UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22736
Columbia ETF Trust I
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
ANNUAL
REPORT
December
31,
2023
Columbia
Research
Enhanced
Real
Estate
ETF
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
that
funds
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
Each
Tailored
Shareholder
Report
will
be
share-class
specific
and
will
highlight
key
fund
information
the
SEC
believes
is
most
relevant
to
investors
in
assessing
their
investment
in
a
fund.
Much
of
the
information,
including
a
fund's
financial
statements,
that
is
currently
disclosed
in
a
fund's
shareholder
reports
will
instead
be
made
available
on
the
fund's
website
and
filed
on
Form
N-CSR
on
an
annual
and
semiannual
basis.
This
information
will
be
delivered
to
investors
free
of
charge
upon
request.
Columbia
Fund
reports
will
follow
the
Tailored
Shareholder
Report
approach
beginning
with
reports
covering
the
period
ending
May
31,
2024.
The
new
rule
also
requires
a
fund
to
mail
a
printed
version
of
the
Tailored
Shareholder
Report
to
all
shareholders
who
have
not
elected
to
receive
shareholder
reports
electronically.
Rather
than
receiving
a
postcard
notifying
investors
that
the
shareholder
report
for
funds
in
which
they
invest
is
available
online,
investors
will
begin
receiving
the
Tailored
Shareholder
Report
in
the
mail
unless
they
have
elected
to
receive
their
fund
documents
electronically.
Strategic
Beta
ETFs
|
Annual
Report
2023
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
10
Statement
of
Operations
11
Statement
of
Changes
in
Net
Assets
12
Financial
Highlights
13
Notes
to
Financial
Statements
14
Report
of
Independent
Registered
Public
Accounting
Firm
21
Federal
Income
Tax
Information
22
Trustees
and
Officers
23
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
the
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORTs
are
available
on
the
SEC's
website
at
sec.gov.
The
Fund's
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Fund,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
Premium/discount
information
for
the
Fund
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager)
290
Congress
Street
Boston,
MA
02210
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Strategic
Beta
ETFs
|
Annual
Report
2023
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
April
2023
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
April
2023
Investment
objective
Columbia
Research
Enhanced
Real
Estate
ETF
(the
Fund)
seeks
investment
results
that,
before
fees
and
expenses,
closely
correspond
to
the
performance
of
the
Beta
Advantage
®
Lionstone
Research
Enhanced
REIT
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
Columbia
Management
Investment
Advisers,
LLC
and/or
any
of
its
affiliates.
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund’s
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Advantage
®
Lionstone
Research
Enhanced
REIT
Index
reflects
a
rules-based
strategic
beta
framework
to
investing
in
companies
that
comprise
the
FTSE
Nareit
All
Equity
REITs
Index.
The
Index
will
typically
hold
only
common
stocks.
The
FTSE
Nareit
All
Equity
REITs
Index
is
a
broad-based
index
consisting
of
real
estate
investment
trusts
(REITs).
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
December
31,
2023)
Inception
Life
Market
Price
04/26/23
12.67
Net
Asset
Value
04/26/23
12.10
Beta
Advantage®
Lionstone
Research
Enhanced
REIT
Index
12.47
FTSE
Nareit
All
Equity
REITs
Index
11.80
FUND
AT
A
GLANCE
(continued)
(Unaudited)
4
Strategic
Beta
ETFs
|
Annual
Report
2023
Performance
of
a
hypothetical
$10,000
investment
(April
26,
2023
—
December
31,
2023)
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
December
31,
2023
)
Common
Stocks
99.3
Money
Market
Funds
0.7
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sub-industry
breakdown
(%)
(at
December
31,
2023
)
Real
Estate
Diversified
REITs
2
.4
Health
Care
REITs
4
.1
Hotel
&
Resort
REITs
3
.5
Industrial
REITs
19
.3
Office
REITs
2
.4
Real
Estate
Management
&
Development
0
.0
(a)
Residential
REITs
9
.2
Retail
REITs
20
.3
Specialized
REITs
38
.8
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Rounds
to
zero.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
5
For
the
period
from
the
inception
of
Columbia
Research
Enhanced
Real
Estate
ETF
on
April
26,
2023
through
December
31,
2023
(the
reporting
period),
the
Fund
returned
12.10%
based
on
net
asset
value
(NAV)
and
12.67%
based
on
market
price.
