

Columbia

Funds

complex

or

a

predecessor

thereof

Principal

occupation(s)

during

the

past

five

years

Christopher

O.

Petersen

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1970

President

and

Principal

Executive

Officer

(2015)

Vice

President

and

Lead

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

January

2015

(previously

Vice

President

and

Chief

Counsel,

January

2010

–

December

2014);

officer

of

Columbia

Funds

and

affiliated

funds

since

2007.

Michael

G.

Clarke

225

Franklin

Street

Boston,

MA

02110

Born

1969

Chief

Financial

Officer,

Principal

Financial

Officer

(2009)

and

Senior

Vice

President

(2019)

Vice

President,

Head

of

North

American

Operations,

and

Co-Head

of

Global

Operations,

Columbia

Management

Investment

Advisers,

LLC,

since

June

2019

(previously

Vice

President

–

Accounting

and

Tax,

May

2010

–

May

2019);

senior

officer

of

Columbia

Funds

and

affiliated

funds

since

2002

(previously

Treasurer

and

Chief

Accounting

Officer,

January

2009

–

January

2019

and

December

2015

–

January

2019,

respectively). 

Marybeth

Pilat

225

Franklin

Street

Boston,

MA

02110

Born

1968

Treasurer,

Chief

Accounting

Officer

(Principal

Accounting

Officer)

(2019),

and

Principal

Financial

Officer

(2020)

Vice

President

–

Product

Pricing

and

Administration,

Columbia

Management

Investment

Advisers,

LLC,

since

May

2017;

Director

-

Fund

Administration,

Calvert

Investments,

August

2015

–

March

2017;

Vice

President

-

Fund

Administration,

Legg

Mason,

May

2015

-

July

2015;

Vice

President

-

Fund

Administration,

Columbia

Management

Investment

Advisers,

LLC,

May

2010

-

April

2015.

Paul

B.

Goucher

485

Lexington

Avenue

New

York,

NY

10017

Born

1968

Senior

Vice

President

(2011),

and

Assistant

Secretary

(2008)

Senior

Vice

President

and

Assistant

General

Counsel,

Ameriprise

Financial,

Inc.

since

January

2017

(previously

Vice

President

and

Lead

Chief

Counsel,

November

2008

–

January

2017

and

January

2013

–

January

2017,

respectively);

Vice

President,

Chief

Legal

Officer

and

Assistant

Secretary,

Columbia

Management

Investment

Advisers,

LLC

since

March

2015

(previously

Vice

President

and

Assistant

Secretary,

May

2010

–

March

2015).

Thomas

P.

McGuire

225

Franklin

Street

Boston,

MA

02110

Born

1972

Senior

Vice

President

and

Chief

Compliance

Officer

(2012)

Vice

President

–

Asset

Management

Compliance,

Ameriprise

Financial,

Inc.,

since

May

2010;

Chief

Compliance

Officer,

Ameriprise

Certificate

Company

since

September

2010;

Chief

Compliance

Officer,

Columbia

Acorn/Wanger

Funds

since

December

2015.

Colin

Moore

225

Franklin

Street

Boston,

MA

02110

Born

1958

Senior

Vice

President

(2010)

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Ameriprise

Financial,

Inc.,

since

July

2013;

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Columbia

Management

Investment

Advisers,

LLC

since

July

2013.

Ryan

C.

Larrenaga

225

Franklin

Street

Boston,

MA

02110

Born

1970

Senior

Vice

President

(2017),

Chief

Legal

Officer

(2017),

and

Secretary

(2015)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

August

2018

(previously

Vice

President

and

Group

Counsel,

August

2011

-

August

2018);

Chief

Legal

Officer,

Columbia

Acorn/Wanger

Funds,

since

September

2020;

officer

of

Columbia

Funds

and

affiliated

funds

since

2005.

Daniel

J.

Beckman

225

Franklin

St.

Boston,

MA

02110

Born

1962

Senior

Vice

President

(2020)

Vice

President

–

Head

of

North

America

Product,

Columbia

Management

Investment

Advisers,

LLC

(since

April

2015);

previously,

Senior

Vice

President

of

Investment

Product

Management,

Fidelity

Financial

Advisor

Solutions,

a

division

of

Fidelity

Investments

(January

2012

–

March

2015).

Michael

E.

DeFao

225

Franklin

Street

Boston,

MA

02110

Born

1968

Vice

President

(2011)

and

Assistant

Secretary

(2010)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

May

2010.

Lyn

Kephart-Strong

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1960

Vice

President

(2015)

President,

Columbia

Management

Investment

Services

Corp.

since

October

2014;

Vice

President

&

Resolution

Officer,

Ameriprise

Trust

Company

since

August

2009.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

38

Strategic

Beta

ETFs

|

Annual

Report

2020

Columbia

Management

Investment

Advisers,

LLC

(Columbia

Threadneedle

or

the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Diversified

Fixed

Income

Allocation

ETF

(the

ETF).

Under

an

investment

management

services

agreement

(the

IMS

Agreement),

Columbia

Threadneedle

provides

investment

advice

and

other

services

to

the

ETF

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Funds).

On

an

annual

basis,

the

Fund's

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

Columbia

Threadneedle

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

in

November

2018

and

January,

March,

April

and

June

2019,

including

reports

providing

the

results

of

analyses

performed

by

an

independent

organization,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

a

comprehensive

response

to

items

of

information

requested

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel)

in

a

letter

to

the

Investment

Manager,

to

assist

the

Board

in

making

this

determination.

Many

of

the

materials

presented

at

these

meetings

were

first

supplied

in

draft

form

to

designated

independent

Board

representatives,

i.e.,

Independent

Legal

Counsel,

Fund

Counsel,

the

Chair

of

the

Board

(who

is

an

Independent

Trustee)

and

the

Chair

of

the

Contracts

Committee

(who

is

an

Independent

Trustee),

and

the

final

materials

were

revised

to

include

information

reflective

of

discussion

and

subsequent

requests

made

by

the

Contracts

Committee.

In

addition,

throughout

the

year,

the

Board

(or

its

committees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

Columbia

Threadneedle

addressing

the

services

Columbia

Threadneedle

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees,

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement.

The

Board,

at

its

June

15-17,

2020

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

management

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

Following

an

analysis

and

discussion

of

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

Nature,

extent

and

quality

of

services

provided

by

Columbia

Threadneedle

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

Columbia

Threadneedle,

as

well

as

its

history,

reputation,

expertise,

resources

and

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

Columbia

Threadneedle,

including,

in

particular,

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department’s

processes,

systems

and

oversight,

over

the

past

several

years,

as

well

as

planned

2020

initiatives.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

Columbia

Threadneedle

to

the

ETF,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

Columbia

Threadneedle's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

observed

that

Columbia

Threadneedle

has

been

able

to

effectively

manage

the

ETF

through

the

challenging

pandemic

period

(with

no

disruptions

in

services

provided).

In

connection

with

the

Board's

evaluation

of

the

overall

package

of

services

provided

by

Columbia

Threadneedle,

the

Board

also

considered

the

nature,

quality

and

range

of

administrative

oversight

services

provided

to

the

ETF

by

Columbia

Threadneedle,

as

well

as

the

achievements

in

2019

in

the

performance

of

administrative

oversight

services,

and

noted

the

various

enhancements

anticipated

for

2020.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

ETF’s

and

Columbia

Threadneedle’s

compliance

program.

In

addition,

the

Board

reviewed

the

financial

condition

of

Columbia

Threadneedle

and

its

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

39

The

Board

also

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement

(including

the

relatively

broad

scope

of

services

required

to

be

performed

by

Columbia

Threadneedle),

noting

that

no

material

changes

are

proposed

from

the

form

of

agreement

previously

approved.

They

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

ETF

under

the

IMS

Agreement.

It

was

observed

that

the

services

being

performed

under

the

IMS

Agreement

were

of

a

reasonable

quality.

Based

on

the

foregoing,

and

based

on

other

information

received

(both

oral

and

written,

including

the

information

on

investment

performance

referenced

below)

and

other

considerations,

the

Board

concluded

that

Columbia

Threadneedle

is

in

a

position

to

continue

to

provide

quality

services

to

the

ETF.

Investment

performance

For

purposes

of

evaluating

the

nature,

extent

and

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

carefully

reviewed

the

investment

performance

of

the

ETF.

In

this

regard,

the

Board

considered

detailed

reports

providing

the

results

of

analyses

performed

by

an

independent

organization

showing,

for

various

periods

(including

since

manager

inception):

the

performance

of

the

ETF

(particularly

relative

to

the

index

of

which

the

ETF

seeks

to

replicate

performance)

and

the

net

assets

of

the

ETF.

The

Board

also

reviewed

index

tracking

error

data

for

the

ETF.

The

Board

observed

that

the

ETF’s

investment

performance

met

expectations.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

Columbia

Threadneedle

from

its

relationship

with

the

ETFs

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

In

considering

the

proposed

level

of

fees

under

the

IMS

Agreement,

the

Board

accorded

particular

weight

to

the

unified/all-inclusive

fee

structure

utilized

by

the

ETF.

In

this

regard,

they

observed

that

many

of

the

competitors

of

the

ETF

have

adopted

similar

unified/all-inclusive

fee

structures.

The

Board

accorded

particular

weight

to

the

notion

that

the

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Fund

(with

certain

defined

exceptions)

are

generally

in

line

with

the

"pricing

philosophy"

currently

in

effect

(i.e.,

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe).

The

Board

observed

that

the

ETF’s

unified

fee

rate

approximated

the

median

expenses

paid

by

funds

in

the

ETF’s

comparative

peer

universe.

Based

on

its

review,

the

Board

concluded

that

the

ETF’s

management

fee

was

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

that

the

ETF

receives.

The

Board

also

considered

the

profitability

of

Columbia

Threadneedle

and

its

affiliates

in

connection

with

Columbia

Threadneedle

providing

management

services

to

the

ETF.

In

this

regard,

the

Independent

Trustees

referred

to

their

detailed

analysis

of

the

Profitability

Report,

discussing

the

profitability

to

Columbia

Threadneedle

and

Ameriprise

Financial

from

managing

the

Funds,

including

the

ETF.

The

Board

considered

that

in

2019

the

Board

had

concluded

that

2018

profitability

was

reasonable

and

that

the

2020

information

shows

that

the

profitability

generated

by

Columbia

Threadneedle

in

2019

decreased

slightly

from

2018

levels.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

Columbia

Threadneedle

or

its

affiliates

in

connection

with

managing

the

Funds,

including

the

ETF,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

ETF

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

The

Board

concluded

that

profitability

levels

were

reasonable.

Economies

of

scale

to

be

realized

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unified

fee

level

that

does

not

include

pre-established

breakpoints,

and

management’s

observation

that

the

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Based

on

the

foregoing,

the

Board,

including

all

of

the

Independent

Trustees,

concluded

that

the

management

fees

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided.

In

reaching

this

conclusion,

no

single

factor

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

40

Strategic

Beta

ETFs

|

Annual

Report

2020

was

determinative.

On

June

17,

2020,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

225

Franklin

Street

Boston,

MA,

02110

ANN290_10_K01_(12/20)

CET001210

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.

©

2020

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

Federally

Insured

|

No

Financial

Institution

Guarantee

|

May

Lose

Value

STRATEGIC

BETA

ETFs

Annual

Report

October

31,

2020

Columbia

Multi-Sector

Municipal

Income

ETF

Beginning

on

January

1,

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semiannual

shareholder

reports

like

this

one

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Funds’

website

(columbiathreadneedleus.

com/etfs),

and

each

time

a

report

is

posted

you

will

be

notified

by

mail

and

provided

with

a

website

address

to

access

the

report.

If

you

have

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Funds

electronically

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

may

elect

to

receive

all

future

shareholder

reports

in

paper

free

of

charge.

You

can

contact

your

financial

intermediary

to

request

that

you

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

paper

reports

will

apply

to

all

Columbia

Funds

held

in

your

account.

Strategic

Beta

ETFs

|

Annual

Report

2020

TABLE

OF

CONTENTS

Fund

at

a

Glance

3

Manager

Discussion

of

Fund

Performance

5

Understanding

Your

Fund’s

Expenses

7

Portfolio

of

Investments

8

Statement

of

Assets

and

Liabilities

16

Statement

of

Operations

17

Statement

of

Changes

in

Net

Assets

18

Financial

Highlights

19

Notes

to

Financial

Statements

20

Report

of

Independent

Registered

Public

Accounting

Firm

27

Federal

Income

Tax

Information

28

Trustees

and

Officers

29

Approval

of

Investment

Management

Services

Agreement

34

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

The

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Fund’s

Form

N-PORTs

are

available

on

the

SEC’s

website

at

sec.gov.

The

Fund’s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

888.800.4347.

Additional

Fund

information

For

more

information

about

the

Fund,

please

visit

columbiathreadneedleus.com/etfs

or

call

888.800.4347.

Premium/discount

information

for

the

Fund

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

225

Franklin

Street

Boston,

MA

02110

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

FUND

AT

A

GLANCE

Strategic

Beta

ETFs

|

Annual

Report

2020

3

Portfolio

management

Catherine

Stienstra

Lead

Portfolio

Manager

Managed

Fund

since

2018

Anders

Myhran,

CFA

Portfolio

Manager

Managed

Fund

since

2018

Investment

objective

The

Fund

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Multi-Sector

Municipal

Bond

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Multi-Sector

Municipal

Bond

Index

is

a

rules-based

multi-sector

strategic

beta

approach

to

measuring

the

performance

of

the

U.S.

tax-exempt

bond

market

which

is

composed

of

bonds

issued

by

or

on

behalf

of

state

or

local

governments

whose

interest

is

exempt

from

regular

federal

income

tax

(but

may

be

subject

to

the

alternative

minimum

tax),

through

representation

of

five

sectors

of

the

municipal

debt

market

in

the

Index,

with

a

focus

on

yield,

quality,

maturity,

liquidity,

and

interest

rate

sensitivity

of

the

particular

eligible

universe.

The

Index

includes

publicly

issued

U.S.

dollar

denominated,

fixed

rate

municipal

bonds.

California

bonds,

Guam

bonds,

Puerto

Rico

bonds,

U.S.

Virgin

Island

bonds,

other

U.S.

territories,

commonwealths

and

possessions,

pre-refunded

bonds,

insured

bonds,

floaters,

callable

bonds

with

less

than

1

year

to

call,

tobacco

bonds,

and

derivatives

are

all

excluded

from

the

Index.

The

five

fixed

sectors

with

their

respective

weightings

are

as

follows:

Municipal

Core

Revenue

Sector

(45%);

Municipal

Health

Care

Sector

(20%);

Municipal

High-Quality

Revenue

Sector

(15%);

The

Municipal

Core

General

Obligation

Sector

(10%);

and

the

Municipal

High

Yield

Sector

(10%). Each

sector

of

the

Index

is

constructed

with

rules

specific

to

the

sector

to

provide

a

better

balance

of

quality,

yield

and

liquidity. The

rules

for

each

sector

can

be

found

in

the

Fund’s

prospectus. 

It

is

not

possible

to

invest

directly

in

an

index.

The

Bloomberg

Barclays

Municipal

Bond

Index

is

an

unmanaged

index

considered

representative

of

the

broad

market

for

investment-grade,

tax-exempt

bonds

with

a

maturity

of

at

least

one

year.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Fund

performance

may

be

significantly

negatively

impacted

by

the

economic

impact

of

the

COVID-19

pandemic.

The

COVID-19

pandemic

has

adversely

impacted

economies

and

capital

markets

around

the

world

in

ways

that

will

likely

continue

and

may

change

in

unforeseen

ways

for

an

indeterminate

period.

The

COVID-19

pandemic

may

exacerbate

pre-existing

political,

social

and

economic

risks

in

certain

countries

and

globally.

Average

annual

total

returns

(%)

(for

period

ended

October

31,

2020)

Inception

1

Year

Life

Market

Price

10/10/18

4.18

7.19

Net

Asset

Value

10/10/18

3.82

6.91

{

Beta

Advantage®

}

Multi-Sector

Municipal

Bond

Index

3.32

6.57

Bloomberg

Barclays

Municipal

Bond

Index

3.59

6.30

FUND

AT

A

GLANCE

(continued)

4

Strategic

Beta

ETFs

|

Annual

Report

2020

Performance

of

a

hypothetical

$10,000

investment

(October

10,

2018

—

October

31,

2020)

The

chart

above

shows

the

change

in

value

of

a

hypothetical

$10,000

investment

made

on

the

Fund’s

inception,

and

does

not

reflect

the

deduction

of

taxes

or

brokerage

commissions

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

For

Illustrative

purposes

only.

There

is

no

guarantee

similar

results

can

be

achieved.

Quality

breakdown

(%)

(at

October

31,

2020)

AAA

rating

8.1

AA

rating

31.1

A

rating

39.9

BBB

rating

11.5

BB

rating

9.1

B

rating

0.3

Total

100.0

Percentages

indicated

are

based

upon

total

fixed

income

investments

(excluding

Money

Market

Funds).

Bond

ratings

apply

to

the

underlying

holdings

of

the

Fund

and

not

the

Fund

itself

and

are

divided

into

categories

ranging

from

highest

to

lowest

credit

quality,

determined

by

using

the

middle

rating

of

Moody's,

S&P

and

Fitch,

after

dropping

the

highest

and

lowest

available

ratings.

When

ratings

are

available

from

only

two

rating

agencies,

the

lower

rating

is

used.

When

a

rating

is

available

from

only

one

agency,

that

rating

is

used.

When

a

bond

is

not

rated

by

any

rating

agency,

it

is

designated

as

"Not

rated."

Credit

quality

ratings

assigned

by

a

rating

agency

are

subjective

opinions,

not

statements

of

fact,

and

are

subject

to

change,

including

daily.

The

ratings

assigned

by

credit

rating

agencies

are

but

one

of

the

considerations

that

the

Investment

Manager

and/or

Fund's

subadviser

incorporates

into

its

credit

analysis

process,

along

with

such

other

issuer-specific

factors

as

cash

flows,

capital

structure

and

leverage

ratios,

ability

to

de-leverage

(repay)

through

free

cash

flow,

quality

of

management,

market

positioning

and

access

to

capital,

as

well

as

such

security-specific

factors

as

the

terms

of

the

security

(e.g.,

interest

rate

and

time

to

maturity)

and

the

amount

and

type

of

any

collateral.

For

information

on

the

rating

methodology

of

each

agency,

please

go

to:

www.moodys.com,

www.fitchratings.com

or

www.standardandpoors.

com/home/en/us.

Top

ten

states/territories

(%)

(at

October

31,

2020)

New

York

15

.2

New

Jersey

12

.4

Illinois

9

.6

Texas

9

.1

Pennsylvania

7

.3

Florida

5

.6

Michigan

3

.6

Colorado

3

.1

Maryland

3

.0

Washington

2

.9

Percentages

indicated

are

based

upon

total

investments

(excluding

Money

Market

Funds

and

derivatives,

if

any).

For

further

detail

about

these

holdings,

please

refer

to

the

section

entitled

"Portfolio

of

Investments".

Fund

holdings

are

as

of

the

date

given,

are

subject

to

change

at

any

time,

and

are

not

recommendations

to

buy

or

sell

any

security.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

Multi-Sector

Municipal

Income

ETF

Strategic

Beta

ETFs

|

Annual

Report

2020

5

For

the

12-month

period

that

ended

October

31,

2020,

the

Fund

returned

3.82%

based

on

net

asset

value

(NAV)

and

4.18%

based

on

market

price.

The

Beta

Advantage

®

Multi-Sector

Municipal

Bond

Index

(the

Index),

against

which

the

performance

of

the

Fund

is

measured,

returned

3.32%

during

the

same

period.

To

compare,

the

Bloomberg

Barclays

Municipal

Bond

Index

returned

3.59%

for

the

same

period.

The

Fund

had

a

NAV

of

$21.56

on

October

31,

2019

and

ended

the

annual

period

on

October

31,

2020

with

a

NAV

of

$21.83.

The

Fund’s

market

price

on

October

31,

2020

was

$21.95

per

share.

Market

overview

As

the

annual

period

began

in

the

last

two

months

of

2019,

municipal

bonds

posted

positive

performance,

despite

upward

pressure

on

rates

in

part

from

a

tentative

Phase

One

trade

agreement

between

the

U.S.

and

China.

Short-

term

municipal

bond

yields

were

lower,

while

longer

term

yields

moved

modestly

higher.

(There

is

usually

an

inverse

relationship

between

bond

prices

and

yield

movements,

so

that

bond

prices

rise

when

yields

decrease

and

vice

versa.)

New

issue

supply

picked

up

considerably

in

the

last

months

of

the

calendar

year,

but

the

additional

supply

was

readily

absorbed,

as

municipal

bond

mutual

fund

inflows

were

strong.

Though

2020

began

with

economic

prospects

looking

relatively

positive,

the

spread

of

COVID-19

dramatically

and

quickly

re-shaped

global

markets.

The

abrupt

halt

to

substantial

portions

of

the

economy

left

markets

struggling

to

appropriately

price

risk

assets

in

this

new

reality.

Against

this

backdrop,

higher

quality

areas

of

the

fixed-income

market

performed

best

during

the

first

quarter

of

2020,

especially

U.S.

Treasuries.

Most

other

fixed-income

sectors

saw

significant

repricing.

The

U.S.

Federal

Reserve

(Fed)

took

a

series

of

unprecedented

steps

in

March

to

shore

up

liquidity,

backstop

important

sectors

and

provide

stimulus.

The

Fed

slashed

the

targeted

federal

funds

rate

to

near

zero,

relaunched

quantitative

easing

and

started

numerous

credit

facilities

to

support

various

markets,

including

a

new

measure,

known

as

the

Municipal

Liquidity

Facility,

to

help

buoy

the

municipal

bond

market.

Also,

Congress

and

the

White

House

passed

three

phases

of

fiscal

stimulus

totaling

more

than

$2

trillion.

By

quarter

end,

the

net

effect

of

these

measures

provided

a

bit

of

calm

to

markets,

sparking

a

performance

recovery

for

many

non-Treasury

fixed

income

sectors.

Still,

municipal

bonds

were

not

immune

to

the

volatility,

as

positive

total

returns

experienced

through

February

2020

gave

way

in

March

to

some

of

the

worst

days

in

municipal

bond

market

history.

In

early

March,

outflow

pressure

on

municipal

bond

mutual

funds

for

the

first

time

in

61

weeks

prompted

massive

selling.

Yields

across

the

municipal

curve

moved

higher.

However,

almost

as

quickly

as

yields

increased,

the

lure

of

historically

inexpensive

valuations,

coupled

with

Fed

support,

brought

buyers

back

into

the

market,

retracing

a

substantial

portion

of

the

negative

performance.

While

the

new

issue

market

had

yet

to

fully

come

back

online

by

quarter

end,

the

initial

signs

of

stabilization

were

a

welcome

reprieve

from

then-recent

volatility.

The

second

quarter

of

2020

began

with

fragile

optimism,

as

the

late-March

recovery

in

municipals

gave

way

to

a

volatile

April,

beset

by

uncertainty

about

the

impact

of

COVID-19

and

unnerved

by

political

posturing

in

Washington

D.C.

While

May

did

little

to

quell

the

underlying

uncertainty,

municipal

bonds’

relative

value

versus

other

fixed-income

sectors

was

enough

to

drive

the

return

of

municipal

bond

mutual

fund

inflows

and

the

best

month

of

total

returns

for

the

Bloomberg

Barclays

Municipal

Bond

Index

since

September

2009.

Price

stability

and

substantial

demand

for

a

new

issue

calendar

helped

lead

to

June

gains,

capping

consecutive

months

of

positive

total

returns

and

leading

municipals

solidly

back

into

positive

territory

for

2020

year-to-date

through

the

end

of

June.

Notably,

even

with

the

new

issue

market

coming

to

a

halt

in

mid-March,

total

municipal

new

issuance

through

the

first

six

months

of

2020

reached

$144

billion,

only

2.6%

lower

than

the

prior

year’s

pace

at

mid-year.

At

the

start

of

the

third

quarter

of

2020,

optimism

spilled

over

from

a

strong

summer

supply/demand

scenario,

pushing

municipal

bond

returns

higher.

However,

by

mid-August,

sentiment

had

turned

cautious,

as

investors

paused

to

reassess

the

overhang

of

COVID-19-driven

economic

weakness

and

then-upcoming

U.S.

election

uncertainty.

Despite

modest

weakness

in

August

and

a

span

of

record

stability

in

September,

the

Bloomberg

Barclays

Municipal

Bond

Index

ended

the

third

quarter

in

positive

territory.

Municipal

issuance

during

the

quarter

was

markedly

higher

than

in

the

third

quarter

of

2019,

and

inflows

into

municipal

bond

funds

averaged

approximately

$2

billion

per

week

before

slowing

significantly

in

the

final

week

of

September.

For

the

quarter,

longer

term

municipal

bond

yields

were

rather

range-bound,

inching

only

modestly

lower.

However,

strong

demand

pushed

shorter

term

municipal

bond

yields

lower.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Multi-Sector

Municipal

Income

ETF

6

Strategic

Beta

ETFs

|

Annual

Report

2020

In

October

2020,

municipal

bonds

posted

modestly

negative

total

returns,

as

bond

prices

were

pressured

across

the

maturity

spectrum

by

higher

interest

rates,

which

rose

as

economic

data

remained

firm.

At

the

same

time,

there

was

record-high

monthly

issuance

in

October,

as

municipalities

pulled

forward

deals

ahead

of

anticipated

U.S.

election

uncertainty.

Despite

the

acceleration,

supply

was

well

absorbed

amid

strong

demand,

with

mutual

funds

posting

net

inflows

each

week.

A

significant

trend

through

most

of

the

annual

period

was

the

marked

increase

in

taxable

municipal

issuance,

which

reduced

supply

that

would

have

otherwise

come

into

the

tax-exempt

market

as

issuers

used

taxable

debt

to

refinance

outstanding

tax-exempt

debt.