The
Beta
Advantage®
Lionstone
Research
Enhanced
REIT
Index
(the
Index),
against
which
the
performance
of
the
Fund
is
measured,
returned
12.47%
during
the
same
period.
To
compare,
the
FTSE
Nareit
All
Equity
REITs
Index
returned
11.80%
for
the
same
period.
The
Fund
commenced
operations
on
April
26,
2023
with
a
beginning
NAV
of
$19.79
and
ended
the
reporting
period
on
December
31,
2023
with
an
NAV
of
$21.54.
The
Fund’s
market
price
on
December
31,
2023
was
$21.54
per
share.
Market
overview
The
U.S.
listed
real
estate
market,
as
measured
by
the
FTSE
Nareit
All
Equity
REITs
Index,
posted
double-digit
positive
absolute
returns
during
the
reporting
period
on
the
back
of
a
broad
U.S.
equity
market
rally.
Notably,
all
sub-sectors
of
the
FTSE
Nareit
All
Equity
REITs
Index
produced
positive
returns
during
the
reporting
period.
However,
such
performance
masks
what
were
actually
mixed
results
for
the
various
property
types
of
the
asset
class.
For
example,
regional
malls
was
the
top-performing
sub-sector,
returning
39.46%
during
the
reporting
period.
Office
real
estate
investment
trusts
(REITs)
also
rebounded
strongly,
posting
a
positive
return
of
28.75%
during
the
reporting
period,
following
a
three-year
stretch
from
2020
through
2022
wherein
the
property
type
faced
extreme
pressure
due
to
a
move
to
hybrid
work-from-home
environments
following
the
COVID-19
pandemic.
Companies
continued
to
stress
the
importance
of
having
their
employees
in
the
office
and
the
need
for
in-person
collaboration.
This
persistent
philosophy
across
major
industries
led
many
companies
to
increase
the
number
of
days
employees
are
required
to
be
in
the
office
and
helped
flip
the
script
in
performance
for
the
office
market.
Lodging
and
resort
REITs
was
another
sub-sector
that
turned
around
2022
performance
and
posted
a
positive
return
of
25.63%
during
the
reporting
period.
As
the
travel
industry
recovers
from
challenges
faced
during
the
pandemic,
hotel
occupancy
continued
to
see
increases
in
demand.
Hotels
benefited
from
being
able
to
dynamically
adjust
prices
daily
based
on
that
demand.
Conversely,
free-standing
REITs
lagged
most,
returning
2.34%
during
the
reporting
period,
followed
closely
by
manufactured
home
REITs,
which
returned
2.95%
during
the
reporting
period.
These
two
sub-sectors,
along
with
diversified
REITs,
which
returned
3.71%
during
the
reporting
period,
comprise
just
under
10%
of
the
FTSE
Nareit
All
Equity
REITs
Index.
The
Fund’s
notable
contributors
during
the
period
Index
constituents
in
the
regional
malls,
specialty
and
data
center
REIT
sub-sectors
contributed
most
positively
to
the
Index’s
results
relative
to
the
FTSE
Nareit
All
Equity
REITs
Index
during
the
reporting
period.
Relative
to
the
FTSE
Nareit
All
Equity
REITs
Index,
overweight
positions
in
regional
mall
REIT
Simon
Property
Group,
Inc.,
data
center
REIT
Digital
Realty
Trust,
Inc.
and
specialty
REIT
Iron
Mountain,
Inc.
contributed
most
positively.
Each
of
these
holdings
generated
a
robust
double-digit
positive
absolute
return
within
the
Fund’s
portfolio
during
the
reporting
period.
Having
no
exposure
to
specialty
REIT
VICI
Properties
Inc.
also
added
significant
value
during
the
reporting
period.
VICI
Properties
Inc.
posted
a
modest
single-digit
return
within
the
FTSE
Nareit
All
Equity
REITs
Index
during
the
reporting
period.
The
Fund’s
notable
detractors
during
the
period
Index
constituents
in
the
infrastructure,
health
care
and
office
REIT
sub-sectors
detracted
most
from
the
Index’s
results
relative
to
the
FTSE
Nareit
All
Equity
REITs
Index
during
the
reporting
period.
Relative
to
the
FTSE
Nareit
All
Equity
REITs
Index,
an
overweight
position
in
infrastructure
REIT
Crown
Castle
Inc.
and
having
no
exposure
to
health
care
REIT
Welltower
Inc.
and
office
REIT
Boston
Properties,
Inc.
detracted
most.
Crown
Castle
Inc.
generated
a
positive
absolute
return
of
just
0.08%
within
the
Fund’s
portfolio
during
the
reporting
period.
Welltower
Inc.
and
Boston
Properties,
Inc.
each
posted
a
robust
double-digit
positive
absolute
return
within
the
FTSE
Nareit
All
Equity
REITs
Index
during
the
reporting
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
(Unaudited)
6
Strategic
Beta
ETFs
|
Annual
Report
2023
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.
Like
real
estate,
real
estate
investment
trusts
(REITs)
are
subject
to
illiquidity,
valuation
and
financing
complexities,
taxes,
default,
bankruptcy
and
other
economic,
political
or
regulatory
occurrences.
As
a
non-diversified
fund,
fewer
investments
could
have
a
greater
effect
on
performance.
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
asset
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.
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.
See
the
Fund's
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
fund
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
fund.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
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
December
31,
2023.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Expenses
do
not
include
fees
and
expenses
incurred
indirectly
by
the
Fund
from
its
investment
in
underlying
funds,
including
affiliated
and
non-affiliated
pooled
investment
vehicles,
such
as
mutual
funds
and
exchange-traded
funds.
July
1,
2023
—
December
31,
2023
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
Research
Enhanced
Real
Estate
ETF
1,000.00
1,000.00
1,090.90
1,023.54
1.74
1.68
0.33
PORTFOLIO
OF
INVESTMENTS
December
31,
2023
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Strategic
Beta
ETFs
|
Annual
Report
2023
Notes
to
Portfolio
of
Investments
Common
Stocks
98
.9
%
Issuer
Shares
Value
($)
Real
Estate 98.9%
Diversified
REITs
2.4%
American
Assets
Trust,
Inc.
320
7,203
Empire
State
Realty
Trust,
Inc.
Class
A
382
3,702
Global
Net
Lease,
Inc.
885
8,806
WP
Carey,
Inc.
887
57,486
Total
77,197
Health
Care
REITs
4.0%
CareTrust
REIT,
Inc.
521
11,660
Healthpeak
Properties,
Inc.
2,879
57,004
Medical
Properties
Trust,
Inc.
3,146
15,447
Omega
Healthcare
Investors,
Inc.
925
28,360
Sabra
Health
Care
REIT,
Inc.
1,217
17,367
Total
129,838
Hotel
&
Resort
REITs
3.4%
Apple
Hospitality
REIT,
Inc.
1,204
19,999
Braemar
Hotels
&
Resorts,
Inc.
221
553
DiamondRock
Hospitality
Co.
662
6,216
Host
Hotels
&
Resorts,
Inc.
2,254
43,885
Park
Hotels
&
Resorts,
Inc.
708
10,832
RLJ
Lodging
Trust
640
7,501
Service
Properties
Trust
871
7,438
Summit
Hotel
Properties,
Inc.