Importantly,

with

absolute

yields

low,

this

trend

provided

a

positive

supply/demand

scenario

for

the

tax-exempt

market

by

further

reducing

the

supply

of

tax-exempt

issues.

Index

performance

driven

by

health

care

and

utilities

sectors

during

annual

period

Index

constituents

in

the

health

care,

utilities,

transportation

and

lease

sectors

contributed

most

positively

to

the

Index’s

results

on

an

absolute

basis

during

the

annual

period.

Index

constituents

in

the

education,

industrial

development

revenue

and

pollution

control,

government

public

service

and

“other”

sectors

detracted

from

the

Index’s

results

on

an

absolute

basis

during

the

annual

period.

The

Fund

had

a

weighted

average

duration

of

8.26

years,

a

weighted

average

maturity

of

11.09

years,

an

average

yield

to

maturity

of

2.70%

and

an

average

coupon

of

4.36%

as

of

October

31,

2020.

The

30-day

SEC

yield

of

the

Fund

at

the

end

of

the

annual

period

was

1.48%.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

Fixed-income

securities

present

credit

risk,

which

includes

issuer

default

risk.

The

Fund

is

subject

to

municipal

securities

risk,

which

includes

the

risk

that

the

value

of

such

securities

may

be

affected

by

state

tax,

legislative,

regulatory,

demographic

or

political

conditions/factors,

as

well

as

a

state’s

financial,

economic

or

other

conditions/factors.

The

Fund

may

invest

materially

in

a

single

issuer

and,

therefore,

be

more

exposed

to

the

risk

of

loss

than

a

fund

that

invests

more

broadly.

Prepayment

and

extension

risk

exists

because

the

timing

of

payments

on

a

loan,

bond

or

other

investment

may

accelerate

when

interest

rates

fall

or

decelerate

when

interest

rates

rise

which

may

reduce

investment

opportunities

and

potential

returns.

A

rise

in

interest

rates

may

result

in

a

price

decline

of

fixed-income

instruments

held

by

the

Fund,

negatively

impacting

its

performance

and

NAV.

Falling

rates

may

result

in

the

Fund

investing

in

lower

yielding

debt

instruments,

lowering

the

Fund’s

income

and

yield.

These

risks

may

be

heightened

for

longer

maturity

and

duration

securities.

Non-investment-grade

(high-yield

or

junk)

securities

present

greater

price

volatility

and

more

risk

to

principal

and

income

than

higher

rated

securities.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

The

Fund’s

use

of

a

“representative

sampling”

approach

in

seeking

to

track

the

performance

of

its

index

(investing

in

only

some

of

the

components

of

the

index

that

collectively

are

believed

to

have

an

investment

profile

similar

to

that

of

the

index)

may

not

allow

the

Fund

to

track

its

index

with

the

same

degree

of

accuracy

as

would

an

investment

vehicle

replicating

the

entire

Index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

index.

There

is

no

guarantee

that

the

index

and,

correspondingly,

the

Fund

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

Fund's

net

asset

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

Although

the

Fund’s

shares

are

listed

on

an

exchange,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

The

Fund’s

portfolio

turnover,

as

it

seeks

to

track

its

index,

may

cause

an

adverse

expense

impact,

decreasing

the

Fund’s

returns

relative

to

the

index,

which

does

not

bear

transaction

expenses.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

including

if

creation

and

redemptions

units

are

not

affected

on

an

in-kind

basis,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

Market

or

other

(e.g.,

interest

rate)

environments

may

adversely

affect

the

liquidity

of

fund

investments,

negatively

impacting

their

price.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

holding,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

See

the

Fund’s

prospectus

for

more

information

on

these

and

other

risks.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

fund

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

fund.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

Strategic

Beta

ETFs

|

Annual

Report

2020

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

October

31,

2020.

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

366.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

May

1,

2020—

October

31,

2020

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

1,065.60

1,023.98

1.19

1.17

0.23

PORTFOLIO

OF

INVESTMENTS

October

31,

2020

(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

|

Annual

Report

2020

Municipal

Bonds

  98.9%

Issue

Description

Principal

Amount

($)

Value

($)

Alabama

0.5%

UAB

Medicine

Finance

Authority

Series

B

Revenue

Bonds

5.000%,

09/01/35

235,000‌

278,080‌

Alaska

0.2%

Borough

of

Matanuska-Susitna

Revenue

Bonds

5.000%,

09/01/32

100,000‌

112,861‌

Arizona

1.2%

Arizona

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

01/01/44

235,000‌

259,355‌

City

of

Phoenix

Civic

Improvement

Corp.

Series

B

Revenue

Bonds

4.000%,

07/01/28

150,000‌

169,335‌

Maricopa

County

Industrial

Development

Authority

Series

A

Revenue

Bonds

5.000%,

01/01/35

205,000‌

244,545‌

Total

Arizona

673,235‌

Colorado

3.1%

City

&

County

of

Denver

Revenue

Bonds

5.000%,

10/01/32

100,000‌

101,068‌

City

&

County

of

Denver

CO

Airport

System

Revenue,

Series

A

Revenue

Bonds

5.000%,

11/15/27

250,000‌

271,337‌

5.000%,

12/01/27

160,000‌

198,954‌

5.000%,

11/15/29

110,000‌

134,330‌

5.000%,

12/01/30

150,000‌

193,390‌

Colorado

Health

Facilities

Authority

Revenue

Bonds

4.000%,

08/01/38,

Series

A-1

225,000‌

248,751‌

5.000%,

11/01/39,

Series

A

180,000‌

219,514‌

Denver

City

&

County

School

District

No

1

4.000%,

12/01/26

100,000‌

103,989‌

E-470

Public

Highway

Authority

Series

A

Revenue

Bonds

0.000%,

09/01/34

(a)

140,000‌

101,951‌

Regional

Transportation

District

Revenue

Bonds

5.000%,

06/01/26

160,000‌

192,304‌

Total

Colorado

1,765,588‌

Connecticut

2.3%

Connecticut

Housing

Finance

Authority

Series

A-1

Revenue

Bonds

2.875%,

11/15/30

100,000‌

104,292‌

Connecticut

State

Health

&

Educational

Facilities

Authority,

Series

A

Revenue

Bonds

5.000%,

07/01/32

190,000‌

244,251‌

4.000%,

07/01/38

200,000‌

216,268‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

State

of

Connecticut

Special

Tax

Revenue,

Series

A

Revenue

Bonds

5.000%,

09/01/26

225,000‌

279,277‌

5.000%,

08/01/28

150,000‌

179,650‌

5.000%,

01/01/29

75,000‌

94,839‌

5.000%,

09/01/34

175,000‌

200,786‌

Total

Connecticut

1,319,363‌

District

of

Columbia

1.1%

District

of

Columbia

Revenue

Bonds

4.000%,

07/15/40

130,000‌

141,214‌

Metropolitan

Washington

Airports

Authority

Revenue

Bonds

5.000%,

10/01/29,

Series

A

125,000‌

143,918‌

5.000%,

10/01/30

200,000‌

243,430‌

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

B

Revenue

Bonds

0.000%,

10/01/30

(a)

130,000‌

102,834‌

Total

District

of

Columbia

631,396‌

Florida

5.5%

Alachua

County

Health

Facilities

Authority

Series

B-1

Revenue

Bonds

5.000%,

12/01/34

150,000‌

188,083‌

Brevard

County

Health

Facilities

Authority

Revenue

Bonds

4.000%,

04/01/36

140,000‌

148,791‌

Capital

Trust

Agency,

Inc.

Series

A

Revenue

Bonds

5.250%,

12/01/43

(b)

150,000‌

151,278‌

City

of

Gainesville

FL

Utilities

System

Revenue,

Series

A

Revenue

Bonds

5.000%,

10/01/25

100,000‌

122,148‌

5.000%,

10/01/32

125,000‌

156,279‌

County

of

Miami-Dade

FL

Aviation

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/32

250,000‌

278,645‌

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue

Series

B

Revenue

Bonds

5.250%,

10/01/22

210,000‌

228,984‌

Florida

Municipal

Power

Agency

Series

A

Revenue

Bonds

5.000%,

10/01/28

125,000‌

154,366‌

Greater

Orlando

Aviation

Authority

Series

A

Revenue

Bonds

5.000%,

10/01/27

145,000‌

181,254‌

JEA

Water

&

Sewer

System

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/29

150,000‌

189,537‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

9

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

North

Broward

Hospital

District

Series

B

Revenue

Bonds

5.000%,

01/01/35

200,000‌

232,722‌

Orange

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

10/01/39

100,000‌

116,811‌

Palm

Beach

County

School

District

Series

B

Revenue

Bonds

5.000%,

08/01/28

170,000‌

218,790‌

School

Board

of

Miami-Dade

County

(The)

Series

A

Revenue

Bonds

5.000%,

05/01/32

135,000‌

158,617‌

School

District

of

Broward

County

Series

A

Revenue

Bonds

5.000%,

07/01/34

150,000‌

193,558‌

South

Florida

Water

Management

District

Revenue

Bonds

5.000%,

10/01/33

150,000‌

180,761‌

Volusia

County

School

Board

Series

B

Revenue

Bonds

5.000%,

08/01/30

200,000‌

230,512‌

Total

Florida

3,131,136‌

Georgia

1.9%

City

of

Atlanta

GA

Water

&

Wastewater

Revenue

Revenue

Bonds

5.750%,

11/01/29

200,000‌

281,846‌

Municipal

Electric

Authority

of

Georgia

Series

A

Revenue

Bonds

5.000%,

01/01/28

100,000‌

121,754‌

State

of

Georgia

4.000%,

02/01/26,

Series

A-2

215,000‌

240,701‌

5.000%,

02/01/28,

Series

A-2

150,000‌

189,849‌

5.000%,

07/01/28,

Series

F

200,000‌

251,562‌

Total

Georgia

1,085,712‌

Hawaii

1.0%

State

of

Hawaii

5.000%,

08/01/26,

Series

EO

200,000‌

233,392‌

5.000%,

10/01/27,

Series

FH

150,000‌

186,510‌

State

of

Hawaii

Airports

System

Revenue

Revenue

Bonds

5.250%,

08/01/26

150,000‌

165,510‌

Total

Hawaii

585,412‌

Illinois

9.5%

Chicago

Board

of

Education

0.000%,

12/01/29,

Series

A

(a)

185,000‌

138,439‌

5.000%,

12/01/30,

Series

A

150,000‌

167,793‌

0.000%,

12/01/31,

Series

B-1

(a)

220,000‌

149,737‌

5.250%,

12/01/35,

Series

C

130,000‌

136,800‌

5.250%,

12/01/39,

Series

C

235,000‌

247,194‌

5.000%,

12/01/42,

Series

A

200,000‌

202,390‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Chicago

Housing

Authority

Series

A

Revenue

Bonds

5.000%,

01/01/32

180,000‌

221,018‌

Chicago

Midway

International

Airport

Series

A

Revenue

Bonds

5.000%,

01/01/30

250,000‌

276,042‌

Chicago

O'Hare

International

Airport

Revenue

Bonds

5.000%,

01/01/28,

Series

B

160,000‌

187,427‌

5.000%,

01/01/29,

Series

C

200,000‌

239,920‌

5.000%,

01/01/34,

Series

B

355,000‌

417,782‌

City

of

Chicago

IL

Wastewater

Transmission

Revenue

Series

C

Revenue

Bonds

5.000%,

01/01/24

230,000‌

258,640‌

Illinois

Finance

Authority

Revenue

Bonds

4.000%,

01/01/25

200,000‌

229,852‌

5.000%,

07/01/28

115,000‌

144,032‌

4.125%,

11/15/37,

Series

A

235,000‌

253,645‌

4.000%,

01/01/40,

Series

A

275,000‌

298,287‌

4.000%,

08/15/41,

Series

A

250,000‌

286,790‌

5.000%,

08/15/43

150,000‌

159,601‌

5.000%,

01/01/44,

Series

A

300,000‌

348,609‌

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5.000%,

01/01/31,

Series

C

150,000‌

195,395‌

4.000%,

12/01/31,

Series

A

210,000‌

235,857‌

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

0.000%,

06/15/30,

Series

A

(a)

415,000‌

305,610‌

0.000%,

12/15/41,

Series

B

(a)

180,000‌

74,301‌

Will

County

Community

High

School

District

No

210

Lincoln-Way

Series

B

0.000%,

01/01/31

(a)

300,000‌

206,592‌

Total

Illinois

5,381,753‌

Indiana

1.3%

City

of

Anderson

Revenue

Bonds

6.000%,

10/01/42

150,000‌

131,936‌

Indiana

Finance

Authority

Revenue

Bonds

3.000%,

11/01/30,

Series

A

150,000‌

150,273‌

4.000%,

11/01/33,

Series

C

100,000‌

114,735‌

5.000%,

06/01/39,

Series

A

225,000‌

231,588‌

Indiana

Municipal

Power

Agency

Series

A

Revenue

Bonds

5.000%,

01/01/34

100,000‌

123,559‌

Total

Indiana

752,091‌

Kansas

0.8%

Kansas

Development

Finance

Authority,

Series

A

Revenue

Bonds

5.000%,

05/01/28

190,000‌

211,058‌

5.000%,

11/15/32

225,000‌

239,616‌

Total

Kansas

450,674‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

10

Strategic

Beta

ETFs

|

Annual

Report

2020

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Kentucky

2.2%

Kentucky

Turnpike

Authority

Series

B

Revenue

Bonds

5.000%,

07/01/26

160,000‌

192,920‌

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

Series

A

Revenue

Bonds

5.000%,

05/15/28

410,000‌

429,545‌

Louisville/Jefferson

County

Metropolitan

Government,

Series

A

Revenue

Bonds

5.000%,

10/01/30

290,000‌

347,310‌

4.000%,

10/01/35

235,000‌

257,054‌

Total

Kentucky

1,226,829‌

Louisiana

0.5%

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.000%,

06/01/27

140,000‌

160,524‌

State

of

Louisiana

Series

B

5.000%,

08/01/27

100,000‌

124,058‌

Total

Louisiana

284,582‌

Maryland

3.0%

County

of

Frederick

Series

A

Revenue

Bonds

5.000%,

09/01/32

(b)

75,000‌

78,854‌

County

of

Howard

Series

B

5.000%,

02/15/28

225,000‌

285,599‌

County

of

Montgomery,

Series

A

5.000%,

11/01/26

150,000‌

189,584‌

5.000%,

11/01/28

200,000‌

234,986‌

Maryland

Health

&

Higher

Educational

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/41

100,000‌

109,357‌

Maryland

Stadium

Authority

Revenue

Bonds

5.000%,

05/01/34

100,000‌

122,686‌

Maryland

Water

Quality

Financing

Administration

Revolving

Loan

Fund

Revenue

Bonds

2.800%,

03/01/26

150,000‌

161,316‌

3.000%,

03/01/30

310,000‌

329,880‌

State

of

Maryland

Series

A

5.000%,

03/15/26

150,000‌

186,084‌

Total

Maryland

1,698,346‌

Massachusetts

2.7%

Commonwealth

of

Massachusetts,

Series

A

5.000%,

07/01/28

100,000‌

123,840‌

5.000%,

07/01/30

160,000‌

192,195‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Massachusetts

Department

of

Transportation

Series

A

Revenue

Bonds

0.000%,

01/01/28

(a)

135,000‌

122,183‌

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000%,

07/01/31,

Series

S-1

200,000‌

248,754‌

5.000%,

07/01/36,

Series

I

150,000‌

173,485‌

5.000%,

07/01/41,

Series

I

250,000‌

280,688‌

5.000%,

07/01/44,

Series

A

200,000‌

230,554‌

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

Revenue

Series

A

Revenue

Bonds

5.000%,

01/01/32

150,000‌

188,615‌

Total

Massachusetts

1,560,314‌

Michigan

3.6%

Detroit

City

School

District

Series

A

5.000%,

05/01/27

180,000‌

190,255‌

Flint

Hospital

Building

Authority

Revenue

Bonds

4.000%,

07/01/41

185,000‌

192,672‌

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Series

A

Revenue

Bonds

5.000%,

07/01/28

200,000‌

257,546‌

Michigan

Finance

Authority

Revenue

Bonds

5.000%,

08/01/28

300,000‌

347,109‌

3.125%,

12/01/35,

Series

A

100,000‌

106,682‌

3.250%,

11/15/42

150,000‌

155,716‌

5.000%,

12/01/42,

Series

A-MI

250,000‌

298,510‌

Michigan

State

Housing

Development

Authority

Series

C

Revenue

Bonds

3.900%,

12/01/33

200,000‌

222,360‌

State

of

Michigan

Revenue

Bonds

5.000%,

03/15/26

225,000‌

275,542‌

Total

Michigan

2,046,392‌

Minnesota

1.6%

City

of

Apple

Valley

Series

A

Revenue

Bonds

4.250%,

01/01/37

275,000‌

209,580‌

City

of

Maple

Grove

Revenue

Bonds

4.000%,

05/01/37

100,000‌

106,138‌

City

of

Minneapolis

Series

A

Revenue

Bonds

6.000%,

07/01/43

100,000‌

106,449‌

City

of

St

Cloud

Series

A

Revenue

Bonds

4.000%,

05/01/37

145,000‌

157,778‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

11

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Duluth

Housing

&

Redevelopment

Authority

Series

A

Revenue

Bonds

5.000%,

11/01/33

100,000‌

112,071‌

Minneapolis-St

Paul

Metropolitan

Airports

Commission

Series

A

Revenue

Bonds

5.000%,

01/01/27

155,000‌

192,031‌

Total

Minnesota

884,047‌

Mississippi

0.6%

Mississippi

Development

Bank

Series

A

Revenue

Bonds

5.000%,

08/01/25

270,000‌

317,944‌

Missouri

1.4%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

4.000%,

11/15/42

150,000‌

161,000‌

Lees

Summit

Industrial

Development

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/32

150,000‌

155,695‌

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

A

Revenue

Bonds

4.000%,

12/01/32

200,000‌

224,026‌

4.000%,

12/01/33

120,000‌

133,565‌

St

Louis

County

Industrial

Development

Authority

Revenue

Bonds

5.000%,

09/01/32

100,000‌

111,088‌

Total

Missouri

785,374‌

New

Jersey

12.2%

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.000%,

03/01/25,

Series

NN

300,000‌

322,572‌

4.000%,

11/01/25,

Series

B

200,000‌

215,780‌

5.000%,

03/01/26,

Series

NN

260,000‌

279,022‌

4.375%,

06/15/27,

Series

XX

120,000‌

130,296‌

5.500%,

09/01/27,

Series

N-1

120,000‌

143,436‌

5.500%,

06/15/29,

Series

BBB

195,000‌

228,721‌

5.000%,

03/01/30,

Series

NN

125,000‌

132,984‌

6.000%,

07/01/32,

Series

A

200,000‌

206,018‌

5.000%,

06/15/34,

Series

WW

120,000‌

131,059‌

New

Jersey

Health

Care

Facilities

Financing

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/32

225,000‌

252,052‌

New

Jersey

Housing

&

Mortgage

Finance

Agency

Series

D

Revenue

Bonds

4.000%,

04/01/25

225,000‌

252,553‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

0.000%,

12/15/25,

Series

C

(a)

180,000‌

157,583‌

5.000%,

06/15/27,

Series

A-1

110,000‌

128,554‌

0.000%,

12/15/27,

Series

A

(a)

300,000‌

245,259‌

0.000%,

12/15/27,

Series

C

(a)

250,000‌

205,677‌

5.000%,

06/15/28,

Series

A-1

240,000‌

279,274‌

0.000%,

12/15/28,

Series

A

(a)

200,000‌

157,374‌

5.000%,

06/15/29,

Series

BB-1

245,000‌

287,848‌

0.000%,

12/15/29,

Series

A

(a)

450,000‌

339,219‌

5.000%,

06/15/30,

Series

A

135,000‌

154,466‌

5.000%,

06/15/31,

Series

BB

115,000‌

133,487‌

5.250%,

06/15/32,

Series

C

270,000‌

298,455‌

0.000%,

12/15/32,

Series

A

(a)

320,000‌

213,622‌

5.000%,

12/15/32,

Series

A

330,000‌

379,955‌

0.000%,

12/15/34,

Series

A

(a)

135,000‌

82,854‌

New

Jersey

Turnpike

Authority

Revenue

Bonds

5.250%,

01/01/30,

Series

A

170,000‌

226,671‌

5.000%,

01/01/31,

Series

E

260,000‌

313,213‌

4.000%,

01/01/33,

Series

G

225,000‌

258,005‌

5.000%,

01/01/33,

Series

A

100,000‌

114,192‌

5.000%,

01/01/33,

Series

B

170,000‌

207,698‌

5.000%,

01/01/34,

Series

A

145,000‌

173,147‌

5.000%,

01/01/34,

Series

E

250,000‌

289,013‌

Total

New

Jersey

6,940,059‌

New

York

15.0%

City

of

New

York

5.000%,

08/01/22,

Series

C

200,000‌

215,364‌

5.000%,

08/01/25,

Series

J

115,000‌

128,628‌

5.000%,

08/01/28,

Series

C

150,000‌

180,603‌

5.000%,

03/01/30,

Series

F-1

250,000‌

274,400‌

Long

Island

Power

Authority

Revenue

Bonds

5.000%,

09/01/28

125,000‌

161,512‌

5.250%,

09/01/29,

Series

C

140,000‌

187,121‌

5.000%,

09/01/34

115,000‌

144,162‌

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000%,

11/15/26,

Series

A2

275,000‌

295,878‌

5.000%,

11/15/31,

Series

C-1

365,000‌

391,495‌

4.000%,

11/15/32,

Series

D

200,000‌

198,926‌

5.000%,

11/15/33,

Series

D-1

450,000‌

511,686‌

New

York

City

Housing

Development

Corp.

Series

G-2-A

(Mandatory

Put

12/31/21)

Revenue

Bonds

2.000%,

11/01/57

100,000‌

100,047‌

New

York

City

Water

&

Sewer

System

Revenue

Bonds

5.000%,

06/15/28,

Series

BB-2

175,000‌

220,938‌

5.000%,

06/15/29,

Series

AA-2

125,000‌

165,590‌

5.000%,

06/15/29,

Series

EE

200,000‌

242,522‌

5.000%,

06/15/29,

Series

GG

150,000‌

179,122‌

5.000%,

06/15/30,

Series

EE

125,000‌

168,299‌

New

York

State

Dormitory

Authority,

Series

A

Revenue

Bonds

5.000%,

07/01/26

160,000‌

194,659‌

5.000%,

10/01/26

150,000‌

183,002‌

5.000%,

07/01/28

250,000‌

309,982‌

5.000%,

10/01/29

110,000‌

134,808‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Strategic

Beta

ETFs

|

Annual

Report

2020

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%,

05/01/33

260,000‌

298,472‌

5.000%,

07/01/33

100,000‌

120,103‌

5.000%,

07/01/34

175,000‌

213,600‌

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

5.000%,

06/15/27,

Series

A

250,000‌

321,823‌

5.000%,

06/15/29

150,000‌

174,585‌

New

York

State

Housing

Finance

Agency

Series

E

Revenue

Bonds

1.100%,

05/01/26

150,000‌

150,813‌

New

York

State

Thruway

Authority

Revenue

Bonds

5.000%,

01/01/29,

Series

B

200,000‌

255,394‌

5.000%,

01/01/30,

Series

K

200,000‌

232,642‌

4.000%,

01/01/38,

Series

B

150,000‌

173,637‌

New

York

Transportation

Development

Corp.

Revenue

Bonds

5.000%,

01/01/34

150,000‌

159,653‌

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5.000%,

09/15/25,

Series

207

115,000‌

137,256‌

5.000%,

09/15/29,

Series

207

375,000‌

464,111‌

5.000%,

07/15/31,

Series

209

300,000‌

374,082‌

3.250%,

05/01/33,

Series

189

125,000‌

131,982‌

5.000%,

10/15/33,

Series

194

265,000‌

310,416‌

State

of

New

York

Mortgage

Agency

Series

214

Revenue

Bonds

3.550%,

04/01/27

150,000‌

171,895‌

Syracuse

Industrial

Development

Agency,

Series

A

Revenue

Bonds

5.000%,

01/01/30

150,000‌

138,798‌

5.000%,

01/01/32

100,000‌

88,470‌

Total

New

York

8,506,476‌

North

Carolina

0.9%

County

of

New

Hanover

Revenue

Bonds

5.000%,

10/01/29

230,000‌

283,813‌

North

Carolina

Medical

Care

Commission

Series

A

Revenue

Bonds

5.000%,

10/01/31

230,000‌

244,315‌

Total

North

Carolina

528,128‌

Ohio

2.1%

Ohio

Turnpike

&

Infrastructure

Commission

Series

A-4

Revenue

Bonds

0.000%,

02/15/34

(a)

285,000‌

337,286‌

Ohio

Water

Development

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/29

245,000‌

324,708‌

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

Bonds

5.000%,

06/01/23

200,000‌

224,542‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Southeastern

Ohio

Port

Authority

Revenue

Bonds

5.500%,

12/01/43

135,000‌

141,010‌

State

of

Ohio

Series

A

Revenue

Bonds

3.250%,

01/01/35

130,000‌

140,788‌

Total

Ohio

1,168,334‌

Oklahoma

1.1%

Grand

River

Dam

Authority,

Series

A

Revenue

Bonds

5.000%,

06/01/30

200,000‌

244,988‌

5.000%,

06/01/31

200,000‌

243,640‌

Oklahoma

Turnpike

Authority

Series

A

Revenue

Bonds

3.750%,

01/01/33

100,000‌

113,032‌

Total

Oklahoma

601,660‌

Oregon

0.2%

City

of

Portland

OR

Sewer

System

Revenue

Series

B

Revenue

Bonds

5.000%,

06/15/22

100,000‌

107,644‌

Pennsylvania

7.2%

Allegheny

County

Hospital

Development

Authority,

Series

A

Revenue

Bonds

4.000%,

07/15/39

250,000‌

280,445‌

4.000%,

04/01/44

200,000‌

216,834‌

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

5.000%,

05/01/42

(b)

100,000‌

104,135‌

Berks

County

Municipal

Authority

(The)

Series

A

Revenue

Bonds

5.000%,

11/01/40

100,000‌

101,913‌

Chambersburg

Area

Municipal

Authority

Revenue

Bonds

5.500%,

10/01/33

150,000‌

157,549‌

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

4.250%,

11/01/32

100,000‌

80,573‌

4.000%,

09/01/41,

Series

A

200,000‌

229,210‌

Commonwealth

of

Pennsylvania

Series

1

5.000%,

03/15/29

100,000‌

118,674‌

Dauphin

County

General

Authority

Revenue

Bonds

5.000%,

10/15/34

(b)

100,000‌

93,056‌

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

5.700%,

07/01/27,

Series

B

110,000‌

140,625‌

5.750%,

07/01/32

100,000‌

145,153‌

Geisinger

Authority

Series

A-2

Revenue

Bonds

5.000%,

02/15/39

150,000‌

175,403‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

13

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

5.000%,

07/01/33

100,000‌

117,650‌

5.625%,

07/01/42,

Series

A

200,000‌

210,166‌

Montgomery

County

Industrial

Development

Authority

Series

A

Revenue

Bonds

4.500%,

01/15/32

200,000‌

206,818‌

Pennsylvania

Economic

Development

Financing

Authority

Series

A

Revenue

Bonds

6.400%,

12/01/38

100,000‌

82,123‌

Pennsylvania

Housing

Finance

Agency

Series

127B

Revenue

Bonds

3.550%,

10/01/33

200,000‌

214,316‌

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5.000%,

06/01/28,

Series

B-2

200,000‌

246,576‌

6.000%,

12/01/30,

Series

E

100,000‌

126,993‌

Philadelphia

Authority

For

Industrial

Development

Revenue

Bonds

5.000%,

10/01/27

300,000‌

370,581‌

5.000%,

04/01/33,

Series

2015

225,000‌

262,746‌

5.000%,

09/01/42,

Series

A

200,000‌

228,304‌

Pittsburgh

Water

&

Sewer

Authority

Series

A

Revenue

Bonds

5.000%,

09/01/26

130,000‌

163,054‌

Total

Pennsylvania

4,072,897‌

Rhode

Island

0.6%

Rhode

Island

Commerce

Corp.