422
2,836
Sunstone
Hotel
Investors,
Inc.
496
5,322
Xenia
Hotels
&
Resorts,
Inc.
444
6,047
Total
110,629
Industrial
REITs
19.1%
Americold
Realty
Trust,
Inc.
853
25,820
First
Industrial
Realty
Trust,
Inc.
522
27,494
LXP
Industrial
Trust
1,536
15,237
Prologis,
Inc.
3,738
498,276
STAG
Industrial,
Inc.
755
29,641
Terreno
Realty
Corp.
302
18,926
Total
615,394
Office
REITs
2.4%
Brandywine
Realty
Trust
904
4,882
COPT
Defense
Properties
355
9,099
Franklin
Street
Properties
Corp.
408
1,045
Highwoods
Properties,
Inc.
693
15,911
Hudson
Pacific
Properties,
Inc.
743
6,917
Kilroy
Realty
Corp.
615
24,502
NET
Lease
Office
Properties
59
1,090
Office
Properties
Income
Trust
256
1,874
Orion
Office
REIT,
Inc.
373
2,134
Paramount
Group,
Inc.
855
4,420
Piedmont
Office
Realty
Trust,
Inc.
Class
A
813
5,780
Total
77,654
Real
Estate
Management
& Development
0.0%
Star
Holdings
(a)
70
1,049
Residential
REITs
9.1%
American
Homes
4
Rent
Class
A
1,396
50,200
Apartment
Income
REIT
Corp.
628
21,810
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Apartment
Investment
and
Management
Co.
Class
A
(a)
579
4,534
Equity
LifeStyle
Properties,
Inc.
441
31,108
Invitation
Homes,
Inc.
2,415
82,376
Mid-America
Apartment
Communities,
Inc.
456
61,314
Sun
Communities,
Inc.
294
39,293
Veris
Residential,
Inc.
216
3,398
Total
294,033
Retail
REITs
20.1%
Agree
Realty
Corp.
380
23,921
Brixmor
Property
Group,
Inc.
1,579
36,743
Federal
Realty
Investment
Trust
257
26,484
Kite
Realty
Group
Trust
1,154
26,381
Macerich
Co.
(The)
850
13,116
NNN
REIT,
Inc.
573
24,696
Phillips
Edison
&
Co.,
Inc.
463
16,890
Realty
Income
Corp.
2,086
119,778
Regency
Centers
Corp.
899
60,233
Simon
Property
Group,
Inc.
1,722
245,626
SITE
Centers
Corp.
1,109
15,116
Spirit
Realty
Capital,
Inc.
558
24,379
Tanger,
Inc.
440
12,197
Whitestone
REIT
260
3,195
Total
648,755
Specialized
REITs
38.4%
American
Tower
Corp.
1,471
317,559
Crown
Castle,
Inc.
1,824
210,107
CubeSmart
710
32,908
Digital
Realty
Trust,
Inc.
1,227
165,130
EPR
Properties
494
23,934
Gaming
and
Leisure
Properties,
Inc.
824
40,664
Iron
Mountain,
Inc.
1,225
85,726
Outfront
Media,
Inc.
864
12,061
PotlatchDeltic
Corp.
189
9,280
Public
Storage
554
168,970
SBA
Communications
Corp.
341
86,508
Uniti
Group,
Inc.
1,242
7,179
Weyerhaeuser
Co.
2,315
80,493
Total
1,240,519
Total
Real
Estate
3,195,068
Total
Common
Stocks
(Cost
$2,928,074)
3,195,068
Money
Market
Funds
0
.7
%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
5.214%
(b)
23,651
23,651
Total
Money
Market
Funds
(Cost
$23,651)
23,651
Total
Investments
in
Securities
(Cost
$2,951,725)
3,218,719
Other
Assets
&
Liabilities,
Net
13,499
Net
Assets
3,232,218
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
December
31,
2023.
Abbreviation
Legend
REIT
Real
Estate
Investment
Trust
PORTFOLIO
OF
INVESTMENTS
(continued)
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
9
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
December
31,
2023:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Real
Estate
3,195,068
–
–
3,195,068
Total
Common
Stocks
3,195,068
–
–
3,195,068
Money
Market
Funds
23,651
–
–
23,651
Total
Investments
in
Securities
3,218,719
–
–
3,218,719
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Strategic
Beta
ETFs
|
Annual
Report
2023
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$2,951,725)
$3,218,719
Receivable
for:
Dividends
14,383
Total
assets
3,233,102
Liabilities
Payable
for:
Investment
management
fees
884
Total
liabilities
884
Net
assets
applicable
to
outstanding
capital
stock
$3,232,218
Represented
by:
Paid-in
capital
$2,967,590
Total
distributable
earnings
(loss)
264,628
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$3,232,218
Shares
outstanding
150,050
Net
asset
value
per
share
$21.54
STATEMENT
OF
OPERATIONS
For
the
period
from
April
26,
2023
(commencement
of
operations)
through
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
11
Investment
Income:
Dividends
-
unaffiliated
issuers
$99,978
Total
income
99,978
Expenses:
Investment
management
fees
8,267
Total
expenses
8,267
Net
Investment
Income
91,711
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
8,825
In-kind
transactions
-
unaffiliated
issuers
80,130
Net
realized
gain
88,955
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
266,994
Net
change
in
unrealized
appreciation
266,994
Net
realized
and
unrealized
gain
355,949
Net
Increase
in
net
assets
resulting
from
operations
$447,660
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Strategic
Beta
ETFs
|
Annual
Report
2023
Year
Ended
December
31,
2023
(a)
Operations
Net
investment
income
$91,711
Net
realized
gain
88,955
Net
change
in
unrealized
appreciation
266,994
Net
increase
in
net
assets
resulting
from
operations
447,660
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(103,892)
Shareholder
transactions
Cost
of
shares
redeemed
(2,059,372)
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(2,059,372)
Decrease
in
net
assets
(1,715,604)
Net
Assets:
Net
assets
beginning
of
period
4,947,822
(b)
Net
assets
at
end
of
period
$3,232,218
Capital
stock
activity
Shares
outstanding,
beginning
of
period
250,050
Shares
redeemed
(100,000)
Shares
outstanding,
end
of
period
150,050
(a)
Based
on
operations
from
April
26,
2023
(commencement
of
operations)
through
the
stated
period
end.
(b)
Initial
cash
of
$1,000
was
contributed
on
April
20,
2023
and
securities
of
$5,000,000
were
contributed
on
April
25,
2023.
Prior
to
April
26,
2023
(commencement
of
operations),
the
Fund
had
a
decrease
in
net
assets
of
$53,178
resulting
from
change
in
unrealized
depreciation
due
to
market
fluctuation
of
the
initial
securities
contributed.
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Strategic
Beta
ETFs
|
Annual
Report
2023
13
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
Price
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
ratio
of
expenses
and
net
investment
income
are
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
December
31
2023
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
19
.79
Income
(loss)
from
investment
operations:
Net
investment
income
0
.50
Net
realized
and
unrealized
gain
1
.84
Total
from
investment
operations
2
.34
Less
distributions
to
shareholders:
Net
investment
income
(
0
.51
)
Net
realized
gains
(
0
.08
)
Total
distribution
to
shareholders
(
0
.59
)
Net
asset
value,
end
of
year
$
21
.54
Total
Return
at
NAV
12
.10
%
Total
Return
at
Market
Price
12
.67
%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0
.33
%
Total
net
expenses
(b)(c)
0
.33
%
Net
investment
income
3
.66
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
3,232
Portfolio
turnover
2
%
(a)
The
Fund
commenced
operations
on
April
26,
2023.
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)
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
December
31,
2023
14
Strategic
Beta
ETFs
|
Annual
Report
2023
Note
1.