Series

B

Revenue

Bonds

5.000%,

06/15/31

100,000‌

119,092‌

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Series

69-B

Revenue

Bonds

3.550%,

10/01/33

200,000‌

218,368‌

Total

Rhode

Island

337,460‌

South

Carolina

1.1%

Charleston

Educational

Excellence

Finance

Corp.

Revenue

Bonds

5.000%,

12/01/26

250,000‌

282,185‌

Piedmont

Municipal

Power

Agency

Series

A-2

Revenue

Bonds

0.000%,

01/01/29

(a)

120,000‌

103,281‌

South

Carolina

Jobs-Economic

Development

Authority

Series

A

Revenue

Bonds

5.000%,

05/01/32

190,000‌

228,825‌

Total

South

Carolina

614,291‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

South

Dakota

0.4%

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.000%,

07/01/35

180,000‌

214,672‌

Tennessee

0.5%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Series

A-1

Revenue

Bonds

4.000%,

08/01/36

105,000‌

115,521‌

Memphis-Shelby

County

Industrial

Development

Board

Series

B

Revenue

Bonds

5.000%,

11/01/30

150,000‌

182,853‌

Total

Tennessee

298,374‌

Texas

8.9%

Austin

Convention

Enterprises,

Inc.

Series

B

Revenue

Bonds

5.000%,

01/01/32

250,000‌

239,620‌

City

of

Austin

TX

Airport

System

Revenue

Revenue

Bonds

5.000%,

11/15/27

200,000‌

231,760‌

City

of

Dallas

5.000%,

02/15/23

100,000‌

110,509‌

City

of

Houston

Series

A

5.000%,

03/01/26

200,000‌

245,154‌

City

of

Houston

TX

Airport

System

Revenue

Series

A

Revenue

Bonds

5.000%,

07/01/32

300,000‌

322,353‌

City

of

Houston

TX

Combined

Utility

System

Revenue

Series

B

Revenue

Bonds

5.000%,

11/15/27

130,000‌

162,677‌

Dallas

Fort

Worth

International

Airport

Series

A

Revenue

Bonds

5.250%,

11/01/30

225,000‌

252,504‌

Fort

Bend

Independent

School

District

5.000%,

08/15/29

190,000‌

241,923‌

Harris

County-Houston

Sports

Authority

Series

A-3

Revenue

Bonds

0.000%,

11/15/32

(a)

200,000‌

109,798‌

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Series

A

Revenue

Bonds

4.000%,

08/15/40

225,000‌

252,317‌

North

Texas

Municipal

Water

District

Water

System

Revenue

Revenue

Bonds

5.000%,

09/01/28

250,000‌

301,340‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Annual

Report

2020

Notes

to

Portfolio

of

Investments

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

North

Texas

Tollway

Authority

Revenue

Bonds

5.000%,

01/01/27,

Series

A

530,000‌

627,493‌

5.000%,

01/01/29,

Series

B

175,000‌

205,805‌

0.000%,

01/01/30,

Series

D

(a)

300,000‌

256,920‌

Round

Rock

Independent

School

District

Series

A

5.000%,

08/01/30

100,000‌

133,234‌

San

Antonio

Water

System

Series

A

(Mandatory

Put

05/01/24)

Revenue

Bonds

2.625%,

05/01/49

300,000‌

323,811‌

State

of

Texas

Series

A

5.000%,

10/01/29

125,000‌

151,634‌

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000%,

05/15/37

100,000‌

103,341‌

Tarrant

Regional

Water

District

Revenue

Bonds

5.000%,

03/01/29

225,000‌

267,233‌

Texas

Water

Development

Board

Revenue

Bonds

5.000%,

10/15/23,

Series

B

250,000‌

284,905‌

5.000%,

04/15/27,

Series

A

200,000‌

256,196‌

Total

Texas

5,080,527‌

Utah

0.2%

Salt

Lake

City

Corp.

Airport

Revenue

Series

A

Revenue

Bonds

5.000%,

07/01/30

100,000‌

122,119‌

Virginia

0.7%

Commonwealth

of

Virginia

Series

B

5.000%,

06/01/22

150,000‌

161,240‌

Virginia

Resources

Authority

Clean

Water

Revolving

Fund

Series

B

Revenue

Bonds

4.000%,

10/01/27

185,000‌

211,009‌

Total

Virginia

372,249‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Washington

2.8%

Port

of

Seattle

Revenue

Bonds

5.000%,

04/01/36

200,000‌

241,422‌

State

of

Washington

5.000%,

07/01/23,

Series

R-2012C

225,000‌

242,563‌

5.000%,

07/01/29,

Series

B

100,000‌

122,303‌

5.000%,

07/01/30,

Series

R-2015E

200,000‌

236,372‌

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

5.000%,

08/01/38,

Series

A-2

150,000‌

182,876‌

5.000%,

10/01/38,

Series

D

250,000‌

286,417‌

5.000%,

09/01/45

150,000‌

181,565‌

Washington

State

Housing

Finance

Commission

Series

A

Revenue

Bonds

5.000%,

01/01/34

(b)

100,000‌

108,019‌

Total

Washington

1,601,537‌

West

Virginia

0.3%

West

Virginia

Economic

Development

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/29

150,000‌

160,614‌

Wisconsin

0.7%

Public

Finance

Authority

Series

A

Revenue

Bonds

4.000%,

01/01/45

200,000‌

218,910‌

State

of

Wisconsin

Series

3

5.000%,

11/01/23

170,000‌

186,012‌

Total

Wisconsin

404,922‌

Total

Municipal

Bonds

(Cost

$54,240,035)

56,103,092‌

Money

Market

Funds

0.0%

Shares

Value

($)

Dreyfus

AMT-Free

Tax

Exempt

Cash

Management-

Institutional

Shares

0.010%

(c)

19,067‌

19,065‌

Total

Money

Market

Funds

(Cost

$19,065)

19,065‌

Total

Investments

in

Securities

(Cost

$54,259,100)

56,122,157‌

Other

Assets

&

Liabilities,

Net

646,441‌

Net

Assets

56,768,598‌

(a)

Zero

coupon

bond.

(b)

Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

October

31,

2020,

the

total

value

of

these

securities

amounted

to

$535,342,

which

represents

0.94%

of

total

net

assets.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2020.

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

15

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2020:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Municipal

Bonds

–

56,103,092

–

56,103,092

Money

Market

Funds

19,065

–

–

19,065

Total

Investments

in

Securities

19,065

56,103,092

–

56,122,157

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

general

ly

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

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Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$54,259,100

)

$56,122,157

Cash

123

Receivable

for:

Interest

656,916

Total

assets

56,779,196

Liabilities

Payable

for:

Investment

management

fees

10,598

Total

liabilities

10,598

Net

assets

applicable

to

outstanding

capital

stock

$56,768,598

Represented

by:

Paid-in

capital

$54,694,262

Total

distributable

earnings

(loss)

2,074,336

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$56,768,598

Shares

outstanding

2,600,050

Net

asset

value

per

share

$21.83

STATEMENT

OF

OPERATIONS

For

the

Year

Ended

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

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17

Investment

Income:

Interest

$990,422

Total

income

990,422

Expenses:

Investment

management

fees

87,706

Net

investment

income

902,716

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

108,583

Net

realized

gain

108,583

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

488,802

Net

change

in

unrealized

appreciation

488,802

Net

realized

and

unrealized

gain

597,385

Net

increase

in

net

assets

resulting

from

operations

$1,500,101

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

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Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Operations

Net

investment

income

$902,716

$577,524

Net

realized

gain

108,583

37,739

Net

change

in

unrealized

appreciation

488,802

1,385,349

Net

increase

in

net

assets

resulting

from

operations

1,500,101

2,000,612

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(899,979)

(536,509)

Shareholder

transactions

Proceeds

from

shares

sold

29,222,387

9,467,543

Net

increase

in

net

assets

resulting

from

shareholder

transactions

29,222,387

9,467,543

Increase

in

net

assets

29,822,509

10,931,646

Net

Assets:

Net

assets

beginning

of

year

26,946,089

16,014,443

Net

assets

at

end

of

year

$56,768,598

$26,946,089

Capital

stock

activity

Shares

outstanding,

beginning

of

year

1,250,050

800,050

Subscriptions

1,350,000

450,000

Shares

outstanding,

end

of

year

2,600,050

1,250,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

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19

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31

,

2018

(a)

2020

2019

Per

share

data

Net

asset

value,

beginning

of

year

$21.56‌

$20.02‌

$20.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.51‌

0.56‌

0.03‌

Net

realized

and

unrealized

gain

(loss)

0.30‌

1.51‌

(0.01‌)

Total

from

investment

operations

0.81‌

2.07‌

0.02‌

Less

distributions

to

shareholders:

Net

investment

income

(0.51‌)

(0.53‌)

–‌

Net

realized

gains

(0.03‌)

–‌

–‌

Total

distribution

to

shareholders

(0.54‌)

(0.53‌)

–‌

Net

asset

value,

end

of

year

$21.83‌

$21.56‌

$20.02‌

Total

Return

at

NAV

3.82‌%

10.42‌%

0.10‌%

Total

Return

at

Market

4.18‌%

10.24‌%

0.45‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.23‌%

0.26‌%

0.28‌%

(c)

Total

net

expenses

(b)(d)

0.23‌%

0.26‌%

0.28‌%

(c)

Net

investment

income

2.37‌%

2.67‌%

2.34‌%

(c)

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$56,769‌

$26,946‌

$16,014‌

Portfolio

turnover

11‌%

20‌%

48‌%

(a)

The

Fund

commenced

operations

on

October

10,

2018.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

Annualized

(d)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2020

20

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Report

2020

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.

Summary

of

significant

accounting

policies

Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

by

pricing

services

approved

by

the

Board

of

Trustees

based

upon

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

and

under

the

general

supervision

of

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

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Report

2020

21

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Fund’s

Portfolio

of

Investments.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectibility

of

interest

is

reasonably

assured.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

NAV

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

that

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

For

federal

income

tax

purposes,

the

Fund

is

treated

as

a

separate

entity.

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

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

provisions

are

recorded.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

monthly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust’s

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Fund’s

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

22

Strategic

Beta

ETFs

|

Annual

Report

2020

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any;

brokerage

fees

and

commissions

and

any

other

portfolio

transaction

expenses;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

for

the

year

ended

October

31,

2020

was

equal

to

0.23%

of

the

Fund’s

average

daily

net

assets.

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund

as

disclosed

in

the

Statement

of

Operations.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

liability

for

the

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Fund.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.,

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

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.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

Fund

did

not

have

any

permanent

differences;

therefore

no

reclassifications

were

made.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2020,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Ordinary

income

($)

Tax-exempt

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Tax-exempt

income

($)

Long-term

capital

gain

($)

Total

($)

39,175

860,804

-

899,979

72

536,437

-

536,509

Undistributed

ordinary

income

($)

Undistributed

tax-exempt

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

-

101,715

108,583

-

1,864,038

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

23

At

October

31,

2020,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

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.

Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$34,095,890

and

$4,101,197,

respectively,

for

the

year

ended

October

31,

2020.

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

Wells

Fargo

Bank,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

a

December

1,

2020

amendment,

the

credit

facility,

which

is

a

collective

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

collective

borrowings

up

to

$950

million.

Interest

is

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.25%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

will

pay

a

commitment

fee

equal

to

its

pro

rata

share

of

the

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

Prior

to

the

December

1,

2020

amendment,

the

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

HSBC

Bank

USA,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

which

permitted

collective

borrowings

up

to

1

billion.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-

month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

The

Fund

had

no

borrowings

during

the

year

ended

October

31,

2020.

Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund’s

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower

rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

prevailing

interest

rates

rise,

the

values

of

debt

securities

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

securities

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

in

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

54,258,119

2,151,679

(287,641)

1,864,038

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

24

Strategic

Beta

ETFs

|

Annual

Report

2020

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

and

environment

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund,

including

causing

difficulty

in

assigning

prices

to

hard-to-value

assets

in

thinly

traded

and

closed

markets,

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

The

Fund

performance

may

also

be

significantly

negatively

impacted

by

the

economic

impact

of

the

coronavirus

disease

2019

(COVID-19)

pandemic.

The

COVID-19

public

health

crisis

has

become

a

pandemic

that

has

resulted

in,

and

may

continue

to

result

in,

significant

global

economic

and

societal

disruption

and

market

volatility

due

to

disruptions

in

market

access,

resource

availability,

facilities

operations,

imposition

of

tariffs,

export

controls

and

supply

chain

disruption,

among

others.

Such

disruptions

may

be

caused,

or

exacerbated

by,

quarantines

and

travel

restrictions,

workforce

displacement

and

loss

in

human

and

other

resources.

The

uncertainty

surrounding

the

magnitude,

duration,

reach,

costs

and

effects

of

the

global

pandemic,

as

well

as

actions

that

have

been

or

could

be

taken

by

governmental

authorities

or

other

third

parties,

present

unknowns

that

are

yet

to

unfold.

The

impacts,

as

well

as

the

uncertainty

over

impacts

to

come,

of

COVID-19

–

and

any

other

infectious

illness

outbreaks,

epidemics

and

pandemics

that

may

arise

in

the

future

–

could

negatively

affect

global

economies

and

markets

in

ways

that

cannot

necessarily

be

foreseen.

In

addition,

the

impact

of

infectious

illness

outbreaks

and

epidemics

in

emerging

market

countries

may

be

greater

due

to

generally

less

established

healthcare

systems,

governments

and

financial

markets.

Public

health

crises

caused

by

the

COVID-19

outbreak

may

exacerbate

other

pre-existing

political,

social

and

economic

risks

in

certain

countries

or

globally.

The

disruptions

caused

by

COVID-19

could

prevent

the

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

the

Fund’s

ability

to

achieve

its

investment

objectives.

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

and

risk

profile

of

the

Fund.

The

Investment

Manager

and

its

affiliates

have

systematically

implemented

strategies

to

address

the

operating

environment

spurred

by

the

COVID-19

pandemic.

To

promote

the

safety

and

security

of

our

employees

and

to

assure

the

continuity

of

our

business

operations,

we

have

implemented

a

work

from

home

protocol

for

virtually

all

of

our

employee

population,

restricted

business

travel,

and

provided

resources

for

complying

with

the

guidance

from

the

World

Health

Organization,

the

U.S.

Centers

for

Disease

Control

and

governments.

Our

operations

teams

seek

to

operate

without

significant

disruptions

in

service.

Our

pandemic

strategy

takes

into

consideration

that

a

pandemic

could

be

widespread

and

may

occur

in

multiple

waves,

affecting

different

communities

at

different

times

with

varying

levels

of

severity.

We

cannot,

however,

predict

the

impact

that

natural

or

man-made

disasters,

including

the

COVID-19

pandemic,

may

have

on

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

25

the

ability

of

our

employees

and

third-party

service

providers

to

continue

ordinary

business

operations

and

technology

functions

over

near-

or

longer-term

periods.

Municipal

securities

risk

Municipal

securities

are

debt

obligations

generally

issued

to

obtain

funds

for

various

public

purposes,

including

general

financing

for

state

and

local

governments,

or

financing

for

a

specific

project

or

public

facility,

and

include

obligations

of

the

governments

of

the

U.S.

territories,

commonwealths

and

possessions

such

as

Guam,

Puerto

Rico

and

the

U.S.

Virgin

Islands

to

the

extent

such

obligations

are

exempt

from

state

and

U.S.

federal

income

taxes.

The

value

of

municipal

securities

can

be

significantly

affected

by

actual

or

expected

political

and

legislative

changes

at

the

federal

or

state

level.

Municipal

securities

may

be

fully

or

partially

backed

by

the

taxing

authority

of

the

local

government,

by

the

credit

of

a

private

issuer,

by

the

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

or

by

domestic

or

foreign

entities

providing

credit

support,

such

as

letters

of

credit,

guarantees

or

insurance,

and

are

generally

classified

into

general

obligation

bonds

and

special

revenue

obligations.

Because

many

municipal

securities

are

issued

to

finance

projects

in

sectors

such

as

education,

health

care,

transportation

and

utilities,

conditions

in

those

sectors

can

affect

the

overall

municipal

market.

Issuers

in

a

state,

territory,

commonwealth

or

possession

in

which

the

Fund

invests

may

experience

significant

financial

difficulties

for

various

reasons,

including

as

the

result

of

events

that

cannot

be

reasonably

anticipated

or

controlled

such

as

economic

downturns

or

similar

periods

of

economic

stress,

social

conflict

or

unrest,

labor

disruption

and

other

natural

disasters.

Such

financial

difficulties

may

lead

to

credit

rating

downgrades

or

defaults

of

such

issuers

which

in

turn,

could

affect

the

market

values

and

marketability

of

many

or

all

municipal

obligations

of

issuers

in

such

state,

territory,

commonwealth

or

possession.

The

value

of

the

Fund’s

shares

will

be

negatively

impacted

to

the

extent

it

invests

in

such

securities.

The

Fund’s

annual

and

semiannual

reports

show

the

Fund’s

investment

exposures

at

a

point

in

time.

The

risk

of

investing

in

the

Fund

is

directly

correlated

to

the

Fund’s

investment

exposures.

Securities

issued

by

a

particular

state

and

its

instrumentalities

are

subject

to

the

risk

of

unfavorable

developments

in

such

state.

A

municipal

security

can

be

significantly

affected

by

adverse

tax,

legislative,

regulatory,

demographic

or

political

changes

as

well

as

changes

in

a

particular

state's

(state

and

its

instrumentalities’)

financial,

economic

or

other

condition

and

prospects.

Passive

investment

risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

underlying

index.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of,

its

underlying

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

an

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

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.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

have

historically

been

involved

in

a

number

of

legal,

arbitration

and

regulatory

proceedings,

including

routine

litigation,

class

actions,

and

governmental

actions,

concerning

matters

arising

in

connection

with

the

conduct

of

their

business

activities.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

26

Strategic

Beta

ETFs

|

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Report

2020

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.

Strategic

Beta

ETFs

|

Annual

Report

2020

27

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Multi-Sector

Municipal

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Multi-Sector

Municipal

Income

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

hereafter

referred

to

as

the

"Fund")

as

of

October

31,

2020,

the

related

statement

of

operations

for

the

year

ended

October

31,

2020,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2020,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2020

and

for

the

period

October

10,

2018

(commencement

of

operations)

through

October

31,

2018

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2020,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2020

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2020

and

for

the

period

October

10,

2018

(commencement

of

operations)

through

October

31,

2018

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2020

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December 21,

2020

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

28

Strategic

Beta

ETFs

|

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Report

2020

The

Fund

hereby

designates

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2020

.

Shareholders

will

be

notified

in

early

202

1

of

the

amounts

for

use

in

preparing

2020

income

tax

returns.

Exempt-interest

dividends.

The

percentage

of

net

investment

income

distributed

during

the

fiscal

year

that

qualifies

as

exempt-interest

dividends

for

federal

income

tax

purposes.

A

portion

of

the

income

may

be

subject

to

federal

alternative

minimum

tax.

The

Fund

designates

as

a

capital

gain

dividend

the

amount

reflected

below,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

fiscal

period.

Exempt-

interest

dividends

99.97%

Fund

Columbia

Multi-Sector

Municipal

Income

ETF

$114,012

TRUSTEES

AND

OFFICERS

Strategic

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ETFs

|

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Report

2020

29

The

Board

oversees

the

Funds'

operations

and

appoints

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

set

by

the

Board.

The

following

table

provides

basic

biographical

information

about

the

Funds'

Trustees

as

of

the

printing

of

this

report,

including

their

principal

occupations

during

the

past

five

years,

although

specific

titles

for

individuals

may

have

varied

over

the

period.

Certain

Trustees

may

have

served

as

a

Trustee

to

other

Funds

in

the

Columbia

Funds

Complex

prior

to

the

date

set

forth

in

the

Position

Held

with

the

Trusts

and

Length

of

Service

column.

Under

current

Board

policy,

Trustees

not

affiliated

with

the

Investment

Manager

generally

may

serve

through

the

end

of

the

calendar

year

in

which

they

reach

either

the

mandatory

retirement

age

established

by

the

Board.

The

Board

approved

the

nomination

of

and

recommended

the

election

of

17

nominees

to

the

Board,

effecting

a

consolidation

of

the

Board

and

the

board

of

trustees

overseeing

Columbia

Funds

Series

Trust

I

and

Columbia

Funds

Variable

Insurance

Trust.

At

a

shareholder

meeting

held

on

December

22,

2020,

shareholders

approved

the

nominees,

effective

January

1,

2021.

Independent

trustees

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

George

S.

Batejan

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1953

Trustee

since

January 2017

for

each

Trust

Executive

Vice

President,

Global

Head

of

Technology

and

Operations,

Janus

Capital

Group,

Inc.,

2010-2016

110

Former

Chairman

of

the

Board,

NICSA

(National

Investment

Company

Services

Association)

(Executive

Committee,

Nominating

Committee

and

Governance

Committee),

2014-2016;

former

Director,

Intech

Investment

Management,

2011-2016;

former

Board

Member,

Metro

Denver

Chamber

of

Commerce,

2015-2016;

former

Advisory

Board

Member,

University

of

Colorado

Business

School,

2015-2018

Kathleen

Blatz

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Attorney,

specializing

in

arbitration

and

mediation;

Chief

Justice,

Minnesota

Supreme

Court,

1998-2006;

Associate

Justice,

Minnesota

Supreme

Court,

1996-1998;

Fourth

Judicial

District

Court

Judge,

Hennepin

County,

1994-1996;

Attorney

in

private

practice

and

public

service,

1984-1993;

State

Representative,

Minnesota

House

of

Representatives,

1979-1993,

which

included

service

on

the

Tax

and

Financial

Institutions

and

Insurance

Committees;

Member

and

Interim

Chair,

Minnesota

Sports

Facilities

Authority,

January

-

July

2017;

Interim

President

and

Chief

Executive

Officer,

Blue

Cross

and

Blue

Shield

of

Minnesota

(health

care

insurance),

February

-

July

2018

110

Trustee,

BlueCross

BlueShield

of

Minnesota

since

2009

(Chair

of

the

Business

Development

Committee,

2014-2017;

Chair

of

the

Governance

Committee,  2017-

2020);

Chair

of

the

Robina

Foundation

since

August

2013;

former

Member

and

Chair

of

the

Board,

Minnesota

Sports

Facilities

Authority,

January

2017

–

July

2017

TRUSTEES

AND

OFFICERS

(continued)

30

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2020

Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Pamela

G.

Carlton

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Springboard-

Partners

in

Cross

Cultural

Leadership

(consulting

company)

since

2003;

Managing

Director

of

US

Equity

Research,

JP

Morgan

Chase,

1999-2003;

Director

of

US

Equity

Research,

Chase

Asset

Management,

1996-

1999;

Co-Director

Latin

America

Research,

1993-1996,

COO

Global

Research,

1992-1996,

Co-Director

of

US

Research,

1991-1992,

Investment

Banker,

Morgan

Stanley,

1982-1991

110

Trustee,

New

York

Presbyterian

Hospital

Board

(Executive

Committee

and

Chair

of

Human

Resources

Committee)

since

1996;

Director,

DR

Bank

(Audit

Committee)

since

2017;

Director,

Evercore

Inc.

(Audit

Committee,

Nominating

and

Governance

Committee)

since

2019

Patricia

M.

Flynn

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1950

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Trustee

Professor

of

Economics

and

Management,

Bentley

University

since

1976

(also

teaches

and

conducts

research

on

corporate

governance);

Dean,

McCallum

Graduate

School

of

Business,

Bentley

University,

1992-2002

110

Trustee,

MA

Taxpayers

Foundation

since

1997;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010;  2003;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010

Board

of

Directors,

The

MA

Business

Roundtable

2003-2019

Brian

J.