Organization
Columbia
Research
Enhanced
Real
Estate
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
non-diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
On
April
20,
2023,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
invested
$1,000
of
cash
in
the
Fund,
which
represented
the
initial
capital
for
the
Fund
at
$20
per
share.
On
April
25,
2023,
Wells
Fargo
invested
$5,000,000
of
securities in
the
Fund
at
$20
per
share.
Shares
of
the
Fund
were
first
offered
to
the
public
on
April
26,
2023.
These
financial
statements
cover
the
period
from
April
26,
2023
(commencement
of
operations)
through
December
31,
2023.
All
references
to
the
year
ended
December
31,
2023
refer
to
the
period
from
April
26,
2023
through
December
31,
2023.
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
15
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
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
recorded
on
the
ex-dividend
date.
The
Fund
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
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
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
recorded.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2023
16
Strategic
Beta
ETFs
|
Annual
Report
2023
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule
relating
to
Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.
The
rule
and
form
amendments
will,
among
other
things,
require
the
Fund
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format
and
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.33%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
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)
December
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
17
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
December
31,
2023,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
from
investments,
distribution
reclassifications
and
reversal
of
capital
gains
(losses)
on
redemptions
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:
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
year
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
December
31,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
December
31,
2023,
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.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$60,947
and
$92,043,
respectively,
for
the
year
ended
December
31,
2023.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
($)
Paid
in
capital
($)
284
(79,424)
79,140
Ordinary
income
($)
Long-term
capital
gains($)
Total
($)
93,114
10,778
103,892
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
($)
-
1,139
-
263,489
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
($)
2,955,230
320,956
(57,467)
263,489
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2023
18
Strategic
Beta
ETFs
|
Annual
Report
2023
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
December
31,
2023,
the
cost
basis
of
securities
contributed
was
$4,946,836.
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 December
31,
2023,
the
in-kind
redemption
cost
basis
was
$1,974,255,
the
proceeds
from
sales
were
$2,054,385
and
the
net
realized
gain
was
$80,130.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
26,
2023
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
The
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
26,
2023
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
The
Fund
had
no
borrowings
during
the
year
ended December
31,
2023.
Note
8.
Significant
risks
Market
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter-measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2023
Strategic
Beta
ETFs
|
Annual
Report
2023
19
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
Non-diversification
risk
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
Index’s
investment
exposures.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
Index
regardless
of
their
investment
merits.
The
Fund
does
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
the
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Real
estate
sector
risk
The
risks
associated
with
investments
in
real
estate
investment
trusts
(REITs)
subject
the
Fund
to
risks
similar
to
those
of
direct
investments
in
real
estate
and
the
real
estate
industry
in
general.
These
include
risks
related
to
general
and
local
economic
conditions,
possible
lack
of
availability
of
financing
and
changes
in
interest
rates
or
property
values.
The
value
of
such
investments
may
be
affected
by,
among
other
factors,
changes
in
the
value
of
the
underlying
properties
owned
by
the
issuer,
changes
in
the
prospect
for
earnings
and/or
cash
flow
growth
of
the
investment,
defaults
by
borrowers
or
tenants,
market
saturation,
decreases
in
market
rates
for
rents,
and
other
economic,
political,
or
regulatory
occurrences
affecting
the
real
estate
industry,
including
REITs.
REITs
depend
upon
specialized
management
skills,
may
have
limited
financial
resources,
may
have
less
trading
volume
in
their
securities,
and
may
be
subject
to
more
abrupt
or
erratic
price
movements
than
the
overall
securities
markets.
REITs
are
also
subject
to
the
risk
of
failing
to
qualify
for
favorable
tax
treatment.
Some
REITs
(especially
mortgage
REITs)
are
affected
by
risks
similar
to
those
associated
with
investments
in
debt
securities
including
changes
in
interest
rates
and
the
quality
of
credit
extended.