Gallagher

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

December

2017

for

each

Trust

Retired;

Partner

with

Deloitte

&

Touche

LLP

and

its

predecessors,

1977

-

2016

110

Trustee,

Catholic

Schools

Foundation

since

2004

Catherine

James

Paglia

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1952

Chair

of

the

Board

since

1/20;

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Director,

Enterprise

Asset

Management,

Inc.

(private

real

estate

and

asset

management

company)

since

September

1998;

Managing

Director

and

Partner,

Interlaken

Capital,

Inc.,

1989-1997;

Managing

Director,

Morgan

Stanley,

1982-1989;

Vice

President,

Investment

Banking,

1980-1982,

Associate,

Investment

Banking,

1976-1980,

Dean

Witter

Reynolds,

Inc.

110

Director,

Valmont

Industries,

Inc.

(irrigation

systems

manufacturer)

since

2012;

Trustee,

Carleton

College

(on

the

Investment

Committee);

Trustee,

Carnegie

Endowment

for

International

Peace

(on

the

Investment

Committee)

TRUSTEES

AND

OFFICERS

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

31

Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Anthony

M.

Santomero

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1946

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Richard

K.

Mellon

Professor

Emeritus

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

since

2002;

Senior

Advisor,

McKinsey

&

Company

(consulting),

2006-2008;

President,

Federal

Reserve

Bank

of

Philadelphia,

2000-2006;

Professor

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

1972-2002

110

Trustee,

Penn

Mutual

Life

Insurance

Company

since

March

2008;

Director,

Renaissance

Re

Holdings

Ltd.

since

May

2008;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2008-2011;

former

Director,

Citigroup

Inc.

and

Citibank,

N.A.,

2009-2019

Minor

M.

Shaw

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1947

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Micco

LLC

(private

investments)

since

2011;

President,

Micco

Corp.

(family

investment

business),

1998-2011

110

Director,

BlueCross

BlueShield

of

South

Carolina

since

April

2008;

Trustee,

Hollingsworth

Funds

since

2016

(previously

Board

Chair

from

2016-

2019);

Advisory

Board

member,

Duke

Energy

Corp.

since

October

2016;

Chair

of

the

Duke

Endowment;

Chair

of

Greenville

–

Spartanburg

Airport

Commission;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2003-2011;

former

Director,

Piedmont

Natural

Gas,

2004-2016;

former

Director,

National

Association

of

Corporate

Directors,

Carolinas

Chapter,

2013-2018

Sandra

Yeager

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1964

Trustee

since

12/17

Retired;

President

and

founder,

Hanoverian

Capital,

LLC

(SEC

registered

investment

advisor

firm),

2008-2016;

Managing

Director,

DuPont

Capital,

2006-2008;

Managing

Director,

Morgan

Stanley

Investment

Management,

2004-2006;

Senior

Vice

President,

Alliance

Bernstein,

1990-2004

110

Director,

NAPE

Education

Foundation

since

October

2016

TRUSTEES

AND

OFFICERS

(continued)

32

Strategic

Beta

ETFs

|

Annual

Report

2020

*

Interested

person

(as

defined

under

the

1940 Act)

by

reason

of

being

an

officer,

director,

security

holder

and/or

employee

of

the

Investment

Manager

or

Ameriprise

Financial.

The

Statement

of

Additional

Information

has

additional

information

about

the

Funds’

Board

members

and

is

available

without

charge,

upon

request

by

calling

888.800.4347

or

visiting

columbiathreadneedleus.com/etfs.

Interested

trustee

affiliated

with

Investment

Manager*

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

William

F.

Truscott

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

St.

Boston,

MA

02110

1960

Trustee

and

Senior

Vice

President

since

April

2016

for

CET

I

and

September

2016

for

CET

II

Chief

Executive

Officer,

Global

Asset

Management,

Ameriprise

Financial,

Inc.

since

September

2012;

Chairman

of

the

Board

and

President,

Columbia

Management

Investment

Advisers,

LLC

since

July

2004

and

February

2012,

respectively;

Chairman

of

the

Board

and

Chief

Executive

Officer,

Columbia

Management

Investment

Distributors,

Inc.

since

November

2008

and

February

2012,

respectively;

Chairman

of

the

Board

and

Director,

Threadneedle

Asset

Management

Holdings,

Sàrl

since

March

2013

and

December

2008,

respectively;

senior

executive

of

various

entities

affiliated

with

Columbia

Threadneedle

162

Trustee,

Columbia

Funds

since

November

2001

TRUSTEES

AND

OFFICERS

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

33

Board

has

appointed

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

it

has

established.

The

officers

serve

at

the

pleasure

of

the

Board.

The

following

table

provides

basic

information

about

the

Officers

of

the

Funds

as

of

the

printing

of

this

report,

including

principal

occupations

during

the

past

five

years,

although

their

specific

titles

may

have

varied

over

the

period.

In

addition

to

Mr. Truscott,

who

is

Senior

Vice

President,

the

Funds’

other

officers

are:

Fund

officers

Name,

address,

and

year

of

birth

Position

and

year

first

appointed

to

position

for

any

Fund

in

the

Columbia

Funds

complex

or

a

predecessor

thereof

Principal

occupation(s)

during

the

past

five

years

Christopher

O.

Petersen

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1970

President

and

Principal

Executive

Officer

(2015)

Vice

President

and

Lead

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

January

2015

(previously

Vice

President

and

Chief

Counsel,

January

2010

–

December

2014);

officer

of

Columbia

Funds

and

affiliated

funds

since

2007.

Michael

G.

Clarke

225

Franklin

Street

Boston,

MA

02110

Born

1969

Chief

Financial

Officer,

Principal

Financial

Officer

(2009)

and

Senior

Vice

President

(2019)

Vice

President,

Head

of

North

American

Operations,

and

Co-Head

of

Global

Operations,

Columbia

Management

Investment

Advisers,

LLC,

since

June

2019

(previously

Vice

President

–

Accounting

and

Tax,

May

2010

–

May

2019);

senior

officer

of

Columbia

Funds

and

affiliated

funds

since

2002

(previously

Treasurer

and

Chief

Accounting

Officer,

January

2009

–

January

2019

and

December

2015

–

January

2019,

respectively). 

Marybeth

Pilat

225

Franklin

Street

Boston,

MA

02110

Born

1968

Treasurer,

Chief

Accounting

Officer

(Principal

Accounting

Officer)

(2019),

and

Principal

Financial

Officer

(2020)

Vice

President

–

Product

Pricing

and

Administration,

Columbia

Management

Investment

Advisers,

LLC,

since

May

2017;

Director

-

Fund

Administration,

Calvert

Investments,

August

2015

–

March

2017;

Vice

President

-

Fund

Administration,

Legg

Mason,

May

2015

-

July

2015;

Vice

President

-

Fund

Administration,

Columbia

Management

Investment

Advisers,

LLC,

May

2010

-

April

2015.

Paul

B.

Goucher

485

Lexington

Avenue

New

York,

NY

10017

Born

1968

Senior

Vice

President

(2011),

and

Assistant

Secretary

(2008)

Senior

Vice

President

and

Assistant

General

Counsel,

Ameriprise

Financial,

Inc.

since

January

2017

(previously

Vice

President

and

Lead

Chief

Counsel,

November

2008

–

January

2017

and

January

2013

–

January

2017,

respectively);

Vice

President,

Chief

Legal

Officer

and

Assistant

Secretary,

Columbia

Management

Investment

Advisers,

LLC

since

March

2015

(previously

Vice

President

and

Assistant

Secretary,

May

2010

–

March

2015).

Thomas

P.

McGuire

225

Franklin

Street

Boston,

MA

02110

Born

1972

Senior

Vice

President

and

Chief

Compliance

Officer

(2012)

Vice

President

–

Asset

Management

Compliance,

Ameriprise

Financial,

Inc.,

since

May

2010;

Chief

Compliance

Officer,

Ameriprise

Certificate

Company

since

September

2010;

Chief

Compliance

Officer,

Columbia

Acorn/Wanger

Funds

since

December

2015.

Colin

Moore

225

Franklin

Street

Boston,

MA

02110

Born

1958

Senior

Vice

President

(2010)

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Ameriprise

Financial,

Inc.,

since

July

2013;

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Columbia

Management

Investment

Advisers,

LLC

since

July

2013.

Ryan

C.

Larrenaga

225

Franklin

Street

Boston,

MA

02110

Born

1970

Senior

Vice

President

(2017),

Chief

Legal

Officer

(2017),

and

Secretary

(2015)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

August

2018

(previously

Vice

President

and

Group

Counsel,

August

2011

-

August

2018);

Chief

Legal

Officer,

Columbia

Acorn/Wanger

Funds,

since

September

2020;

officer

of

Columbia

Funds

and

affiliated

funds

since

2005.

Daniel

J.

Beckman

225

Franklin

St.

Boston,

MA

02110

Born

1962

Senior

Vice

President

(2020)

Vice

President

–

Head

of

North

America

Product,

Columbia

Management

Investment

Advisers,

LLC

(since

April

2015);

previously,

Senior

Vice

President

of

Investment

Product

Management,

Fidelity

Financial

Advisor

Solutions,

a

division

of

Fidelity

Investments

(January

2012

–

March

2015).

Michael

E.

DeFao

225

Franklin

Street

Boston,

MA

02110

Born

1968

Vice

President

(2011)

and

Assistant

Secretary

(2010)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

May

2010.

Lyn

Kephart-Strong

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1960

Vice

President

(2015)

President,

Columbia

Management

Investment

Services

Corp.

since

October

2014;

Vice

President

&

Resolution

Officer,

Ameriprise

Trust

Company

since

August

2009.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

34

Strategic

Beta

ETFs

|

Annual

Report

2020

Columbia

Management

Investment

Advisers,

LLC

(Columbia

Threadneedle

or

the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Multi-Sector

Municipal

Income

ETF

(the

ETF).

Under

the

investment

management

services

agreement

(the

IMS

Agreement),

Columbia

Threadneedle

provides

investment

advice

and

other

services

to

the

ETF

and

other

funds

distributed

by

Columbia

Management

Investment

Distributors,

Inc.

(collectively,

the

Funds).

On

an

annual

basis,

the

ETF’s

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

Columbia

Threadneedle

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

in

November

and

December

2019

and

February,

March,

April

and

June

2020,

including

reports

providing

the

results

of

analyses

performed

by

an

independent

organization,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

a

comprehensive

response

to

items

of

information

requested

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel)

in

a

letter

to

the

Investment

Manager,

to

assist

the

Board

in

making

this

determination.

Many

of

the

materials

presented

at

these

meetings

were

first

supplied

in

draft

form

to

designated

independent

Board

representatives,

i.e.,

Independent

Legal

Counsel,

Fund

Counsel,

the

Chair

of

the

Board

(who

is

an

Independent

Trustee)

and

the

Chair

of

the

Contracts

Committee

(who

is

an

Independent

Trustee),

and

the

final

materials

were

revised

to

include

information

reflective

of

discussion

and

subsequent

requests

made

by

the

Contracts

Committee.

In

addition,

throughout

the

year,

the

Board

(or

its

committees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

Columbia

Threadneedle

addressing

the

services

Columbia

Threadneedle

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees,

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement.

The

Board,

at

its

June

15-17,

2020

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

management

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

Following

an

analysis

and

discussion

of

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

Nature,

extent

and

quality

of

services

provided

by

Columbia

Threadneedle

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

Columbia

Threadneedle,

as

well

as

its

history,

reputation,

expertise,

resources

and

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

Columbia

Threadneedle,

including,

in

particular,

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department’s

processes,

systems

and

oversight,

over

the

past

several

years,

as

well

as

planned

2020

initiatives.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

Columbia

Threadneedle

to

the

ETF,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

Columbia

Threadneedle's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

observed

that

Columbia

Threadneedle

has

been

able

to

effectively

manage

the

ETF

through

the

challenging

pandemic

period

(with

no

disruptions

in

services

provided). 

In

connection

with

the

Board's

evaluation

of

the

overall

package

of

services

provided

by

Columbia

Threadneedle,

the

Board

also

considered

the

nature,

quality

and

range

of

administrative

oversight

services

provided

to

the

ETF

by

Columbia

Threadneedle,

as

well

as

the

achievements

in

2019

in

the

performance

of

administrative

oversight

services,

and

noted

the

various

enhancements

anticipated

for

2020.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

ETF’s

and

Columbia

Threadneedle’s

compliance

program.

In

addition,

the

Board

reviewed

the

financial

condition

of

Columbia

Threadneedle

and

its

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

35

The

Board

also

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement

(including

the

relatively

broad

scope

of

services

required

to

be

performed

by

Columbia

Threadneedle),

noting

that

no

material

changes

are

proposed

from

the

form

of

agreement

previously

approved.

They

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

ETF

under

the

IMS

Agreement.

It

was

observed

that

the

services

being

performed

under

the

IMS

Agreement

were

of

a

reasonable

quality.

Based

on

the

foregoing,

and

based

on

other

information

received

(both

oral

and

written,

including

the

information

on

investment

performance

referenced

below)

and

other

considerations,

the

Board

concluded

that

Columbia

Threadneedle

is

in

a

position

to

continue

to

provide

quality

services

to

the

ETF.

Investment

performance

For

purposes

of

evaluating

the

nature,

extent

and

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

carefully

reviewed

the

investment

performance

of

the

ETF.

In

this

regard,

the

Board

considered

detailed

reports

providing

the

results

of

analyses

performed

by

an

independent

organization

showing,

for

various

periods

(including

since

manager

inception):

the

performance

of

the

ETF

(particularly

relative

to

the

index

of

which

the

ETF

seeks

to

replicate

performance)

and

the

net

assets

of

the

ETF.

The

Board

also

reviewed

index

tracking

error

data

for

the

ETF.

The

Board

observed

that

the

ETF’s

investment

performance

met

expectations.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

Columbia

Threadneedle

and

its

affiliates

from

their

relationships

with

the

ETF

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

In

considering

the

proposed

level

of

fees

under

the

IMS

Agreement,

the

Board

accorded

particular

weight

to

the

unified/all-inclusive

fee

structure

utilized

by

the

ETF.

In

this

regard,

they

observed

that

many

of

the

competitors

of

the

ETF

have

adopted

similar

unified/all-inclusive

fee

structures.

The

Board

accorded

particular

weight

to

the

notion

that

the

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Fund

(with

certain

defined

exceptions)

are

generally

in

line

with

the

"pricing

philosophy"

currently

in

effect

(i.e.,

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe).

The

Board

observed

that

the

ETF’s

unified

fee

rate

approximated

the

median

expenses

paid

by

funds

in

the

ETF’s

comparative

peer

universe.

Based

on

its

review,

the

Board

concluded

that

the

ETF’s

management

fee

was

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

that

the

ETF

receives.

The

Board

also

considered

the

profitability

of

Columbia

Threadneedle

and

its

affiliates

in

connection

with

Columbia

Threadneedle

providing

management

services

to

the

ETF.

In

this

regard,

the

Independent

Trustees

referred

to

their

detailed

analysis

of

the

Profitability

Report,

discussing

the

profitability

to

Columbia

Threadneedle

and

Ameriprise

Financial

from

managing

the

Funds,

including

the

ETF.

The

Board

considered

that

in

2019

the

Board

had

concluded

that

2018

profitability

was

reasonable

and

that

the

2020

information

shows

that

the

profitability

generated

by

Columbia

Threadneedle

in

2019

decreased

slightly

from

2018

levels.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

Columbia

Threadneedle

or

its

affiliates

in

connection

with

managing

the

Funds,

including

the

ETF,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

ETF

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

The

Board

concluded

that

profitability

levels

were

reasonable.

Economies

of

scale

to

be

realized

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unified

fee

level

that

does

not

include

pre-established

breakpoints,

and

management’s

observation

that

the

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Based

on

the

foregoing,

the

Board,

including

all

of

the

Independent

Trustees,

concluded

that

the

management

fees

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided.

In

reaching

this

conclusion,

no

single

factor

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

36

Strategic

Beta

ETFs

|

Annual

Report

2020

was

determinative.

On

June

17,

2020,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

225

Franklin

Street

Boston,

MA,

02110

ANN303_10_K01_(12/20)

CET001211

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.

©

2020

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Annual

Report

October

31,

2020

Not

Federally

Insured

|

No

Financial

Institution

Guarantee

|

May

Lose

Value

STRATEGIC

BETA

ETFs

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Beginning

on

January

1,

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semiannual

shareholder

reports

like

this

one

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Funds’

website

(columbiathreadneedleus.

com/etfs),

and

each

time

a

report

is

posted

you

will

be

notified

by

mail

and

provided

with

a

website

address

to

access

the

report.

If

you

have

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Funds

electronically

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

may

elect

to

receive

all

future

shareholder

reports

in

paper

free

of

charge.

You

can

contact

your

financial

intermediary

to

request

that

you

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

paper

reports

will

apply

to

all

Columbia

Funds

held

in

your

account.

Strategic

Beta

ETFs

|

Annual

Report

2020

TABLE

OF

CONTENTS

Columbia

Research

Enhanced

Core

ETF

Fund

at

a

Glance

3

Manager

Discussion

of

Fund

Performance

5

Columbia

Research

Enhanced

Value

ETF

Fund

at

a

Glance

7

Manager

Discussion

of

Fund

Performance

9

Understanding

Your

Fund’s

Expenses

11

Portfolio

of

Investments

12

Statement

of

Assets

and

Liabilities

24

Statement

of

Operations

25

Statement

of

Changes

in

Net

Assets

26

Financial

Highlights

27

Notes

to

Financial

Statements

29

Report

of

Independent

Registered

Public

Accounting

Firm

37

Federal

Income

Tax

Information

38

Trustees

and

Officers

39

Approval

of

Investment

Management

Services

Agreement

44

Additional

Information

47

FUND

AT

A

GLANCE

Columbia

Research

Enhanced

Core

ETF

Strategic

Beta

ETFs

|

Annual

Report

2020

3

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2019

Jason

Wang,

CFA

Portfolio

Manager

Managed

Fund

since

2019

Investment

objective

The

Fund

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Research

Enhanced

U.S.

Equity

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Research

Enhanced

U.S.

Equity

Index

aims

to

achieve

stronger

total

return

than

the

Russell

1000®

Index

through

a

rules-based

strategic

beta

approach.

The

Index

methodology

leverages

the

results

of

Columbia

Threadneedle

Investment’s

proprietary

quantitative

investment

models

to

rate

each

company

within

the

Russell

1000

®

Index

based

on

quality,

value

and

catalyst

factors,

and

selects

securities

that

are

favorably

rated.

It

is

market

cap-weighted

and

sector-neutral

to

the

Russell

1000

®

Index.

The

Russell

1000®

Index

tracks

the

performance

of

1,000

of

the

largest

U.S.

companies,

based

on

market

capitalization.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Fund

performance

may

be

significantly

negatively

impacted

by

the

economic

impact

of

the

COVID-19

pandemic.

The

COVID-19

pandemic

has

adversely

impacted

economies

and

capital

markets

around

the

world

in

ways

that

will

likely

continue

and

may

change

in

unforeseen

ways

for

an

indeterminate

period.

The

COVID-19

pandemic

may

exacerbate

pre-existing

political,

social

and

economic

risks

in

certain

countries

and

globally.

Average

annual

total

returns

(%)

(for

period

ended

October

31,

2020)

Inception

1

Year

Life

Market

Price

09/25/19

7.46

9.30

Net

Asset

Value

09/25/19

7.82

9.52

{

Beta

Advantage®

}

Research

Enhanced

U.S.

Equity

Index

7.97

9.68

Russell

1000®

Index

10.87

12.23

FUND

AT

A

GLANCE

(continued)

Columbia

Research

Enhanced

Core

ETF

4

Strategic

Beta

ETFs

|

Annual

Report

2020

Performance

of

a

hypothetical

$10,000

investment

(September

25,

2019

—

October

31,

2020)

The

chart

above

shows

the

change

in

value

of

a

hypothetical

$10,000

investment

made

on

the

Fund’s

inception,

and

does

not

reflect

the

deduction

of

taxes

or

brokerage

commissions

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

For

Illustrative

purposes

only.

There

is

no

guarantee

similar

results

can

be

achieved.

Equity

sector

breakdown

(%)

(at

October

31,

2020)

Information

Technology

27

.8

Health

Care

13

.4

Consumer

Discretionary

11

.8

Communication

Services

10

.8

Financials

9

.3

Industrials

9

.1

Consumer

Staples

6

.5

Utilities

3

.2

Real

Estate

3

.2

Materials

2

.9

Energy

2

.0

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

Research

Enhanced

Core

ETF

(RECS)

Strategic

Beta

ETFs

|

Annual

Report

2020

5

For

the

12-month

period

that

ended

October

31,

2020,

the

Fund

returned

7.82%

based

on

net

asset

value

(NAV)

and

7.46%

based

on

market

price.

The

Beta

Advantage

®

Research

Enhanced

U.S.

Equity

Index

(the

Index),

against

which

the

performance

of

the

Fund

is

measured,

returned

7.97%

during

the

same

period.

To

compare,

the

Russell

1000®

Index

returned

10.87%

for

the

same

period.

The

Fund

had

a

NAV

of

$20.31

on

October

31,

2019

and

ended

the

annual

period

on

October

31,

2020

with

a

NAV

of

$21.79.

The

Fund’s

market

price

on

October

31,

2020

was

$21.74

per

share.

Market

overview

U.S.

equities

gained

in

the

last

two

months

of

2019,

when

the

annual

period

began,

across

almost

every

sector,

capitalization

and

style.

The

strong

climb

in

equity

markets

was

supported

by

hopeful

expectations

surrounding

a

“Phase

One”

trade

deal

in

principle

between

the

U.S.

and

China

and

by

resilience

of

the

American

consumer,

which

together

contributed

to

investor

optimism.

Strong

performance

for

U.S.

equities

continued

into

the

start

of

the

new

year.

But

then,

after

rising

to

record

highs

in

mid-February,

U.S.

equities

plunged

in

the

first

quarter

of

2020

to

their

worst

quarterly

results

since

2008.

The

outbreak

and

rapid

spread

of

COVID-19

led

to

heightened

risk

aversion,

as

investors

struggled

to

assess

the

economic

effects

of

the

pandemic.

Rattling

markets

further

was

an

unexpected

fight

over

production

levels

between

Saudi

Arabia

and

Russia

that

led

to

a

plunge

in

oil

prices.

A

policy

response

came

swiftly,

with

the

U.S.

Federal

Reserve

(Fed)

cutting

interest

rates

twice

in

March

and

rolling

out

multiple

emergency

lending

programs.

In

addition,

U.S.

lawmakers

delivered

a

more

than

$2

trillion

rescue

package

to

try

and

buoy

households

and

businesses

as

much

of

the

country

was

put

on

stay-at-home

orders

near

quarter-end.

Markets

whipsawed

dramatically

as

the

legislation,

the

largest

dose

of

economic

relief

in

U.S.

history,

lurched

through

Congress.

Despite

rallying

in

the

final

week

of

March,

major

U.S.

equity

indices

finished

the

first

quarter

of

2020

down

significantly,

and

volatility

spiked

to

levels

last

seen

in

the

fall

of

2008.

In

a

sharp

reversal,

U.S.

equity

markets

rebounded

from

historic

lows

to

post

the

best

quarterly

returns

in

the

second

quarter

of

2020

in

more

than

20

years.

Participation

was

broad-based

but

led

primarily

by

mega-cap

technology

stocks.

Sentiment

around

reopening

efforts

across

the

U.S.

swung

between

hope

and

disappointment,

but

optimism

ultimately

was

credited

as

a

key

driver

of

the

quarter’s

robust

results.

Economic

growth

accelerated

as

the

world

slowly

came

out

of

quarantine,

although

the

extent

of

the

recovery

was

unknown,

and

the

spike

in

COVID-19

cases

in

regional

hotspots

across

the

U.S.

and

internationally

threw

a

bit

of

a

wrench

into

the

rally

toward

the

end

of

the

quarter.

As

the

Fed

reiterated

its

commitment

to

using

all

of

its

available

tools

to

support

the

economy,

risk-on

sentiment

overcame

any

worries

about

economic

recovery,

as

well

as

concerns

about

renewed

U.S.-China

tensions,

social

justice

unrest

and

a

brief

implosion

in

the

oil

market

that

saw

West

Texas

Intermediate

crude

oil

futures

close

in

negative

territory

for

the

first

time

ever.

For

the

second

consecutive

quarter,

U.S.

equity

markets

posted

strong

positive

returns

during

the

third

quarter

of

2020,

with

several

major

benchmarks

hitting

all-time

highs

along

the

way.

The

biggest

tailwind

for

stocks

remained

the

massive

monetary

and

fiscal

stimulus

put

in

place

in

response

to

the

COVID-19

pandemic.

Corporate

earnings

resiliency

and

hopeful

expectations

for

a

near-term

vaccine

breakthrough

also

aided

markets.

That

said,

gains

were

largely

confined

to

July

and

August,

as

uncertainty

over

the

then-upcoming

U.S.

elections,

U.S.-China

relations

and

economic

recovery

pushed

most

U.S.

equity

indices

lower

in

September.

U.S.

equities

continued

to

decline

in

October

2020.

While

the

majority

of

third

calendar

quarter

earnings

results

for

U.S.

companies

that

were

reported

in

October

came

in

above

consensus

expectations,

equity

prices

declined

against

a

backdrop

of

heightened

market

expectations.

Political

uncertainty

surrounding

the

results

of

the

U.S.

elections

and

a

lack

of

further

fiscal

stimulus

were

also

sources

of

volatility

during

the

month.

Within

the

broad

U.S.

equity

market,

large-cap

stocks

led

mid-cap

and

small-cap

stocks,

and

growth

stocks

significantly

outperformed

value

stocks

across

the

capitalization

spectrum.

Within

the

Russell

1000®

Index,

information

technology,

consumer

discretionary

and

communication

services

were

the

best

performing

sectors,

each

generating

a

robust

double-

digit

absolute

gain

during

the

annual

period.

Energy

was

by

far

the

weakest

sector

in

the

Russell

1000®

Index,

followed

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Research

Enhanced

Core

ETF

(RECS)

6

Strategic

Beta

ETFs

|

Annual

Report

2020

at

some

distance

by

financials

and

real

estate,

with

each

of

the

three

sectors

generating

a

double-digit

negative

absolute

return

during

the

annual

period.

Index

gained

but

lagged

Russell

1000®

Index

during

annual

period

Constituent

companies

in

the

consumer

discretionary,

health

care

and

materials

sectors

detracted

most

from

the

Index’s

results

relative

to

the

Russell

1000®

Index

during

the

annual

period.

Partially

offsetting

these

detractors

were

Index

constituents

in

the

real

estate,

industrials

and

information

technology

sectors,

which

contributed

positively

to

the

Index’s

results

relative

to

the

Russell

1000®

Index.

Relative

to

the

Russell

1000®

Index,

an

underweight

position

in

e-commerce

retailer

Amazon.com

and

overweight

positions

in

diversified

financial

institutions

Bank

of

America

and

Citigroup

(0.00%,

1.71%

and

0.81%

of

Fund

net

assets

as

of

10/31/20,

respectively)

detracted

most.

Amazon.com

generated

a

double-digit

positive

absolute

return

during

the

annual

period,

while

Bank

of

America

and

Citigroup

each

posted

a

double-digit

negative

absolute

return

during

the

annual

period.

Relative

to

the

Russell

1000®

Index,

overweight

positions

in

information

technology

giant

Apple

and

software

behemoth

Microsoft

and

an

underweight

position

in

diversified

financial

institution

JPMorgan

Chase

(8.02%,

6.92%

and

0.00%

of

Fund

net

assets

as

of

10/31/20,

respectively)

contributed

most

positively.

Apple

and

Microsoft

each

posted

a

double-digit

positive

absolute

return

during

the

annual

period,

while

JPMorgan

Chase

generated

a

double-digit

negative

absolute

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

There

is

no

guarantee

that

the

index

and,

correspondingly,

the

Fund

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

Fund's

net

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

The

Fund

concentrates

its

investments

in

issuers

of

one

or

more

particular

industries

to

the

same

extent

as

the

underlying

index.

Investments

in

a

narrowly

focused

sector

may

exhibit

higher

volatility

than

investments

with

a

broader

focus.

Investments

selected

using

quantitative

methods

may

perform

differently

from

the

market

as

a

whole

and

may

not

enable

the

fund

to

achieve

its

objective.

Investment

in

larger

companies

may

involve

certain

risks

associated

with

their

larger

size

and

may

be

less

able

to

respond

quickly

to

new

competitive

challenges

than

smaller

competitors.

Investments

in

mid-cap

companies

often

involve

greater

risks

that

investments

in

larger

companies

and

may

have

less

predictable

earning

and

be

less

liquid

than

the

securities

of

larger

firms.

Value

securities

may

be

unprofitable

if

the

market

fails

to

recognize

their

intrinsic

worth

or

the

portfolio

manager

misgauged

that

worth.

Growth

securities,

at

times,

may

not

perform

as

well

as

value

securities

or

the

stock

market

in

general

and

may

be

out

of

favor

with

investors.

Although

the

Fund’s

shares

are

listed

on

an

exchange,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

The

Fund

may

have

portfolio

turnover,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

See

the

Fund's

prospectus

for

more

information

on

these

and

other

risks.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

fund

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

fund.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

FUND

AT

A

GLANCE

Columbia

Research

Enhanced

Value

ETF

Strategic

Beta

ETFs

|

Annual

Report

2020

7

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2019

Jason

Wang,

CFA

Portfolio

Manager

Managed

Fund

since

2019

Investment

objective

The

Fund

seeks

investment

results

that,

before

fees

and

expenses,

closely

correspond

to

the

performance

of

the

Beta

Advantage

®

Research

Enhanced

U.S.

Value

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

Columbia

Management

Investment

Advisers,

LLC

and/or

any

of

its

affiliates.

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Advantage

®

Research

Enhanced

U.S.

Value

Index

aims

to

achieve

stronger

total

return

than

the

Russell

1000®

Value

Index

through

a

rules-based

strategic

beta

approach.

The

Index

methodology

leverages

the

results

of

Columbia

Threadneedle

Investment’s

proprietary

quantitative

investment

models

to

rate

each

company

within

the

Russell

1000

®

Value

Index

based

on

quality,

value

and

catalyst

factors,

and

selects

securities

that

are

favorably

rated.

It

is

market

cap-weighted

and

sector-neutral

to

the

Russell

1000

®

Value

Index.

The

Russell

1000®

Value

Index

is

an

unmanaged

index

that

measures

the

performance

of

those

Russell

1000®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

It

is

not

possible

to

invest

directly

in

an

index.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

Fund

performance

may

be

significantly

negatively

impacted

by

the

economic

impact

of

the

COVID-19

pandemic.

The

COVID-19

pandemic

has

adversely

impacted

economies

and

capital

markets

around

the

world

in

ways

that

will

likely

continue

and

may

change

in

unforeseen

ways

for

an

indeterminate

period.

The

COVID-19

pandemic

may

exacerbate

pre-existing

political,

social

and

economic

risks

in

certain

countries

and

globally.

Average

annual

total

returns

(%)

(for

period

ended

October

31,

2020)

Inception

1

Year

Life

Market

Price

09/25/19

-8.50

-6.06

Net

Asset

Value

09/25/19

-8.16

-5.74

{

Beta

Advantage®

}

Research

Enhanced

U.S.

Value

Index

-8.00

-5.54

Russell

1000®

Value

Index

-7.57

-5.43

FUND

AT

A

GLANCE

(continued)

Columbia

Research

Enhanced

Value

ETF

8

Strategic

Beta

ETFs

|

Annual

Report

2020

Performance

of

a

hypothetical

$10,000

investment

(September

25,

2019

—

October

31,

2020)

The

chart

above

shows

the

change

in

value

of

a

hypothetical

$10,000

investment

made

on

the

Fund’s

inception,

and

does

not

reflect

the

deduction

of

taxes

or

brokerage

commissions

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Equity

sector

breakdown

(%)

(at

October

31,

2020)

Financials

17

.6

Industrials

14

.1

Health

Care

13

.4

Communication

Services

9

.5

Information

Technology

8

.9

Consumer

Staples

8

.4

Consumer

Discretionary

7

.7

Utilities

6

.6

Materials

5

.1

Real

Estate

4

.7

Energy

4

.0

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

Research

Enhanced

Value

ETF

(REVS)

Strategic

Beta

ETFs

|

Annual

Report

2020

9

For

the

12-month

period

that

ended

October

31,

2020,

the

Fund

returned

-8.16%

based

on

net

asset

value

(NAV)

and

-8.50%

based

on

market

price.

The

Beta

Advantage

®

Research

Enhanced

U.S.

Value

Index

(the

Index),

against

which

the

performance

of

the

Fund

is

measured,

returned

-8.00%

during

the

same

period.

To

compare,

the

Russell

1000

®

Value

Index

returned

-7.57%

for

the

same

period.

The

Fund

had

a

NAV

of

$20.24

on

October

31,

2019

and

ended

the

annual

period

on

October

31,

2020

with

a

NAV

of

$18.46.

The

Fund’s

market

price

on

October

31,

2020

was

$18.40

per

share.

Market

overview

U.S.

equities

gained

in

the

last

two

months

of

2019,

when

the

annual

period

began,

across

almost

every

sector,

capitalization

and

style.

The

strong

climb

in

equity

markets

was

supported

by

hopeful

expectations

surrounding

a

“Phase

One”

trade

deal

in

principle

between

the

U.S.

and

China

and

by

resilience

of

the

American

consumer,

which

together

contributed

to

investor

optimism.

Strong

performance

for

U.S.

equities

continued

into

the

start

of

the

new

year.

But

then,

after

rising

to

record

highs

in

mid-February,

U.S.

equities

plunged

in

the

first

quarter

of

2020

to

their

worst

quarterly

results

since

2008.

The

outbreak

and

rapid

spread

of

COVID-19

led

to

heightened

risk

aversion,

as

investors

struggled

to

assess

the

economic

effects

of

the

pandemic.

Rattling

markets

further

was

an

unexpected

fight

over

production

levels

between

Saudi

Arabia

and

Russia

that

led

to

a

plunge

in

oil

prices.

A

policy

response

came

swiftly,

with

the

U.S.

Federal

Reserve

(Fed)

cutting

interest

rates

twice

in

March

and

rolling

out

multiple

emergency

lending

programs.

In

addition,

U.S.

lawmakers

delivered

a

more

than

$2

trillion

rescue

package

to

try

and

buoy

households

and

businesses

as

much

of

the

country

was

put

on

stay-at-home

orders

near

quarter-end.

Markets

whipsawed

dramatically

as

the

legislation,

the

largest

dose

of

economic

relief

in

U.S.

history,

lurched

through

Congress.

Despite

rallying

in

the

final

week

of

March,

major

U.S.

equity

indices

finished

the

first

quarter

of

2020

down

significantly,

and

volatility

spiked

to

levels

last

seen

in

the

fall

of

2008.

In

a

sharp

reversal,

U.S.

equity

markets

rebounded

from

historic

lows

to

post

the

best

quarterly

returns

in

the

second

quarter

of

2020

in

more

than

20

years.

Participation

was

broad-based

but

led

primarily

by

mega-cap

technology

stocks.

Sentiment

around

reopening

efforts

across

the

U.S.

swung

between

hope

and

disappointment,

but

optimism

ultimately

was

credited

as

a

key

driver

of

the

quarter’s

robust

results.

Economic

growth

accelerated

as

the

world

slowly

came

out

of

quarantine,

although

the

extent

of

the

recovery

was

unknown,

and

the

spike

in

COVID-19

cases

in

regional

hotspots

across

the

U.S.

and

internationally

threw

a

bit

of

a

wrench

into

the

rally

toward

the

end

of

the

quarter.

As

the

Fed

reiterated

its

commitment

to

using

all

of

its

available

tools

to

support

the

economy,

risk-on

sentiment

overcame

any

worries

about

economic

recovery,

as

well

as

concerns

about

renewed

U.S.-China

tensions,

social

justice

unrest

and

a

brief

implosion

in

the

oil

market

that

saw

West

Texas

Intermediate

crude

oil

futures

close

in

negative

territory

for

the

first

time

ever.

For

the

second

consecutive

quarter,

U.S.

equity

markets

posted

strong

positive

returns

during

the

third

quarter

of

2020,

with

several

major

benchmarks

hitting

all-time

highs

along

the

way.

The

biggest

tailwind

for

stocks

remained

the

massive

monetary

and

fiscal

stimulus

put

in

place

in

response

to

the

COVID-19

pandemic.

Corporate

earnings

resiliency

and

hopeful

expectations

for

a

near-term

vaccine

breakthrough

also

aided

markets.

That

said,

gains

were

largely

confined

to

July

and

August,

as

uncertainty

over

the

then-upcoming

U.S.

elections,

U.S.-China

relations

and

economic

recovery

pushed

most

U.S.

equity

indices

lower

in

September.

U.S.

equities

continued

to

decline

in

October

2020.

While

the

majority

of

third

calendar

quarter

earnings

results

for

U.S.

companies

that

were

reported

in

October

came

in

above

consensus

expectations,

equity

prices

declined

against

a

backdrop

of

heightened

market

expectations.

Political

uncertainty

surrounding

the

results

of

the

U.S.

elections

and

a

lack

of

further

fiscal

stimulus

were

also

sources

of

volatility

during

the

month.

Within

the

broad

U.S.

equity

market,

large-cap

stocks

led

mid-cap

and

small-cap

stocks,

and

growth

stocks

significantly

outperformed

value

stocks

across

the

capitalization

spectrum.

Within

the

Russell

1000®

Value

Index,

health

care,

materials

and

consumer

staples

were

the

best

performing

sectors,

each

posting

a

solid

single-digit

positive

return

during

the

annual

period.

Energy

was

by

far

the

weakest

sector

in

the

Russell

1000®

Value

Index,

followed

at

some

distance

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Research

Enhanced

Value

ETF

(REVS)

10

Strategic

Beta

ETFs

|

Annual

Report

2020

by

real

estate

and

financials,

with

each

of

the

three

sectors

generating

a

double-digit

negative

absolute

return

during

the

annual

period.

Index

modestly

lagged

Russell

1000®

Value

Index

during

annual

period

Constituent

companies

in

the

health

care,

materials

and

information

technology

sectors

detracted

most

from

the

Index’s

results

relative

to

the

Russell

1000®

Value

Index

during

the

annual

period.

Partially

offsetting

these

detractors

were

Index

constituents

in

the

industrials,

real

estate

and

energy

sectors,

which

contributed

positively

to

the

Index’s

results

relative

to

the

Russell

1000®

Value

Index.

Relative

to

the

Russell

1000®

Value

Index,

overweight

positions

in

diversified

financial

institutions

Citigroup

and

Bank

of

America

and

in

integrated

energy

company

Chevron

(1.94%,

4.08%

and

2.11%

of

Fund

net

assets

as

of

10/31/20,

respectively)

detracted

most.

Each

generated

a

double-digit

negative

absolute

return

during

the

annual

period.

Relative

to

the

Russell

1000®

Value

Index,

an

underweight

position

in

diversified

financial

institution

JPMorgan

Chase

and

overweight

positions

in

investment

management

services

provider

BlackRock

and

health

care

products

manufacturer

Johnson

&

Johnson

(0.00%,

1.95%

and

4.75%

of

Fund

net

assets

as

of

10/31/20,

respectively)

contributed

most

positively.

JPMorgan

Chase

posted

a

double-digit

negative

absolute

return

during

the

annual

period;

BlackRock

generated

a

double-digit

positive

absolute

return

during

the

annual

period;

and

Johnson

&

Johnson

outperformed

the

Russell

1000®

Value

Index

with

a

solid

single-digit

positive

absolute

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

There

is

no

guarantee

that

the

index

and,

correspondingly,

the

Fund

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

Fund's

net

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

The

Fund

concentrates

its

investments

in

issuers

of

one

or

more

particular

industries

to

the

same

extent

as

the

underlying

index.

Investments

in

a

narrowly

focused

sector

may

exhibit

higher

volatility

than

investments

with

a

broader

focus.

Investments

selected

using

quantitative

methods

may

perform

differently

from

the

market

as

a

whole

and

may

not

enable

the

fund

to

achieve

its

objective.

Investment

in

larger

companies

may

involve

certain

risks

associated

with

their

larger

size

and

may

be

less

able

to

respond

quickly

to

new

competitive

challenges

than

smaller

competitors.

Investments

in

mid-cap

companies

often

involve

greater

risks

that

investments

in

larger

companies

and

may

have

less

predictable

earning

and

be

less

liquid

than

the

securities

of

larger

firms.

Value

securities

may

be

unprofitable

if

the

market

fails

to

recognize

their

intrinsic

worth

or

the

portfolio

manager

misgauged

that

worth.

Growth

securities,

at

times,

may

not

perform

as

well

as

value

securities

or

the

stock

market

in

general

and

may

be

out

of

favor

with

investors.

Although

the

Fund’s

shares

are

listed

on

an

exchange,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

The

Fund

may

have

portfolio

turnover,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

See

the

Fund's

prospectus

for

more

information

on

these

and

other

risks.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

fund

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

fund.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

Strategic

Beta

ETFs

|

Annual

Report

2020

11

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

October

31,

2020.

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

366.

Expenses

do

not

include

fees

and

expenses

incurred

indirectly

by

the

Fund

from

its

investment

in

underlying

funds,

including

affiliated

and

non-

affiliated

pooled

investment

vehicles,

such

as

mutual

funds

and

exchange-traded

funds.

May

1,

2020

—

October

31,

2020

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

1,122.00

1,024.38

0.80

0.76

0.15

Columbia

Research

Enhanced

Value

ETF

1,000.00

1,000.00

1,053.10

1,024.18

0.98

0.97

0.19

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Core

ETF

October

31,

2020

(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.

12

Strategic

Beta

ETFs

|

Annual

Report

2020

Common

Stocks

99.2%

Issuer

Shares

Value

($)

Communication

Services  10.8%

Diversified

Telecommunication

Services

1.3%

CenturyLink,

Inc.

4,232

36,480

Verizon

Communications,

Inc.

16,258

926,543

Total

963,023

Entertainment

0.6%

Activision

Blizzard,

Inc.

2,934

222,192

Electronic

Arts,

Inc.

(a)

1,095

131,214

Take-Two

Interactive

Software,

Inc.

(a)

428

66,305

Zynga,

Inc.

Class

A

(a)

3,408

30,638

Total

450,349

Interactive

Media

&

Services

8.6%

Alphabet,

Inc.

Class

A

(a)

1,172

1,894,081

Alphabet,

Inc.

Class

C

(a)

1,154

1,870,646

Facebook,

Inc.

Class

A

(a)

9,190

2,417,981

Total

6,182,708

Media

0.3%

Cable

One,

Inc.

20

34,637

DISH

Network

Corp.

Class

A

(a)

985

25,108

Fox

Corp.

Class

A

1,342

35,590

Fox

Corp.

Class

B

639

16,704

Interpublic

Group

of

Cos.,

Inc.

(The)

1,549

28,021

John

Wiley

&

Sons,

Inc.

Class

A

165

5,108

Liberty

Media

Corp.-Liberty

SiriusXM

Class

A

(a)

328

11,339

Liberty

Media

Corp.-Liberty

SiriusXM

Class

C

(a)

690

23,874

Sirius

XM

Holdings,

Inc.

4,636

26,564

Total

206,945

Wireless

Telecommunication

Services

0.0%

Telephone

and

Data

Systems,

Inc.

390

6,630

Total

Communication

Services

7,809,655

Consumer

Discretionary  11.7%

Auto

Components

0.2%

Gentex

Corp.

2,093

57,913

Lear

Corp.

503

60,768

Total

118,681

Distributors

0.3%

LKQ

Corp.

(a)

2,621

83,846

Pool

Corp.

328

114,744

Total

198,590

Diversified

Consumer

Services

0.1%

H&R

Block,

Inc.

1,732

29,894

Service

Corp.

International

1,474

68,261

Total

98,155

Hotels,

Restaurants

&

Leisure

1.0%

Aramark

2,104

58,365

Domino's

Pizza,

Inc.

338

127,872

Extended

Stay

America,

Inc.

1,538

17,456

Hilton

Worldwide

Holdings,

Inc.

2,416

212,149

MGM

Resorts

International

4,142

85,201

Wendy's

Co.

(The)

1,563

34,152

Wyndham

Destinations,

Inc.

727

23,722

Yum

China

Holdings,

Inc.

3,393

180,609

Total

739,526

Household

Durables

0.9%

DR

Horton,

Inc.

2,917

194,885

Leggett

&

Platt,

Inc.

1,164

48,574

Lennar

Corp.

Class

A

2,402

168,692

Lennar

Corp.

Class

B

139

7,908

NVR,

Inc.

(a)

27

106,733

PulteGroup,

Inc.

2,372

96,683

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Tempur

Sealy

International,

Inc.

(a)

412

36,668

Total

660,143

Internet

&

Direct

Marketing

Retail

1.2%

Booking

Holdings,

Inc.

(a)

357

579,233

eBay,

Inc.

5,781

275,349

Qurate

Retail,

Inc.

Series

A

3,337

22,591

Total

877,173

Leisure

Products

0.1%

Brunswick

Corp.

678

43,195

Multiline

Retail

1.8%

Dollar

General

Corp.

2,208

460,832

Dollar

Tree,

Inc.

(a)

2,073

187,234

Kohl's

Corp.

1,428

30,402

Target

Corp.

4,206

640,237

Total

1,318,705

Specialty

Retail

6.0%

AutoNation,

Inc.

(a)

513

29,102

AutoZone,

Inc.

(a)

207

233,699

Best

Buy

Co.,

Inc.

1,996

222,654

Burlington

Stores,

Inc.

(a)

565

109,373

Home

Depot,

Inc.

(The)

9,380

2,501,740

Lowe's

Cos.,

Inc.

6,565

1,037,927

Tractor

Supply

Co.

978

130,279

Williams-Sonoma,

Inc.

667

60,837

Total

4,325,611

Textiles,

Apparel

&

Luxury

Goods

0.1%

Hanesbrands,

Inc.

3,108

49,945

PVH

Corp.

644

37,539

Total

87,484

Total

Consumer

Discretionary

8,467,263

Consumer

Staples  6.5%

Beverages

0.0%

Molson

Coors

Beverage

Co.

Class

B

922

32,510

Food

&

Staples

Retailing

1.7%

Kroger

Co.

(The)

3,932

126,650

Sprouts

Farmers

Market,

Inc.

(a)

610

11,620

Walgreens

Boots

Alliance,

Inc.

3,547

120,740

Walmart,

Inc.

7,064

980,130

Total

1,239,140

Food

Products

0.7%

Campbell

Soup

Co.

903

42,143

General

Mills,

Inc.

3,136

185,400

Ingredion,

Inc.

350

24,811

JM

Smucker

Co.

(The)

564

63,281

Kellogg

Co.

1,293

81,317

Kraft

Heinz

Co.

(The)

3,302

101,008

Total

497,960

Household

Products

2.7%

Kimberly-Clark

Corp.

1,729

229,248

Procter

&

Gamble

Co.

(The)

12,591

1,726,226

Spectrum

Brands

Holdings,

Inc.

227

12,910

Total

1,968,384

Personal

Products

0.1%

Herbalife

Nutrition

Ltd.

(a)

480

21,667

Nu

Skin

Enterprises,

Inc.

Class

A

260

12,831

Total

34,498

Tobacco

1.3%

Altria

Group,

Inc.

9,756

351,996

Philip

Morris

International,

Inc.

8,277

587,833

Total

939,829

Total

Consumer

Staples

4,712,321

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

13

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Energy  1.9%

Energy

Equipment

&

Services

0.1%

Baker

Hughes

Co.

3,757

55,491

Oil,

Gas

&

Consumable

Fuels

1.8%

Antero

Midstream

Corp.

1,573

9,013

Cabot

Oil

&

Gas

Corp.

2,165

38,515

Chevron

Corp.

10,775

748,863

ConocoPhillips

6,023

172,378

Continental

Resources,

Inc.

417

5,017

Devon

Energy

Corp.

2,105

18,798

EOG

Resources,

Inc.

3,245

111,109

HollyFrontier

Corp.

828

15,326

Marathon

Oil

Corp.

4,424

17,519

Marathon

Petroleum

Corp.

3,592

105,964

Phillips

66

2,450

114,317

Total

1,356,819

Total

Energy

1,412,310

Financials  9.2%

Banks

3.9%

Bank

of

America

Corp.

51,850

1,228,845

Citigroup,

Inc.

14,107

584,312

Citizens

Financial

Group,

Inc.

2,964

80,769

East

West

Bancorp,

Inc.

944

34,437

First

Citizens

BancShares,

Inc.

Class

A

40

18,508

FNB

Corp.

2,207

16,685

M&T

Bank

Corp.

855

88,561

People's

United

Financial,

Inc.

2,849

30,399

Popular,

Inc.

561

23,674

Regions

Financial

Corp.

6,676

88,791

Signature

Bank

357

28,824

Synovus

Financial

Corp.

988

25,688

Wells

Fargo

&

Co.

25,335

543,436

Western

Alliance

Bancorp

670

27,604

Total

2,820,533

Capital

Markets

3.5%

Bank

of

New

York

Mellon

Corp.

(The)

5,312

182,520

BlackRock,

Inc.

993

595,016

Cboe

Global

Markets,

Inc.

753

61,211

Eaton

Vance

Corp.

753

45,022

Franklin

Resources,

Inc.

1,877

35,194

Intercontinental

Exchange,

Inc.

3,640

343,616

Moody's

Corp.

1,094

287,613

Nasdaq,

Inc.

777

94,009

S&P

Global,

Inc.

1,640

529,277

SEI

Investments

Co.

780

38,337

State

Street

Corp.

2,301

135,529

T

Rowe

Price

Group,

Inc.

1,489

188,597

Total

2,535,941

Consumer

Finance

0.2%

OneMain

Holdings,

Inc.

437

15,247

SLM

Corp.

2,534

23,288

Synchrony

Financial

4,012

100,380

Total

138,915

Diversified

Financial

Services

0.2%

Equitable

Holdings,

Inc.

2,790

59,957

Jefferies

Financial

Group,

Inc.

1,543

30,104

Voya

Financial,

Inc.

852

40,836

Total

130,897

Insurance

1.3%

Allstate

Corp.

(The)

2,118

187,972

American

Financial

Group,

Inc.

506

37,920

Assurant,

Inc.

405

50,370

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Brighthouse

Financial,

Inc.

(a)

636

21,052

CNA

Financial

Corp.

187

5,571

Fidelity

National

Financial,

Inc.

1,887

59,044

First

American

Financial

Corp.

745

33,220

Hanover

Insurance

Group,

Inc.

(The)

255

24,393

MetLife,

Inc.

5,307

200,870

Old

Republic

International

Corp.

1,914

31,160

Principal

Financial

Group,

Inc.

1,838

72,086

Prudential

Financial,

Inc.

2,708

173,366

Reinsurance

Group

of

America,

Inc.

458

46,267

Unum

Group

1,429

25,236

Total

968,527

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

Starwood

Property

Trust,

Inc.

1,890

26,403

Thrifts

&

Mortgage

Finance

0.1%

MGIC

Investment

Corp.

2,358

23,721

New

York

Community

Bancorp,

Inc.

3,038

25,246

Total

48,967

Total

Financials

6,670,183

Health

Care  13.3%

Biotechnology

2.2%

AbbVie,

Inc.

4,188

356,399

ACADIA

Pharmaceuticals,

Inc.

(a)

251

11,659

Acceleron

Pharma,

Inc.

(a)

121

12,654

Agios

Pharmaceuticals,

Inc.

(a)

145

5,810

Alexion

Pharmaceuticals,

Inc.