Small-
and
mid-cap
company
risk
Investments
in
small-
and
mid-capitalization
companies
(small-
and
mid-cap
companies)
often
involve
greater
risks
than
investments
in
larger,
more
established
companies
(larger
companies)
because
small-
and
mid-cap
companies
tend
to
have
less
predictable
earnings
and
may
lack
the
management
experience,
financial
resources,
product
diversification
and
competitive
strengths
of
larger
companies.
Securities
of
small-
and
mid-cap
companies
may
be
less
liquid
and
more
volatile
than
the
securities
of
larger
companies.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2023
20
Strategic
Beta
ETFs
|
Annual
Report
2023
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
Strategic
Beta
ETFs
|
Annual
Report
2023
21
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Research
Enhanced
Real
Estate
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Research
Enhanced
Real
Estate
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2023,
and
the
related
statements
of
operations
and
changes
in
net
assets,
including
the
related
notes,
and
the
financial
highlights
for
the
period
April
26,
2023
(commencement
of
operations)
through
December
31,
2023
(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
December
31,
2023,
and
the
results
of
its
operations,
changes
in
its
net
assets,
and
the
financial
highlights
for
the
period
April
26,
2023
(commencement
of
operations)
through
December
31,
2023
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
audit.
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
audit
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
audit
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
audit
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
December
31,
2023
by
correspondence
with
the
custodian.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
February
22,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
22
Strategic
Beta
ETFs
|
Annual
Report
2023
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
December
31,
2023
.
Shareholders
will
be
notified
in
early
2024
of
the
amounts
for
use
in
preparing
2023
income
tax
returns.
Qualified
dividend
income
(QDI).
For
taxable,
non-corporate
shareholders,
the
percentage
of
ordinary
income
distributed
during
the
fiscal
year
that
represents
qualified
dividend
income
subject
to
reduced
tax
rates.
Dividends
received
deduction
(DRD).
The
percentage
of
ordinary
income
distributed
during
the
fiscal
year
that
qualifies
for
the
corporate
dividends
received
deduction.
Section
199A
dividends
(199A).
For
taxable,
non-corporate
shareholders,
the
percentage
of
ordinary
income
distributed
during
the
fiscal
year
that
represents
Section
199A
dividends
potentially
eligible
for
a
20%
deduction.
Capital
gain
dividend.
The
Fund
designates
as
a
capital
gain
dividend
the
amount
reflected
above,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Of
this
amount,
$9,926
was
subject
to
a
long
term
capital
gains
tax
rate
of
not
greater
than
20%
and
$2,587
was
subject
to
a
long
term
capital
gains
tax
rate
of
not
greater
than
25%.
QDI
DRD
199A
Capital
gain
dividend
1.44%
-
90.45%
$12,513
TRUSTEES
AND
OFFICERS
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
23
The
Board
oversees
the
Fund's
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Fund's
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
161
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;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2006
Attorney,
specializing
in
arbitration
and
mediation;
Trustee
of
Gerald
Rauenhorst
1982
Trusts,
since
2020;
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
Blue
and
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
161
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee, 2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
24
Strategic
Beta
ETFs
|
Annual
Report
2023
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
2007
President,
Springboard
-
Partners
in
Cross
Cultural
Leadership
(consulting
company),
since
2003;
Managing
Director
of
US
Equity
Research,
JP
Morgan
Chase,
1999-2003;
Director
of
US
Equity
Research,
Chase
Asset
Management,
1996-1999;
Co-Director
Latin
America
Research,
1993-1996,
COO
Global
Research,
1992-1996,
Co-Director
of
US
Research,
1991-1992,
Investment
Banker,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
161
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee,
since
2017
and
Audit
Committee
Chair,
since
November
2023);Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
(financial
services
company),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee),
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
161
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
Member,
FINRA
National
Adjudicatory
Council
January
2020-December
31,
2023;
Adjunct
Professor
of
Finance,
Bentley
University,
January
2018-
April
2023;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
159
Former
Director,
The
Autism
Project,
March
2015-December
2021;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
(former
mutual
fund
complex),
January
2015-December
2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
25
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
2020
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm),
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform),
since
2004;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
159
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
161
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
161
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
Independent
business
executive,
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
161
Director,
SpartanNash
Company
since
November
2013
(Chair
of
the
Board,
since
May
2021)
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing),
since
August
2006;
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
26
Strategic
Beta
ETFs
|
Annual
Report
2023
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
since
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
159
None
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
161
Director,
CSX
Corporation
(transportation
suppliers);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company),
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
1976-1980,
Dean
Witter
Reynolds,
Inc.