(a)

497

57,225

Alkermes

PLC

(a)

366

5,947

Alnylam

Pharmaceuticals,

Inc.

(a)

260

31,972

Amgen,

Inc.

1,355

293,954

Biogen,

Inc.

(a)

365

92,006

BioMarin

Pharmaceutical,

Inc.

(a)

395

29,400

Bluebird

Bio,

Inc.

(a)

156

8,067

Exact

Sciences

Corp.

(a)

344

42,597

Exelixis,

Inc.

(a)

673

13,783

Gilead

Sciences,

Inc.

2,872

167,007

Global

Blood

Therapeutics,

Inc.

(a)

133

7,033

Incyte

Corp.

(a)

401

34,743

Ionis

Pharmaceuticals,

Inc.

(a)

305

14,320

Iovance

Biotherapeutics,

Inc.

(a)

324

11,560

Moderna,

Inc.

(a)

667

45,002

Neurocrine

Biosciences,

Inc.

(a)

210

20,721

Regeneron

Pharmaceuticals,

Inc.

(a)

218

118,496

Sage

Therapeutics,

Inc.

(a)

122

8,952

Sarepta

Therapeutics,

Inc.

(a)

171

23,241

Seagen,

Inc.

(a)

273

45,536

United

Therapeutics

Corp.

(a)

103

13,826

Vertex

Pharmaceuticals,

Inc.

(a)

586

122,099

Total

1,594,009

Health

Care

Equipment

&

Supplies

2.6%

Abbott

Laboratories

8,626

906,679

DENTSPLY

SIRONA,

Inc.

1,104

52,098

Envista

Holdings

Corp.

(a)

803

21,215

Hill-Rom

Holdings,

Inc.

318

28,960

Hologic,

Inc.

(a)

1,232

84,786

Medtronic

PLC

6,761

679,954

Zimmer

Biomet

Holdings,

Inc.

1,048

138,441

Total

1,912,133

Health

Care

Providers

&

Services

1.9%

AmerisourceBergen

Corp.

712

68,402

Cardinal

Health,

Inc.

1,446

66,212

Cigna

Corp.

1,804

301,214

CVS

Health

Corp.

6,549

367,333

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Strategic

Beta

ETFs

|

Annual

Report

2020

Common

Stocks

(continued)

Issuer

Shares

Value

($)

DaVita,

Inc.

(a)

407

35,104

HCA

Healthcare,

Inc.

1,367

169,426

Humana,

Inc.

660

263,525

McKesson

Corp.

792

116,812

Total

1,388,028

Life

Sciences

Tools

&

Services

0.5%

Avantor,

Inc.

(a)

2,223

51,729

IQVIA

Holdings,

Inc.

(a)

963

148,292

PPD,

Inc.

(a)

804

26,436

QIAGEN

NV

(a)

1,117

52,990

Syneos

Health,

Inc.

(a)

303

16,083

Waters

Corp.

(a)

308

68,629

Total

364,159

Pharmaceuticals

6.1%

Eli

Lilly

and

Co.

4,252

554,716

Jazz

Pharmaceuticals

PLC

(a)

263

37,898

Johnson

&

Johnson

13,177

1,806,699

Merck

&

Co.,

Inc.

12,387

931,626

Mylan

NV

(a)

2,610

37,949

Perrigo

Co.

PLC

679

29,788

Pfizer,

Inc.

27,720

983,506

Total

4,382,182

Total

Health

Care

9,640,511

Industrials  9.0%

Aerospace

&

Defense

0.9%

Lockheed

Martin

Corp.

1,897

664,197

Air

Freight

&

Logistics

0.2%

Expeditors

International

of

Washington,

Inc.

1,249

110,374

Airlines

0.3%

Copa

Holdings

SA

Class

A

239

11,778

Southwest

Airlines

Co.

4,613

182,352

Total

194,130

Building

Products

0.8%

A

O

Smith

Corp.

1,017

52,569

Allegion

PLC

694

68,359

Fortune

Brands

Home

&

Security,

Inc.

1,059

85,641

Masco

Corp.

1,973

105,753

Owens

Corning

815

53,358

Trane

Technologies

PLC

1,820

241,605

Total

607,285

Commercial

Services

&

Supplies

0.5%

ADT,

Inc.

1,210

7,974

Cintas

Corp.

678

213,265

Republic

Services,

Inc.

1,631

143,805

Total

365,044

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.

1,024

63,928

Valmont

Industries,

Inc.

157

22,286

Total

86,214

Electrical

Equipment

1.3%

Acuity

Brands,

Inc.

298

26,564

Eaton

Corp.

PLC

2,955

306,699

Emerson

Electric

Co.

4,444

287,927

GrafTech

International

Ltd.

518

3,496

Hubbell,

Inc.

408

59,368

nVent

Electric

PLC

1,195

21,570

Regal

Beloit

Corp.

303

29,891

Rockwell

Automation,

Inc.

880

208,666

Total

944,181

Machinery

1.9%

Allison

Transmission

Holdings,

Inc.

852

30,800

Crane

Co.

373

18,930

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Cummins,

Inc.

1,090

239,680

Dover

Corp.

1,108

122,666

Gates

Industrial

Corp.

PLC

(a)

341

3,785

Illinois

Tool

Works,

Inc.

2,372

464,627

Lincoln

Electric

Holdings,

Inc.

428

43,579

Otis

Worldwide

Corp.

3,100

189,968

Parker-Hannifin

Corp.

975

203,151

Pentair

PLC

1,238

61,603

Timken

Co.

(The)

481

28,716

Total

1,407,505

Professional

Services

0.2%

CoreLogic,

Inc.

594

45,696

FTI

Consulting,

Inc.

(a)

278

27,372

ManpowerGroup,

Inc.

437

29,659

Robert

Half

International,

Inc.

847

42,935

Total

145,662

Road

&

Rail

2.5%

CSX

Corp.

5,880

464,167

Landstar

System,

Inc.

286

35,664

Norfolk

Southern

Corp.

1,980

414,058

Schneider

National,

Inc.

Class

B

448

9,883

Union

Pacific

Corp.

5,216

924,223

Total

1,847,995

Trading

Companies

&

Distributors

0.3%

HD

Supply

Holdings,

Inc.

(a)

1,223

48,749

MSC

Industrial

Direct

Co.,

Inc.

Class

A

344

23,963

WW

Grainger,

Inc.

341

119,357

Total

192,069

Total

Industrials

6,564,656

Information

Technology  27.6%

Communications

Equipment

0.9%

Arista

Networks,

Inc.

(a)

189

39,482

Cisco

Systems,

Inc.

14,041

504,072

F5

Networks,

Inc.

(a)

206

27,386

Motorola

Solutions,

Inc.

563

88,988

Ubiquiti,

Inc.

27

5,011

Total

664,939

Electronic

Equipment,

Instruments

&

Components

0.1%

Arrow

Electronics,

Inc.

(a)

251

19,551

Avnet,

Inc.

317

7,820

Zebra

Technologies

Corp.

Class

A

(a)

167

47,368

Total

74,739

IT

Services

3.8%

Automatic

Data

Processing,

Inc.

1,433

226,357

Cognizant

Technology

Solutions

Corp.

Class

A

1,785

127,485

Euronet

Worldwide,

Inc.

(a)

169

15,014

Fiserv,

Inc.

(a)

1,895

180,916

FleetCor

Technologies,

Inc.

(a)

266

58,762

Gartner,

Inc.

(a)

285

34,228

GoDaddy,

Inc.

Class

A

(a)

533

37,704

Leidos

Holdings,

Inc.

448

37,184

Mastercard,

Inc.

Class

A

2,964

855,529

Paychex,

Inc.

1,070

88,007

Science

Applications

International

Corp.

189

14,434

VeriSign,

Inc.

(a)

341

65,029

Visa,

Inc.

Class

A

5,572

1,012,488

WEX,

Inc.

(a)

142

17,970

Total

2,771,107

Semiconductors

&

Semiconductor

Equipment

4.1%

Applied

Materials,

Inc.

2,965

175,617

Broadcom,

Inc.

1,343

469,553

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

15

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Cirrus

Logic,

Inc.

(a)

193

13,292

Intel

Corp.

13,969

618,547

KLA

Corp.

510

100,562

Maxim

Integrated

Products,

Inc.

873

60,804

Microchip

Technology,

Inc.

797

83,749

NVIDIA

Corp.

1,918

961,609

Qorvo,

Inc.

(a)

373

47,505

QUALCOMM,

Inc.

3,726

459,639

Total

2,990,877

Software

10.5%

Adobe,

Inc.

(a)

1,549

692,558

Aspen

Technology,

Inc.

(a)

225

24,707

Atlassian

Corp.

PLC

Class

A

(a)

426

81,630

Autodesk,

Inc.

(a)

714

168,176

Cadence

Design

Systems,

Inc.

(a)

919

100,511

CDK

Global,

Inc.

397

17,111

Citrix

Systems,

Inc.

408

46,214

Dropbox,

Inc.

Class

A

(a)

791

14,444

Fortinet,

Inc.

(a)

429

47,349

Intuit,

Inc.

825

259,611

Microsoft

Corp.

24,635

4,987,848

Oracle

Corp.

6,202

347,994

Proofpoint,

Inc.

(a)

177

16,946

RealPage,

Inc.

(a)

287

15,983

ServiceNow,

Inc.

(a)

626

311,479

SolarWinds

Corp.

(a)

154

3,146

SS&C

Technologies

Holdings,

Inc.

744

44,060

Synopsys,

Inc.

(a)

505

107,999

VMware,

Inc.

Class

A

(a)

247

31,796

Zoom

Video

Communications,

Inc.

Class

A

(a)

541

249,352

Total

7,568,914

Technology

Hardware,

Storage

&

Peripherals

8.2%

Apple,

Inc.

53,084

5,778,724

HP,

Inc.

4,709

84,574

NetApp,

Inc.

699

30,679

Xerox

Holdings

Corp.

604

10,498

Total

5,904,475

Total

Information

Technology

19,975,051

Materials  2.9%

Chemicals

1.7%

Cabot

Corp.

558

21,210

Celanese

Corp.

1,198

135,985

CF

Industries

Holdings,

Inc.

2,143

59,168

Chemours

Co.

(The)

1,617

32,566

Dow,

Inc.

7,424

337,718

Eastman

Chemical

Co.

1,373

110,993

Huntsman

Corp.

2,000

48,580

LyondellBasell

Industries

NV

Class

A

2,579

176,533

PPG

Industries,

Inc.

2,379

308,604

Total

1,231,357

Construction

Materials

0.1%

Eagle

Materials,

Inc.

429

36,572

Containers

&

Packaging

0.7%

Avery

Dennison

Corp.

844

116,801

Graphic

Packaging

Holding

Co.

2,799

37,199

International

Paper

Co.

3,963

173,381

Packaging

Corp.

of

America

918

105,102

Westrock

Co.

2,567

96,391

Total

528,874

Metals

&

Mining

0.4%

Nucor

Corp.

3,073

146,766

Reliance

Steel

&

Aluminum

Co.

635

69,209

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Steel

Dynamics,

Inc.

1,978

62,267

Total

278,242

Total

Materials

2,075,045

Real

Estate  3.1%

Equity

Real

Estate

Investment

Trusts

(REITs)

3.0%

American

Homes

4

Rent

Class

A

1,870

52,865

Americold

Realty

Trust

1,454

52,678

Brandywine

Realty

Trust

1,215

10,643

Brixmor

Property

Group,

Inc.

2,165

23,728

Corporate

Office

Properties

Trust

812

18,213

Crown

Castle

International

Corp.

2,883

450,325

CyrusOne,

Inc.

812

57,693

Douglas

Emmett,

Inc.

1,209

28,532

Equinix,

Inc.

619

452,638

Equity

LifeStyle

Properties,

Inc.

1,242

73,514

First

Industrial

Realty

Trust,

Inc.

916

36,466

Gaming

and

Leisure

Properties,

Inc.

1,472

53,507

Highwoods

Properties,

Inc.

749

22,298

Invitation

Homes,

Inc.

4,082

111,275

Iron

Mountain,

Inc.

2,093

54,544

Lamar

Advertising

Co.

Class

A

608

37,672

Mid-America

Apartment

Communities,

Inc.

828

96,570

SBA

Communications

Corp.

759

220,391

Simon

Property

Group,

Inc.

2,294

144,086

SL

Green

Realty

Corp.

537

22,989

Spirit

Realty

Capital,

Inc.

766

23,018

Vornado

Realty

Trust

1,284

39,457

WP

Carey,

Inc.

1,255

78,576

Total

2,161,678

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.

Class

A

(a)

2,418

121,867

Total

Real

Estate

2,283,545

Utilities  3.2%

Electric

Utilities

1.5%

Entergy

Corp.

2,088

211,347

Exelon

Corp.

9,980

398,102

NRG

Energy,

Inc.

2,413

76,299

OGE

Energy

Corp.

2,036

62,648

PG&E

Corp.

(a)

8,827

84,386

PPL

Corp.

8,016

220,440

Total

1,053,222

Gas

Utilities

0.0%

National

Fuel

Gas

Co.

894

35,724

Independent

Power

and

Renewable

Electricity

Producers

0.3%

AES

Corp.

(The)

6,698

130,611

Vistra

Corp.

5,024

87,267

Total

217,878

Multi-Utilities

1.4%

DTE

Energy

Co.

2,007

247,704

MDU

Resources

Group,

Inc.

2,029

48,209

Public

Service

Enterprise

Group,

Inc.

5,257

305,695

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Strategic

Beta

ETFs

|

Annual

Report

2020

Notes

to

Portfolio

of

Investments

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2020.

(c)

As

defined

in

the

Investment

Company

Act

of

1940,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

company’s

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

Holdings

and

transactions

in

these

affiliated

companies

during

the

year

ended

October

31,

2020

are

as

follows:

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Sempra

Energy

3,098

388,365

Total

989,973

Total

Utilities

2,296,797

Total

Common

Stocks

(Cost

$65,822,819)

71,907,337

Exchange-Traded

Equity

Funds

0.2%

Issuer

Shares

Value

($)

Financials  0.2%

Financial

Select

Sector

SPDR

Fund

5,227

124,716

Total

Exchange-Traded

Equity

Funds

(Cost

$118,528)

124,716

Money

Market

Funds

0.5%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

0.004%

(b)

366,695

366,695

Total

Money

Market

Funds

(Cost

$366,695)

366,695

Total

Investments

in

Securities

(Cost

$66,308,042)

72,398,748

(c)

Other

Assets

&

Liabilities,

Net

49,688

Net

Assets

72,448,436

Affiliated

Issuer

Beginning

of

period($)

Purchases($)

Sales($)

Net

change

in

unrealized  

appreciation

(depreciation)

($)

End

of

period($)

Realized

gain/(loss)

($)

Dividends($)

End

of

period

shares

Ameriprise

Financial,

Inc.

8,299

2,689

(10,659)

(329)

–

1,280

53

–

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

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

17

Fair

Value

Measurements

(continued)

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2020:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

7,809,655

–

–

7,809,655

Consumer

Discretionary

8,467,263

–

–

8,467,263

Consumer

Staples

4,712,321

–

–

4,712,321

Energy

1,412,310

–

–

1,412,310

Financials

6,670,183

–

–

6,670,183

Health

Care

9,640,511

–

–

9,640,511

Industrials

6,564,656

–

–

6,564,656

Information

Technology

19,975,051

–

–

19,975,051

Materials

2,075,045

–

–

2,075,045

Real

Estate

2,283,545

–

–

2,283,545

Utilities

2,296,797

–

–

2,296,797

Total

Common

Stocks

71,907,337

–

–

71,907,337

Exchange-Traded

Equity

Funds

124,716

–

–

124,716

Money

Market

Funds

366,695

–

–

366,695

Total

Investments

in

Securities

72,398,748

–

–

72,398,748

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Value

ETF

October

31,

2020

(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.

18

Strategic

Beta

ETFs

|

Annual

Report

2020

Common

Stocks

99

.1

%

Issuer

Shares

Value

($)

Communication

Services  9.4%

Diversified

Telecommunication

Services

4.1%

CenturyLink,

Inc.

84

724

Verizon

Communications,

Inc.

321

18,294

Total

19,018

Entertainment

1.1%

Activision

Blizzard,

Inc.

35

2,650

Electronic

Arts,

Inc.

(a)

19

2,277

Take-Two

Interactive

Software,

Inc.

(a)

1

155

Zynga,

Inc.

Class

A

(a)

12

108

Total

5,190

Interactive

Media

&

Services

3.5%

Alphabet,

Inc.

Class

A

(a)

5

8,081

Alphabet,

Inc.

Class

C

(a)

5

8,105

Total

16,186

Media

0.7%

DISH

Network

Corp.

Class

A

(a)

20

510

Fox

Corp.

Class

A

27

716

Fox

Corp.

Class

B

13

340

Interpublic

Group

of

Cos.,

Inc.

(The)

31

561

John

Wiley

&

Sons,

Inc.

Class

A

3

93

Liberty

Media

Corp.-Liberty

SiriusXM

Class

A

(a)

6

207

Liberty

Media

Corp.-Liberty

SiriusXM

Class

C

(a)

12

415

Sirius

XM

Holdings,

Inc.

36

206

Total

3,048

Wireless

Telecommunication

Services

0.0%

Telephone

and

Data

Systems,

Inc.

8

136

Total

Communication

Services

43,578

Consumer

Discretionary  7.6%

Auto

Components

0.2%

Gentex

Corp.

19

526

Lear

Corp.

4

483

Total

1,009

Distributors

0.1%

LKQ

Corp.

(a)

23

736

Diversified

Consumer

Services

0.1%

H&R

Block,

Inc.

5

86

Service

Corp.

International

13

602

Total

688

Hotels,

Restaurants

&

Leisure

1.1%

Aramark

19

527

Extended

Stay

America,

Inc.

14

159

Hilton

Worldwide

Holdings,

Inc.

21

1,844

MGM

Resorts

International

37

761

Wyndham

Destinations,

Inc.

7

228

Yum

China

Holdings,

Inc.

28

1,491

Total

5,010

Household

Durables

1.0%

DR

Horton,

Inc.

26

1,737

Leggett

&

Platt,

Inc.

10

417

Lennar

Corp.

Class

A

21

1,475

Lennar

Corp.

Class

B

1

57

PulteGroup,

Inc.

21

856

Tempur

Sealy

International,

Inc.

(a)

1

89

Total

4,631

Internet

&

Direct

Marketing

Retail

0.1%

eBay,

Inc.

4

191

Qurate

Retail,

Inc.

Series

A

30

203

Total

394

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Leisure

Products

0.1%

Brunswick

Corp.

6

382

Multiline

Retail

1.5%

Dollar

Tree,

Inc.

(a)

10

903

Kohl's

Corp.

13

277

Target

Corp.

37

5,632

Total

6,812

Specialty

Retail

3.2%

AutoNation,

Inc.

(a)

5

284

AutoZone,

Inc.

(a)

1

1,129

Best

Buy

Co.,

Inc.

15

1,673

Burlington

Stores,

Inc.

(a)

1

193

Home

Depot,

Inc.

(The)

42

11,202

Williams-Sonoma,

Inc.

5

456

Total

14,937

Textiles,

Apparel

&

Luxury

Goods

0.2%

Hanesbrands,

Inc.

28

450

PVH

Corp.

6

350

Total

800

Total

Consumer

Discretionary

35,399

Consumer

Staples  8.3%

Food

&

Staples

Retailing

2.8%

Kroger

Co.

(The)

41

1,321

Sprouts

Farmers

Market,

Inc.

(a)

1

19

Walgreens

Boots

Alliance,

Inc.

37

1,259

Walmart,

Inc.

75

10,406

Total

13,005

Food

Products

0.9%

Campbell

Soup

Co.

5

233

General

Mills,

Inc.

33

1,951

Ingredion,

Inc.

4

284

JM

Smucker

Co.

(The)

6

673

Kraft

Heinz

Co.

(The)

35

1,071

Total

4,212

Household

Products

2.7%

Kimberly-Clark

Corp.

18

2,387

Procter

&

Gamble

Co.

(The)

73

10,008

Spectrum

Brands

Holdings,

Inc.

2

114

Total

12,509

Personal

Products

0.1%

Herbalife

Nutrition

Ltd.

(a)

4

181

Nu

Skin

Enterprises,

Inc.

Class

A

3

148

Total

329

Tobacco

1.8%

Altria

Group,

Inc.

58

2,092

Philip

Morris

International,

Inc.

87

6,179

Total

8,271

Total

Consumer

Staples

38,326

Energy  4.0%

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

49

724

Helmerich

&

Payne,

Inc.

8

119

Total

843

Oil,

Gas

&

Consumable

Fuels

3.8%

Antero

Midstream

Corp.

20

115

Cabot

Oil

&

Gas

Corp.

28

498

Chevron

Corp.

140

9,730

ConocoPhillips

78

2,232

Continental

Resources,

Inc.

5

60

Devon

Energy

Corp.

27

241

EOG

Resources,

Inc.

42

1,438

HollyFrontier

Corp.

11

204

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

19

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Marathon

Oil

Corp.

57

226

Marathon

Petroleum

Corp.

47

1,386

Phillips

66

32

1,493

Total

17,623

Total

Energy

18,466

Financials  17.4%

Banks

7.6%

Bank

of

America

Corp.

795

18,841

Citigroup,

Inc.

216

8,947

Citizens

Financial

Group,

Inc.

46

1,253

East

West

Bancorp,

Inc.

15

547

First

Citizens

BancShares,

Inc.

Class

A

1

463

FNB

Corp.

34

257

M&T

Bank

Corp.

13

1,347

People's

United

Financial,

Inc.

44

469

Popular,

Inc.

9

380

Regions

Financial

Corp.

102

1,357

Signature

Bank

5

404

Synovus

Financial

Corp.

15

390

Western

Alliance

Bancorp

10

412

Total

35,067

Capital

Markets

5.5%

Bank

of

New

York

Mellon

Corp.

(The)

81

2,783

BlackRock,

Inc.

15

8,988

Cboe

Global

Markets,

Inc.

9

732

Eaton

Vance

Corp.

12

717

Franklin

Resources,

Inc.

29

544

Intercontinental

Exchange,

Inc.

36

3,398

S&P

Global,

Inc.

10

3,227

SEI

Investments

Co.

12

590

State

Street

Corp.

35

2,062

T

Rowe

Price

Group,

Inc.

17

2,153

Total

25,194

Consumer

Finance

0.4%

OneMain

Holdings,

Inc.

7

244

SLM

Corp.

30

276

Synchrony

Financial

62

1,551

Total

2,071

Diversified

Financial

Services

0.4%

Equitable

Holdings,

Inc.

43

924

Jefferies

Financial

Group,

Inc.

24

468

Voya

Financial,

Inc.

13

623

Total

2,015

Insurance

3.2%

Allstate

Corp.

(The)

33

2,929

American

Financial

Group,

Inc.

8

600

Assurant,

Inc.

6

746

Brighthouse

Financial,

Inc.

(a)

10

331

CNA

Financial

Corp.

3

89

Fidelity

National

Financial,

Inc.

29

907

First

American

Financial

Corp.

11

490

Hanover

Insurance

Group,

Inc.

(The)

4

383

MetLife,

Inc.

81

3,066

Old

Republic

International

Corp.

29

472

Principal

Financial

Group,

Inc.

28

1,098

Prudential

Financial,

Inc.

42

2,689

Reinsurance

Group

of

America,

Inc.

7

707

Unum

Group

22

389

Total

14,896

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.1%

Starwood

Property

Trust,

Inc.

29

405

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Thrifts

&

Mortgage

Finance

0.2%

MGIC

Investment

Corp.

36

362

New

York

Community

Bancorp,

Inc.

47

391

Total

753

Total

Financials

80,401

Health

Care  13.3%

Biotechnology

1.0%

AbbVie,

Inc.

3

255

Agios

Pharmaceuticals,

Inc.

(a)

2

80

Alexion

Pharmaceuticals,

Inc.

(a)

6

691

Alkermes

PLC

(a)

5

81

Biogen,

Inc.

(a)

3

756

BioMarin

Pharmaceutical,

Inc.

(a)

1

74

Bluebird

Bio,

Inc.

(a)

1

52

Exact

Sciences

Corp.

(a)

1

124

Exelixis,

Inc.

(a)

6

123

Gilead

Sciences,

Inc.

38

2,210

Ionis

Pharmaceuticals,

Inc.

(a)

2

94

Sage

Therapeutics,

Inc.

(a)

2

147

United

Therapeutics

Corp.

(a)

1

134

Total

4,821

Health

Care

Equipment

&

Supplies

0.8%

DENTSPLY

SIRONA,

Inc.

16

755

Hill-Rom

Holdings,

Inc.

4

364

Hologic,

Inc.

(a)

5

344

Zimmer

Biomet

Holdings,

Inc.

15

1,982

Total

3,445

Health

Care

Providers

&

Services

2.8%

AmerisourceBergen

Corp.

5

480

Cigna

Corp.

18

3,006

CVS

Health

Corp.

92

5,160

DaVita,

Inc.

(a)

5

431

HCA

Healthcare,

Inc.

9

1,115

Humana,

Inc.

6

2,396

McKesson

Corp.

3

443

Total

13,031

Life

Sciences

Tools

&

Services

0.3%

PPD,

Inc.

(a)

2

66

Syneos

Health,

Inc.

(a)

4

212

Waters

Corp.

(a)

4

891

Total

1,169

Pharmaceuticals

8.4%

Jazz

Pharmaceuticals

PLC

(a)

4

576

Johnson

&

Johnson

160

21,938

Merck

&

Co.,

Inc.

22

1,655

Mylan

NV

(a)

37

538

Perrigo

Co.

PLC

10

439

Pfizer,

Inc.

388

13,766

Total

38,912

Total

Health

Care

61,378

Industrials  14.0%

Air

Freight

&

Logistics

0.1%

Expeditors

International

of

Washington,

Inc.

7

619

Airlines

0.6%

Copa

Holdings

SA

Class

A

3

148

Southwest

Airlines

Co.

63

2,490

Total

2,638

Building

Products

1.7%

A

O

Smith

Corp.

14

724

Allegion

PLC

3

295

Fortune

Brands

Home

&

Security,

Inc.

15

1,213

Masco

Corp.

27

1,447

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Strategic

Beta

ETFs

|

Annual

Report

2020

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Owens

Corning

11

720

Trane

Technologies

PLC

25

3,319

Total

7,718

Commercial

Services

&

Supplies

0.5%

ADT,

Inc.

17

112

Cintas

Corp.

1

314

Republic

Services,

Inc.

22

1,940

Total

2,366

Construction

&

Engineering

0.2%

Quanta

Services,

Inc.

11

687

Valmont

Industries,

Inc.

2

284

Total

971

Electrical

Equipment

2.5%

Acuity

Brands,

Inc.

4

356

Eaton

Corp.

PLC

40

4,152

Emerson

Electric

Co.

61

3,952

GrafTech

International

Ltd.

7

47

Hubbell,

Inc.

6

873

nVent

Electric

PLC

16

289

Regal

Beloit

Corp.

4

395

Rockwell

Automation,

Inc.

6

1,423

Total

11,487

Machinery

3.4%

Allison

Transmission

Holdings,

Inc.

4

144

Crane

Co.

5

254

Cummins,

Inc.

15

3,298

Dover

Corp.

15

1,661

Gates

Industrial

Corp.

PLC

(a)

5

55

Illinois

Tool

Works,

Inc.

18

3,526

Lincoln

Electric

Holdings,

Inc.

3

305

Otis

Worldwide

Corp.

42

2,574

Parker-Hannifin

Corp.

13

2,709

Pentair

PLC

17

846

Timken

Co.

(The)

7

418

Total

15,790

Professional

Services

0.3%

CoreLogic,

Inc.

8

616

ManpowerGroup,

Inc.

6

407

Robert

Half

International,

Inc.

12

608

Total

1,631

Road

&

Rail

4.4%

CSX

Corp.

80

6,315

Kansas

City

Southern

10

1,762

Landstar

System,

Inc.

1

125

Norfolk

Southern

Corp.

27

5,646

Schneider

National,

Inc.

Class

B

6

132

Union

Pacific

Corp.

35

6,202

Total

20,182

Trading

Companies

&

Distributors

0.3%

HD

Supply

Holdings,

Inc.

(a)

17

678

MSC

Industrial

Direct

Co.,

Inc.

Class

A

5

348

WW

Grainger,

Inc.

1

350

Total

1,376

Total

Industrials

64,778

Information

Technology  8.8%

Communications

Equipment

2.7%

Arista

Networks,

Inc.

(a)

1

209

Ciena

Corp.

(a)

9

354

Cisco

Systems,

Inc.

267

9,585

F5

Networks,

Inc.

(a)

4

532

Motorola

Solutions,

Inc.

10

1,581

Total

12,261

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

0.2%

Arrow

Electronics,

Inc.

(a)

5

389

Avnet,

Inc.

6

148

SYNNEX

Corp.

3

395

Total

932

IT

Services

1.5%

Automatic

Data

Processing,

Inc.

4

632

Cognizant

Technology

Solutions

Corp.

Class

A

32

2,285

Fiserv,

Inc.

(a)

25

2,387

Leidos

Holdings,

Inc.

8

664

Science

Applications

International

Corp.

3

229

VeriSign,

Inc.

(a)

3

572

WEX,

Inc.

(a)

3

380

Total

7,149

Semiconductors

&

Semiconductor

Equipment

3.0%

Broadcom,

Inc.

1

350

Cirrus

Logic,

Inc.

(a)

4

275

Intel

Corp.

266

11,778

Microchip

Technology,

Inc.

4

420

Qorvo,

Inc.

(a)

7

892

Total

13,715

Software

0.8%

Autodesk,

Inc.

(a)

5

1,178

Citrix

Systems,

Inc.

6

680

Oracle

Corp.

14

786

SolarWinds

Corp.

(a)

3

61

SS&C

Technologies

Holdings,

Inc.

11

651

Synopsys,

Inc.

(a)

1

214

Total

3,570

Technology

Hardware,

Storage

&

Peripherals

0.6%

Dell

Technologies,

Inc.

Class

C

(a)

14

844

HP,

Inc.

90

1,617

NetApp,

Inc.

6

263

Xerox

Holdings

Corp.

11

191

Total

2,915

Total

Information

Technology

40,542

Materials  5.0%

Chemicals

2.4%

Cabot

Corp.

11

418

Celanese

Corp.

23

2,611

CF

Industries

Holdings,

Inc.

40

1,104

Chemours

Co.

(The)

31

624

Eastman

Chemical

Co.

26

2,102

Huntsman

Corp.

38

923

LyondellBasell

Industries

NV

Class

A

49

3,354

Total

11,136

Construction

Materials

0.2%

Eagle

Materials,

Inc.

8

682

Containers

&

Packaging

1.9%

Avery

Dennison

Corp.

9

1,246

Graphic

Packaging

Holding

Co.

41

545

International

Paper

Co.

75

3,281

Packaging

Corp.

of

America

17

1,946

Westrock

Co.

49

1,840

Total

8,858

Metals

&

Mining

0.5%

Reliance

Steel

&

Aluminum

Co.

12

1,308

Steel

Dynamics,

Inc.

37

1,165

Total

2,473

Total

Materials

23,149

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

21

Notes

to

Portfolio

of

Investments

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2020.

(c)

As

defined

in

the

Investment

Company

Act

of

1940,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

company’s

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

Holdings

and

transactions

in

these

affiliated

companies

during

the

year

ended

October

31,

2020

are

as

follows:

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Real

Estate  4.7%

Equity

Real

Estate

Investment

Trusts

(REITs)

4.3%

American

Homes

4

Rent

Class

A

27

763

Americold

Realty

Trust

19

688

Brandywine

Realty

Trust

18

158

Brixmor

Property

Group,

Inc.

31

340

CoreSite

Realty

Corp.

1

119

Corporate

Office

Properties

Trust

12

269

CyrusOne,

Inc.

12

853

Douglas

Emmett,

Inc.

18

425

Duke

Realty

Corp.

39

1,482

Equity

LifeStyle

Properties,

Inc.

11

651

First

Industrial

Realty

Trust,

Inc.

13

517

Gaming

and

Leisure

Properties,

Inc.

21

763

Highwoods

Properties,

Inc.

11

327

Invitation

Homes,

Inc.

59

1,608

Iron

Mountain,

Inc.

13

339

Lamar

Advertising

Co.

Class

A

9

558

Mid-America

Apartment

Communities,

Inc.

12

1,400

Omega

Healthcare

Investors,

Inc.

25

720

Paramount

Group,

Inc.

20

116

SBA

Communications

Corp.

10

2,904

Simon

Property

Group,

Inc.

7

440

SL

Green

Realty

Corp.

8

342

Spirit

Realty

Capital,

Inc.

11

330

Vornado

Realty

Trust

19

584

Weyerhaeuser

Co.

76

2,074

WP

Carey,

Inc.

18

1,127

Total

19,897

Real

Estate

Management

&

Development

0.4%

CBRE

Group,

Inc.

Class

A

(a)

35

1,764

Total

Real

Estate

21,661

Utilities  6.6%

Electric

Utilities

3.0%

Entergy

Corp.

28

2,834

Exelon

Corp.

133

5,305

NRG

Energy,

Inc.

21

664

Common

Stocks

(continued)

Issuer

Shares

Value

($)

OGE

Energy

Corp.

27

831

PG&E

Corp.

(a)

117

1,119

PPL

Corp.

107

2,942

Total

13,695

Gas

Utilities

0.1%

National

Fuel

Gas

Co.

12

480

Independent

Power

and

Renewable

Electricity

Producers

0.6%

AES

Corp.

(The)

90

1,755

Vistra

Corp.

67

1,164

Total

2,919

Multi-Utilities

2.9%

DTE

Energy

Co.

27

3,332

MDU

Resources

Group,

Inc.

27

642

Public

Service

Enterprise

Group,

Inc.

70

4,070

Sempra

Energy

42

5,265

Total

13,309

Total

Utilities

30,403

Total

Common

Stocks

(Cost

$496,433)

458,081

Exchange-Traded

Equity

Funds

0

.4

%

Issuer

Shares

Value

($)

Financials  0.4%

Financial

Select

Sector

SPDR

Fund

87

2,076

Total

Exchange-Traded

Equity

Funds

(Cost

$1,860)

2,076

Money

Market

Funds

0

.4

%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

0.004%

(b)

1,751

1,751

Total

Money

Market

Funds

(Cost

$1,751)

1,751

Total

Investments

in

Securities

(Cost

$500,044)

461,908

(c)

Other

Assets

&

Liabilities,

Net

553

Net

Assets

462,461

Affiliated

Issuer

Beginning

of

period($)

Purchases($)

Sales($)

Net

change

in

unrealized  

appreciation

(depreciation)

($)

End

of

period($)

Realized

gain/

(loss)

($)

Dividends($)

End

of

period

shares

Ameriprise

Financial,

Inc.

15,843

3,362

(18,577)

(628)

–

2,442

102

–

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

Strategic

Beta

ETFs

|

Annual

Report

2020

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2020:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

43,578

–

–

43,578

Consumer

Discretionary

35,399

–

–

35,399

Consumer

Staples

38,326

–

–

38,326

Energy

18,466

–

–

18,466

Financials

80,401

–

–

80,401

Health

Care

61,378

–

–

61,378

Industrials

64,778

–

–

64,778

Information

Technology

40,542

–

–

40,542

Materials

23,149

–

–

23,149

Real

Estate

21,661

–

–

21,661

Utilities

30,403

–

–

30,403

Total

Common

Stocks

458,081

–

–

458,081

Exchange-Traded

Equity

Funds

2,076

–

–

2,076

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

Annual

Report

2020

23

Fair

Value

Measurements

(continued)

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Common

Stocks

(continued)

Money

Market

Funds

1,751

–

–

1,751

Total

Investments

in

Securities

461,908

–

–

461,908

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

24

Strategic

Beta

ETFs

|

Annual

Report

2020

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$66,308,042

and

$500,044,

respectively)

$72,398,748

$461,908

Receivable

for:

Dividends

59,118

630

Total

assets

72,457,866

462,538

Liabilities

Payable

for:

Investment

management

fees

9,430

77

Total

liabilities

9,430

77

Net

assets

applicable

to

outstanding

capital

stock

$72,448,436

$462,461

Represented

by:

Paid-in

capital

$65,973,268

$644,571

Total

distributable

earnings

(loss)

6,475,168

(182,110)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$72,448,436

$462,461

Shares

outstanding

3,325,050

25,050

Net

asset

value

per

share

$21.79

$18.46

STATEMENT

OF

OPERATIONS

For

the

Year

Ended

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

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Report

2020

25

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$637,534

$135,816

Dividends

-

affiliated

issuers

53

102

Foreign

taxes

withheld

(49)

(15)

Total

income

637,538

135,903

Expenses:

Investment

management

fees

50,913

8,277

Net

investment

income

586,625

127,626

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(261,441)

(261,090)

Investments

-

affiliated

issuers

1,280

2,442

In-kind

transactions

1,106,353

(196,022)

Net

realized

gain

(loss)

846,192

(454,670)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

5,974,274

(122,943)

Investments

-

affiliated

issuers

(329)

(628)

Net

change

in

unrealized

appreciation

(depreciation)

5,973,945

(123,571)

Net

realized

and

unrealized

gain

(loss)

6,820,137

(578,241)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$7,406,762

$(450,615)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

26

Strategic

Beta

ETFs

|

Annual

Report

2020

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

(a)

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

(a)

Operations

Net

investment

income

$586,625

$8,932

$127,626

$12,109

Net

realized

gain

(loss)

846,192

(75)

(454,670)

770

Net

change

in

unrealized

appreciation

(depreciation)

5,973,945

116,761

(123,571)

85,435

Net

increase

(decrease)

in

net

assets

resulting

from

operations

7,406,762

125,618

(450,615)

98,314

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(26,550)

–

(37,232)

–

Shareholder

transactions

Proceeds

from

shares

sold

94,006,567

–

–

–

Cost

of

shares

redeemed

(34,017,434)

–

(4,109,602)

–

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

59,989,133

–

(4,109,602)

–

Increase

(decrease)

in

net

assets

67,369,345

125,618

(4,597,449)

98,314

Net

Assets:

Net

assets

beginning

of

year

5,079,091

4,953,473

(b)

5,059,910

4,961,596

(c)

Net

assets

at

end

of

year

$72,448,436

$5,079,091

$462,461

$5,059,910

Capital

stock

activity

Shares

outstanding,

beginning

of

year

250,050

250,050

250,050

250,050

Subscriptions

4,875,000

–

–

–

Redemptions

(1,800,000)

–

(225,000)

–

Shares

outstanding,

end

of

year

3,325,050

250,050

25,050

250,050

(a)

Based

on

operations

from

September

25,

2019

(commencement

of

operations)

through

the

stated

period

end.

(b)

Initial

cash

of

$1,000

and

securities

of

$5,000,000

were

contributed

on

September

24,

2019.

Prior

to

September

25,

2019

commencement

of

operations),

the

Fund

had

an

decrease

in

net

assets

of

$47,527

resulting

from

change

in

unrealized

depreciation

due

to

market

fluctuation

of

the

initial

securities

contributed.

(c)

Initial

cash

of

$1,000

and

securities

of

$5,000,000

were

contributed

on

September

24,

2019.

Prior

to

September

25,

2019

(commencement

of

operations),

the

Fund

had

a

decrease

in

net

assets

of

$39,404

resulting

from

change

in

unrealized

depreciation

due

to

market

fluctuation

of

the

initial

securities

contributed.

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Strategic

Beta

ETFs

|

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Report

2020

27

The

following

tables

are

intended

to

help

you

understand

each

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Columbia

Research

Enhanced

Core

ETF

Year

Ended

2020

October

31,

2019

(a)

Per

share

data

Net

asset

value,

beginning

of

year

$20.31‌

$19.81‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.37‌

0.04‌

Net

realized

and

unrealized

gain

1.22‌

0.46‌

Total

from

investment

operations

1.59‌

0.50‌

Less

distributions

to

shareholders:

Net

investment

income

(0.11‌)

–‌

Net

realized

gains

(0.00‌)

(b)

–‌

Total

distribution

to

shareholders

(0.11‌)

–‌

Net

asset

value,

end

of

year

$21.79‌

$20.31‌

Total

Return

at

NAV

7.82‌%

2.52‌%

Total

Return

at

Market

7.46‌%

2.63‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0.15‌%

0.15‌%

(d)

Total

net

expenses

(c)(e)

0.15‌%

0.15‌%

(d)

Net

investment

income

1.73‌%

1.77‌%

(d)

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$72,448‌

$5,079‌

Portfolio

turnover

41‌%

0‌%

(a)

The

Fund

commenced

operations

on

September

25,

2019.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

Rounds

to

zero.

(c)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(d)

Annualized

(e)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

28

Strategic

Beta

ETFs

|

Annual

Report

2020

Columbia

Research

Enhanced

Value

ETF

Year

Ended

2020

October

31,

2019

(a)

Per

share

data

Net

asset

value,

beginning

of

year

$20.24‌

$19.84‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.56‌

0.05‌

Net

realized

and

unrealized

gain

(loss)

(2.19‌)

0.35‌

Total

from

investment

operations

(1.63‌)

0.40‌

Less

distributions

to

shareholders:

Net

investment

income

(0.15‌)

–‌

Net

realized

gains

(0.00‌)

(b)

–‌

Total

distribution

to

shareholders

(0.15‌)

–‌

Net

asset

value,

end

of

year

$18.46‌

$20.24‌

Total

Return

at

NAV

(8.16‌)%

2.02‌%

Total

Return

at

Market

(8.50‌)%

2.02‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0.19‌%

0.19‌%

(d)

Total

net

expenses

(c)(e)

0.19‌%

0.19‌%

(d)

Net

investment

income

2.93‌%

2.41‌%

(d)

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$462‌

$5,060‌

Portfolio

turnover

95‌%

1‌%

(a)

The

Fund

commenced

operations

on

September

25,

2019.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

Rounds

to

zero.

(c)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(d)

Annualized

(e)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

29

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

currently

operates

as

a

diversified

fund.

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.

Summary

of

significant

accounting

policies

Basis

of

preparation

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

Security

valuation

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Securities

with

a

closing

price

not

readily

available

or

not

listed

on

any

exchange

are

valued

at

the

mean

between

the

closing

bid

and

asked

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

If

any

foreign

equity

security

closing

prices

are

not

readily

available,

the

securities

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

currency

exchange

rates

are

generally

determined

at

the

close

of

London’s

exchange

at

11:00

a.m.

Eastern

(U.S.)

time.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

and

under

the

general

supervision

of

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

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)

October

31,

2020

30

Strategic

Beta

ETFs

|

Annual

Report

2020

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Funds’

Portfolio

of

Investments.

Foreign

currency

transactions

and

translation

The

values

of

all

assets

and

liabilities

denominated

in

foreign

currencies

are

generally

translated

into

U.S.

dollars

at

exchange

rates

determined

at

the

close

of

the

London

Stock

Exchange

on

any

given

day.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Funds

do

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

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)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

31

Determination

of

net

asset

value

The

NAV

per

share

of

each

fund

is

computed

by

dividing

the

value

of

the

net

assets

of

a

Fund

by

the

total

number

of

outstanding

shares

of

that

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

For

federal

income

tax

purposes,

each

fund

is

treated

as

a

separate

entity.

Each

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

each

fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provisions

are

recorded.

Foreign

taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

annually.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust’s

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Funds’

contracts

with

their

service

providers

contain

general

indemnification

clauses.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined,

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

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)

October

31,

2020

32

Strategic

Beta

ETFs

|

Annual

Report

2020

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Funds

as

disclosed

in

the

Statement

of

Operations.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

Each

Fund’s

liability

for

the

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Funds.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Funds

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Funds,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Funds

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.,

(the

Distributor)

serves

as

the

distributor

for

the

Funds.

The

Funds

have

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Funds

are

authorized

to

pay

distribution

and

service

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

each

fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Funds

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

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

October

31,

2020,

these

differences

are

primarily

due

to

differing

treatments

for

deferral/reversal

of

wash

sale

losses,

disallowed

capital

gains

(losses)

on

a

redemption

in-kind,

and

return

of

capital

security

adjustments.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund’s

net

assets.

Temporary

differences

do

not

require

reclassifications.

In

the

Statement

of

Assets

and

Liabilities

the

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

Fund

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

($)

Columbia

Research

Enhanced

Core

ETF

(2,903)

(1,027,759)

1,030,662

Columbia

Research

Enhanced

Value

ETF

(1,539)

208,962

(207,423)

Year

Ended

October

31,

2020

Year

Ended

October

31,

2019

Fund

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Columbia

Research

Enhanced

Core

ETF

26,500

50

26,550

-

-

-

Columbia

Research

Enhanced

Value

ETF

37,117

115

37,232

-

-

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

33

At

October

31,

2020,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2020,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2020,

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,

2020,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

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.

Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

year

ended

October

31,

2020,

were

as

follows:

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

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

year

ended

October

31,

2020,

the

cost

basis

of

securities

contributed

was

as

follows:

Fund

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Research

Enhanced

Core

ETF

621,244

1,494

-

5,852,430

Columbia

Research

Enhanced

Value

ETF

114,117

289

(257,242)

(39,274)

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Research

Enhanced

Core

ETF

66,546,318

7,549,604

(1,697,174)

5,852,430

Columbia

Research

Enhanced

Value

ETF

501,182

23,929

(63,203)

(39,274)

Fund

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Expired

($)

Columbia

Research

Enhanced

Core

ETF

-

-

-

-

-

Columbia

Research

Enhanced

Value

ETF

(257,242)

-

(257,242)

-

-

Funds

Purchases

($)

Proceeds

from

sales

($)

Columbia

Research

Enhanced

Core

ETF

15,140,854

13,800,179

Columbia

Research

Enhanced

Value

ETF

3,943,192

3,873,498

Funds

Contributions

($)

Columbia

Research

Enhanced

Core

ETF

92,758,840

Columbia

Research

Enhanced

Value

ETF

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

34

Strategic

Beta

ETFs

|

Annual

Report

2020

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended

October

31,

2020,

the

in-kind

redemptions

were

as

follows:

Line

of

credit

Each

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

Wells

Fargo

Bank,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

whereby

the

Funds

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

a

December

1,

2020

amendment,

the

credit

facility,

which

is

a

collective

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

collective

borrowings

up

to

$950

million.

Interest

is

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.25%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

December

unless

extended

or

renewed.

Prior

to

the

December

1,

2020

amendment,

the

Funds

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

HSBC

Bank

USA,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

which

permitted

collective

borrowings

up

to

1

billion.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

No

Fund

had

borrowings

during

the

year

ended

October

31,

2020.

Significant

risks

Information

technology

sector

risk

Columbia

Research

Enhanced

Core

ETF

may

be

more

susceptible

to

the

particular

risks

that

may

affect

companies

in

the

information

technology

sector

than

if

it

was

invested

in

a

wider

variety

of

companies

in

unrelated

sectors.

Companies

in

the

information

technology

sectors

are

subject

to

certain

risks,

including

the

risk

that

new

services,

equipment

or

technologies

will

not

be

accepted

by

consumers

and

businesses

or

will

become

rapidly

obsolete.

Performance

of

such

companies

may

be

affected

by

factors

including

obtaining

and

protecting

patents

(or

the

failure

to

do

so)

and

significant

competitive

pressures,

including

aggressive

pricing

of

their

products

or

services,

new

market

entrants,

competition

for

market

share

and

short

product

cycles

due

to

an

accelerated

rate

of

technological

developments.

Such

competitive

pressures

may

lead

to

limited

earnings

and/or

falling

profit

margins.

As

a

result,

the

value

of

their

securities

may

fall

or

fail

to

rise.

In

addition,

many

information

technology

sector

companies

have

limited

operating

histories

and

prices

of

these

companies’

securities

historically

have

been

more

volatile

than

other

securities,

especially

over

the

short

term.

Market

and

environment

risk

The

Funds

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

they

invest.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Funds,

including

causing

difficulty

in

assigning

prices

to

hard-to-value

assets

in

thinly

traded

and

closed

markets,

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

Funds

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

Research

Enhanced

Core

ETF

32,850,369

33,956,722

1,106,353

Columbia

Research

Enhanced

Value

ETF

4,274,147

4,078,125

(196,022)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

Strategic

Beta

ETFs

|

Annual

Report

2020

35

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds’

net

asset

value.

The

Funds

performance

may

also

be

significantly

negatively

impacted

by

the

economic

impact

of

the

coronavirus

disease

2019

(COVID-19)

pandemic.

The

COVID-19

public

health

crisis

has

become

a

pandemic

that

has

resulted

in,

and

may

continue

to

result

in,

significant

global

economic

and

societal

disruption

and

market

volatility

due

to

disruptions

in

market

access,

resource

availability,

facilities

operations,

imposition

of

tariffs,

export

controls

and

supply

chain

disruption,

among

others.

Such

disruptions

may

be

caused,

or

exacerbated

by,

quarantines

and

travel

restrictions,

workforce

displacement

and

loss

in

human

and

other

resources.

The

uncertainty

surrounding

the

magnitude,

duration,

reach,

costs

and

effects

of

the

global

pandemic,

as

well

as

actions

that

have

been

or

could

be

taken

by

governmental

authorities

or

other

third

parties,

present

unknowns

that

are

yet

to

unfold.

The

impacts,

as

well

as

the

uncertainty

over

impacts

to

come,

of

COVID-19

-

and

any

other

infectious

illness

outbreaks,

epidemics

and

pandemics

that

may

arise

in

the

future

-

could

negatively

affect

global

economies

and

markets

in

ways

that

cannot

necessarily

be

foreseen.

In

addition,

the

impact

of

infectious

illness

outbreaks

and

epidemics

in

emerging

market

countries

may

be

greater

due

to

generally

less

established

healthcare

systems,

governments

and

financial

markets.

Public

health

crises

caused

by

the

COVID-19

outbreak

may

exacerbate

other

pre-existing

political,

social

and

economic

risks

in

certain

countries

or

globally.

The

disruptions

caused

by

COVID-19

could

prevent

the

Funds

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

the

Funds'

ability

to

achieve

their

investment

objectives.

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

and

risk

profile

of

the

Funds.

The

Investment

Manager

and

its

affiliates

have

systematically

implemented

strategies

to

address

the

operating

environment

spurred

by

the

COVID-19

pandemic.

To

promote

the

safety

and

security

of

our

employees

and

to

assure

the

continuity

of

our

business

operations,

we

have

implemented

a

work

from

home

protocol

for

virtually

all

of

our

employee

population,

restricted

business

travel,

and

provided

resources

for

complying

with

the

guidance

from

the

World

Health

Organization,

the

U.S.

Centers

for

Disease

Control

and

governments.

Our

operations

teams

seek

to

operate

without

significant

disruptions

in

service.

Our

pandemic

strategy

takes

into

consideration

that

a

pandemic

could

be

widespread

and

may

occur

in

multiple

waves,

affecting

different

communities

at

different

times

with

varying

levels

of

severity.

We

cannot,

however,

predict

the

impact

that

natural

or

man-made

disasters,

including

the

COVID-19

pandemic,

may

have

on

the

ability

of

our

employees

and

third-party

service

providers

to

continue

ordinary

business

operations

and

technology

functions

over

near-

or

longer-term

periods.

Passive

Investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

underlying

index.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of,

its

underlying

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

an

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

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.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

have

historically

been

involved

in

a

number

of

legal,

arbitration

and

regulatory

proceedings,

including

routine

litigation,

class

actions,

and

governmental

actions,

concerning

matters

arising

in

connection

with

the

conduct

of

their

business

activities.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Funds

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Funds.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2020

36

Strategic

Beta

ETFs

|

Annual

Report

2020

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.