161
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
27
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008-January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
159
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
2017
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
161
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
June
2022-June
2023
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
28
Strategic
Beta
ETFs
|
Annual
Report
2023
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher,
Hacker
and
Moffet
and
Mses.
Blatz,
Carlton,
Carrig,
Flynn,
Paglia,
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
**
Interested
person
(as
defined
under
the
1940
Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Fund’s
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
Interested
trustee
affiliated
with
Investment
Manager**
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
November
2021
and
President
since
June
2021
President
and
Principal
Executive
Officer
of
the
Columbia
Funds,
since
June
2021;
Vice
President,
Columbia
Management
Investment
Advisers,
LLC,
since
April
2015;
formerly,
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC,
April
2015
–
December
2023;
President
and
Principal Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
161
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.,
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC,
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Strategic
Beta
ETFs
|
Annual
Report
2023
29
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.
Beckman
who
is
President
and
Principal
Executive
Officer,
the
Fund's
other
officers
are:
Fund
officers
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
and
Principal
Financial
Officer
(2009);
Senior
Vice
President
(2019);
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2024)
for
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Senior
Vice
President
and
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.,
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC,
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.,
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
TAM
UK
International
Holdings
Limited,
since
July
2021;
formerly
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl,
March
2013 -
December
2022
and
December
2008 -
December
2022,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.,
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
formerly,
President
and
Principal
Executive
Officer
of
the
Columbia
Funds,
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds,
since
December
2015;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
30
Strategic
Beta
ETFs
|
Annual
Report
2023
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Ryan
C.
Larrenaga
290
Congress
Street
Boston,
MA
02210
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017)
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.,
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC,
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
-
September
2021).
Lyn
Kephart-Strong
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
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.
©
2024
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the “Code”) 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. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Sandra L. Yeager and Douglas A. Hacker, 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, Ms. Yeager and Mr. Hacker 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 series of the relevant registrant whose reports to shareholders are included in this annual filing.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended December 31, 2023 and December 31, 2022 are approximately as follows:
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 December 31, 2023 and December 31, 2022 are approximately as follows:
Audit-Related Fees, if any, 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 December 31, 2023 and December 31, 2022, 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 December 31, 2023 and December 31, 2022 are approximately as follows:
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 December 31, 2023 and December 31, 2022, 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 December 31, 2023 and December 31, 2022 are approximately as follows:
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 December 31, 2023 and December 31, 2022, 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.
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(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 December 31, 2023 and December 31, 2022 are approximately as follows:
(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.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) | The Registrant is a listed issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of such Act. The members of such committee are J. Kevin Connaughton, Patricia M. Flynn, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager. |
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. |
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.
(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 |
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By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | February 22, 2024 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman |
| Daniel J. Beckman, President and Principal Executive Officer |
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Date | February 22, 2024 |
By (Signature and Title) | /s/ Michael G. Clarke |
| Michael G. Clarke, Chief Financial Officer, |
| Principal Financial Officer and Senior Vice President |
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Date | February 22, 2024 |
By (Signature and Title) | /s/ Marybeth Pilat |
| Marybeth Pilat, Treasurer, Chief Accounting |
| Officer and Principal Financial Officer |
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Date | February 22, 2024 |