Strategic

Beta

ETFs

|

Annual

Report

2020

37

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Research

Enhanced

Core

ETF

and

Columbia

Research

Enhanced

Value

ETF

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Columbia

Research

Enhanced

Core

ETF

and

Columbia

Research

Enhanced

Value

ETF

(two

of

the

funds

constituting

Columbia

ETF

Trust

I,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2020,

the

related

statements

of

operations

for

the

year

ended

October

31,

2020,

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2020

and

for

the

period

September

25,

2019

(commencement

of

operations)

through

October

31,

2019,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2020,

the

results

of

each

of

their

operations

for

the

year

ended

October

31,

2020

and

the

changes

in

each

of

their

net

assets

and

each

of

the

financial

highlights

for

the

year

ended

October

31,

2020

and

for

the

period

September

25,

2019

(commencement

of

operations)

through

October

31,

2019

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2020

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

21,

2020

We

have

served

as

auditors

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

38

Strategic

Beta

ETFs

|

Annual

Report

2020

The

Funds

hereby

designate

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2020

.

Shareholders

will

be

notified

in

early

202

1

of

the

amounts

for

use

in

preparing

2020

income

tax

returns.

For

Federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

percentages

of

ordinary

income

distributions

qualifying

for

the

corporate

dividends

received

deduction

(DRD),

and

the

individual

qualified

dividend

income

rate

(QDI)

are

presented

below.

The

Funds

report

the

following

for

ordinary

income

distributions:

The

Funds

designate

as

a

capital

gain

dividend

the

amount

reflected

below,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

fiscal

period.

Funds

DRD

QDI

Columbia

Research

Enhanced

Core

ETF

87.61%

89.59%

Columbia

Research

Enhanced

Value

ETF

91.56%

91.85%

Funds

Columbia

Research

Enhanced

Core

ETF

$26,500

Columbia

Research

Enhanced

Value

ETF

$37,117

Funds

Columbia

Research

Enhanced

Core

ETF

$1,569

Columbia

Research

Enhanced

Value

ETF

$

303

TRUSTEES

AND

OFFICERS

Strategic

Beta

ETFs

|

Annual

Report

2020

39

The

Board

oversees

the

Funds'

operations

and

appoints

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

set

by

the

Board.

The

following

table

provides

basic

biographical

information

about

the

Funds'

Trustees

as

of

the

printing

of

this

report,

including

their

principal

occupations

during

the

past

five

years,

although

specific

titles

for

individuals

may

have

varied

over

the

period.

Certain

Trustees

may

have

served

as

a

Trustee

to

other

Funds

in

the

Columbia

Funds

Complex

prior

to

the

date

set

forth

in

the

Position

Held

with

the

Trusts

and

Length

of

Service

column.

Under

current

Board

policy,

Trustees

not

affiliated

with

the

Investment

Manager

generally

may

serve

through

the

end

of

the

calendar

year

in

which

they

reach

either

the

mandatory

retirement

age

established

by

the

Board.

The

Board

approved

the

nomination

of

and

recommended

the

election

of

17

nominees

to

the

Board,

effecting

a

consolidation

of

the

Board

and

the

board

of

trustees

overseeing

Columbia

Funds

Series

Trust

I

and

Columbia

Funds

Variable

Insurance

Trust.

At

a

shareholder

meeting

held

on

December

22,

2020,

shareholders

approved

the

nominees,

effective

January

1,

2021.

Independent

trustees

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

George

S.

Batejan

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1953

Trustee

since

January 2017

for

each

Trust

Executive

Vice

President,

Global

Head

of

Technology

and

Operations,

Janus

Capital

Group,

Inc.,

2010-2016

110

Former

Chairman

of

the

Board,

NICSA

(National

Investment

Company

Services

Association)

(Executive

Committee,

Nominating

Committee

and

Governance

Committee),

2014-2016;

former

Director,

Intech

Investment

Management,

2011-2016;

former

Board

Member,

Metro

Denver

Chamber

of

Commerce,

2015-2016;

former

Advisory

Board

Member,

University

of

Colorado

Business

School,

2015-2018

Kathleen

Blatz

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Attorney,

specializing

in

arbitration

and

mediation;

Chief

Justice,

Minnesota

Supreme

Court,

1998-2006;

Associate

Justice,

Minnesota

Supreme

Court,

1996-1998;

Fourth

Judicial

District

Court

Judge,

Hennepin

County,

1994-1996;

Attorney

in

private

practice

and

public

service,

1984-1993;

State

Representative,

Minnesota

House

of

Representatives,

1979-1993,

which

included

service

on

the

Tax

and

Financial

Institutions

and

Insurance

Committees;

Member

and

Interim

Chair,

Minnesota

Sports

Facilities

Authority,

January

-

July

2017;

Interim

President

and

Chief

Executive

Officer,

Blue

Cross

and

Blue

Shield

of

Minnesota

(health

care

insurance),

February

-

July

2018

110

Trustee,

BlueCross

BlueShield

of

Minnesota

since

2009

(Chair

of

the

Business

Development

Committee,

2014-2017;

Chair

of

the

Governance

Committee,  2017-

2020);

Chair

of

the

Robina

Foundation

since

August

2013;

former

Member

and

Chair

of

the

Board,

Minnesota

Sports

Facilities

Authority,

January

2017

–

July

2017

TRUSTEES

AND

OFFICERS

(continued)

40

Strategic

Beta

ETFs

|

Annual

Report

2020

Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Pamela

G.

Carlton

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Springboard-

Partners

in

Cross

Cultural

Leadership

(consulting

company)

since

2003;

Managing

Director

of

US

Equity

Research,

JP

Morgan

Chase,

1999-2003;

Director

of

US

Equity

Research,

Chase

Asset

Management,

1996-

1999;

Co-Director

Latin

America

Research,

1993-1996,

COO

Global

Research,

1992-1996,

Co-Director

of

US

Research,

1991-1992,

Investment

Banker,

Morgan

Stanley,

1982-1991

110

Trustee,

New

York

Presbyterian

Hospital

Board

(Executive

Committee

and

Chair

of

Human

Resources

Committee)

since

1996;

Director,

DR

Bank

(Audit

Committee)

since

2017;

Director,

Evercore

Inc.

(Audit

Committee,

Nominating

and

Governance

Committee)

since

2019

Patricia

M.

Flynn

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1950

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Trustee

Professor

of

Economics

and

Management,

Bentley

University

since

1976

(also

teaches

and

conducts

research

on

corporate

governance);

Dean,

McCallum

Graduate

School

of

Business,

Bentley

University,

1992-2002

110

Trustee,

MA

Taxpayers

Foundation

since

1997;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010;  2003;

Board

of

Governors,

Innovation

Institute,

MA

Technology

Collaborative

since

2010

Board

of

Directors,

The

MA

Business

Roundtable

2003-2019

Brian

J.

Gallagher

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

since

December

2017

for

each

Trust

Retired;

Partner

with

Deloitte

&

Touche

LLP

and

its

predecessors,

1977

-

2016

110

Trustee,

Catholic

Schools

Foundation

since

2004

Catherine

James

Paglia

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1952

Chair

of

the

Board

since

1/20;

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Director,

Enterprise

Asset

Management,

Inc.

(private

real

estate

and

asset

management

company)

since

September

1998;

Managing

Director

and

Partner,

Interlaken

Capital,

Inc.,

1989-1997;

Managing

Director,

Morgan

Stanley,

1982-1989;

Vice

President,

Investment

Banking,

1980-1982,

Associate,

Investment

Banking,

1976-1980,

Dean

Witter

Reynolds,

Inc.

110

Director,

Valmont

Industries,

Inc.

(irrigation

systems

manufacturer)

since

2012;

Trustee,

Carleton

College

(on

the

Investment

Committee);

Trustee,

Carnegie

Endowment

for

International

Peace

(on

the

Investment

Committee)

TRUSTEES

AND

OFFICERS

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

41

Independent

trustees

(continued)

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

Anthony

M.

Santomero

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1946

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

Richard

K.

Mellon

Professor

Emeritus

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

since

2002;

Senior

Advisor,

McKinsey

&

Company

(consulting),

2006-2008;

President,

Federal

Reserve

Bank

of

Philadelphia,

2000-2006;

Professor

of

Finance,

The

Wharton

School,

University

of

Pennsylvania,

1972-2002

110

Trustee,

Penn

Mutual

Life

Insurance

Company

since

March

2008;

Director,

Renaissance

Re

Holdings

Ltd.

since

May

2008;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2008-2011;

former

Director,

Citigroup

Inc.

and

Citibank,

N.A.,

2009-2019

Minor

M.

Shaw

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1947

Trustee

since

April 2016

for

CET

I

and

September 2016

for

CET

II

President,

Micco

LLC

(private

investments)

since

2011;

President,

Micco

Corp.

(family

investment

business),

1998-2011

110

Director,

BlueCross

BlueShield

of

South

Carolina

since

April

2008;

Trustee,

Hollingsworth

Funds

since

2016

(previously

Board

Chair

from

2016-

2019);

Advisory

Board

member,

Duke

Energy

Corp.

since

October

2016;

Chair

of

the

Duke

Endowment;

Chair

of

Greenville

–

Spartanburg

Airport

Commission;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2003-2011;

former

Director,

Piedmont

Natural

Gas,

2004-2016;

former

Director,

National

Association

of

Corporate

Directors,

Carolinas

Chapter,

2013-2018

Sandra

Yeager

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1964

Trustee

since

12/17

Retired;

President

and

founder,

Hanoverian

Capital,

LLC

(SEC

registered

investment

advisor

firm),

2008-2016;

Managing

Director,

DuPont

Capital,

2006-2008;

Managing

Director,

Morgan

Stanley

Investment

Management,

2004-2006;

Senior

Vice

President,

Alliance

Bernstein,

1990-2004

110

Director,

NAPE

Education

Foundation

since

October

2016

TRUSTEES

AND

OFFICERS

(continued)

42

Strategic

Beta

ETFs

|

Annual

Report

2020

*

Interested

person

(as

defined

under

the

1940 Act)

by

reason

of

being

an

officer,

director,

security

holder

and/or

employee

of

the

Investment

Manager

or

Ameriprise

Financial.

The

Statement

of

Additional

Information

has

additional

information

about

the

Funds’

Board

members

and

is

available

without

charge,

upon

request

by

calling

888.800.4347

or

visiting

columbiathreadneedleus.com/etfs.

Interested

trustee

affiliated

with

Investment

Manager*

Name,

address,

year

of

birth

Position

held

with

the

Trusts

and

length

of

service

Principal

occupation(s)

during

the

past

five

years

and

other

relevant

professional

experience

Number

of

Funds

in

the

Columbia

Funds

complex

overseen

Other

directorships

held

by

Trustee

during

the

past

five

years

William

F.

Truscott

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

St.

Boston,

MA

02110

1960

Trustee

and

Senior

Vice

President

since

April

2016

for

CET

I

and

September

2016

for

CET

II

Chief

Executive

Officer,

Global

Asset

Management,

Ameriprise

Financial,

Inc.

since

September

2012;

Chairman

of

the

Board

and

President,

Columbia

Management

Investment

Advisers,

LLC

since

July

2004

and

February

2012,

respectively;

Chairman

of

the

Board

and

Chief

Executive

Officer,

Columbia

Management

Investment

Distributors,

Inc.

since

November

2008

and

February

2012,

respectively;

Chairman

of

the

Board

and

Director,

Threadneedle

Asset

Management

Holdings,

Sàrl

since

March

2013

and

December

2008,

respectively;

senior

executive

of

various

entities

affiliated

with

Columbia

Threadneedle

162

Trustee,

Columbia

Funds

since

November

2001

TRUSTEES

AND

OFFICERS

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

43

The

Board

has

appointed

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

it

has

established.

The

officers

serve

at

the

pleasure

of

the

Board.

The

following

table

provides

basic

information

about

the

Officers

of

the

Fund

as

of

the

printing

of

this

report,

including

principal

occupations

during

the

past

five

years,

although

their

specific

titles

may

have

varied

over

the

period.

In

addition

to

Mr. Truscott,

who

is

Senior

Vice

President,

the

Fund’s

other

officers

are:

Fund

officers

Name,

address,

and

year

of

birth

Position

and

year

first

appointed

to

position

for

any

Fund

in

the

Columbia

Funds

complex

or

a

predecessor

thereof

Principal

occupation(s)

during

the

past

five

years

Christopher

O.

Petersen

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1970

President

and

Principal

Executive

Officer

(2015)

Vice

President

and

Lead

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

January

2015

(previously

Vice

President

and

Chief

Counsel,

January

2010

–

December

2014);

officer

of

Columbia

Funds

and

affiliated

funds

since

2007.

Michael

G.

Clarke

225

Franklin

Street

Boston,

MA

02110

Born

1969

Chief

Financial

Officer,

Principal

Financial

Officer

(2009)

and

Senior

Vice

President

(2019)

Vice

President,

Head

of

North

American

Operations,

and

Co-Head

of

Global

Operations,

Columbia

Management

Investment

Advisers,

LLC,

since

June

2019

(previously

Vice

President

–

Accounting

and

Tax,

May

2010

–

May

2019);

senior

officer

of

Columbia

Funds

and

affiliated

funds

since

2002

(previously

Treasurer

and

Chief

Accounting

Officer,

January

2009

–

January

2019

and

December

2015

–

January

2019,

respectively). 

Marybeth

Pilat

225

Franklin

Street

Boston,

MA

02110

Born

1968

Treasurer,

Chief

Accounting

Officer

(Principal

Accounting

Officer)

(2019),

and

Principal

Financial

Officer

(2020)

Vice

President

–

Product

Pricing

and

Administration,

Columbia

Management

Investment

Advisers,

LLC,

since

May

2017;

Director

-

Fund

Administration,

Calvert

Investments,

August

2015

–

March

2017;

Vice

President

-

Fund

Administration,

Legg

Mason,

May

2015

-

July

2015;

Vice

President

-

Fund

Administration,

Columbia

Management

Investment

Advisers,

LLC,

May

2010

-

April

2015.

Paul

B.

Goucher

485

Lexington

Avenue

New

York,

NY

10017

Born

1968

Senior

Vice

President

(2011),

and

Assistant

Secretary

(2008)

Senior

Vice

President

and

Assistant

General

Counsel,

Ameriprise

Financial,

Inc.

since

January

2017

(previously

Vice

President

and

Lead

Chief

Counsel,

November

2008

–

January

2017

and

January

2013

–

January

2017,

respectively);

Vice

President,

Chief

Legal

Officer

and

Assistant

Secretary,

Columbia

Management

Investment

Advisers,

LLC

since

March

2015

(previously

Vice

President

and

Assistant

Secretary,

May

2010

–

March

2015).

Thomas

P.

McGuire

225

Franklin

Street

Boston,

MA

02110

Born

1972

Senior

Vice

President

and

Chief

Compliance

Officer

(2012)

Vice

President

–

Asset

Management

Compliance,

Ameriprise

Financial,

Inc.,

since

May

2010;

Chief

Compliance

Officer,

Ameriprise

Certificate

Company

since

September

2010;

Chief

Compliance

Officer,

Columbia

Acorn/

Wanger

Funds

since

December

2015.

Colin

Moore

225

Franklin

Street

Boston,

MA

02110

Born

1958

Senior

Vice

President

(2010)

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Ameriprise

Financial,

Inc.,

since

July

2013;

Executive

Vice

President

and

Global

Chief

Investment

Officer,

Columbia

Management

Investment

Advisers,

LLC

since

July

2013.

Ryan

C.

Larrenaga

225

Franklin

Street

Boston,

MA

02110

Born

1970

Senior

Vice

President

(2017),

Chief

Legal

Officer

(2017),

and

Secretary

(2015)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

August

2018

(previously

Vice

President

and

Group

Counsel,

August

2011

-

August

2018);

Chief

Legal

Officer,

Columbia

Acorn/

Wanger

Funds,

since

September

2020;

officer

of

Columbia

Funds

and

affiliated

funds

since

2005.

Daniel

J.

Beckman

225

Franklin

St.

Boston,

MA

02110

Born

1962

Senior

Vice

President

(2020)

Vice

President

–

Head

of

North

America

Product,

Columbia

Management

Investment

Advisers,

LLC

(since

April

2015);

previously,

Senior

Vice

President

of

Investment

Product

Management,

Fidelity

Financial

Advisor

Solutions,

a

division

of

Fidelity

Investments

(January

2012

–

March

2015).

Michael

E.

DeFao

225

Franklin

Street

Boston,

MA

02110

Born

1968

Vice

President

(2011)

and

Assistant

Secretary

(2010)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

May

2010.

Lyn

Kephart

-Strong

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

Born

1960

Vice

President

(2015)

President,

Columbia

Management

Investment

Services

Corp.

since

October

2014;

Vice

President

&

Resolution

Officer,

Ameriprise

Trust

Company

since

August

2009.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

44

Strategic

Beta

ETFs

|

Annual

Report

2020

Columbia

Management

Investment

Advisers,

LLC

(Columbia

Threadneedle

or

the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Research

Enhanced

Core

ETF

and

Columbia

Research

Enhanced

Value

ETF

(each,

and

ETF

and

collectively,

the

ETFs).

Under

each

investment

management

services

agreement

(each,

an

IMS

Agreement

and

collectively,

the

IMS

Agreements),

Columbia

Threadneedle

provides

investment

advice

and

other

services

to

each

ETF

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Funds).

On

an

annual

basis,

each

ETF’s

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreements.

Columbia

Threadneedle

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

in

November

and

December

2019

and

February,

March,

April

and

June

2020,

including

reports

providing

the

results

of

analyses

performed

by

an

independent

organization,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

a

comprehensive

response

to

items

of

information

requested

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel)

in

a

letter

to

the

Investment

Manager,

to

assist

the

Board

in

making

this

determination.

Many

of

the

materials

presented

at

these

meetings

were

first

supplied

in

draft

form

to

designated

independent

Board

representatives,

i.e.,

Independent

Legal

Counsel,

Fund

Counsel,

the

Chair

of

the

Board

(who

is

an

Independent

Trustee)

and

the

Chair

of

the

Contracts

Committee

(who

is

an

Independent

Trustee),

and

the

final

materials

were

revised

to

include

information

reflective

of

discussion

and

subsequent

requests

made

by

the

Contracts

Committee.

In

addition,

throughout

the

year,

the

Board

(or

its

committees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

Columbia

Threadneedle

addressing

the

services

Columbia

Threadneedle

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees,

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreements.

The

Board,

at

its

June

15-17,

2020

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreements

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

management

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

Following

an

analysis

and

discussion

of

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreements.

Nature,

extent

and

quality

of

services

provided

by

Columbia

Threadneedle

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

Columbia

Threadneedle,

as

well

as

its

history,

reputation,

expertise,

resources

and

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

Columbia

Threadneedle,

including,

in

particular,

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department’s

processes,

systems

and

oversight,

over

the

past

several

years,

as

well

as

planned

2020

initiatives.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

Columbia

Threadneedle

to

each

ETF,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

Columbia

Threadneedle's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

observed

that

Columbia

Threadneedle

has

been

able

to

effectively

manage

the

ETFs

through

the

challenging

pandemic

period

(with

no

disruptions

in

services

provided). 

In

connection

with

the

Board's

evaluation

of

the

overall

package

of

services

provided

by

Columbia

Threadneedle,

the

Board

also

considered

the

nature,

quality

and

range

of

administrative

oversight

services

provided

to

the

ETFs

by

Columbia

Threadneedle,

as

well

as

the

achievements

in

2019

in

the

performance

of

administrative

oversight

services,

and

noted

the

various

enhancements

anticipated

for

2020.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreements,

the

Board

also

took

into

account

the

organization

and

strength

of

the

ETFs’

and

Columbia

Threadneedle’s

compliance

program.

In

addition,

the

Board

reviewed

the

financial

condition

of

Columbia

Threadneedle

and

its

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

Strategic

Beta

ETFs

|

Annual

Report

2020

45

The

Board

also

discussed

the

acceptability

of

the

terms

of

each

IMS

Agreement

(including

the

relatively

broad

scope

of

services

required

to

be

performed

by

Columbia

Threadneedle),

noting

that

no

material

changes

are

proposed

from

the

form

of

agreement

previously

approved.

They

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

ETFs

under

the

IMS

Agreements.

It

was

observed

that

the

services

being

performed

under

the

IMS

Agreements

were

of

a

reasonable

quality.

Based

on

the

foregoing,

and

based

on

other

information

received

(both

oral

and

written,

including

the

information

on

investment

performance

referenced

below)

and

other

considerations,

the

Board

concluded

that

Columbia

Threadneedle

is

in

a

position

to

continue

to

provide

quality

services

to

the

ETFs.

Investment

performance

For

purposes

of

evaluating

the

nature,

extent

and

quality

of

services

provided

under

the

IMS

Agreements,

the

Board

carefully

reviewed

the

investment

performance

of

each

ETF.

In

this

regard,

the

Board

considered

detailed

reports

providing

the

results

of

analyses

performed

by

an

independent

organization

showing,

for

various

periods

(including

since

manager

inception):

the

performance

of

each

ETF

(particularly

relative

to

the

index

of

which

each

ETF

seeks

to

replicate

performance)

and

the

net

assets

of

each

ETF.

The

Board

also

reviewed

index

tracking

error

data

for

each

ETF.

The

Board

observed

that

each

ETF’s

investment

performance

met

expectations.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

Columbia

Threadneedle

and

its

affiliates

from

their

relationships

with

the

ETFs

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreements.

In

considering

the

proposed

level

of

fees

under

the

IMS

Agreements,

the

Board

accorded

particular

weight

to

the

unified/all-inclusive

fee

structure

utilized

by

each

ETF.

In

this

regard,

they

observed

that

many

of

the

competitors

of

the

ETFs

have

adopted

similar

unified/all-inclusive

fee

structures.

The

Board

accorded

particular

weight

to

the

notion

that

the

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Fund

(with

certain

defined

exceptions)

are

generally

in

line

with

the

"pricing

philosophy"

currently

in

effect

(i.e.,

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe).

The

Board

observed

that

each

of

the

ETF’s

unified

fee

rates

approximated

the

median

expenses

paid

by

funds

in

each

ETF’s

comparative

peer

universe.

Based

on

its

review,

the

Board

concluded

that

each

ETF’s

management

fee

was

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

that

each

ETF

receives.

The

Board

also

considered

the

profitability

of

Columbia

Threadneedle

and

its

affiliates

in

connection

with

Columbia

Threadneedle

providing

management

services

to

each

ETF.

In

this

regard,

the

Independent

Trustees

referred

to

their

detailed

analysis

of

the

Profitability

Report,

discussing

the

profitability

to

Columbia

Threadneedle

and

Ameriprise

Financial

from

managing

the

Funds,

including

the

ETFs.

The

Board

considered

that

in

2019

the

Board

had

concluded

that

2018

profitability

was

reasonable

and

that

the

2020

information

shows

that

the

profitability

generated

by

Columbia

Threadneedle

in

2019

decreased

slightly

from

2018

levels.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

Columbia

Threadneedle

or

its

affiliates

in

connection

with

managing

the

Funds,

including

the

ETFs,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

ETFs

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

The

Board

concluded

that

profitability

levels

were

reasonable.

Economies

of

scale

to

be

realized

The

Board

considered

that

each

IMS

Agreement

provides

for

a

unified

fee

level

that

does

not

include

pre-established

breakpoints,

and

management’s

observation

that

the

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Based

on

the

foregoing,

the

Board,

including

all

of

the

Independent

Trustees,

concluded

that

the

management

fees

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided.

In

reaching

this

conclusion,

no

single

factor

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

46

Strategic

Beta

ETFs

|

Annual

Report

2020

was

determinative.

On

June

17,

2020,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

each

IMS

Agreement.

ADDITIONAL

INFORMATION

Strategic

Beta

ETFs

|

Annual

Report

2020

47

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

each

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

Each

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Funds’

Form

N-PORTs

are

available

on

the

SEC’s

website

at

sec.gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

888.800.4347.

Additional

Fund

information

For

more

information

about

the

Funds,

please

visit

columbiathreadneedleus.com/etfs

or

call

888.800.4347.

Premium/discount

information

for

the

Funds

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

225

Franklin

Street

Boston,

MA

02110

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Columbia

ETF

Trust

I

225

Franklin

Street

Boston,

MA,

02110

ANN305_10_K01_(12/20)

CET001209

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.

©

2020

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Item 2. Code of Ethics.

(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.

(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the six series of the registrant whose reports to stockholders are included in this annual filing. Fee information for fiscal year end 2020 includes fees for one fund that liquidated during the period. Fee information for fiscal year end 2019 includes fees for two funds that commenced operations during the period.

(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended October 31, 2020 and October 31, 2019 are approximately as follows:

20202019

$93,000              $77,500

Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended October 31, 2020 and October 31, 2019 are approximately as follows:

2020	2019
$0	$0

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

During the fiscal years ended October 31, 2020 and October 31, 2019, there were no Audit-Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31, 2020 and October 31, 2019 are approximately as follows:

2020	2019
$0	$39,600

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.

During the fiscal years ended October 31, 2020 and October 31, 2019, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended October 31,

2020 and October 31, 2019 are approximately as follows:

2020	2019
$0	$0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended October 31, 2020 and October 31, 2019, there were no Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-

approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

*****

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2020 and October 31, 2019 are approximately as follows:

2020	2019
$0	$39,600

(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

(a)The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately designated standing Audit Committee in accordance with

Section 3(a)(58)(A) of such Act. The Board's independent Trustees, David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager are all members of the Audit Committee.

(b) 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 officers, 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 controls 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 attached hereto as Exhibit 99.CODE ETH.

(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.

(a)(3) Not applicable.

(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/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer
Date	December 21, 2020

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/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer
Date	December 21, 2020
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
	and Senior Vice President
Date	December 21, 2020
By (Signature and Title)	/s/ Marybeth Pilat
	Marybeth Pilat, Treasurer, Chief Accounting Officer and Principal
	Financial Officer
Date	December 21, 2020